Picture this: Your hotel is gearing up for a wedding tomorrow, and as you meticulously place orders for the necessary items, the dreaded words ‘credit hold’ send shivers down your spine. It’s a scenario all too familiar for purchasing professionals, no matter how diligent their departments are.
The consequences are swift and impactful. A demanding bridezilla berates your staff, leading to disengagement and a reluctance to provide excellent service. Tensions rise as catering and banquet managers clash with purchasing, making concessions to the wedding planner that affect profitability. The ripple effect continues with heightened scrutiny on every detail of the event, resulting in an unhappy client who takes to social media to air grievances. Negative reviews start pouring in, affecting future event bookings and diminishing revenues. Legal threats for breach of contract further compound the hotel’s troubles.
The costs associated with this seemingly small error balloon on multiple fronts – dollars, reputation, future bookings, staff engagement, and guest satisfaction all take a hit.
So, how can this nightmare be avoided? Staff training is paramount. No matter the solution in place, if key players don’t understand the process and their roles in the workflow, issues will persist. Everyone needs to be well-trained.
Enter BirchStreet – armed with tools to safeguard your property:
- EDI Invoicing: Large enterprise suppliers with EDI invoicing (Sysco, US Foods, etc.) ensure seamless integration into BirchStreet. Matching POs and receiving events streamlines payment processing, and any discrepancies prompt AP teams for corrections.
- Fintech Integrations: For US customers, Fintech automates payments for alcoholic beverage invoices, ensuring compliance with local and state laws. BirchStreet integrates seamlessly, guaranteeing timely payments and accurate inventory data.
- IMS – Invoice Management Solutions: When suppliers lack EDI invoicing, BirchStreet’s dedicated email address facilitates data entry. Invoices matching POs become ‘touch-free,’ transmitting for payment. Any discrepancies land in ‘new’ or ‘exception’ queues for correction and subsequent transmission.
- Reporting: BirchStreet’s reporting tools alert AP teams to ‘new’ or ‘exception’ status invoices, facilitating prompt corrections and tracking late purchase orders.
- BirchStreet Pay: For qualifying accounts, BirchStreet Pay eliminates credit holds by automating supplier payments. This eliminates the need for AP Team check runs, ensuring timely payments.
- GPOs (Group Purchasing Organizations): Working with major GPOs in the hospitality space, BirchStreet ensures compliance, maximizes rebates, and integrates seamlessly with suppliers.
While no solution is foolproof, the above tools significantly enhance workflow and reduce credit-hold situations. BirchStreet not only ensures accurate invoice management but also frees up valuable staff time, allowing them to focus on value-added activities that prevent future problems rather than mundane data entry. Reach out and speak to an expert today!