Intro
How KD Market Automated Alcohol Invoice Entry Into QuickBooks Online with Fintech
Results by the Numbers
26
alcohol distributors processing payments through Fintech across four locations
10
hours of manual-entry saved per month
4,900+
line-items automatically integrated into QuickBooks Online in four months
The Story
How Fintech Helped KD Market
The Challenge
After KD Market implemented this Fintech solution, their team saved time with touch-free alcohol payment procedures and centralized invoice management through the online Fintech client portal, which displays all line-item details. While this access made tracking pricing easier and reduced the headache of lost paper invoices, KD Market still needed a solution for their biggest challenge: the time-consuming and error-prone process of manually entering each invoice detail into QuickBooks Online. In order to track and view alcohol data alongside the rest of their vendor payments, a corporate-level employee from KD Market had to log into Fintech, print all the invoices processed that day, then type each line-item into the QuickBooks platform. Simply entering the line-items could take up to 20 minutes per day and, as with any manual process, was subjected to entry mistakes. Additional time was needed to find and fix errors in QuickBooks before inaccurate or incomplete data impacted inventory and budgeting decisions, which took attention away from other vital business tasks. Because the invoice information entered into QuickBooks Online wasn’t always correct and did not happen automatically, KD Market was not able to align their alcohol purchase habits and pricing details with the rest of their business. The team sought a solution that could both increase the accuracy of their QuickBooks data and eliminate tedious manual efforts.
The Fintech and AccountsFlow QuickBooks Online Solution
Since KD Market already relied on Fintech to bring automation to their alcohol invoice payment process, they once again selected Fintech to solve their challenges with data integration. To assist, Fintech partnered with AccountsFlow, a company that specializes in data transformation for the food and beverage industry. The resulting solution automatically imports invoices processed by Fintech directly into QuickBooks Online, virtually eliminating manual-entry for KD Market’s alcohol program. By utilizing this seamless data feed, KD Market’s CFO estimated that nearly 90% of the time the team previously dedicated to data entry, almost ten hours a month, had been reclaimed. This became time the corporate office could devote to centralizing and standardizing other operations across all their locations. The data delivered by Fintech and AccountsFlow is automatic and free from entry errors, so the KD Market team is confident that the alcohol information in QuickBooks is correct and up to date. This integration provides line-item details stored neatly in QuickBooks, coded to the exact GL categories and subcategories used by KD Market, reducing invoice related questions, and thus strengthening their relationships with their alcohol distributors. Armed with accurate data, the team now has a holistic view of its beverage alcohol program across all locations, enabling them to improve ordering habits and budget more efficiently. