Digital invoicing (electronic invoicing, or e-invoicing) has revolutionized many industries, and the alcohol sector is no exception. This blog explores how digital invoicing is transforming the alcohol industry through the power of automation and the benefits it brings in terms of time and cost savings, reduced manual intervention, data visibility, and regulatory compliance.
Traditional Payment Methods and Manual Processes for Alcohol Invoices
- Manual Data Entry: Businesses manually entered invoice details, which was time-consuming and prone to errors.
- Writing Checks: Payments were often made by writing checks, which could get lost in the mail, take time to clear, and were susceptible to fraud.
- Cash on Delivery (COD): For COD payments, businesses had to keep cash or checks on hand, presenting ongoing challenges and security risks.
Automate Alcohol Invoice Payments
If you are a Fintech client, you already know the benefits of automated electronic funds transfer (EFT) payments for your alcohol invoices. Digital invoicing supports faster payment cycles by processing electronic payments per the invoice terms without you lifting a finger. There is no need to carry cash or write a check when a distributor pulls into the parking lot. Some states, like Michigan and California, have made this the required alcohol invoice payment method, showcasing the growing appeal that electronic invoicing brings with respect to increasing business efficiency.
Eliminate Manual Data Entry Errors with Seamless Automated Invoice Data Integration
Manual data entry leaves room for human error – spelling mistakes, rounding issues, and typos on lengthy invoices can lead to costly accounting headaches. Integrating invoice data with your back-office or inventory system eliminates these risks with automated data entry. By digitizing your invoices, you ensure accurate, error-free data that is automatically GL coded to the proper category for faster, more reliable reconciliation with less manual effort.
Instantly Access Invoice History and Payment Details
You may be required to keep paper copies of alcohol invoices for regulatory reasons, but that doesn’t mean you need to waste time searching through these copies when looking for a specific transaction. Invoice digitization lets you find the right invoice with just a few clicks. Fintech’s PaymentSource® Pro provides 15 months of rolling invoice history, making it easy to search, review, and compare purchases across your distributors and locations inside the Fintech portal.
Gain Valuable Insights with Alcohol Purchase Reporting
How fast are you moving through your top-selling products? Is your pricing consistent over time? Is your pricing consistent across your distributors? Are you being charged additional costs with split-case fees?
Personalized reporting on your alcohol purchases gives you the answers you need. Digital invoices unlock actionable insights without the hassle—just straightforward, results-driven reporting based on your standardized invoice data.
Resolve Payment Discrepancies Faster with Digital Invoice Data Retrieval
Payment discrepancies no longer need to disrupt your operations. Instead of waiting days for customer service help if a product is missing after a distributor’s delivery, you can begin working with your distributor immediately to request a credit through the Fintech portal.
Instead of spending time tracking down the right person to reach out to and waiting for the process to be initiated, you can begin working with your distributor immediately to request a credit through the Fintech portal. If the credit request is approved, you can rest assured that it will be processed back to you without any involvement and as quickly as possible.
Alcohol Business Preservation Through Modernization
Digital invoicing for alcohol has profoundly transformed the industry. By moving away from traditional methods to automated systems, businesses can enjoy significant time and cost savings, improved accuracy, and better compliance with regulations. Embracing digital invoicing is not just a trend but a necessity for modern alcohol businesses.
Fill out the form below to get in touch with a Fintech expert and learn more about PaymentSource Pro and the benefits its invoice digitization can provide.
