Crescent Hotels & Resorts provides innovative services and strategies that empower hotels, resorts, restaurants, and hospitality businesses to seize new market opportunities, craft exceptional guest experiences, and drive substantial growth in revenues and assets.
The Challenges
For more than a decade, Crescent Hotels & Resorts has entrusted BirchStreet’s Enterprise E-Procurement solution to proficiently manage multiple properties.
Despite the company’s considerable success, leadership saw several opportunities for more efficiency. Particularly notable was the pressing need for comprehensive system updates, with a specific emphasis on procurement. The prevalent use of traditional paper-based purchase orders (POs) highlighted the need for a more modern solution.
Wishlist
- Reduce staffing levels, focusing on finance
- Pursue a unified one-stop interface for key suppliers
- Foster adoption of purchasing protocols
- See better financial controls, improved purchasing program compliance, and faster invoice processing
The Solution
Faced with the need to enhance expense control and maximize profitability, the team at Crescent sought a solution to streamline their purchasing management. Recognizing the imperative of efficient procurement, they set out to optimize operational processes
In addressing the challenges, they acknowledged the importance of a unified, one-stop-shop interface for key suppliers. The objective was clear: enhance purchasing program compliance and operational efficiencies.
BirchStreet Pay played a pivotal role in accomplishing these objectives. By integrating BirchStreet Pay into their strategy, our clients successfully modernized their procurement processes. The platform enabled a seamless transition from paper-based methods to increased automation, effectively reducing errors in the accounts payable (AP) function. Furthermore, BirchStreet Pay facilitated the effortless management of invoice images within the system, requiring minimal effort from their team.
Results
With the strategic implementation of BirchStreet Pay, Crescent witnessed a profound transformation in their financial operations:
• Significantly diminished the influx of invoices impacting financial statements from preceding periods
• Exercised precise control over expenditure management
• Immediately identified expenses that needed to be accrued each month
• Identified and managed use tax requirements proactively, ensuring timely accruals
• Effectively eliminated paper-based processes, increased automation, minimized AP errors, and effortlessly stored invoice images in BirchStreet
• Created a system to export invoice images from BirchStreet to an integrated back-office system
• Streamlined the entire AP process, optimizing efficiency from start to finish
These results highlight the transformative impact of BirchStreet Pay in fostering efficiency, accuracy, and control throughout the entire spectrum of financial processes. Crescent’s journey with BirchStreet Pay not only achieved the outlined goals but also positioned the organization for sustained financial success and adaptability in a dynamic business environment.