Harnessing the power of AI for hospitality accounting

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AI is becoming unavoidable. In every part of our lives, there have been rapid developments to incorporate artificial intelligence to make tasks quicker and easier. And the hospitality industry is no different. From customer service and marketing to rota management and waste control, the power of AI is helping chefs, waiting staff and front-of-house workers to increase their efficiency, reduce costs and save time.

But it’s not just front-of-house operations that AI is transforming. At Kitchen CUT, we’re working with some of the world’s leading software providers, who are changing the face of back-of-house finance and accounting for hospitality businesses.

Handling the purchasing to invoice payment process, Yooz, is an AI-powered, P2P automation solution designed to deliver efficiency, accuracy and security for our Kitchen CUT customers. Here, we discuss how AI technology can help hospitality businesses manage their Accounts Payable with confidence.

Automatic payments and purchases

Gone are the days of keeping track of paper invoices and documents. Yooz harnesses AI technology to create a fully paperless system. The AP solution manages supplier relationships by automating payments, meaning your vendors’ invoices are captured, reviewed, approved and paid on time, and deliveries and budgets are monitored, with clear communication, using smart workflows.

Documentation

Thanks to Smart Data Extraction technology, AI can capture the data you need to run your business successfully, storing all documents in one easy-to-access place. All receipts, PO, invoices and credit notes from multiple channels are collected and stored on the secure cloud-based platform.

Security

From detecting forged or fraudulent documents to identifying duplicates or inconsistencies, minimising the risk of human error, AI is being trialled across the globe to tackle criminal activity.

When it comes to P2P automation, security is of utmost importance. With smart technology, documents are authenticated with digital signatures and fraudulent or suspicious behaviours are identified, blocking payments to prevent any potential financial losses.

Built-in AI also detects duplicates and inconsistencies, such as mismatched bank references, amounts or dates, by analysing historical usage data. Cloud-based solutions, like Yooz, offer the highest levels of security to give hospitality bosses peace of mind.

Reporting

We all have targets, and in the fast-paced, competitive world of hospitality, KPIs are key. With P2P AI, incomings and outgoings can be measured against KPIs, enabling decision makers to gain full visibility over their operations; what’s working and what isn’t. See what your hospitality business is truly spending with Yooz’s reporting tools, to make smarter, data-led decisions, forecast for the future and boost your profits.

It’s clear, change is here, and it’s time for hotels, restaurants, pubs and bars to embrace it to remain competitive. With AI interweaving its way into most aspects of our lives, now is the moment to harness its power to optimise your operations and see true business growth.

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