Your outdated B2B payment system might be jeopardizing your business growth. Here’s what you can do about it.
How B2B Payment Automation Can Help Retailers Build a Better Alcohol Business
Find out how B2B payment automation caters to the alcohol industry, so retailers like yourself can reach new levels of productivity.
As retailers well know, alcohol B2B payment management requires tons of time-consuming admin work. We're talking about the mundane tasks that most retailers dislike doing but that are necessary for running their businesses. But what if there was a way to simplify these processes so you can spend more time focusing on growing your business?
Thankfully, with the advancement of B2B payment automation, you have every solution for streamlining B2B payment management in the food and beverage industry. Curious to learn more? Keep scrolling for the top three ways you can leverage automation to improve your alcohol sales performance and bottom line.
3 Ways Retailers Can Streamline How They Manage B2B Payments
Managing B2B payments can be tricky. But with the following tips, it will prove a breeze:
1. Receive Instant Payment Notifications
By relying on manual payment processes to manage sometimes thousands of transactions, retailers have no easy way to stay organized. This can pose risks of bottlenecks, and wasted time and money. Instead, rest assured that all transactions with vendors, distributors and suppliers are housed under the same system —one that always keeps you up to date with notifications. Gain the ability to send and receive real-time updates on invoice and payment statuses so you, your team and your partners can always take the next steps quickly.
2. Leverage an Updated Pricebook
Imagine how time-consuming and tiresome it is to sit down and manually update and corroborate your books, accounting and inventory systems for all alcoholic beverage transactions. The good news is, you don't have to endure all these hassles and frustrations when you invest in B2B payment automation. Save thousands of hours with automated pricebook maintenance —which enables your invoice and payment files to update all your data systems for fast and easy record keeping and reporting.
3. Reduce the Number of Reconciled Invoices by 50%+ with Automation
If you're like most retailers, you probably spend hours every month reconciling invoices and checking them off against your bank statements. That's where the headache begins.
While manual reconciliation is possible, it's quite costly. Companies with complex accounts payable spend as much as $40-$50 on processing each invoice, and even the simplest manual processes cost $6-$8 per invoice. That means less money in your pocket, but also less time spent on business-worthy tasks.
However, automated invoice reconciliation can save you time and money by reducing the number of reconciled invoices by 50%+. Our system provides you with detailed reports to know exactly what needs attention first. Plus, we make sure that no errors slip through the cracks.
So, whether you need to reconcile invoices or check payments, our solution is designed to help you streamline your business processes and reduce costs.
Improve Your Alcoholic Beverage Sales Performance and Profitability with B2B Payment Automation
There you have it! These are just some ways that B2B payment automation can help retailers, suppliers and distributors build a better alcohol business.
With an easy-to-use B2B payment solution like iControl, you can effortlessly coordinate your alcohol payments. But that's not all; iControl also provides meaningful insights for accurate decision-making, improves efficiency to save time and money, improves logistics among trading partners, among many other benefits.
The possibilities are endless! If you wish to see iControl in action and experience its capabilities firsthand, we invite you to schedule a demo today!