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Overview:
As a restaurant operator, you need tight control over purchases, payments, stock levels, inventory usage, and cost of sales. This level of control is especially true with alcohol.
Fintech and COGS-Well have integrated their applications to offer best-in-class solutions to restaurants for alcohol invoice payments, AP automation, inventory control, recipe management, and cost analysis.
How it Works:
Distributors and vendors submit invoices to Fintech's PaymentSource® platform to be automatically processed and paid within state-regulated payment terms. PaymentSource then converts the invoices to EDI format and uploads them via direct integration to COGS-Well's system. COGS-Well imports the invoices detailing the items purchased, quantities, and prices.
The integration process between Fintech and COGS-Well is fully automated and seamless. Managers and accounting staff save several hours each week by eliminating the need to handle deliveries, process invoices, and make payments. This automation also enhances accuracy, boosts efficiency, and accelerates reporting timelines.
Solutions from Fintech:
For more than 33 years, Fintech's PaymentSource has been automating alcohol invoice payments for small and midsized enterprises and large corporate franchises throughout the United States.
PaymentSource's Pro level automates state-regulated alcohol invoice payments (COD & terms), simplifies reconciliation, and streamlines manual accounting processes. It also integrates with over 200 back-office systems, eliminating hours of manual data entry and delivering critical insights needed to protect margins and grow revenue.
Now, in 2024, Fintech's PaymentSource Premium level automates not only alcohol payments but also all invoices for goods, services, and operating supplies.
All vendor and supply chain partner invoices can now be ingested and standardized within the PaymentSource Premium system, enabling you to manage all your business invoices in one centralized location. This ensures that invoice details for all business transactions can be efficiently uploaded to back-office systems, such as COGS-Well.
“Fintech has become an integral part of our business and has given us visibility into how our operators purchase alcohol. The custom reports we receive have improved our alcohol reconciliation process and have helped us coach managers to purchase for the maximum discount, correct overages, and receive credits for charges that could have gone unnoticed. The return on investment was immediate, and it has helped us save time and money.”
Scott Hastings Senior Financial Analyst, P.F. Chang’s.
Solutions from COGS-Well:
COGS-Well offers restaurant operators a comprehensive solution for Inventory, Recipe, and Cost Management. Inventory features include ordering, counting, and transferring inventory. Recipe features include recipe costing, menu analytics, and theoretical cost or usage variance. COGS-Well is integrated with point of sale and accounting systems.
Unlike other inventory system providers, COGS-Well builds your starting inventory database for you. COGS-Well imports item details from Fintech invoices and other vendor sources. They then use intelligent technology to automatically configure count and recipe units to the items (which invoices don’t provide). COGS-Well creates your starting database in a matter of a few days.
Also unique to COGS-Well is a complimentary service to assist you in managing your inventory database. COGS-Well has a team of auditors who are immediately alerted when new vendors, new items, or changes to items occur. The auditors ensure items are updated quickly and correctly. This service will typically save a manager or system administrator several hours per week per location.
“The fast and easy implementation was a major selling point for COGS-Well. But we have also come to appreciate the COGS-Well auditors who monitor our invoices and verify or correct new inventory items for us”. Jennifer Beougher, CFO, Ruby Slipper Restaurants.
Summary:
The combination of Fintech and COGS-Well will increase control, reduce costs, improve efficiency, and provide new insights into inventory management and payment. Fintech’s PaymentSource will facilitate automated invoice payments without interrupting the daily workflow. COGS-Well can reduce your cost of goods sold by 3% or more. You get an end-to-end invoice automation and inventory management solution.
“We use Fintech to provide invoice automation, payments, and alcohol regulation compliance for our 5 restaurant brands. We use COGS-Well to manage our inventory and control our food costs. The two systems work well together”. Diane Sagehorn, Accounting, Cutchall Management Company.
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