Automating Accounts Payable for Better Decision Making

12.11.18 03:22 PM Comment(s) By Eoin Doyle

We recently sat down with Jonny Poots, owner of the Cardan Bar & Grill in Lisburn, Northern Ireland to chat about their experience with Lightyear.

The business has been thriving lately after signing up to Lightyear. Jonny has been using Lightyear since August and is highly impressed with the impact of automating the administrative heavy task of Accounts Payables.

“Lightyear has been able to reduce bookkeeping time by between 40-50% purely because of data entry. There is no manual entry now, which has allowed my bookkeeper to get the accounts up to virtually a live situation each month, where previously we would have been 3-4 months in arrears. It is huge for us!!!

“The relationship between my accountant and I has never been better. With live accounting data, we are able to have better and more valuable conversations because we can make decisions quicker and with more confidence.”

Jonny points out the main benefits that Lightyear provides the hospitality industry is the speed and the level of detail that is extracted from invoices. “We get invoices with 20-30 line-items and if you want that product data then you are going to have to spend time manually entering that data, or you can use Lightyear to automate that process.''

“Lightyear integrates with Xero, which we use for our accounting. It allows us to become more efficient, removing a huge amount of effort. One of the biggest benefits we find is that we are able to use it anywhere, from any device. We are able to find any supplier and any product line we want in seconds through the search facilities in the online filing cabinet. It just makes everything so much easier."

Automating administrative, time-consuming tasks like Accounts Payable brings additional benefits beyond saving time and money. “It has allowed everything to be up to date from bank reconciliations to P&Ls and balance sheets. It means we have a live view of how the business is and we can see when we might need to take action.”

Managing cash flow in a business has traditionally been the key factor in business’ survival.  Xero’s Make or Break report showed that 50,000 small businesses fail each year due to cash flow issues.

Speak to our team at Xerocon London on stand B41 to see how you can automate Accounts Payables for your clients and help them to make better business decisions.

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