At Bar-i, we make counting count by precisely integrating your physical inventory counts, purchases from your distributors, and sales from your POS system. Our bar inventory system is able to drill down to individual products to provide meaningful insights on the performance of each product (what we call Level 3 inventory).
This provides you with significantly more actionable data than is delivered by inventory systems that simply tell you what to order or calculate your liquor cost. Most importantly, focusing on Level 3 inventory helps you identify changes that need to be made to your processes in order to improve performance and maximize your profitability.
The task of reconciling purchases and updating prices has always been an important task when you’re trying to acquire the detailed, actionable data necessary to use your liquor inventory efforts as a tool to drive profits. While important, this task is also a time consuming, manual process that’s fraught with errors, making it a pain point for many bars.
There are several reasons this task can create issues with your inventory process:
In order to create better inventory solutions that use automation to streamline the process and reduce errors, Bar-i has integrated with Fintech. Fintech is a leading solution for payment automation in the hospitality industry. For 30 years, they have been on the cutting edge of beverage alcohol management technology. Our new integration with Fintech software allows our existing clients to more easily leverage the data that Fintech automatically captures from distributors.
One of the main benefits of using Fintech is their ability to pull purchase data (purchased items, quantities and prices paid for these items) directly from distributor systems. Fintech has built relationships with thousands of distributors across the country, allowing them to pull this information directly from distributor database systems.
Instead of taking a paper invoice and turning it into an electric copy, they’re going into the distributor systems through APIs and pulling that data directly. This makes the process more automated, up-to-date and correct, providing significant benefits compared with other systems which use OCR (optical character recognition) technology to take scans of invoices and turn them into line-by-line data.
Bar-i focuses on helping you track the precise performance of every product you sell in order to reduce shrinkage and increase your profits. The average bar experiences approximately 10-20% shrinkage. Many bars struggle to prevent this issue due to inaccurate inventory and problems matching up what was physically counted to what was purchased and sold.
However, in order to accurately calculate your usage, you also need to account for all purchases made during the inventory cycle. This requires that your invoices get scanned and shared with Bar-i through the cloud.
Scanning invoices is a pain point that wastes a lot of time – you have to physically collect each invoice and manually scan them. If this doesn’t get done, our inventory specialists are left with an incomplete picture of how your products are performing. Our team must then follow up with your staff and if your team is unable to provide the answers we need, we’re forced to guess. This not only wastes time, but it limits the accuracy of your results.
By integrating with Fintech, our bar inventory system is now able to automate the process of uploading your invoices. We simply get all of this information directly from Fintech, saving you time and ensuring higher levels of accuracy.
Instead of having to gather every paper delivery invoice, existing Fintech customers can create a login to Fintech for Bar-i. Once you’ve assigned our team a login, we’ll pull the purchase data directly from Fintech’s online dashboard into our software. Purchases are automatically reconciled into our bar inventory platform. No work is required from your staff to make this happen.
There is no additional cost to our clients who use this service. You can take advantage of this integration as part of your regular bar inventory service, and you’ll benefit from increased efficiency and reduced work for you managers. This will let them spend less time generating inventory data, freeing up more time for your managers to work with their staff and run the operations of your establishment.
You’ll benefit from working closely with one of our knowledgeable and experienced inventory coaches who will verify all your results, and take ownership of the detail, accuracy and timeliness of your reports. This saves your managers a tremendous amount of time and transforms your inventory counts into actionable insights which can be used to drive profits.
Our guided error resolution process ensures the highest levels of accuracy throughout the inventory process. Each time we perform an inventory audit, your dedicated inventory coach will identify any potential errors and highlight specific areas of the count to be rechecked. This provides a streamlined process to resolve all errors so that you can have confidence in the data you’re receiving.
Contact us today to schedule a free consultation. Bar-i serves clients nationwide from our offices in Denver, Colorado.