Dealing with manual invoices and records in the alcohol industry is not only tedious, but it slows everything down. Luckily, there is a way to ditch the manual labor and improve your complex payment processes.
With a dynamic B2B payments platform, it's easier than ever to streamline alcohol payments, invoices, and reconciliation. You gain everything you need to improve margins through operational efficiency and meaningful insights. Plus, these platforms bring several benefits to both retailers and distributors.
Here are the three reasons to streamline your alcohol payments and reconciliation.
1. More Consistent Revenue
Organizations that implement an electronic payment solution no longer have to manually handle paper invoices and records. Instead, these items can be stored in a database where they can be searched for and accessed with only a few strokes on a keyboard.
In terms of credits and reconciliation, going digital is the best way to effectively manage and retain all records in one safe place. This also cuts out the cost and effort related to correspondence used to settle reconciliation issues. It also adds valuable time to your business, not to mention incorporating an element of safety into your processes as well.
This allows for a smoother and more efficient process that can save both time and money so more can be put back into the business. Additionally, going digital conserves resources while offering the opportunity to bring in more revenue, which effectively allows the business to easily scale.
2. Quicker Processes
The key to streamlining payment and reconciliation processes is automation. Without it, handling physical invoices and reports requires manually inputting and managing them within an inefficient system. When automation is introduced, menial tasks are performed by the platform with no extra effort.
The assistance provided by automation doesn’t stop with simple invoice management. In fact, even complex tasks like credit processing can be automated, leading to a much easier and more streamlined process altogether. When payments are received, automation makes reconciliation a quicker process.
Line-item matching can also be automated. This will eliminate time-consuming correspondence between parties to identify product costs or allowances attached to specific vendors.
3. Increased Productivity
Streamlining B2B payments and reconciliation saves time and money. Consider all the payment-centered printing costs your business accrues. Whether it’s invoices, credit processing, or reports, start by identifying the amount of money spent to cover these costs each year.
With streamlined digital processes, the total cost per year can be reduced by at least half. Some companies may require you to print the occasional manual form, but this practice is becoming increasingly rare. In fact, more companies are making the switch to digital, saving even more money as the industry moves toward total digitization.
In addition to regaining costs to pour back into the company, streamlining systems will save a significant amount of time and labor. This will allow more time for productive activities that further enhance the company and will cut costs by reducing the amount of labor from manual work.
These benefits also tie another important process: scaling. When a business scales, they’re able to maintain or cut down on resources while greatly enhancing their revenue earned. This is achieved by streamlining processes and introducing automation for quicker operations and a way to bring in much more money for far fewer resources.
At iControl, we provide electronic payment platforms for some of the nation’s largest alcohol distributors and retailers. Our dynamic solutions enable them to scale their business and enhance their payments and processes seamlessly. If you’re ready to streamline your alcohol payments and reconciliation process, request your free iControl demo today.