Three Ways Fintech’s Enterprise Solutions Can Improve Invoice Payments and Data Management Across All Your Locations

Running a business with 50+ locations comes with its own set of unique challenges. Between creating a consistently positive customer experience, managing orders across locations, and keeping margins intact, it can be incredibly difficult to manage your business portfolio while ensuring each key area is being addressed properly. Fintech has multiple enterprise solutions that automate invoice payments and management, streamline order processing across locations, and protect margins.

1. Automate All Your Invoice Payments and Line-Item Data Integration

Fintech has always been associated with beverage alcohol invoice payments. With over 43 million invoices processed annually, the Fintech brand is synonymous with alcohol invoices being paid on time, every time, and in compliance with the invoice terms.

Now, Fintech is more than just alcohol payments. Our AP Automation solution helps you save time, reduce costs, and improve efficiency, accuracy, and compliance across your entire non-alc inventory. You could be dealing with hundreds of vendors sending you invoices for each location, and we understand the importance of managing those vendor relationships with timely and accurate payments.

With AP Automation, simply upload invoices from your computer or mobile device for scanning and digital conversion. Once those invoices are verified and approved, you can schedule your payment and receive line-item invoice data directly into your back-office system through our EDI integration capability.

Fintech’s AP Automation integrates with many different back-office systems, including PDI, C-Store Pro, R365, Quickbooks, Sculpture, Crunchtime, BevSpot, and more. With this feature, you can sit back and watch your invoice data automatically render in your back-office system without the risk of human error or duplicate entry. If you prefer another way, you can also choose to receive a daily file you can then upload into your back-office or accounting system.

Through AP Automation, you can eliminate manual tasks such as duplicate data entry and invoice matching. You can also enjoy faster reconciliation with increased accuracy, better invoice tracking, and real-time status updates. There is no need to waste time dealing with the tediousness of manually inputting line-item details and managing invoice payments for all of your vendors.

2. Protect Your Margins With Purchase Data Insights

Alcohol margins can change quickly with the rapid pace of product cost fluctuations. This leaves you with little time to adjust consumer shelf pricing in a timely manner. It can also delay receiving distributor credits on time and limit your ability to address pricing discrepancies with your distributor.

Fintech’s Margin Protection was built to address these issues by giving you purchase data insights that allow you to make informed decisions faster. Margin Protection compares your POS scan data to your purchase data down to the specific product SKU by location and distributor. This helps identify anomalies between these data sets and alerts you so you can take action to protect your alcohol margins.

On average, Fintech finds a 4% discrepancy in expected alcohol margins. That type of disparity can lead to margin erosion that affects your P&L statements. Take control of your alcohol margins with Margin Protection.

3. Optimize Product Ordering and Monitoring for Your Entire Footprint

Product orders can get complicated between all your distributors. Fintech’s OrderSource® is an order processing system that helps you seamlessly communicate all your beverage alcohol purchase orders (POs) to distributors electronically. The distributor will then convert the PO into an invoice and ensure a valid PO number is used. Gone are the days of dealing with endless phone calls, emails, or faxes. With OrderSource, all your POs are consolidated into one transmission type to streamline the process.

You can use the PO Discrepancy Report in the portal to view, resolve, or update purchase orders as needed.

OrderSource also connects with AP Automation and PaymentSource®, Fintech’s dedicated beverage alcohol invoice payment solution, to ensure the correct PO number is issued with your on-time payment.

Create Operational Efficiencies With Fintech’s Enterprise Solutions

Equipping Fintech’s automated enterprise solutions is the best way to optimize your invoice management. Fintech works hand-in-hand with your existing systems, so there is no downtime in getting set up and you can start to see immediate ROI. Operational automation is vital to ensuring success with multiple locations, and Fintech delivers tailored solutions built for your business, whether you run multiple restaurants, bars, grocery stores, drug stores, or convenience stores. If you would like to learn more about these enterprise solutions and how they can help your business, check out our page here or contact a Fintech expert.

