A one million Reward?: Putting the amazing powers of andado's invoice manager to work
1M Euros. That's about 1.2M Dollars. How? Imagine you could set the G/L code of an item across 100 restaurants with a single click. Imagine, all your invoices could be coded automatically. Always to the correct ledger account, always consistently. Never depending on smarts of a data entry clerk. With less staff and more accuracy and much faster.
All your creditors (open vendor bills) using the maximum vendor permitted grace period or be paid using EPD (early payment discounts). Optimized cash management...
Can you see the potential savings and extra earnings? The improved agility of your number crunching operation, creates financial reports faster. No pun intended: agility, speed - can be crucial, catch problems early, take action fast.
The other day I met with Kay Hoehmann, one of the original founders, of what today is known as CISBOX. (CISBOX makes Andado's invoice manager software) Kay explained with pride and fire in his eyes and voice, what he experienced at the beginning of his company: the first customer told him one year into it, that he estimated his savings to be about 1 Million Euros annually. Combined savings in payroll and procurement cost reduction.
Kay is not a dreamer. He is an MBA (Business Administration) and a German "Diplom Kaufmann" - a degree, requiring university level certification and business education. He attended college in CA, AL and MA as well as Germany.
How convincing is that? Well, it could mean that the client was just disorganized, right? That they did just not manage well and had way too many bookkeepers in their then 13 hotels? Today, a decade and a half later they have over 30 hotels in Central Europe. They consider their streamlined back of the house a key to their success.
Kay and I discussed how challenging it was, to explain invoice manager. We agreed on Einstein: "if you can't explain it simply, you don't understand it well enough. So here is an attempt to explain invoice manager simply: 10 lines or less.
A big challenge in larger businesses, such as hotels is to know "who has the ball", uhm the bill and who is running with it. The next thing is to ensure controlling of the bills: was everything received? Was the price the contracted price? What does it cost you to control that by someone checking the bill vs the order? Invoice Manager has "treble match" - a way to compare order, delivery note and invoice automatically and flag any deviations.
The next area of improvement is payment authorization and execution. Invoice Manager allows to pay the bills by due date and custom priority and much more. Check or payment initiation can be structured in many ways. Last but not least invoice manager can be the front end for different accounting packages: if a company acquires new properties, with different accounting apps - invoice manager can be the unified front end. So it can be handled by non - accountants. 10 lines.
Well, I have not yet addressed the value of analytics: think of it as the ability to google your procurement and figure what's right and what's wrong. Savings in procurement go straight to the bottom line. I guess, as it is worth huge rewards you will be OK with the 3 extra lines?!
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