Mundane though it may be, invoice management is an important task that every hospitality business must handle in order to remain operational. The last thing a business needs is suppliers withholding deliveries due to late or missing payments.
Plus, no business ever wants to make it slow or difficult for customers to hand over their money. Yet a surprising number still handle invoices manually even though the recent drastic improvements in technology mean that invoice management can now be automated.
This short explainer will walk you through how automation works, the challenges that it helps address, and a number of additional benefits it provides for businesses in the hospitality industry.
Automated invoice processing uses software to perform the steps a person takes when they process an invoice: extracting details, verifying them, entering the data into a computer, and releasing payments.
For a person, this can take hours. An automated system, on the other hand, can do all this in minutes or less. Printed invoices can be scanned and have all their contents and details automatically entered into the computer through a process called ‘data capture.’ It can then send the details electronically onto the appropriate parties for approval, or it can take care of this itself by using predetermined rules.
Automation helps solve several common invoice challenges. These include:
Hospitality invoice management solutions cost money upfront but don’t seem to offer any direct benefits to businesses. They do not start increasing income right away, nor do they directly save much money; those accounts payable still have to be paid.
However, this does not mean that they have no benefits at all. In fact, they have several, but these are less direct. Here are some of the benefits of automating invoice management in the hospitality industry.
Automation is here, and it has a lot of benefits to offer businesses, especially in hospitality. While there is some concern that it may take away jobs, experts have said that it is likely to be routine, repetitive tasks that will be automated away, not people. Invoice management is one example of this, and upgrading your process is well worth considering for any future-oriented manager.
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