What is the best purchase-to-pay software for hospitality?

The global hospitality procure-to-pay solutions market is estimated to reach $2.5 billion by 2030 and is growing at a steady 8.5% annually. With so many providers driving this expansion and offering a variety of features, how do you choose the right one for your business?

At Access Hospitality, we already work withover 20,000 hospitality businesses across the UK, supporting them with their procurement processes, so it’s fair to say that we have quite a bit of knowledge in this area. In this article, we’ll examine the various features available on the market, and help you to make a more informed decision.

What is purchase-to-pay software?

For hospitality businesses, operational efficiency is the key to controlling costs and delivering an exceptional guest experience. Beyond simply offering a digital tool to facilitate order purchasing and invoice payments, purchase-to-pay software is integral to inventory management, menu engineering and sales forecasting for F&B operators.  

The purchase-to-pay system in a hospitality business will usually help with managing and automating purchase orders, invoice processing and authorising payments in one place; help operators to build and maintain strong relationships with vendors by simplifying communications and ensuring timely payments; digitising compliance and admin so you never have to worry about misplaced invoices or missed deadlines again, and monitoring inventory to help understand the success of the sales mix and reduce instances of over or under ordering. 

Different types of purchase-to-pay software 

When considering implementing purchase-to-pay software, it’s key to evaluate the pros and cons outlined in the context of your organisation's specific needs and capabilities, to ensure you choose the right one.  

Cloud-based solutions  

Cloud-based solutions involve the software being managed on an external provider's server and accessed through a web browser or another connection. Recently, they have become more popular due to their flexibility and innovation. By choosing a third party to host your purchase-to-pay software, you can often pay on an as-needed basis and effectively scale up or down depending on overall usage, user requirements, and the growth of a company. This can save your business valuable time and money, whilst improving agility and scalability.  

Cloud-based solutions allow you to access the software with ease, and data can be backed up regularly. For companies that tend to experience fluctuating demands, such as healthcare and retail businesses, adopting an external solution that can easily adjust accordingly is the best option.  

Despite displaying a multitude of benefits for businesses, cloud-based solutions do face some challenges. Many businesses become concerned with having to rely on a supplier for updates, support, and customisation. Furthermore, data security and privacy, especially with cloud-based solutions, remain the number one barrier to cloud computing deployment. This is why it’s vital to invest in a software solution that is committed to protecting data and keeping tight control of costs. 

On-premises solutions 

The vital difference between on-premise vs cloud software is where the software is stored, and who has responsibility for that infrastructure.  

On-premises software is typically installed and runs on a company's own hardware infrastructure. It is hosted locally and offers the peace of mind of knowing your data is located within your in-house servers. Unlike more general types of purchase-to-pay software, on-premises solutions can be tailored to suit your business, allowing for unique features and functionalities customised to specific needs.  

The drawbacks of on-premises purchase-to-pay software lie in the costs associated with managing and maintaining the necessary technology. When you opt for an on-premises setup, you will need to take into account the costs required for software licenses, integration capabilities, and employees to support and manage potential issues that may arise. When something breaks or doesn’t work, the company is responsible for covering costs for this. 

Small businesses with more limited resources would not necessarily benefit from these types of solutions, due to the significant investment required to develop in-house software. In these instances, seeking out a reliable third-party provider can be beneficial.  

Standalone procurement software 

Standalone procurement software refers to a dedicated solution specifically designed to manage and optimise the procurement process within an organisation. It operates independently, rather than being part of an integrated system. This form of software is designed with a specific focus on procurement processes, which often results in advanced and more specialised features. In addition, it usually has a more data-driven approach. Advanced reporting and analytics capabilities provide valuable insights into procurement activities, spending patterns, and supplier performance, allowing organisations to make informed decisions, identify cost-saving opportunities, and continuously improve their procurement strategies. 

In terms of drawbacks, standalone procurement software may face integration challenges with other systems, such as accounting, and inventory management software. Ensuring seamless data flow between these systems can be complex and may require additional time and resources for integration and maintenance. 

Integrated suites 

Integrated suites combine multiple functionalities, such as procurement, invoicing and payment into a single platform. This reduces the need for multiple systems and improves workflow efficiency, ultimately streamlining processes across the business. 

Having all your data housed in one system creates multiple benefits, including data consistency and accuracy, and more improved security.  

