Managing invoices by exception. An exceptionally good idea.
As any hospitality operator or manager knows, running the day-to-day business comes with a million demands on your time.
In an industry with particularly tight margins and volatility, each inefficiency and every wasted second eats into your profits.
Take reviewing invoices as an example. Any mistake in pricing or incorrect delivery directly impacts your bottom line. But it takes a lot of time to review every single invoice against every delivery and every original order. And of course, time is money. So what can you do?
Automatic three-way invoice matching allows you to manage by exception, so you only have to review any invoices that have an issue. With automation, systems will take care of comparing the original order, the goods received note and the invoice. If everything matches, then the invoice is automatically marked for processing.
Any discrepancies (such as incorrect prices, quantities or items in the delivery, or items that were missing from an order) are highlighted for review. Your team can then focus on reviewing and clearing up those issues. Errors are caught early so they can be fixed quickly, and time isn’t lost sifting through piles of otherwise correct information.
Managing by exception saves your business countless hours of tedious admin. It also makes sure errors aren’t overlooked, saving additional work to resolve them with the supplier further down the line. It’s one of many strategies that can help your hospitality business operate more profitability while easing the burden for your staff.
To learn more about managing by exception and how to make your back-office operations more efficient, get in touch with us here or for more hints and tips on improving efficiency, download our complimentary Increasing Restaurant Profitability Guide.