Intro
Smarter Invoice Processing for 100+ Location Convenience Store Chain
The Story
How Fintech Helped Sprint Mart
The Challenge
Victory Marketing LLC, dba Sprint Mart, operates 103 convenience store locations, each handling numerous invoices for various products. Manually managing paper invoices led to data input errors, delayed payments, and inefficiencies in accounts payable (AP) workflows. Part of the manual process included relying on store leaders to scan paperwork and internal audits for reconciliation, a lengthy process prone to human error. These issues strained vendor relationships and hindered operational efficiency.
The Fintech Solution
To address these challenges, Sprint Mart implemented Fintech’s automated invoice payment and data capture solutions. Initially, it adopted Fintech’s electronic invoice payment capabilities to optimize the intake process for alcohol invoice payments. After seeing success with implementing AP automation for its alcohol invoice processing, Sprint Mart expanded its invoice automation to capture line-item invoice data from all its vendors including those providing other goods, services, and supplies. This automation reduced manual errors, improved data accuracy, and accelerated the reconciliation process thanks to 15 months of rolling invoice history. For a business processing approximately 7,300 invoices monthly, this AP automation solution helps drive operational success.
“Our price book department saves 10-15 hours each week. I would estimate the same time savings for our auditing team and I would say our AP department is saving 5-10 hours each week,” said Pam Miller, Operational Controller. “Time previously spent correcting manual entry errors is now being shifted to more productive areas.
Miller highlighted Fintech’s accessibility to Sprint Mart’s vendors, including those who aren’t tech-forward. With multiple ways to ingest invoices, including scan and OCR technology, EDI functionality, and an Invoice Builder to help vendors without electronic invoicing capabilities create digital invoice copies, Sprint Mart didn’t have to worry about its vendors’ onboarding to Fintech.
Conclusion
The adoption of Fintech’s solutions significantly enhanced Sprint Mart’s operations. Automated invoice processing provided immediate access to invoices, improved data flow, and standardized invoice management across all vendors. This led to time and cost savings, faster payments to partners, and the ability for teams to focus more on customer service and operations. The integration of Fintech’s system has proven to be a valuable asset, simplifying AP workflows and strengthening vendor relationships.
What Our Partners Say
“By making our labor hours more efficient, we can spend more time focusing on areas that have a positive financial impact. For me personally, I am focusing less on correcting errors, and more on rebate tracking, contract compliance to maximize rebate opportunities, and so on. We are meeting our goals for closing out each month, which means our monthly financial statements (P&Ls) are being released on a timely basis.”
Pam Miller, Operations Controller
About the Client
Sprint Mart stores offer private-label packaged beverages in addition to national brands. Its foodservice program includes prepared items such as burgers, pizza and barbecue; prepackaged deli sandwiches; and its proprietary Best Bean coffee and Finish Line fountain drinks.