Despite its ability to successfully streamline operations, integrated suites can be complex to implement and have a higher upfront cost. This may be a barrier for smaller organisations; however, it does prevent you from being hit with hidden costs further down the line. This type of software is less customisable in comparison to in-house solutions, but if you are looking for a more data-driven solution to streamline operations, you may not consider this as much of an issue. 

Industry-specific  

Industry-specific purchase-to-pay systems have more of a focus on how they can be tailored to meet the unique requirements and challenges of particular industries. These systems offer features and functionalities designed to address industry-specific procurement processes, regulations, and standards. By implementing a customised purchase-to-pay software, you can access features, workflows, and functionalities that are directly relevant to your business’s procurement processes. 

Due to their specialised features, industry-specific systems can be more expensive than more general software, but many suppliers of this software often offer specialised support and consultancy services, and assistance with optimisation and troubleshooting. 

What are the key features of purchase-to-pay software for hospitality? 

When you’re weighing up varying options of software, it’s important to identify the inefficiencies currently present across operations, so you can choose the software solution that is most likely to benefit the business overall. Here, we will discuss some key features of purchase-to-pay software to consider before choosing your ideal solution. 

Cash flow forecasting and real-time reporting 

Many purchase-to-pay software solutions can offer real-time visibility into spending and procurement activities across your business. When you can review costs, expenses, sales, cash flow and revenue streams at a glance, you’ll be able to spot patterns and opportunities to reduce costs and maximise profitability.  

Most providers offer this feature as part of their purchase-to-pay package; however, some offer more advanced versions which can be more effective for larger businesses with multiple venues.  

Advanced real-time reports can be costly, so depending on the size and scale of your business, you may not need a supplier that offers this.  

If it is something you feel will add value and improve operations, look for options focused on making this information as easy to access as possible, in a user-friendly format.  

General finance and accounting features 

Automation tools that you to manage certain finance tasks can offer significant time savings. There are purchase-to-pay solutions on the market which offer support with things like customer payments, invoice tracking, collections, and managing supplier invoices and payments. This can help to make your finance team more efficient, minimise human error, and improve relationships with suppliers. 

Similarly to real-time reporting, this feature is particularly beneficial for businesses operating across multiple locations, currencies or entities, as some providers allow for centralised financial management while maintaining separate financial records for each location or entity. 

If you operate from a single location, this feature may not be as key for your business as other aspects of purchase-to-pay software, however, it can still relieve pressure and avoid mistakes.  

Orders, deliveries and invoicing 

While digital invoicing software is widely available, e-procurement software often has this feature built-in, offering an integrated approach to invoice management. Automating invoice approval and payment can save your hotel’s accounting team a significant amount of time and resources, streamlining the entire process. By utilising this feature, you can seamlessly connect purchasing, delivery and invoicing, reducing the risk of error and ensuring a smooth flow of information.  

User-friendly interface 

Creating a user-friendly interface for a Purchase-to-pay software involves focusing on several key principles to ensure that the system is intuitive, efficient, and meets the needs of its users. A clear menu structure with title and subtitles, a customisable dashboard and a user-centred design allow for the software to be accessed with ease.  

When selecting a purchase-to-pay solution, make sure it has a focus on simplifying complex processes, reducing manual effort, and providing clear guidance at each step. By prioritising usability and efficiency, the software can significantly enhance user satisfaction and operational effectiveness, improving uptake and reducing training requirements. 

Seamless integration 

Integrations are key when it comes to purchase-to-pay. Choosing a solution that supports integration with your existing operational systems can ensure that data feeds from platform to platform, reducing the need to manually input data. Integration with EPoS ensures accurate, real-time inventory and stock management to help you make better ordering decisions and reduce instances of over or under stocking.  

Supplier management  

Managing your relationships with suppliers effectively can be the difference between securing the best contracts for your business. Streamlining and automating things like accounts ensures that invoices are paid on time and highlight when anomalies arise or when contracts are due for renewal. You can also simplify the process of adding new suppliers into the system, reducing admin time for your managers. 

Mobile accessibility 

In the fast-paced, deskless environment of the kitchen, mobile accessibility for ordering, planning and purchasing is essential. So, when choosing a purchase-to-pay solution, consider who will be using it the most. If your users are predominantly kitchen-based, then mobile accessibility is going to be key. Make sure you talk to your teams to find out what tools and features they want in the software, as this will ensure a successful adoption.   

