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.