Franchise Accounting Software for Accounts Payable
Published on: 17 June 2022
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Many franchise organizations struggle with manual processes that slow down cycle times and create bottlenecks in the accounts payable process.
They have specific needs that may not be common in other organizations, such as numerous locations, utility bills paid at the local level, vendors in different territories, and detailed accounts payable work across multiple entities.
Some of the solutions franchise organization and operators are looking for:
As an example, some franchise operators have recurring utility bills for hundreds of locations where the utility bill is local to the area the location is in. In another scenario there may be hundreds of corporate entities involved that need to have an efficient auditing system for both internal and external investigations.
As a result, a complete franchise accounting software stack for accounts payable might look like this:
Invoice Data Capture
This would include the extraction of data from both emailed and paper invoices with OCR technology. Or vendors send a structured electronic invoice that is 100% accurate into the ERP.
A central shared dashboard that shows invoice status and where the bottlenecks are.
An automated approval workflow that goes to all the approvers in the organization, with different levels of authorization set by business rules.
Software that automatically matches purchase orders to invoices and goods receipts. If there is a match, the system sends the invoice to the ERP for recording and payment. Exceptions are flagged and approvers are notified.
Recurring Invoices (Contracts)
Recurring invoices are matched to the relative service contract, along with notifications, terms and self-billing.
Invoice logs and digital time-stamped audit trail for both external and internal investigations.
Vendor invoices, both paid and current, are in a cloud-based searchable invoice archive.
Rillion AP Automation has been the solution of choice for many large franchise operators and organizations. The solution has solved unique challenges resulting in more visibility, less manual error and manual work, and an optimized accounts payable process for everyone who touches accounts payable.
Schedule a free consultation so that we can understand your needs and provide you with the best solution.