K-MAC Enterprises, a leading operator of Whataburger, Taco Bell, and 7 Brew Coffee chains executes rapid growth plan with Restaurant365’s scalable, cloud-based accounting solution.
K-MAC Enterprises operates 362 quick-service restaurants including Whataburger, Taco Bell, and 7 Brew Coffee. As the company continues to expand, Jason Miller, CFO, was looking to replace the company’s 30+ year old proprietary system which had served the company well, however it was dated and expensive to upgrade. Miller and the K-MAC team were immediately impressed by Restaurant365’s cloud-based solution.
“With so many different entities, menus, and vendors it was challenging to close out our books in a timely manner,” states Miller. “Restaurant365 Accounting has been a lifesaver for my team. It streamlines manual processes such as entering invoices, cutting paper checks, and reporting cash from stores. Plus, we can consolidate the data or break it out per legal entity and the reporting looks the same across the board.”
K-MAC projects an annual savings of $200,000 as a result of switching to Restaurant365. The company feels confident it will maintain its ambitious future growth plans with little impact on overhead. “We have more accurate and timely information than we’ve ever had,” Miller adds. “Everybody is excited to use the detailed analysis to make better decisions and continue on a path of rapid growth.”
Are you still on the fence about automating your accounts payable process? Below are a few key benefits of automating restaurant accounts payable:
Invoice mistakes can devour your restaurant group’s profit margins. A single data entry error can result in hours of time spent tracking down the cause. The latest restaurant AP automation tools accurately and automatically identifies, extracts, and applies correct GL codes to individual invoice line-items.
Manual AP processes require your store-level managers to spend valuable time on data entry, rather than being on the floor. AP automation virtually eliminates time-consuming, error-prone data entry, and enables your managers to focus on customers and front-of-house operations.
Pushing an invoice through your manual AP system can be a laborious process. By virtually eliminating manual data entry and streamlining your approval processes, AP automation can eliminate days off your monthly invoice processing time. With AP automation, your restaurants can upload invoices from multiple locations to the cloud, process them, get them approved for payment and pay them in your preferred method.
The old-fashioned manual AP process lacks visibility, resulting in accounting and reporting anomalies. AP automation provides you with an audit trail showing every step in the process and allows you to quickly correct problems.
If your restaurant group is in growth mode, automating accounts payable may not be a top priority. However, without the proper technology, inefficient AP processes have the potential to obstruct your business growth. Using a restaurant-specific AP automation solution streamlines the accounts payable process, thus improving processes exponentially the more locations you have.
AP automation technology captures more precise data and then delivers detailed reporting to ensure contract price verification to hold vendors accountable.
Accounting teams spend days, sometimes weeks, reconciling last month’s bank activity. Automated bank reconciliation systems can connect directly with your bank, allowing you to connect your financial institutions directly to the bank activity feature in your accounting software and automatically download your bank activity transactions. Consequently, with direct integration, you can reconcile your activity every day in just minutes, rather than waiting until the end of the month.
The restaurant industry is known for its ability to accommodate and evolve as circumstances change. POS systems replaced order pads. Delivery apps overtook the telephone. Now is when automated, integrated, and responsive payments solutions and accounts payable automation will replace paper checks to empower those once buried under paperwork to refocus on making their restaurant and guests’ experiences as successful as possible.
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