Time is Money
It's an old cliche, but to what extent do you really apply it to your business? In this era of economic difficulty, it is important to make every penny and minute count, as time is money. Waste within a company's operational processes represent an enormous expense of both time and money which can be dramatically decreased through more efficient operations.
Successful companies strive to drive out waste and activities that do not directly add value by developing lean operational management procedures.
Overhead and inefficiency costs are incurred by crucial processing costs, including:
One step that saves time and money can be implemented immediately - Fintech. By streamlining the alcohol delivery process, Fintech indisputably saves each location thousands of dollars per year. The savings may be higher for larger companies. Using checks, money orders or cash to pay for alcohol deliveries has become a timely and costly process of the past.
- Physically receiving and processing purchase orders, invoices and payments
- Manually sending paper invoices
- Using checks/money orders
- Personally checking inventory
- Ordering necessary raw materials by phone, fax or e-mail
- Preparing and mailing invoice payments
- Delivery Processing
- Invoice reconciliation
- Credit Processing and reconciliation
- Bank Processing
Compensation and Reimbursement Processes
The non-electronic process of sending and receiving payments squanders valuable resources. The traditional workflow includes the following:
This workflow creates additional work and excess expense within the operational process. Why pay for paper checks, printer paper, toner, stamps and numerous other office necessities formerly required for proper bookkeeping when there is an easier, more economical way for these processes to be completed?
- Invoices are checked in at time of delivery
- Credits checked in and reconciled
- Check, money order or cash is used for payment
- Invoices are manually recorded and reconciled
Electronic Data Interchange
Another method that can be rapidly implemented is the use of Electronic Data Interchange (EDI) to standardize business processes including accounts payable/receivable, order processing, warehousing, logistics, delivery processing, credit tracking and inventory management. The exchange of electronic data can be integrated with numerous in-house systems, to either replace or enhance their current functionality making processes more efficient. Fintech supports EDI X12 data standards, thus producing a more streamlined operational process.
Fintech's EFT payment processes can dramatically decrease overhead costs and the costs associated with the manual activity completion. EDI systems can create invoices from purchase orders and payment actions from invoices, with just a click of a button thus making sending and receiving payments easy and economical while automatically updating the necessary information in your accounting system, thus reducing the chances of errors that can occur through manual entry.
In these challenging economic times, it is important that every process is as efficient as possible, so that money is not spent on unnecessary items. Fintech can help complete an ROI analysis of the cost savings and the expected timeframe to reach those results.
The result will be implementation of lean processes which will not only reduce overall operating costs, but will also save money through the elimination of non-economical business processes.
For more information on how we can save you time and money please contact Fintech Sales at 800.572.0854 x 292 or firstname.lastname@example.org
1 Stacy Bersbach, "Eliminiating Waste In Supply Chain Processes,"Manufacturing.net 24 March. 2009
Fintech Focus on Employees
FINTECH ANNOUNCES NEW EMPLOYEES
TAMPA, Fla. - MAY 7, 2009 - Financial Information Technologies, Inc. (Fintech), has hired three skilled people to join its growing staff:
- Greg Blence, Quality Assurance Analyst Blence previously worked as a contractor for TECO, 702 N Franklin St. Tampa, FL 33602
- Larry Mattacchione, Account Executive Mattacchione previously worked as Vice President for Matkion Inc., 2020 Brandon Blvd. West, Brandon, FL 33611
- Alexandra Schlesinger, Marketing Coordinator
Please join us in congratulating the winners of our quarterly Fintech Focus newsletter contest! (November 2008):
First Prize - $500 gift certificate to one of a selection of Fintech retailers
Kevin Aspinall - Epoch Restaurant Group
Second Prize - $100 gift certificate to one of a selection of Fintech retailers
Robert Barbo - Heritage Beverage Co.
Third Prize - $50 gift certificate to one of a selection of Fintech retailers
Chuck Graening - Burke Beverage
Michael McKenna - - McKenna's Seafood
Mark Young - HMS Host
Christopher Hanlon - Carrabba's
Click here to enter the contest!
Enter our quarterly contest to win a gift certificate to one of a selection of Fintech retailers such as Target, Costco, Kroger, Exxon, Applebees, Outback and others!
First Prize (1 winner)
$500 gift certificate
Second Prize (1 winner)
$100 gift certificate
Third Prize (5 winners)
$50 gift certificate
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