Customisation options 

Every business works differently, whether that’s different processes, job functions or objectives. Whatever is driving your decision to invest in new purchase-to-pay software, make sure that the solution you choose can meet your current and possibly even your future scalability needs.  

Security features 

Robust security features are essential. You should check that any new system you implement can protect sensitive financial and supplier data. You should also check that you are able to manage access of the system and assign appropriate user permissions and roles.  

Reliable customer support 

No system is immune from service interruptions, connection issues or downtime – what you can do is find out how your chosen supplier manages those issues. How do they minimise downtime due to system updates? What do they do in the event of system outage? How quickly are issues resolved? And who can you contact when you need support? Also think in terms of training and adoption, what is offered by your chosen software supplier during implementation? 

So, which is the best purchase-to-pay system for hospitality operators? 

When it comes to choosing the right solution for your business, you want to be able to make an informed decision, and we want to help with that. That’s why we’ve gathered information on five of the leading P2P software solutions on the market, specifically tailored for the hospitality sector.  

Each solution has its unique selling points, and strengths and weaknesses. Which one you choose will depend on your needs. 

Nory 

Nory stands out with its AI-driven insights focused on food cost optimisation and forecasting. The software offers an excellent mobile interface and user-friendly design, making it particularly appealing for small to medium-sized hospitality businesses. Their features include advanced cost management tools and strong recipe costing capabilities.

This system could be a good option for businesses looking to simplify their processes and improve margins. The interface is highly intuitive, ideal for operations wanting to optimise costs without complexity. However, the software does have limited procurement and supplier integration features, which may not suit businesses requiring extensive supplier management.

Fourth Hospitality 

Fourth Hospitality provides a comprehensive enterprise-level solution that integrates workforce management, inventory and procurement systems. If your priority is managing multiple aspects of operations centrally, Fourth offers extensive features focused on this area. This includes advanced inventory tracking, strong supplier integration and detailed analytics.

Their solutions tend to be more expensive and complex, making them better suited to large, multi-site organisations. Ultimately, the solution is best for hospitality groups that need a scalable and fully integrated system across multiple locations.

Apicbase 

If you are looking to improve recipe and food production management, Apicbase provides a solution specifically with this in mind. With detailed visual food costing and strong supply chain optimisation tools, you can access advanced recipe management features designed for cloud kitchens and food production businesses. They also offer solid inventory management capabilities and moderate compliance tracking.

The platform is particularly suited to operations where precise recipe control is essential, though its procurement features aren't as comprehensive as some alternatives.

Marketman 

Marketman offers strong POS integration and inventory management capabilities, with a focus on vendor management and cost control. The software provides a straightforward approach to operational management, making it particularly suitable for small to medium-sized restaurants, cafes and catering businesses.

While the platform offers good accessibility and ease of use, it has limited advanced features like compliance tracking and enterprise procurement, which may not suit larger operations.

Pelican Pi 

Pelican Pi delivers strong procurement and reporting tools specifically designed for hospitality businesses. Key features include full automation capabilities, advanced inventory management and strong supplier integration. The software focuses on streamlining purchasing processes and providing detailed cost control features.

With comprehensive stock control and reporting capabilities, this solution is designed for hotels, restaurants and catering services looking to optimise their purchasing processes. However, some users might find the interface slightly less intuitive compared to alternatives.

Access Procure Wizard 

Procure Wizard offers end-to-end procurement and stock control features tailored specifically for hospitality. Key features include full automation capabilities, advanced inventory management, strong supplier integration and robust compliance tracking. Its customisable interface means you can tailor the solution to your needs, and the platform comes with comprehensive support to help your team succeed.

The software includes industry-specific functionalities such as detailed analytics, menu management and allergen tracking. With enhanced security and mobile accessibility, this solution is designed with user efficiency in mind.

Pricing depends on specific business requirements, allowing you to tailor the software to suit your needs and budget. The platform's focus on automation and operational control makes it particularly effective for businesses looking to streamline their procurement processes.

Ready to optimise your procurement process? 

In this article, we’ve looked at what makes the best purchase-to-pay system and the key features that help manage the daily operations of your business.  

Each solution has its strengths and weaknesses, and the best choice for you depends on the specific needs, size and budget of the hospitality business. Access Procure Wizard is a reliable and powerful hospitality procurement software, focused on streamlining operations across your business, and you can customise the features to your specific needs. 

If you’re ready to explore your options and would like to learn more about Procure Wizard can help your business, get in touch.