Time-consuming and least-rewarding are how most restaurant managers describe Restaurant Accounts Payable. Yet, there is no doubt in their about its importance and also the fundamental role it plays in the cash flow in particular and accounting in general.
While Accounts Payable is a critical accounting process for any restaurant business, it takes an accurate, efficient and productive Accounts Payable to run a successful one. Having worked with small, medium and large restaurant businesses all around the US, our Accounts Payable experts at Back Office Accountants have perfected the art of Restaurant Accounts Payable.
How Back Office Accountants Restaurant Accounts Restaurant Accounts Payable Services can benefit restaurant businesses?
Equipped with advanced automation tools and software we perfectly execute our AP strategy to help restaurant businesses function smoothly productively and effectively. And this is evident in the benefits our clients accrued over the years.
Here are the 5 ways our clients benefited from Restaurant Accounts Payable Services of Back Office Accountants:
We improved your accuracy & processing time: Time-consuming and inaccurate manual Accounts Payable process is one of the major problems in restaurant AP since they waste time and also result in a loss in revenue and reputation. Manual data entry in restaurant Accounts Payable is notorious for invoice errors which can cut down your profits and even accurate entries take time which can eat your resource’s valuable time.
To eliminate manual data entry we employ automated AP that identifies and applies correct codes for line items in the invoice. Also with automation, we upload invoices in to the cloud for approval, and get payment done at an express speed, cutting down the long arduous and multi-step processing in manual AP.
Saves your time and free up your staff for core tasks : With the pandemic subsiding and the majority of the restaurants are back to being their best, how much free time do you think your resources will have to focus on time-consuming Accounts Payable – not much, at best. For example, just by switching to e-invoices and automating your data entry, our restaurant’s clients at Back Office Accountants have been able to save hours of valuable time. This time can either be leveraged for better financial reporting or towards core restaurant tasks – a win-win situation for restaurants. Time is money when it comes to the restaurant business; with so much time saved imagine the monetary benefits accrued with our Restaurant Accounts Payable Services.
Positive Reputation and improved business growth: Efficient and timely payment of the dues to the vendors is paramount for better vendor relationships and reputation in the market. Everything in the restaurant business is comparatively easy to scale and grow except the increased load of accounting which has to be streamlined across different branches – in case you are looking for expansions.
While a manual Accounts Payable in itself is difficult to manage in a single location, it hinders your ability to pay your vendors on time. And also can become a nightmare when you want to streamline all your information for a better picture of your total AP position. Our Accounts Payable truly shines in streamlining your entire Accounts payable by efficiently managing and reporting to provide you with a bird-eye view on your total AP no matter how many locations you grow to.
How do Back Office Accountants go about Restaurant Accounts Payable Services?
At Back Office Accountants we divide the entire Restaurant AP process into 4 fundamental tasks that are carefully optimized based on the particular client’s requirements. These four tasks are as follows:
Invoice Processing: Invoice processing takes a lion share of time in an AP and naturally it is the first task we focus on to improve the speed and efficiency of restaurant Accounts Payable. Using our automated tools we eliminate the processing bottlenecks and reduce the number of approval steps and total processing time.
Automated Data Entry: We leverage automated data entry solutions to automate the most error-prone and time-consuming process in Accounts Payable. Automated data entry saves loads of time, makes matching and verification easy, and frees time for the staff to focus on other important tasks. Digitizing this part of the AP workflow lays a pillar for subsequent automation as well.
Vendor Price Tracking: This is a niche process that we leverage to keep errors and accuracies in vendor invoices at check. We track the price fluctuation and verify it with negotiated prices to understand the fluctuations and verify the real costs before payment processing. This step eliminated the vendor errors and keeps their invoices accurate eliminate potential financial discrepancies.
Payment Processing: Eliminating or controlling manual payment systems we bring a standardized automated payment process that can help you benefit from early payment discounts and rebates to improve your total ROI
We understand that not every restaurant business wishes for a complete revamp which is why we provide customizable Restaurant Accounts Payable Services. Our Restaurant AP services are tailored based on a restaurant’s current AP process, performance improvements they wish to achieve and their specific requirements. If you are a restaurant business looking for Restaurant AP with improved accuracy that aid in the smooth and efficient functioning of your restaurant business, you can contact Back Office Accountants here: https://www.backofficeaccountants.com/