The Secret Chocolatier Simplifies Back-office Operations
About O&M Restaurant Group
O&M Restaurant Group operates 15 Burger King, 18 Taco Bell and 6 Blaze Pizza franchises in Oklahoma and Louisiana.
Streamlined Accounting Delivers Huge Cost Savings
David Ostrowe, President of O&M, handles AP for his 1000-plus employee company, and, before he discovered Bill.com, processing invoices was soaking up so much time that he was on the verge of hiring someone else to do it.
“There’s only so much we can do on a given day, so we had to find a solution,” he says. “Bill.com saved us from having to outsource our accounts payable. By not handing it over to an outside firm we’ve saved about $150,000 a year—and that’s a conservative number.”
Ostrowe also needed to better organize his invoicing system, which is quite complex given that he operates with many different vendors in many different markets.
Before Bill.com, Ostrowe’s process was to take each invoice and scan it into the company server. He would then take the same invoice and keypunch it into his QuickBooks accounting system.
Finally, he would file the paper invoice in a manila folder. Once a week, Ostrowe would sit down with the folder and go through all the bills. If he had a question, he had to go to the server, pull up the bill and send it off to someone in his accounting department to learn its status.
“It was a very cumbersome and time-consuming process,” Ostrowe says. “But we streamlined it with Bill.com. Now we scan our invoices directly into Bill.com. That invoice is then automatically routed to the person who authorized that bill so they can approve it. Then it comes back to me to be paid. Now when it’s time for me to pay the bills I know the right person has approved them. Also, I have the discipline never to pay a bill unless it’s received the proper approvals.”
Doubling Revenue with Bill.com
If operating nearly 40 quick serve franchises isn’t enough, Ostrowe also serves as Secretary of Digital Transformation and Administration for the State of Oklahoma. He relies on Bill.com to take command of his cash flow, boost efficiency, save money and free up time to focus on job one: growing the business.
Since he began using Bill.com, Ostrowe has more than doubled his revenue from $30 million to $65 million annually. And, almost as satisfying, he’s done it without adding headcount in the corporate office—and he’s even managed to cut his company’s paperwork to zero.
In Perfect Sync
Bill.com has made it extremely easy for Ostrowe to integrate his three fast-food brands on a single platform. When he first started using Bill.com, he was only operating Burger King restaurants, but has since expanded into Taco Bell and Blaze Pizza.
“As we added brands, we didn’t want to add complexity,” he says. “We have different accounts for all the brands, but they are linked to the Master account via Bill.com and everything stays in sync.”
From Onboarding to Auditing, an Easy and Efficient Solution
Paying invoices with Bill.com’s AI-based platform is so straightforward that Ostrowe’s employees can pick it up right away. “Bill.com is so simple, we can bring on a new employee with minimal training and start them off on the system immediately,” says Ostrowe.
Ostrowe’s auditors also use Bill.com to get a complete view into his financial data. They can reach into the system anytime to read contracts, examine bills and invoices, and ensure that every P&L is a real expense. “In our most recent audit, the auditors actually criticized us for paying vendors too fast,” he jokes.
Because Bill.com is in the cloud, Ostrowe’s managers can access the system anytime, anywhere, and on any device. Ostrowe says his “a- ha moment” came one weekend when an invoice arrived at his house. He took a picture of it with his smartphone, uploaded it to Bill.com and reimbursed himself for the expense.
“It kind of scared me how easy and efficient it was,” he recalls. “When I was able to take a photo of a bill on my phone and upload it directly into the system and it took all of a minute and a half, I was blown away.”
Secure Cloud-Based Backups
The other side of any cloud-based service is security and Ostrowe says he had concerns there at first but soon stopped worrying. Bill.com guarantees all clients that, if the relationship ever ends, for whatever reason, they get all their data back on a CD, no questions asked—a promise a lot of Bill.com competitors can’t or won’t make. What’s more, he no longer has to worry about losing financial information in a flood or fire.
The efficiency created by Bill.com has freed up many hours that Ostrowe now directs toward more strategic efforts.
“It’s no fun paying bills,” he says. “Bill.com makes it easy.”