These days serving alcohol is a big part of what’s expected by restaurant patrons. Whether it's coming in for a beer after work or getting together with friends for a nice dinner - the alcohol options behind the bar matter and people are loyal to their brands. Unfortunately the hardest part about maintaining your alcohol inventory is purchasing your products and many restaurateurs don't realize there are simpler, more streamlined ways to restock inventory, pay invoices, and ensure they're getting the best price for their products.
Understand Alcohol Complexities
The alcohol industry is rife with varying rules and regulations - not only by location, but also by product. With each state setting and abiding by their own rules, the Three Tier System (manufacturers sell to distributors, who sell to retailers) is what governs the sale of alcohol and simultaneously adds complexities to the purchasing process. Depending on your business, you could end up paying alcohol invoices according to a variety of different regulations – especially if you have operations in different states.
Aside from the burden of ensuring invoices are paid on time and according to the correct alcohol regulations, restaurateurs often have to manually write checks for delivery, maintain escrow accounts, and contend with the concern of consequences if they are a day late on payment.
There are several ways to combat these problems, but the most immediate solution is to start automating purchases with electronic payments. When it comes to payment, compliance, reconciliation, insight into purchasing data, and integration into back office and accounting systems, solutions such as Fintech streamline your beverage alcohol business. Electronic payment also alleviates several manual processes that restaurants face on a weekly and sometimes daily basis, such as inventory control, restaurant accounting, and cost analysis.
Stop Leaving Money on the Table
With a business to run there isn't always time in the day to compare prices to previous costs or to scour bills to see where you could be saving money. In situations like this, it's ideal to let your vendors do the work for you. Start asking your distributors for their price list and broken case reports and for purchasing insight into where extra fees are piling up and where discounts have been lost.
Fintech has partnered with the Georgia Restaurant Association to provide its members with a one source solution for their beverage alcohol business. Visit http://go.fintech.net/GRA for more information on exclusive discounts for GRA members and to begin a free 30 day trial for your beer, wine, and liquor deliveries.