 

Fintech-Expand Your Invoice Payment Efficiencies with AP Automation

You already know Fintech for its contributions to optimizing the three-tier system through automated alcohol invoice payments. With Fintech, invoice payments are made on time, every time, and businesses also enjoy seamless line-item data integration into their back-office system. Now, we are excited to bring those time-saving capabilities to ALL of your invoices.

Our Accounts Payable (AP) Automation feature was designed to help you save time, reduce costs, improve efficiency and accuracy, and ensure compliance. Now you can pay all your invoices in one convenient place. Simply upload invoices from your computer or mobile device for scanning and digital conversion. From there, you can schedule automated payments and have one less thing to worry about in your day-to-day management.

Let’s go over five of the benefits of AP Automation and how they apply to your business.

 

1) Improve Your Financial Planning and Make Informed Decisions

AP Automation grants full, real-time visibility into your accounts payable. Financial planning becomes simpler when you can track all your invoice payment activity in one place. No need to sift through endless paperwork looking for a specific invoice. With built-in AP Automation, you can easily navigate your invoices and make informed decisions using data-driven reporting about your AP activity.

 

2) Eliminate Spending Hours on Tedious Tasks

The invoice cycle process can take up a lot of valuable time that could be better spent elsewhere. For example, managers may need to stop what they are doing and cut a check for each invoice that comes into their business. From there, they need to take time out of their busy schedule to manually input line-item data into their back-office system.

AP Automation handles this data integration for you without you having to lift a finger. It eliminates tasks like duplicate data entry and invoice matching. It also speeds up the invoice cycle by having fewer human touches for faster processing. Speed up your conversion rate from pending to paid through AP automation.

 

3) Optimize Your Data Flow with Seamless Integration

Our AP Automation is equipped to work with 73 out-of-the-box integrations. Manual processing is a thing of the past with this automation. You can also access fresh insights from data-rich reporting. These reports highlight purchasing trends and can potentially alert you to pricing discrepancies across your inventory.

 

4) Simplify Reconciliation with Speed

Getting buried under invoices and spreadsheets is draining. Ditch the spreadsheet fatigue with AP Automation and instead enjoy faster reconciliation with increased accuracy, easier invoice tracking, and real-time status updates. There is no need to waste time scouring your invoice pile just to confirm one line item when a discrepancy arises. Digitizing all your invoices makes for easier tracking and reconciliation. Keep your margins intact with the right tool in place.

 

5) Pay All Your Invoices Securely

Your financial information is kept safe with AP Automation. Electronic payments are made securely and your account is password-protected. Don’t risk jeopardizing your business with lost invoices containing sensitive financial information. With AP Automation, you can house all your invoices in one safe, convenient location.

 

Standardize and Streamline Payments with AP Automation

If you are using Fintech for your alcohol invoice management, you already know the time and cost-saving benefits it brings. Why wouldn’t you want those same benefits with all your other non-alcohol products? If you receive an invoice for it, you can scan and upload it for AP automation. Optimize your business management and use those time-savings on something more important.

You can learn more about our AP Automation here.

Written By: Matthew Bruner

Fresh From Florida-Food Tastes Better When It Is Grown Closer to Home

Welcome to Fresh From Florida.  We want FRLA members to share with their guests the amazing assortment of fruit, vegetables, seafood, meat and other products, grown right here in Florida.  With 47,500 farms and ranches spread over 9.7 million acres, Florida has a reputation of producing a wide variety of fresh and tasty food. From plentiful fruit groves to vegetable crops, seafood and cattle, these farms, abundant waters and ranches provide Florida with bountiful opportunity to eat good and do good.

And that’s exactly what Fresh From Florida is all about: supporting local Florida farmers, helping to create jobs in our communities and of course, making sure you can share with your guests all the fresh flavors Florida has to offer. 

Fresh From Florida promotes Florida’s agricultural products through consumer marketing campaigns, partnerships with more than 100 grocers domestically and internationally and is an established presence at industry trade shows. 

