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Accounts Payable
The MAX Hospitality Accounts Payable Module is designed to save time and costs by streamlining the processing of invoices. Delivering greater control, timely information, deeper insights, more transparency, and intelligent workflow achieves the streamlining. All this is achieved and more in our unified system.
Greater Control
Centralizing the Accounts Payable function allows visibility to all interested parties. The status of an invoice can be seen, when it has been paid, and when the check was cleared. The MAX Hospitality System is designed to allow invoice information to be entered at the property, at the corporate office, or both. Once the information is entered and checked, it instantly updates the MAX Hospitality System, which makes the information available at all levels of the organization — accounting, finance, management, and operations. We believe in providing all hospitality businesses, no matter how big or how small, the flexibility and control needed to maintain a competitive edge.
One System – Many Bank Accounts
The MAX Hospitality Accounts Payable Module is a single system, with a single database. The system contains data for multiple corporations with different bank accounts. This allows for efficiency in a system where all the corporations are managed together. This also provides the practicality of separating accounting postings by each corporation. The system includes the ability to print checks with different bank account information. The system then allows the automatic printing of checks where the MAX Hospitality system automatically changes bank accounts when printing checks. The more automated and accurate the system, the better your business can perform.
Vendor Management
At MAX Hospitality, we understand the importance of security in every transaction for your business. We have incorporated specialized vendor management tools in which select people are authorized to make changes to vendor’s information and additions are automatically logged. These logs will be part of an inquiry allowing management to view vendor changes.
Flexible Invoice Entry
Invoice data can be entered in multiple ways. The invoice data can be entered at the property where the General Ledger accounts are “preset” for a particular vendor, making entry quick and easy. The invoice data can be entered at the corporate office, or the invoice data can be uploaded from an Excel file. Finally, it can be transmitted via EDI (Electronic Data Interchange). Irrespective of the entry method, every invoice is audited for the correctness of General Ledger accounts, departments, and reasonable amounts. Each invoice is validated using specific business rules, including rules about entering old invoices more than 60 days past or rules about duplicate invoice numbers, and more. By presenting a flexible invoice entry system, your business can tailor its functions for more accurate results.
Scheduling Payments
To ensure that scheduled payments are carried out according to company policy, the MAX Hospitality System automatically schedules invoices for payment based on the terms of your business, for example, net 30. Alternatively, an invoice can be set for payment on a particular date such as a rent check that is always paid on the 15th of the month. If you wish to alter these scheduled payments, you can easily change the due dates. Using the unpaid invoice data, the MAX Hospitality system computes the projected cash flow requirements according to due dates.
Workflow Support
The MAX Hospitality Accounts Payable Module supports a smooth and streamlined workflow, where the entry, verification, and authorization of payment, by design, can be performed by different individuals. Each person involved in the process has a defined responsibility ensuring each invoice is approved by multiple operators for safe and accurate results. As the MAX Hospitality System is 100% cloud-based, the approval process is completed over secure internet access.