How TravelNet Solutions Optimized Invoice Management and Credit Card Control with PayEm

Overview

Challenges

Before implementing PayEm, TravelNet Solutions faced significant challenges in its financial and expense management processes. These challenges posed operational inefficiencies and hindered overall performance.

Firstly, TravelNet grappled with an outdated invoice management system. The company relied on a paper-based invoicing process that was time-consuming and prone to inaccuracies, resulting in delayed payments and invoice processing errors. These issues strained vendor relationships and negatively impacted financial records.

Managing multiple credit cards across various departments proved to be another complex issue. The intricacy of this task often led to confusion and delayed reconciliations, making it challenging to align expenses with the budget and financial objectives.

“Our system was as manual as it gets,” explains Alan Michael, TravelNet Solutions’ Senior Director of Finance. “We were using paper invoices and juggling about a dozen different credit cards. The task of downloading statements and manually entering them into our system was time-consuming and lacked proper categorization. Most critically, vendor information wasn't integrated seamlessly, posing significant challenges.”

TravelNet faced difficulties due to the absence of an automated approval workflow. This manual process hindered expense control and compliance with internal financial policies, causing delays in approvals, increased risks of unauthorized spending, and difficulties in accurate expense tracking.

Vendor information integration also presented challenges as it did not seamlessly integrate into TravelNet's accounting system. This led to data entry challenges and the potential for errors, which could result in payment disputes and strained relationships with suppliers.

Solutions

When evaluating potential solutions, PayEm's offerings stood out in several ways. The platform's AI-powered bill recognition was a given, but it was the ability to handle multiple subsidiaries and the company's pricing model, which refrained from charging for each additional employee, that truly caught Michael’s attention. Such a pricing structure was invaluable, especially since they could easily add or remove employees without incurring additional costs.

Michael said PayEm's robust feature set further distinguished it from competitors. The platform breaks out invoices by line item and memorizes them, an automation feature that greatly reduces manual data entry. The approval workflow layout is intuitive and visually displays the progression, making it easy to understand and navigate.

Moreover, PayEm's credit card solution was another pivotal selling point. It allows users to order, manage, and monitor both virtual and physical credit cards directly from the platform. This means no longer toggling between multiple systems or sites. The seamless integration with NetSuite was also fundamental, especially since PayEm can push actual invoices into NetSuite, saving considerable time and minimizing errors.

The previous chaos of handling multiple credit cards across different departments was replaced by PayEm's unified and simplified credit card management system. This centralized approach eliminates confusion, allowing for more prompt reconciliations and better alignment with the company's financial objectives.

Michael states, "Credit card reconciliation with NetSuite is a game-changer for us. We've got top-notch accuracy and clear insights into who's spending. Before, it was a guessing game with all those cards. Now, we see every transaction, categorize it correctly, and can share that info with department heads. As we approach the budgeting process, which is huge for me, I can already see this system saving me tons of time."

While the implementation of PayEm led to the unexpected initial challenge of catching up on old invoices and the consequent short-term cash burn, the benefits soon became clear. The company reduced late payments, enhanced the clarity of its expenditures, and increased overall productivity. TravelNet estimates that close to 80% of the time previously dedicated to AP-related tasks was saved with the new system.

"Looking at the time we've saved, we've cut down on about 75-80% of the time we used to spend on AP tasks. Beyond the time-saving, we've implemented approval workflows, which give us clearer visibility and better tracking. Dealing with physical invoices was a complete nightmare, especially considering our 2023 audit before PayEm. But now, everything from reviewing budgets to AP automation and vendor info integration has transformed. Honestly, PayEm's system has been a game-changer for us."

The enhanced automated approval workflows by PayEm has brought about a much-needed layer of control and transparency to TravelNet's expense management. It means that authorizations come quicker, risks of unauthorized spending are curtailed, and the tracking of expenses is more accurate.

“PayEm has a great, robust system that continues improving. And quite honestly, I expect really great things from PayEm. As long as the company continues on its current development path, it will do really well.”

Outcomes

Implementing PayEm at TravelNet Solutions resulted in numerous positive outcomes, providing solutions to several challenges they previously faced. Here are some of the most significant benefits:

• Time Savings: Estimated 75-80% reduction in time previously dedicated to AP-related tasks.
• Streamlined Financial Operations: Transitioned from paper invoices and manual processes to an automated digital solution.
• Cost Efficiency: No additional charges for each added employee, allowing flexibility in team management without unexpected expenses.
• Intuitive Approval Workflow: A clear, straightforward workflow makes approvals and tracking more efficient.
• Robust Credit Card Management: Ability to order, manage, and monitor both virtual and physical credit cards directly within the platform.
• Seamless Integration with NetSuite: Invoices are directly pushed into NetSuite, enhancing data accuracy and reducing manual tasks.
• Enhanced Visibility: Better tracking of who is spending and where, enabling improved budgeting and financial planning.
• Reduced Late Payments: Improved relationships with vendors due to timely payments and less follow-up needed.

About TravelNet Solutions

TravelNet Solutions (TNS) is on a mission to transform how hospitality works. Their Atlas Commerce digital marketing, website, and booking services help vacation rentals, hotels, and resorts drive more direct business. TravelNet’s flagship Track Hospitality Software platform modernizes and unifies all aspects of your operation, from owners to guests and from housekeeping to accounting. Modern tools have leveled the playing field, but the game has changed, and you can’t grow by playing it the same way. Capture and convert more guest leads, operate more smoothly, and outperform your competition with TNS.

For more information: https://tnsinc.com