McDonald’s franchise W. Liddy & Co
- Faster Sage 50 invoice processing
- Reduced paper usage
- Improved financial reporting
McDonald’s franchise W. Liddy & Co Limited [LiddyCo] has been a local employer for almost 30 years, with eight restaurants located across the North East.
As a fast-food franchise, LiddyCo have around 1,000 supplier invoices to process every month. With a small finance team and the stringent financial reporting dates from McDonald’s, invoice processing was time-consuming and labour-intensive.
Their previous accounts payable process involved printing out invoices, approving and manually coding them based on departments, nominal codes and cost centres before typing the invoices
into their Sage 50 finance system. They had become accustomed to piles of invoices building up on their desks and had no ability to process them remotely.
It was a very manual process that took time and generated reams of paper, which was costly and an environmental concern. They decided it was time to find a solution to their invoice processing pressures.
”The process from the initial conversation to demonstration and implementation was very smooth. Verify is extremely straightforward to use and comes with no upfront costs and integrates directly with Sage 50.OwnerW. Liddy & Co Limited T/A McDonald's
They decided to choose Agilico Verify, an automated accounts payable system that helps take the strain off invoice processing.
For LiddyCo, Verify automatically captures the data off of all submitted invoices, and sends the invoices to the relevant staff for triage and coding, before the data is then posted into their finance system. The process is now significantly faster and gives the franchise owners confidence that all their invoices are fully processed and ready for payment before month end.
“The software looks great, I’ve never been so excited to process an invoice!”
Not only has it freed up their finance team from the arduous task of processing invoices, but they no longer have piles of invoices sitting on their desks. Now they can process invoices on the go, meaning there isn’t a backlog when they return to the office. It has also helped the business become more sustainable by reducing the number of invoices they have to print out each month.
”We are now much happier thanks to Verify. We no longer have to spend our evenings and weekends manually processing invoices, and the accounts payable process is so much quicker and easier.OwnerW. Liddy & Co Limited T/A McDonald's
Improved Reporting Capabilities
One part of the software that added value to LiddyCo was the reporting capabilities. Due to the regular financial reports McDonald’s requires, the reports were not easy to compile and submit to the company before Verify was implemented. Now they can create customisable reports that can then be exported to Microsoft Excel. The reporting functionality has helped them gain more control and make finance processes in the business a lot easier. Year-end auditing is quicker as invoices can be retrieved electronically instead of previously being sourced manually from archived paper records.
The team at LiddyCo have already seen tangible benefits from using the system. With invoices now taking seconds to process, compared to several minutes each before Verify, they are able to use their time more efficiently and focus on the business, rather than on mundane manual processes. With the reported hidden costs of manual invoice processing being £4 to £25 per invoice, the business is getting a considerable return on investment with Verify. Not only this, but they are also saving over 1,000 sheets of paper per month, equivalent to saving at least 1.5 trees and 720 kg of CO2 per year.
”Overall, the process has become less stressful, more efficient, and has freed up our time to do more important tasks for the business…. We’re loving it!OwnerW. Liddy & Co Limited T/A McDonald's