Accounts Payable Outsourcing Case Study – Fast Growing & Innovative Casual Dining Restaurant

Dave SchnittAccounting Outsourcing, Case Studies

restaurants

Background

  • One of the fastest growing and most innovative restaurant chains
  • Almost 40,000 invoices processed per month in over 200 restaurants across the US
  • Focus on achieving Sarbanes 404 compliance and building a world‐class finance & accounting organization

Issues

  • Common issues in A/P processing including delays due to the manual nature of the process and multiple opportunities for error and duplicate payments
  • Difficulty in managing, recruiting and retaining clerical personnel
  • Unable to keep up and no visibility, especially at the restaurant level
  • Rapid terms with vendors, making it difficult to approve all invoices before payment

Solution

  • Developed custom processes for corporate and restaurants to reduce cycle time, improve quality and rapidly resolve exceptions
  • Developed comprehensive business rules, detailed approval matrices and enhanced controls
  • Utilized IQ’s Archimedes system to route invoices for approval, document exceptions and resolution through complete adjudication
  • Client reduced costs and gained a fully Sarbanes 404 compliant A/P process
  • Client went from one of the lowest ranked D&B credit scores to the highest possible
Summary
Article Name
Accounts Payable Outsourcing Case Study - Major Restaurant Chain
Description
Goal was to improve process efficiency, quality, and timeliness by moving from their in-house offshore shared service center to a fully outsourced model
Author