Managing a business with multiple locations can be difficult, especially if each location has different processes in place. In order for multi-entity businesses to run as easily and efficiently as possible, streamlining processes – including accounts payable (AP) – is a necessity. To keep things running smoothly, finance professionals at growing and dispersed organizations need to be able to process all of their invoices and payments using one solution. They should also look for a solution that will integrate with their existing accounting and ERP systems.
For example, Quickfire Restaurants used MineralTree to streamline its invoice-to-pay processes among its three restaurants and by doing so, slashed its labor time by 25 percent. The benefits of using an automated solution to support multiple locations include:
- One centralized system to track invoice payments and manage all transactions
- Real-time synchronization to ensure information is accurately reflected in your business’s accounting system
- Automated invoice capture to eliminate manual data entry
- Document storage for all business locations
The tricky part can be finding a solution that supports multi-entity businesses and franchises, while integrating into your existing workflow. Be careful, because if you select an accounts payable automation solution that isn’t designed with multi-entity businesses in mind, you could find yourself:
- Using multiple systems to log in and manage all your payables
- Duplicating work to ensure information is entered in both your accounting system and your AP system, radically reducing any efficiencies you’re hoping to gain
- Purchasing a separate document management system to store invoices for all locations
