Hollywood Wax Museum Exhibits Process Improvement with MineralTree
With 11 Locations And More Than 1,000 Payments Each Month, AP Automation With Multi-Entity Support Was Critical
Hollywood Wax Museum Group runs the world-renowned Hollywood Wax Museum, which features wax replicas of famous celebrities. The original Hollywood Wax Museum opened on Hollywood Boulevard in February of 1965. After gaining popularity, the group opened three additional locations in Branson, Missouri, Pigeon Forge, Tennessee, and Myrtle Beach, South Carolina.
Like many other businesses, Hollywood Wax Museum Group maintains other entities including real estate locations in multiple cities and the Hollywood Storage Center. With eleven business locations, Hollywood Wax Museum knew there had to be an easier way to process more than 1,000 vendor payments each month.
The Challenge: Finding The Right Solution
“Being responsible for making over 1,000 payments each month across eleven locations is no easy feat,” recalls Ahmed Nagy, Financial Controller at Hollywood Wax Museum Group. As you could imagine, the manual process of gathering invoices from each location, loading them into Microsoft Dynamics GP, and chasing down approvals was very time-consuming for Hollywood Wax Museum’s small AP team.
Hollywood Wax saw the benefits of automating their Accounts Payable (AP) and originally implemented Enliven Software. But, the team quickly found that the solution did not meet their standards and had a costly implementation process. Within a few months, problems arose and the Hollywood Wax team put together a new plan of action. “We knew AP automation was a necessity and we struggled to find a comprehensive end-to-end solution that streamlined the process for our multi-entity business,” recalls Nagy.
“With multiple entities requiring monthly payments, we needed a true
end-to-end AP Automation solution that not only automates invoice
capture, but also processes all of our payments for us using our desired
– Ahmed Nagy, Financial Controller, Hollywood Wax Museum Group
The Solution: Invoice-to-Pay Supports Multi-Entity Processes
With a plan in mind to start evaluating other solutions, Nagy put together a list of must-haves:
- An easy-to-use interface for the accounting manager to review invoices, the general managers of all eleven locations to be able to code invoices, and the approver to access on the go.
- Implementation that was quick and would not cost thousands of dollars.
- Visual confirmation of invoice data extraction instead of only relying on OCR technology.
- Continuous customer support.
- ACH capabilities that have the flexibility to work with local banks and nationwide banks.
After creating this checklist, the team got to work evaluating various solutions. Nagy came to discover MineralTree and decided that the solution was the right fit.
MineralTree Invoice-to-Pay Meets Our Requirements
Hollywood Wax Museum chose MineralTree Invoice-to-Pay because it exceeded their list of requirements. The reasons were:
- Implementation was fast, taking less than two hours and did not require added cost of outside consultants.
- Two-way, real-time sync with Microsoft Dynamics GP allowed for invoice and payment information to be automatically updated on both platforms.
- Built-in fraud protection gave peace of mind.
- Improved accuracy of captured invoice data due to human review was crucial.
- Better user experience and an easy-to-use platform that made the whole team happy.
- Full support, from implementation to training and bug fixes, exceeded expectations.
- Multi-entity support was a must-have.
- ACH capabilities built into the platform reduced the number of checks and synced directly with local and nationwide banks.
Hollywood Wax Museum found a solution that met or exceeded all of their needs. “Being able to support all our locations in one platform and not having to log in to each individual location drastically reduces our time spent on AP,” says Ahmed Nagy.
The Bottom Line: MineralTree Invoice-to-Pay Is A Must
For Hollywood Wax Museum Group, MineralTree Invoice-to-Pay was a no brainer. “It’s so easy to use and makes it simple for each member of our team to do their job quickly,” says Nagy. “The solution is exactly what we were looking for. In fact, we brought the solution to our technology partner, FMT Consultants.”
FMT Consultants is a leading technology solutions provider that partners with clients to help them improve and streamline their business operations. The company offers comprehensive and innovative end-to-end technology solutions and consulting services to meet their client’s specific requirements.
After learning about MineralTree Invoice-to-Pay from Hollywood Wax Museum, Kevin De Pree, Senior Director of Business Development and Field Operations at FMT Consultants signed up to become a Value-Added Reseller of MineralTree. “Offering MineralTree Invoice-to-Pay helps us provide our customers with a way to streamline their invoice and payment process,” says De Pree.
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