We conduct annual brand awareness surveys to measure consumer recognition and to understand what drives consumers to purchase products that carry the Fresh From Florida logo.  Not only is taste important when considering whether to purchase produce or protein for your restaurant, but information such as the results of our surveys and consumer logo recognition may encourage you to give your guests what they want and consider purchasing Fresh From Florida commodities for your restaurant.  

Key Takeaways 2022* Fresh From Florida (FFF) Brand Awareness Surveys of Interest to FRLA Members
*Survey published in April 2023

  • 88% of consumers surveyed recognize the FFF logo
  • 66% are willing to pay more for Florida-grown products
  • 79% of respondents said purchasing locally-grown fresh produce is important
  • 69% of respondents said they always look for locally-grown products
  • Top 4 reasons for buying Florida-grown produce
  • Fresher
  • Support Florida
  • Support farmers
  • Support local economy

At the heart of the marketing program is the sunny Fresh From Florida logo highlighting reliable Florida-grown commodities.  We leverage the logo to generate brand awareness with the goal of encouraging consumer purchases and spotlighting the importance of buying local and supporting Florida farmers. A comprehensive and year-round multi-media campaign targets key demographics to let consumers know what’s in season, how to use product in recipes, why Florida-grown commodities are the best and how to find them.  

Fresh From Florida would like to develop a partnership with Florida’s restaurants by increasing the demand for our Florida-grown commodities through B2B (restaurant to farmer) relationships and through farmer to foodservice distributor channels.  In addition, Fresh From Florida wants to extend the power of our multi-media marketing campaign to Florida’s restaurants.

Look for upcoming emails and information about Fresh From Florida as we build this partnership to offer the best of Florida flavors to your guests and at the same time support Florida farmers.  Choose fresh and remember, food tastes better when it is grown closer to home.

For more information, please contact:
Palmer Linscott
Fresh From Florida
Florida Department of Agriculture & Consumer Services
Division of Marketing & Development
[email protected]
850-617-7343

Manager’s Tip #9: Simplify Language Barriers

Written By: Andrew Baughman

Does everyone on your team speak the same language?

It is not uncommon to have multiple languages spoken in hospitality workplaces. While this can be beneficial and create a diverse, unique environment, peer-to-peer communication may be difficult. Addressing communication barriers is an opportunity for leadership to:

  • improve team chemistry
  • reduce frustration
  • impart the importance of all team members
  • foster a more communicative work environment
  • increase workplace efficiency

            Solution: Provide resources and tools that simplify language barriers, and get your team involved:

  • ask employees what they would find useful; every team has different needs
  • translate menus and other commonly used items (instructions, lists, etc.)
  • use code words and abbreviations, such as:
    • “comp” for “complimentary/on the house”
    • “86” for “out of stock”
  • post common terms translated into the different languages

Encourage your team to utilize the resources provided, and be sure to participate in this process yourself. Leading by example will set the tone for inclusivity, communication, and workplace morale! For resources and more information, visit healthy-hospitality.org or contact us at [email protected].

 

Source:

Abbot, Elisa (2019) Barriers to Communication: How to Overcome Language Barriers in Your Restaurant? The Rail. https://www.therail.media/stories/2019/8/30/barriers-to-communication-how-to-overcome-language-barriers-in-your-restaurant

Meet Your Next Best Employee – Fintech!

Written By: Matthew Bruner

Staffing issues? Tell us about it!

If your business is dealing with labor shortages, increased wages, and unreliable employees, it can be daunting to try and maintain a positive customer experience because you are bogged down with time-consuming manual tasks.

A recent survey of on-premises retailers asked what they think will be the biggest driving factor behind revenue growth in 2023. The resounding answer was that customer experience, driven by unmatched service and ambiance, would be the best path toward increasing revenue.

When looking at what goes into running a successful business, where can managers turn to ease their burden so they can focus on the customer experience?

Fintech!

 

Reward Your Customers’ Trust with Exceptional Service

Customers have so many options available when going out to eat or for a drink. If they happen to choose your business, you need to create a memorable experience from the moment they walk in the front door.

