I am excited to announce that Montage Hotels & Resorts has selected BirchStreet’s Procure-to-Pay Application Suite to manage their purchasing and automate their Accounts Payable process. BirchStreet’s cloud-based P2P system will be implemented at all three Montage properties: The Montage Laguna Beach, Montage Deer Valley and Montage Beverly Hills.
The complete BirchStreet P2P Application Suite will be implemented at the three Montage properties and their corporate office, including:
- AP Automation with Auto-Matching
- Advanced Workflow to route transactions for approval
- Declining Checkbook Drilldown to provide department heads and the finance team with real time visibility into each property’s budget status (actual vs forecast)
- A series of interfaces to/from Montage’s back-office accounting system, Microsoft Dynamics GP
Suppliers will be directed to send all paper invoices to a central processing center where each paper invoice will be converted into an electronic document using an advanced OCR process. The electronic documents will be transmitted to BirchStreet where our Auto-Matching engine will perform a fully automated three-way match comparing Invoice, Purchase Order and Receiving Record against Montage’s matching rules configured into the system. Typically BirchStreet customer find 80% or more of their PO Invoices pass Auto-Matching without human intervention. The exceptions are routed for disposition using BirchStreet Advanced Workflow engine. Additionally, an electronic image of the source documents will be attached to the transactions in BirchStreet and will be available to users with just a mouse click.
Not only does this solution automate the P2P transaction processes and impose strong top-down financial controls and consistency, it makes BirchStreet a one-stop online P2P portal for the Montage properties, allowing designated hotel staff to efficiently respond to vendor inquiries regarding outstanding invoices and payments.
“BirchStreet’s procure-to-pay platform will improve our purchasing and payables processes and drive efficiency,” said Iqbal Bashir, VP Finance, Montage Hotels & Resorts. “We are excited to implement this solution suite to gain control and visibility over the entire lifecycle of a transaction.”
The BirchStreet platform will house all Procure-to-Pay transactions and documents, including:
- Electronic Purchase Order
- Electronic Receiving Event
- Electronic Invoice
- Image of the Paper Invoice
- Electronic record of the reconciliation and any applied Credit Memos
- Electronic record of all vendor payment, including payment amounts and dates, check numbers, EFT tracking information and more.
Furthermore, since multiple departments within a full service hotel purchase products and services, investigating vendor payment questions traditionally requires significant numbers of hotel staff to have access to the back-office accounting system to look up invoice status and payment details, triggering expensive user license fees. With the BirchStreet P2P solution these staff members can go into BirchStreet to find this information allowing a reduction in the number of back-office user licenses needed.
The properties are scheduled to go live in Q1, 2012.
We welcome Montage Hotels & Resorts to the BirchStreet family.