How to Save Time Managing Restaurant Vendor Payments

Managing vendors is a bit like playing whack-a-mole. Just when you think you’re up-to-date, a price changes, an order is delayed, or an invoice is overdue. Even if you’re keeping your books well, tracking and organizing vendor payments can take up valuable time in your week—and if you don’t stay on top of price changes, you can easily throw your budgets into disarray. To streamline vendor payment management, follow these four steps:

1. Organize Your Bills

The first step to wrangling your vendor payments is to organize your bills. Keeping paper invoices in a filing cabinet is a good way to lose track. Scanning invoices or requesting e-statements, on the other hand, can help you keep accurate records of your bills and allow you to log them into your spreadsheets or accounting software quickly.

‍

Likewise, using a vendor payment platform can cut out the middleman. Simply snap a picture of your invoice and let the software scan and update inventory and accounts payable.