Managing a growing network of convenience stores presented Atlantis with several operational hurdles. Manual invoice processing led to errors, missing documents, and time-consuming force balancing. The accounting team was overwhelmed, especially as new locations were added. Inventory discrepancies and lack of item-level accounting hindered accuracy. Vendor onboarding was slow and inconsistent, especially with varying levels of tech sophisitcation when it came to the transmission of invoice data. Essentially, they needed a better way to scale with less roadblacks and without expanding back-office personnel.
Atlantis adopted Fintech’s PaymentSource® Premium to automate and optimize their invoice processing and non-alc vendor management. EDI invoicing enabled line-item level accounting and reduced inventory discrepancies. This includes 14.63 line items processed per invoice on average, or 13,520 per month.
Automated invoice data entry and standardization saved time across departments. Managers and back-office staff saved over 28,500 minutes per month by ditching manual invoice data entry. This shift enabled Atlantis to strategically reallocate labor to higher-level reviews, audits, and automate the end-to-end merchandising transaction process.
They have been able to add 20 new locations in two years without having to expand their finance department. Atlantis reported cross-departmental impact with their pricebook, auditing, operations, merchandising, finance, and accounts payable teams thanks to more accurate line-item data and faster speed to invoice data visibility.
When it comes to adding new vendors, Fintech makes it simple. If the vendor isn’t able to do an EDI integration, they can use Fintech’s proprietary Invoice Builder to create a digital invoice directly inside the Fintech portal. That invoice is then ingested, standardized, coded, and delivered to Atlantis’ back-office system through the EDI integration with Fintech. This helps maintain strong relationships with smaller vendors while still optimizing invoice processing through EDI.
“Fintech has helped us grow by allowing us to manage our back-office headcount effectively. Over the past two years, we’ve added 20 locations without expanding our finance department. Before adopting EDI and automation, our accounting team felt overwhelmed. But as we transitioned vendors to EDI, those concerns eased, and the workload became manageable. This has enabled us to scale efficiently while maintaining a lean operation.”
Terry Valdivieso, CFO
Atlantis Management Group owns and operates convenience stores and fuel stations, as well as serving as fuel distributors and brokers throughout the Northeast.