Improving the AP Workflow: James Bodenstedt on onePAY
Learn about the value onePAY delivered for MUY! Companies and their 770-plus stores before they made the Franchise Times Deal of the Year.
“We got the insight into our invoices at any moment that we need to. We can drill down and see that. Our folks do electronic approvals, so we know who’s approved the invoices and when they’ve done that. Then lastly, we become more accurate and efficient at it.”
James Bodenstedt, Former Owner/Operator
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Improving the AP Workflow: James Bodenstedt on onePAY Video Transcript
James Bodenstedt, former President & CEO at MUY! Companies: We operate about 780 restaurants across Wendy’s, Taco Bell, and Pizza Hut with revenues right at a billion dollars.
The biggest benefit we receive from onePAY is the insight into our invoices at any moment that we need to. We can drill down and see that. Our folks do electronic approvals, so we know who’s approved the invoices and when they’ve done that. Then lastly, we become more accurate and efficient at it. What we used to do is hand key in thousands, tens of thousands of invoices and now they’re done electronically, so our rate of accuracy is at the 99 point something level of accuracy. Or I would have guessed we had probably five or ten percent of mistakes. Those mistakes can sometimes cost us thousands, or tens of thousands of dollars if we put an extra zero or fail to put in at 0. So the idea that we become more accurate and there’s more transparency in what we’re doing, I love that!
We’ve gone from having the need in our size business of around 15 accounts payable people to three. So it’s three people that potentially could even make mistakes, not 15 so take the multiple of that down. But then it’s all done electronically, so the mistakes are really non-existent.
As far as onePAY, it’s really the accuracy. The paying everything properly. Then being able to go back and do database searches because now all these items are electronically in your databases. We can compare the same kind of work by different vendors. We can also compare the same work by the same vendors and look for discrepancies with what they’re trying to charge us either from a location or from job to job. Super for that!