We get it...
Most people get into hospitality to spend time front of house. Business operations and finance is not something you want to allocate any more time to than is absolutely necessary.
Hospitality is complex, however. Stock comes and goes daily in multiple areas of a business. That stock needs inventoried and price checked. Back orders need reconciled. Documents need approved. Documents go missing. Point of Sale and inventory systems need updated product by product to ensure your stock levels are accurate.
All of this costs time and money.
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How to Automate Purchasing and Accounts Payables in the Hospitality Industry
Hospitality businesses can follow a variety of different workflows. You can use Lightyear to create orders and manage your purchasing process or, alternatively, if you do not use a purchasing system you can use Lightyear to automate data extraction and approval of bills without a Purchase Order document.
Order Stock and Services
Create purchase orders in a couple of clicks. Our intuitive platform stores your product information in a supplier product list. You can quickly build out your orders and then approve them in a multi-tiered approvals workflow before sending to your supplier.
Receive and Record Goods
You can create GRNs (Goods Received Notes) in Lightyear to acknowledge receipt of your goods delivery.
2-way match GRNs to your Purchase Orders
GRNs (Goods Received notifications, or delivery slips) can be recorded line-by-line and can be used to mark off each product that has been delivered against each line item in your Purchase Order.
Export purchase data to your Inventory Software
Populate your purchases into your inventory software with a few clicks to keep all your systems accurate and up to date, helping to avoid double data entry.
Receive supplier bills (invoices) directly from your supplier in to your Lightyear account for immediate line by line data extraction.
All your line items are extracted instantly and accurately from your bills and credit notes with detailed data. Extract product codes, LUC's descriptions, quantities, tax rates and unit prices from each line item.
Every line-item on your bills are price checked against your agreed supplier pricing to ensure you don't overpay your suppliers.
3-way match POs to GRNs to your bills
Lightyear automatically matches your POs (purchase Orders) to your GRNs (Goods Received Notes) to your supplier bills - line by line.
Approve your bills
Your bills can move through a multi-tiered approvals workflow to ensure they are ready to be paid.
Export to your Accounting Software
At the end of your Accounts Payable flow, you can export all the details from your supplier bills to your Accounting Software.
Archive and report on your COGS
Monitor the COGS (Cost of Goods Sold) in real-time with our reporting functionality from your archive. Run reports to find the purhcase cost of all your purchases by GL code or location.
Save a huge amount of time with our automated supplier statement reconciliation feature. Lightyear will automatically reconcile your statement, letting you know which bills you have received, which bills you haven't, and help you request missing bill copies from your suppliers.
Collaboration & Approvals in our Free Lightyear Mobile App
Lightyear's iOS and Android mobile app allows you to collaborate with your colleagues, suppliers and finance teams.
Complete your approvals and tasks, dispute bills, add notes, receive notifications and upload images of receipts on the go.