Accounts Payable Processing Work for Restaurant Chains
Accounts Payable for Restaurants
Restaurants are diversifying business and notching critical growth in pursuit of financial bottom lines. To achieve an exponential amount of revenues, getting street smart in financial knowledge is an absolute need of the hour. Most of the service restaurant are struggling with issues like the duplication if missing payments to food and liquor vendors, duplicate invoices, inaccurate food costs, inventory issues, and more. Restaurants are like big business units with lot of supply chain merging to form a big umbrella of work requiring different processes and systems.
Trends in the World of Accounts Payable Services:
Different type of Accounts is said to exist for multiple resources and Accounts Process are now turning to be automated to ensure efficiency and delivery to the financial structure. Accounts payable services are one of the surest way to reduce costs as far as possible. Billions of dollars are the saving by the Restaurants across America with the invoking of Accounts Payable services.
Accounts Payable Services for Restaurants
We are processing invoices, purchase orders, credit cards, employees’ expense reports, checks, and review of vendor statements in a timely manner. Multiple innovations are key to creating a well-diversified structure of business built upon efficiency and financial sense.
Outsourcing Bookkeeping key functions for Accounts Payable Processing for Restaurant Chains:
- Daily processing of bills payable.
- Checking the coding done by Managers, if any and doing the coding for missing items
- Accounts Payable Processing by creating a separate AP Batch in MAS90 for each of the vendors invoices scan files
- Enter Vendor Invoices in Open Batch, Distribute the Invoice Value to the Appropriate GL Accounts
- Review the Completed Batch
- Posting the completed batches, where there is no issues.
- If the batch has issues, follow the instructions/protocol of conveying the issues.
- New Vendor Setup and Credit Memo etc
- Detail aged listing for outstanding accounts payable including open invoices list.
- Monitor accounts to ensure payments are up to date by review of vendor statements.
With revenues and input costs of raw materials and inventories all colluding to form a big financial burden on the processes. Outsourced Bookkeeping with its base in America has been well managing the services of the Restaurants across the states with ease.
Big restaurants are outsourcing accounts payable services to the companies who are well adept in the art of managing big accounts. Outsourced Bookkeeping is in the business of providing efficient Accounts Payable (AP) or Procure to Pay process to the restaurants across America. Will be able to manage working capital and cash flow better, develop and maintain strong vendor relationships, determine potential areas of cost saving, increase organizational agility and comply with regulatory.
Lending Agility to the restaurants business model is the key focus of Outsourced Bookkeeping. Companies in the Eastern Coast believes in the vision of Outsourced Bookkeeping and the key advantages of outsourced book keeping is:
- Save Time
- Save Money
- Improve cash flow
- Increase efficiency
With a specialized team working on customer service and vendor requests, Restaurants can spend their resources more on their guests instead of the back office financial world. Company like Outsource Bookkeeping are an asset for restaurants to streamline their workflow processes.
We have worked on different software MAS90 (Sage) , Restaurant 365 (R365), Greatplains besides QuickBooks.