The partnership between Fintech and Sculpture Hospitality leverages over three decades of industry experience from both companies that support bars and restaurants in the hospitality sector. By integrating Fintech’s PaymentSource® with Sculpture’s solutions, retailers gain access to a range of benefits that simplify alcohol inventory and management. Here are five compelling reasons why the Fintech and Sculpture connection is perfect for hospitality businesses.
1. Enhanced Operational Efficiency
The integration of Fintech’s PaymentSource with Sculpture’s inventory management solutions streamlines operations. PaymentSource automates the payment of alcohol invoices, facilitating a hassle-free experience for hospitality managers. It eliminates manual data entry, saves time, and reduces the risk of errors. With PaymentSource, managers no longer have to worry about handling physical invoices and cutting checks, making their operations more streamlined and error-free.
Sculpture gives managers complete control and visibility into their food and beverage inventory counts. Once all counts are inputted into the Sculpture Dashboard, managers can see on-hand inventory, the cost of that inventory, which products are slow-moving or considered dead stock, and a stock efficiency rating to help with informed decision-making. It also helps establish the period replacement (PAR) level for increased accuracy with ordering stock at the right time.
2. Time and Cost Savings With Inventory and Invoice Management
Before Sculpture, managers needed to assess inventory by hand and calculate levels in their heads. Sculpture saves time and money by integrating barcode-scanning technology with point-of-sale (POS) systems. This reduces on-site time and minimizes count errors.
Fintech’s PaymentSource not only simplifies the payment process but also reduces labor costs associated with invoice management. By automating payment, data entry, and research, bar and restaurant managers can allocate their resources more effectively. This leads to significant cost savings in terms of staff hours and minimizes the potential for costly errors. According to Salary.com, the average hourly wage for admin work falls between $20 and $25 an hour. All those hours of manually inputting line-item invoice data add up quickly. With PaymentSource, managers can invest that money elsewhere while line-item data entry is automated.
3. Direct Integration of Invoice Line-Item Data
One of the most significant benefits of Fintech is its seamless integration directly into Sculpture. This integration gives operators the confidence that the information delivered is accurate and makes reconciliation simple. Having clean data ingested into the back-office system provides better visibility into alcohol costs and leads to more informed decisions. Operators can easily identify any red flags in terms of pricing changes. With how busy it can be managing a bar or restaurant, it is great to have the ability to make one click in the Fintech portal to see those specific changes. This ensures operators are getting the best prices from their alcohol vendors.
4. Actionable Reporting and Analytics
Data is crucial to running a successful hospitality business. Fintech’s PaymentSource provides actionable reporting, including the Spend Overview Report, Distributor Analysis Report, Split Case Report, and Cost Variance Report. These reports help managers identify changes in expected product costs, facilitating better decision-making and profitability optimization. Fintech turns all that purchase data into something that can be used to optimize a business’s alcohol management.
Sculpture uses inventory usage data to identify the variance between projected vs. actual inventory usage. This highlights missing inventory that is affecting margins. Managers can act fast on inventory shortages or improper usage to protect margins. The Sculpture Dashboard also provides data insights into revenue, used inventory costs, gross profit, ideal cost of goods sold (COGS), and more!
5. Exceptional Customer Service and Reliability
Fintech has a dedicated support team to help clients with onboarding and answer any questions. We can help provide training on using the reporting tools so that operators can see an immediate ROI from using purchase data insights. Fintech has never missed an invoice payment, ensuring compliance with alcohol regulatory requirements and keeping businesses off their distributors’ “Do Not Sell” lists.
Businesses using Sculpture have a dedicated representative to help with questions or issues. They also have access to a knowledge hub of bar and restaurant management resources covering a range of topics.
A Partnership That Makes Sense
The partnership between Fintech and Sculpture Hospitality is a win-win for businesses in the hospitality industry. These compelling reasons make the partnership an invaluable asset for those looking to protect margins, reduce costs, and optimize profitability. With these tools at their disposal, hospitality managers can focus on what they do best: delivering top-notch service to their customers.
Learn more about the Sculpture/Fintech partnership here.