People get into this business because they love the art of hospitality. Unfortunately, that passion can be stifled by the laborious manual processes associated with back office paperwork and management.

Fintech can help create efficiencies by automating your back office so that you can focus on the front-of-house. And at such an affordable rate, you will wonder why you didn’t bring us on full-time earlier!

 

How We Drive Immediate Efficiencies

We can automate payments for all your alcohol invoices. Whether cash-on-delivery or by terms, our solution pays all invoices on time, every time.

We also clean all invoice data and integrate it into your back office accounting system via electronic file. We can drill down further by GL coding your products, keeping copies of all invoices online for up to 15 months, and using competitive market analytics to monitor price fluctuations.

 

Your Best Employee to Date

Why hire Fintech? We never call in sick. We never miss a shift. We are never late. We cost less than one day of admin labor for a month of services. And we don’t ask for any benefits.

Over 200,000 businesses trust Fintech to automate their back office management to free up the time to address front-of-house concerns.

If you want your business to excel in 2023, give yourself the right tools to help you focus on what matters most – your customers.

Check our credentials here and see how Fintech can make your life easier.

Healthy Hospitality: Manager’s Tip-Professional Development Opportunites

By: Andrew Baughman

Statistic: 79% of hospitality workers say that opportunities for professional development would be most impactful in promoting a supportive workplace environment.

Problem: Evidence suggests that hospitality industry training, in general, is “poor,” which poses an array of problems. Inadequate professional instruction “jeopardizes service quality, and can demean and embarrass employees,” and often causes “employees [to be] disciplined for their inability to perform.”

Due to the industry’s high turnover rate, it is uncommon for hospitality management to:

  • be invested in thoroughly training employees
  • recognize the professional desires of many employees

However, “training and development affect job satisfaction and organizational [sic] commitment, which in turn affect staff retention.” A lack of professional investment in employees increases the likelihood that they will leave, often in search of jobs with more opportunity and consideration for their ambitions.

Solution: Gather ideas from your team about professional opportunities they would like and support them in pursuing their goals. Consider providing:

  • cross-training in the workplace
  • opportunities to be responsible for a project
  • de-escalation training for navigating tough conversations with peers and customers
  • food and alcohol safety training
  • ask-me-anything sessions with management

For resources and more information, visit healthy-hospitality.org or contact us at [email protected].

Sources:
Active Minds, Optum. (2021). Creating a Culture of Support in the Workplace: A Best Practices Resource for Managers in the Hospitality Industry. Washington, DC; Active Minds.
Poulston, Jill. (2008). Hospitality workplace problems and poor training: A close relationship. International Journal of Contemporary Hospitality Management. 20. 412-427. 10.1108/09596110810873525.

Shawmut: Industry Trends, Success Stories & More

Can you introduce Shawmut to our readers?

Shawmut Design and Construction is a national construction management firm with 11 offices nationwide, including in South Florida’s Miami and West Palm Beach. Shawmut has been active in South Florida for the last 25 years and has thoughtfully executed countless signature projects for the region’s top hospitality groups.

Please explain to readers about the services/solutions that Shawmut provides to clients.

Shawmut is a construction management firm that is dedicated to providing clients a better building experience. Throughout the entire journey—from pre-construction to the grand opening—we act as a true partner, becoming an extension of our client’s team to ensure flawless execution. We help bring our clients’ visions to life, utilizing our deep expertise in the market coupled with best-in-class construction management practices, innovative technology, and a unique ability to facilitate upfront collaboration with all stakeholders that enables diversity of thought. (Pictured: Tim Barges, Director, South Florida, Shawmut)

Can you explain trends in “maximizing and monetizing every square foot of a business?”

In result of the pandemic, hospitality industry leaders have been evaluating their service models, figuring out ways to become more efficient, and finding new ways to drive revenue. That is why we are seeing new creative strategies emerge to maximize and monetize every square foot of a property. In particular, hotels are examining the effectiveness of their used—and unused—space. For example, extra lobby space is being used to accommodate food and beverage, and existing amenity space is being transformed to be flexible and multi-purpose so revenue can be generated 24 hours a day.

