What Palette’s Contract & Recurring Invoice Module Can do for Franchise Organizations
This is where a solution like Palette can make a difference. Palette’s contract module can automate and optimize the contract/recurring invoice process, saving the franchise organization time and reducing the risk of missed payments or renewal opportunities.
Matching Recurring Invoices to a Contract
Repeat invoices such as rentals, phone, internet contracts and other utilities are automatically matched to account numbers or contracts, posted to the proper charge codes, and approved for payment.
In any given franchise organization about 15-25% of recurring invoices can be set up as contracts or agreements. Some franchise organizations might have more than 50% of their inbound invoices set up as contract/agreements and handled automatically if they are within tolerances.
When the date is set for the renegotiation, extension or termination of a contract, the responsible person in the organization is notified. The reminder e-mail includes information about the contract details and any actions that need to be completed.
When an invoice is expected to arrive and doesn’t, the team member responsible for the contract will get an email notification. That frees them up from relying on spreadsheets to track invoices for essential services the organization relies on.
Different types of contracts can be archived and classified. Administrators can decide who will have permissions to view specific contracts, and specify which contracts are confidential.
In some cases, for instance an office lease, a landlord is not required to send an invoice every month. Palette offers franchise organizations the option of self-billing. This means that a supplier invoice is automatically created in the system based on the contract terms with the supplier.
To find out more about Palette’s AP Automation for Franchises, click here.