Fintech and Sculpture Partner to Deliver Alcohol Inventory and Invoice Management Efficiencies to the Hospitality Industry
TAMPA, Fla.–(BUSINESS WIRE)–Financial-Information-Technologies, LLC (“Fintech”), the leading B2B solutions provider for the beverage alcohol industry, has partnered with Sculpture Hospitality, the leader in food and beverage inventory management, to support bars and restaurants across the hospitality sector by driving operational efficiencies that protect alcohol margins, lower labor costs, grow revenue, and increase profitability.
This partnership is a natural fit, as both Fintech and Sculpture have over three decades of experience servicing the hospitality industry. Together, their suite of products and solutions grants a fully transparent view of inventory management throughout the ordering, selling, and reconciliation processes.
Sculpture’s solutions increase bars’ top line sales by 7-15% and reduce inventory asset losses from 15-30% down to 3% or better. By integrating barcode scanning technology with POS systems, Sculpture creates more accurate data capture of on-hand inventory levels to pinpoint inventory inefficiencies. Its bar and restaurant inventory software provides a customizable weekly ordering guide that accounts for consumption history to eliminate overspending. There are also performance reports and analytics built into the Sculpture Hospitality Dashboard, so operators can see how their business is currently performing to fully optimize their inventory. Through Sculpture’s network of inventory consultants, businesses can either opt for full-scale, white glove service with Sculpture overseeing the entire inventory process or select from a range of self-service options that enable businesses with the flexibility to craft a customized inventory management strategy that suits their preferences and goals.
Partnered with Sculpture, Fintech’s PaymentSource® supports both the inventory and reconciliation process while saving time and money on manual processes associated with invoice management, including payment, data entry, and research. PaymentSource automates alcohol invoice payment and delivers error-free, clean, GL-coded invoice data directly into the client’s back-office or accounting system. Invoices are paid according to the due date on the invoice, and digital copies of all invoices are kept inside the Fintech client portal where all bank activity can be tracked. Here, Sculpture and the client can benefit from actionable reporting like the Spend Overview Report, the Distributor Analysis Report, and the Cost Variance Report that shows when expected product costs have changed. PaymentSource removes many of the challenges faced during the inventory and reconciliation processes, while exposing possible influences affecting margin erosion. These benefits allow Sculpture and its clients to quickly identify and tackle other issues outside of the invoice management process that are impacting desired results.
“Fintech has optimized the way we do business with our Sculpture clients. By integrating this innovative solution into our workflow, we’ve not only streamlined our processes but also enhanced the experience for both our clients and ourselves. It’s a win-win situation. For us, it eliminates the need for manual data entry and allows our team to work offsite efficiently, reducing the chances of errors,” said Kat Davis, Sculpture Franchisee. “As for our clients, they no longer have to worry about providing invoices, keeping physical copies on site, or having someone present to cut checks. With Fintech, we’re able to provide a seamless, hassle-free experience while offering diverse reporting options. It’s a game-changer for our franchise and our clients alike.”
“Sculpture has long been a major name in the hospitality industry, and we’re excited to align with them in delivering more operational efficiencies to bars and restaurants nationwide,” said Tad Phelps, Fintech CEO. “This partnership introduces a heightened level of control and visibility into alcohol inventory and invoice payment management so businesses can protect margins and optimize profitability.”
About Sculpture
Through a mutual passion for the hospitality industry, Sculpture Hospitality was founded in 1987 as the pioneering company to develop bar and restaurant inventory management solutions. Sculpture’s innovative solutions have revolutionized inventory processes, helping bars and restaurants across the hospitality sector to become more efficient and profitable.
Since the company was founded, Sculpture Hospitality has expanded worldwide with more than 300 successful global franchisees who love providing expert inventory management solutions to businesses in the hospitality sector.
To learn more about Sculpture Hospitality and the franchise opportunities available, please visit www.sculpturehospitality.com.
About Fintech
Fintech is the leading business solutions provider of cost-effective technology built to simplify invoice management for products in any business, of any size across the hospitality, retail, and regulated alcohol industries. We empower retailers, distributors, vendors, and suppliers by automating essential B2B business processes and data insights associated with invoice transactions, accounting procedures, invoice data intake, forensic data research, and customer sales management. With over 30 years of industry experience and unwavering dependability, Fintech delivers an immediate ROI to over 1M business relationships nationwide. By streamlining the day-to-day functions necessary to protect and grow margins, teams can get back to doing what they do best – taking care of customers and growing their businesses. To learn more, visit www.fintech.com.
Contacts
Misha Hart
[email protected]
