Savoring Efficiency: How a Regional Restaurant Group Redefined Financial Management in Business Central

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In the bustling culinary industry, precision is critical. Chefs rely on the right mix of ingredients and flawless timing to create a standout dish - similarly, restaurants require sophisticated financial systems to streamline operations. A regional restaurant group, aimed at expansion, confronted several challenges in their AP payment process and embarked on a transformative journey to refine their accounts payable (AP) system.

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The challenge: overwhelmed by manual methods

The group handled nearly 15,000 invoices a month, which overwhelmed their three-person AP team. Their day-to-day operations involved labor-intensive tasks like manually assembling payment batches, issuing checks, and extensive data entry. As the group expanded and introduced more legal entities, managing diverse checkbooks and workflows became hard to keep up with. The inefficiency led to a cluttered administrative process fraught with potential for errors.

 

Recipe for resolution: streamlining through technology and outsourcing

To alleviate these issues, the restaurant group envisioned a solution that could streamline their financial operations as efficiently as a top-tier kitchen. They pinpointed three crucial areas for improvement:

  1. Process automation: The key ingredient was automation. Implementing automated systems for batch-building and payment approvals would relieve the AP team and reduce the likelihood of errors.
  2. Support for multiple entities: As the number of entities under the group's umbrella grew, a system capable of handling intricate multi-entity operations was necessary. This system needed to facilitate the smooth management of various checkbooks and approval processes.
  3. Outsourced payment processing: The team decided to delegate the handling of payments—be it checks, ACH, or virtual cards—to an external provider. This solution had to integrate flawlessly with their Business Central setup and efficiently manage vendor onboarding and maintenance.

 

The solution: implementing Mekorma Payment Hub

After evaluating several options, the restaurant group selected the Mekorma Payment Hub, an integrated solution that synchronizes perfectly with their existing ERP system to manage the payment lifecycle. The advantages were clear and compelling:

  1. Enhanced efficiency and cost reduction: Automation significantly cut down on manual labor, allowing the AP team to manage more transactions efficiently and at reduced costs.
  2. Flawless integration and precision: The Payment Hub's integration with Business Central guaranteed precise data management and a secure, reliable approval process.
  3. Lightened administrative load: Outsourcing payment management transferred the responsibility of handling vendor payment types and security validation to the payment service provider, streamlining operations.

 

Crafting a blueprint for success

With the Mekorma Payment Hub now at the core of their financial operations, the restaurant group is set to redefine efficiency in their AP processes. They anticipate reductions in manual labor, heightened accuracy, and improved efficiency. The newfound capability to manage multiple entities with ease and outsource payment processing allows their team to redirect focus toward strategic initiatives that had been previously sidelined.

Embarking on this strategic path, the group is optimistic that their refined financial management strategy will ensure smoother operations and foster sustained growth.

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