What does it [really] cost to process an invoice?
Studies by various industry organizations show companies cost-per-processed-invoice is higher than $20.-- That's to manually process and pay a single invoice. These numbers have been researched worldwide and confirmed to be very similar in Europe and the US.
As restaurant and hotel managers are salaried, many consider their cost as an "anyhow cost": a payroll expense that is incurred no matter what. Therefore, so the logic, it does not matter if they spend time doing 'the bills'. Maybe a better question is "what more valuable task could the managers perform instead?"
There is plenty that comes to mind: more emphasis on controlling. Better, deeper analytics. One of our clients, a large Mexican restaurant group realized, how much avocado they really bought across all five of their places: 1.75 tons... to make guacamole. So they went to their vendors and re-negotiated the cost. The result - thousands of dollars in savings that go straight to the bottom line. And that's just from a single item.
With CISBOX thousands of hotels and restaurants are processing the bills more efficiently: This is a "BPaaS" [business process as a service] for Invoice Manage-ment and Procurement. The service comes for a monthly fee, based on the numbers of bills processed, instead of a big up-front investment.
All bills are digitized and also stored as a PDF-file and can be retrieved in seconds - no more searching for invoices... As part of the workflow, a built-in email service allows staffers to email the bills with a click for approval related questions or to check in with a vendor. Every team member gets to enjoy this wonderful tool.
Instead of just an invoice total making it into 'the books', rich, detailed data is exported to the financial accounting. Think of this as being able to "google" your procurement data. Bringing down the cost per invoice is just one of many benefits from this solution. Call me to learn more or click this email link or use our contact form.