With efficient accounts payable processing, franchise restaurants can improve their management of working capital and cash flow, find potential areas of cost saving, increase business agility, develop and maintain strong relationships with vendors, and comply with regulatory policies.
With so many benefits on offer, you would want to know what accounts payable processing for franchise restaurants refers to and how your franchise restaurant can benefit from it.
We have both bases covered.
[STOP] Having trouble meeting franchisor requirements due to accounting or finance? -> Let's Talk
What is Accounting Payable Processing?
Regardless of the nature of work, every business has processes to adhere to, invoices to pay, and accountability to document. Since it involves nearly all of your restaurant’s payments outside of payroll, accounts payable processing is immensely important for your business.
A process that provides checks and balances for all outgoing payments to vendors for the goods or services provisioned, accounts payable processing ensures that only legitimate bills are paid, and that there is sufficient security in the accounting process.
In accounts payable processing, a vendor’s invoice must reflect the following before it is accounted for and scheduled for payment:
- What your franchise restaurant ordered
- What your restaurant received
- The appropriate unit costs, terms, totals, calculations etc.
In addition to the above, accounts payable processing for franchise restaurants must involve internal controls. Internal controls are important in accounts payable processing because they prevent:
- Paying a fraudulent invoice
- Paying an inaccurate invoice
- Paying a vendor more than once
Additionally, internal controls help to ensure that all vendor invoices are accounted for. Your franchise restaurant’s financial statements will only be complete and accurate if you have an accurate and efficient accounts payable process. This means that without up-to-date and well-run accounts payable processing, your management and other users of the financial statements will receive inaccurate feedback on the performance and financial position of your franchise restaurant.
As evident above, having an efficient and accurate accounts payable process is critical for any business, including your franchise restaurant. One way to ensure efficient and accurate accounts payable processing is outsourcing it to professional accounts payable services.
Here’s why outsourcing accounts payable processing for franchise restaurants makes sense.
Why Outsourcing Accounts Payable Processing for Franchise Restaurants Makes Sense
Accounting and bookkeeping—which includes accounts payable processing—are significant activities which every franchise restaurant needs to follow. Accurate accounting and accounts payable processing requires professional know-how of accounting procedures and utmost precision in the accounting process which may not be possible when managing accounting and payable processing on your own.
This is where outsourcing accounting activities (such as accounts payable processing) can help.
Outsourcing accounts payable processing is recommended for your franchise restaurant because professional accounts payable services have skilled teams that can deliver customized accounts payable outsourcing services that are suited for your particular need. Additionally, the outsourced services can generate reports that will allow you to have better control over your business while helping you enhance business reputation and customer relationships at the same time.
At Global Shared Services, we have some of the best talent and software in the world for accounts payable processing.
With us, you get high-performance, complete accounts payable services that you can trust. These services are delivered by a team of experienced professional and tailored to the needs of your restaurant business. Outsourcing your franchise restaurant’s accounts payable processing to us will provide you with streamlined processes and the ability to scale through operational efficiencies.
To learn more, get in touch with us today.
Looking to Grow Your Franchise and Save Costs?SEE OUR SERVICES
With GSS, we meet our franchisor requirements on time and with accuracy. The local CPA could not handle our volume. We are so happy to have made the change. GSS knows our business and our franchisor requirements.Multi-unit fast sandwich Owner