The Hospitality Industry, Like Many Others, Is Facing Numerous Challenges In Today’s Rapidly Changing Business Landscape. Automation, Particularly Accounts Payable (AP) Automation And Robotic Process Automation (RPA), Can Help Hotels And Restaurants Address These Challenges And Improve Their Operations In Several Ways
The Hospitality Industry may face several challenges in their
accounts payable (AP) process, including:
High volume of invoices
With a large number of suppliers, hospitality companies may receive a high volume of invoices, leading to increased manual workload.
Complex pricing structures
The Hospitality Industry often deal with complex pricing structures, such as volume discounts and promotional pricing, making it challenging to accurately process invoices.
Short payment terms
Many hospitality suppliers have short payment terms, leading to a high volume of payments to be processed in a short period of time.
Integration with property management systems
Hospitality companies often have multiple properties and may require integration between invoicing systems and property management systems to track expenses and allocate costs.
Sales tax compliance
Hospitality companies may be required to comply with complex sales tax regulations, requiring accurate information on invoices and in the AP system.
Management of travel and entertainment expenses
Hospitality companies often incur significant travel and entertainment expenses, making it important to have a robust and efficient AP process to manage these costs.
The hospitality industry is highly competitive, making it important to have accurate financial reporting to track performance and make informed business decisions.
AP (Accounts Payable) data entry errors can lead to several issues, including:
It’s important for companies to have a robust AP process in place to minimize the risk of manual errors and reduce the costs associated with them. Automating the AP process can help to reduce manual errors, increase accuracy, and improve overall efficiency.
The cost of manual accounts payable (AP) errors or keying mistakes can be significant and can have a major impact on a company's bottom line. Some of the costs associated with manual AP errors include:
Benefits of the Centreviews AP Automation Solution for Hospitality
Work Anywhere: Process and approve invoices with CV solution at any time, from anywhere, and on any device.
Easy Capture: Invoices and bills are automatically captured into the platform and immediately available for processing.
Around Clock Automated Coding: Billy the Bot, our AI helper equipped with advanced technologies accurately extracts data from invoices in real-time to reduce manual data entry and errors.
Communicate & Approve: Edits, attachments and questions asked and answered on top of the invoice enable approvers to review and approve faster and be held accountable for bottlenecks.
Invoice Tracking: No more lost or forgotten invoices with advanced tracking, automatic notification reminders and ability to mark urgent invoices.
Audit-Ready: Either in-house or external, auditors can be granted limited access to search any invoice and its accompanying information.
Seamless Integration: Securely connect our Centreviews bots with your accounting system to sync invoice data, POs, payment information and more.
Fast Implementation: With no lengthy implementation or extensive training required, you’ll be up and running in days, not months.