The hospitality industry is strong and the economy is improving. According to R. Mark Woodworth in Trends In the Hotel Industry USA Edition 2013, by PKF, “…as a result of the continued improvement to lodging industry fundamentals, 2014 should ‘certainly’ be an outstanding year!” Demand growth is projected above average through 2015 and ADR and RevPAR are projected to be very strong through 2015.
It is always advisable to make investments in your business when you are financially healthy. (The same holds true for your physical health). Advisors, consultants and financial experts recommend investing in your infrastructure and internal business processes during the upswings to protect against the downswings. Investing in a procure-to-pay (P2P) solution is a low cost, high return initiative that will improve your internal process compliance.
BirchStreet Systems offers a robust, cloud-based procure-to-pay solution, which focuses on improving business processes and includes eProcurement, AP Automation, Inventory Control, Recipe Management, Spend Analytics and Capital Budget Management modules. A P2P system is a fully integrated and automated end-to-end business process, which starts with suppliers, continues with ordering and receiving, and ends with payment. Streamlining and automating your back-end systems will push your financial health forward by offering visibility, compliance, efficiency and control.
Click here to request a demo and make your 2014 a better year.