In the hospitality industry, it's no secret that the manual handling of invoices and daily transactions can take time and resource away from other essential tasks. When it comes to manual accounts payable processes, the biggest pain points that keep cropping up are their time-consuming nature and high error rates.
Research from The Hackett Group and Gartner found that it costs between £4 and £25 to process one invoice manually in the UK. Imagine how much time and money could be saved by ditching those manual procedures for something automated. Not only will you be able to process invoices quickly and with minimal errors, but transitioning has been proven to help prevent fraud and drive down admin costs over 95%.
Why automate your accounts payable process?
1.
80% increase in efficiency
2.
Enhanced supplier relationships
Automated systems help ensure timely supplier payment, improving relationships and reducing the risk of late payment fees. A recent case study with Lightyear user Future Transfer has reported regular cost reductions with suppliers as they can take advantage of early payment discounts every time. 1-click supplier management means they can quickly settle any dispute or inaccuracies without leaving the app.
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3.
Reduce fraud
Fraud is among the most significant contributors to increased costs for hospitality businesses. In fact, according to William Reed Ltd., in the UK alone, fraud costs hospitality businesses an average of £6800 per month, and it usually goes undetected for around a year! Protect your businesses using an AP automation software that automatically checks the supplier bank details and flags anything suspicious can save you £1000's.
4.
Increased visibility of spend data
Increased visibility of spend data
Accurate reporting is a CFO's most important weapon is managing spend. With the ability to view and analyse real-time data, it's possible to get an accurate overview of your costs, making it easier to prevent maverick spend before it happens. Accessing real-time, accurate data via invoice automation software gives users the power to make faster and smarter decisions.
5.
Reduce processing costs from £15 to 79p
Automating your accounts payable with Lightyear will help you improve efficiency and cash flow management by replacing manual processes. You'll also have better vendor relationships and more accessible data tracking – not to mention cost savings! Investing in automation is a smart move for any business looking for future success.
Other resources
CASE STUDY
Soho Theatre Level Up Their Sage Integration with AP Automation through Lightyear
EBOOK
Ready to automate your processes? Download our eBook to get a guide on things you need to consider during your journey
SAVINGS CALCULATOR
Use our pricing calculator to find out how much money you could save by switching to an automated solution
