Managing invoices by exception–an exceptionally good idea
As any restaurant operator or manager knows, running the day-to-day comes with a million demands on your time.
In an industry with particularly tight margins and volatility, each inefficiency and every wasted second means less profitability.
There are many tasks that simply must be done to ensure that you’re running your restaurant smoothly and profitability. For example, reviewing invoices. 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 against every original order, and of course time is money. So what can you do?
Technology allows you to manage invoices by exception. This means that you only have to review the invoices that do not match the purchase order or goods received note. Automatic three-way invoice matching compares the original order to the delivery note to the invoice. If everything matches, then the invoice is automatically marked for processing. Any discrepancies (such as errors or erroneous charges in the invoice, or incorrect quantities or items in the delivery, or items missing from an order) are highlighted for review. Equipped with the relevant information, your team can then focus on reviewing and clearing up these issues in the moment, while there is still time to make it right. Errors are caught instantly and since managers only have to review the ones that don’t add up, time isn’t lost sifting through piles of otherwise correct information.
Managing by exception allows your business to save countless hours of tedious busywork, by only having to deal with errors when they arise. It also ensures errors aren’t missed, saving the additional work of resolving them with the vendor. It is one of many strategies that can help your restaurant 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.