“The team at Datatime Services really listened to our challenges and implemented a solution that specifically addressed and solved these issues. The Datatime team proved to be flexible and were available at all times during the implementation to work with us on this important change management project”.

AP Automation Renato Fonti (Chief Financial Officer)

About Palace Cinemas

Palace Cinemas is Australia’s leading national independent cinema group, showcasing high-end latest release films, art-house, foreign films and special events with an emphasis on providing an entertaining viewing experience for all patrons. The business employs over 500 staff and head office is located in South Yarra, Victoria.

The challenge

  • Operating over 15 individual cinemas across Australia, each with their own suppliers and independent procurement processes.

  • The accounting department (located in Melbourne) is responsible for reconciling each cinema’s accounts payables, a demanding task due to seasonal demand fluctuations and growth in the number of cinemas.

Problems

  • As Palace Cinemas is growing and acquiring new locations, their accounts department couldn’t keep up with manual data entry and reconciliation.

  • Existing systems were limiting growth and delivery of customer services.

  • Manually processing invoices, resulting in more time consuming and arduous management reporting and a longer procure to pay cycle.

  • The primary issue was financial reporting to management. The current process took Palace Cinemas until the 14th of each month to circulate monthly figures and was not an easy task to manage.

Solutions

  • Datatime Services listened to Palace's issues, analysed their pain points and returned a solution that met their requirements. Datatime Services provided a personalised Accounts Payable Automation solution that removes all manual data processing.

  • Datatime Services now take full control of all incoming documents, scrapes the data and runs it through customised algorithms, automatically assigns figures to Palace's General Ledger accounts based on meeting their internal financial requirements, and exports it as cleansed data.

Results

  • Monthly figures are now available to management by the 6th working day and the Palace team are working with Datatime to reduce this even further.

  • The main measurement was to ensure a cost-effective solution was implemented to process accounts payable invoices in a timely manner resulting in timely and accurate distribution of financial statements to shareholders.

  • The solution has successfully changed Palace's business process. Datatime and Palace Cinemas are now working together to explore automation in other areas of their business.

  • The financial accounting and administrative team are now dedicating more time to more pressing, value-added tasks that require decision making.

  • Improved procure-to-pay cycle.

  • Enhanced employee satisfaction.

  • Enhanced supplier relationships as accounts are now reconciled faster.