Shawmut is employee owned. Can you discuss how this business model improves quality?

Being 100% employee-owned means every employee has an invested interest in the success of the company and the success of their projects. Shawmut team members bring an owner’s mentality to everything they do to consistently exceed expectations. Because of this, we deliver an unmatched client experience and finished product.

Would you share some of the projects that you’ve worked on in Florida, and also some of the memorable hospitality projects that Shawmut has managed?  

I’ve been working in Florida since 2014 and some of my favorite projects have been for The Diplomat Beach Resort and L’Atelier de Joël Robuchon Miami. Currently, our Miami team is working on the completion of Hilton Fort Lauderdale Marina’s new event center.

Shawmut has been involved in South Florida’s hospitality industry for almost three decades, completing projects that span from fine dining restaurants to fast casual chains to upscale hotels. We played an instrumental role in developing the Miami Design District into a vibrant high-end retail and hospitality haven; built some of Miami’s most iconic, high end, and trendiest restaurants; and completed work for award-winning hotel groups. Notable clients and projects include Soho Beach House, Le Jardinier, The Surf Club Restaurant at the Four Seasons, Fontainebleau Miami Beach, Smith & Wollensky, and Pink Taco.

What are you seeing in industry trends for 2023 and beyond?

  • The guest experience will remain top priority, but business models will pivot to reduce operating costs without sacrificing experience.
  • Sustainability practices such as making buildings self-sufficient and energy independent will be implemented.
  • There is a renewed focus on wellness in hotels and resorts.
  • Hotels will capitalize on remote/hybrid work by generating revenue from rooms in new ways. For example, rooms that would normally be empty during business hours will be rented out as an alternative to working from home.

Learn more HERE.

ENERGY EFFICIENT APPLIANCES

By The Florida Natural Gas Association

A staple in the food service, hospitality, and lodging industries for decades, natural gas appliances have never been so easy to use while saving money. Have the ability to; prepare food, heat water, dry linens, and provide other services to keep your business going with limitless natural gas. Not to mention the rebate incentives available on top of the substantial energy savings.

Natural gas appliances are the smartest choice for your business. Why? Because you can enhance your equipment’s performance standards, reduce equipment failure, and save money on overall energy costs by replacing electric appliances or even old natural gas appliances with new natural gas equipment.

Consumers can identify appliances that are energy-efficient by looking for Energy Star certification. According to Energy Star, if all commercial water heaters sold in the United States were Energy Star certified, energy cost savings would be nearly $890 million. In addition, more than 17 billion pounds of greenhouse gas emissions would be prevented from entering the atmosphere each year.

Wondering how to make the jump? Florida’s natural gas providers are committed to helping Floridians switch to cleaner, cost-effective, and reliable natural gas by offering appliance rebates, which help to accelerate the conversion and keep even more money in your pockets. These rebates include thousands of dollars in qualifying commercial equipment, such as natural gas commercial water heaters (tank and tankless), natural gas commercial ranges and ovens, natural gas commercial fryers, and natural gas commercial dryers.

Some utilities offer rebate programs tailored to specific industries like hospitality and lodging, food service, laundromat and cleaning services, and small businesses. Different rebate options are available for electric to gas replacement, gas to gas retention and new construction.

In addition to rebate programs, some utilities like Peoples Gas, have an energy conservation program, which provides cash-back allowances to eligible businesses, designed to help your business start saving right away.

To check if your utility has a rebate program or for details regarding rebates that your business may qualify for, visit your utility company’s website to learn more.

Lower your energy costs with high-performance, energy-efficient natural gas equipment, and save even more with natural gas rebates. Saving energy and reducing costs has never been easier.

