Plus, Save You Time and Money
What is a major hurdle to timely and accurate financial statements? For many, it is inefficiency in your purchasing processes. As soon as an order is made, your company has created a new liability. It is impossible to have accurate balance sheets or financial statements when there are unknown liabilities outstanding. Spreadsheets and even stand-alone Purchase Order software cannot compare in efficiency or accuracy to a purchase order module that is tightly integrated with your financial management software.
Hotel Investor Apps ERP and accounting software (HIA) with integrated Purchase Order Management can streamline your purchasing and procurement processes and save time with automations, reducing headaches in the process!
For example, with Hotel Investor Apps, your head of maintenance can make a requisition themselves, selecting items from your internal catalog. This is possible because there are no per-use fees, ever, and user access is controlled with user-level security settings. This means your maintenance manager can be granted access to order specific inventory items or categories; and use templates for easy re-order. Blanket Purchase Orders save time for orders that happen frequently with preset limitations by amount, vendor, etc. It is also easy to track prices by item or delivery time by vendor. Depending on the urgency, you can order from the vendor with the faster delivery time. Standard and custom reports can give you insight to control costs and accurately time orders.
As soon as a requisition is made, the order is already in the system. In HIA, you can set up approval workflows and notifications to put the PO in front of the right person, depending on department, vendor, amount, etc. You can even create multi-step approval processes or automatically escalate approvals when they are not attended to in a timely manner. During times of tight cash flow, ownership can even approve every purchase, if desired.
Purchase Order software is also an important tool for tracking deliveries. You can track receipts to manage partially or completely filled orders or consolidate multiple purchase orders into a single receipt. Itemized receipts will help you only pay for items received and avoid the onerous task of tracking down items paid for but not delivered.
Automated AP Bills
Since the order is already in the system, the accounting department can anticipate the invoice; thereby avoiding late fees and unpleasant surprises of previously undiscovered invoices. In fact, once the order is marked as received, the system automatically creates a new accounts payable bill.
Budegeting and Forecasting
HIA’s PO module is also tightly integrated with Budgeting and Forecasting, another advantage of an ERP. A new requisition can be compared to your budget before approval to make sure that you are not going over budget. It is also possible to set limits and warnings to further control spending.
The ease and efficiency outlined here is just the tip of the iceberg in time savings with having all your back-office software integrated on one ERP platform, Hotel Investor Apps.