1. Obtain and Utilise Accurate Data

Purchasing and accounts payable hospitality software is a single accounting platform for managing money and streamlining staff training. By consolidating key features into one product, obtaining data is simplified.

This gives you essential data, such as:

• Purchase order reporting: identify popular products and tailor your offering to encourage repeat customers and purchases.
• Individual location performance: this data enables more strategic decision-making for ordering, new locations, and investments.
• Line item data and automated coding: conduct price comparisons across different vendors from detailed product information.
• Product codes and quantity date: upload this data to your stock management to reduce over- and under-ordering.

2. Optimise Your Money

According to Lightyear, 85% of restaurants contemplate raising menu prices as businesses seek ways to recoup profits due to rising costs.

This approach could be more detrimental to businesses, however, as footfall is low and disposable income is being spent elsewhere. Instead, cost-reduction strategies and smarter spending can mitigate price inconsistencies.

The Tevalis and Lightyear integration can optimise business financials:

• Pricing comparisons: compare your product prices with supplier pricing to identify any price increases and negotiate better costs.
•  Historical data analysis: review historical data and establish consumer buying trends. Identifying seasonal fluctuations can improve your stock management.
• Invoice management: review and assess invoices to check for duplicates. Easily address these and prevent overpayments.
• Streamline staff processes: reduce manual tasks by up to 90% by extracting line data from invoices. This reduces staff overheads and improves cash flow.

3. Improve Purchasing Control

Ensure the right people can make the right purchases and implement more efficient processes. With better purchasing control in place, wasteful ordering is reduced.

Integrated hospitality tech empowers businesses with:

• Comprehensive purchasing workflows: create multi-tiered approval workflows to mitigate duplicate orders and unnecessary purchases, speed up payments, and save money with suppliers.
• Goods received confirmations: compare invoices against purchase orders and goods received notes to make sure your payments correspond to the goods received.
• Fraud protection: flag fraudulent invoices by comparing bank details on invoices to those stored for each supplier.

4. Technology Integration

With the huge choice of hospitality software available, there are some key considerations to check before selecting the right integration provider for your business.

We advise looking at:

• Seamless communication: a two-way data flow will prevent any duplications and reduce errors.
• Data syncing: achieve more granular reporting with the option to push coded line item data into Xero with a PDF invoice.
• Bulk uploads: integrated with your stock management system, bulk uploads help reduce time spent on manual data entry.