Gas South Makes an Impact with Giving in the Southeast

By Topher Jensen, Director of Commercial Sales at Gas South

One of our biggest priorities at Gas South is giving back to the communities we serve, which is why our mission is to Be A Fuel For Good. Each year, we’ve committed to giving 5% of profits to children in need, which takes many forms. One unique and powerful way we give back is through our annual impact investments, where we award $50,000 to six deserving nonprofits.

Rather than simply selecting groups our leadership team is involved with or donating money to the same organizations year after year, our employees get to decide the beneficiaries, making the impact investments so much more personal and meaningful.

The process to distribute the $300,000 in critical aid begins by assessing the needs in the community. We open an online portal for applications in the spring of each year, and organizations are encouraged to be specific in explaining their mission and how the funds will be used.

Once the nominating window is closed, we empower our employees to drive the selection process, providing video interviews of the applicants and even opportunities to meet them in person to learn more about their goals and overall mission. Our success and ability to give these game-changing gifts is because of the tremendous work our employees do every day, so putting them in control of this decision is a key pillar of our corporate culture.

This year, our employees chose to reward two Florida-based charities making a meaningful difference, with $50,000 going to both the Ronald McDonald House and North Central Florida YMCA in Gainesville.

Ronald McDonald House Florida supports “Our House,” a home that provides lodging and meals to families traveling to Gainesville to seek medical care for ill children. The nonprofit is currently renovating to expand its services to more families, and Gas South’s donation will sponsor a room at their new location.

The North Central Florida YMCA offers programs that build a healthy spirit, mind, and body for all, and the donation will be used to build a community STEAM lab for local children and teens, giving them the ability to learn life-changing skills and explore new technologies.

Additionally, our impact investments in the backyard of our corporate headquarters in Atlanta will allow more children with special needs to receive therapeutic horse rides from Beyond Limits Therapeutic Riding, fight childhood hunger across the city through Feed the Children and Second Helpings, and inspire teenage girls to be confident leaders through Girl Talk.

Once the $300,000 is delivered to the selected organizations at the end of the summer, we take a step back to fully appreciate the impact the donations have on the organizations receiving them. We never take for granted the opportunity to impact the lives of children and families, and we’re so grateful to our customers for being the engine that allows us to Be A Fuel For Good.

 

Manager’s Tip- Establish Team Trust

Manager’s Tip- Establish Team Trust

By Andrew Baughman

Establish Team Trust

Statistic: 33% of hospitality workers say that a lack of trust from or with management is one of the most stressful parts of their job.

Problem: A certain amount of trust is demonstrated when someone is hired to do a job. Despite this, employees often encounter stressful displays of distrust, such as unnecessary micromanagement, surveillance, and suspicion from leadership. This can cause low morale, bitterness, and lots of stress—very unhelpful when considering turnover rates and team success. In fact, “feeling trusted can lead to improved service performance,” so pursuing a trustful relationship with employees is a win for everyone.

Solution: Communicate and demonstrate trust in your team; encouraging trustworthiness goes a long way when it comes from leadership.

  • Assume that your employees have the best intentions.
  • Model trust by actively listening to your employees when a conflict or challenge arises.
  • Trust your employees’ needs when they request time off.
  • Trust your employees to know what is best for their health, unless you are given reason not to.
    • Most employees do not have medical benefits and cannot afford to pay for a doctor visit. Asking them to prove their illness with a doctor’s note is problematic.
  • Tell your employees about your trust in them, even if it is difficult.

For resources and more information, visit healthy-hospitality.org or contact us at [email protected].

Sources:

Active Minds, Optum. (2021). Creating a Culture of Support in the Workplace: A Best Practices Resource for Managers in the Hospitality Industry. Washington, DC; Active Minds.

Jigang Fan, Xiaolong Wei, Ilsang K., How do hotel employees’ feeling trusted and its differentiation shape service performance: The role of relational energy, International Journal of Hospitality Management, Volume 92, 2021, 102700, ISSN 0278-4319, https://doi.org/10.1016/j.ijhm.2020.102700.(https://www.sciencedirect.com/science/article/pii/S0278431920302528)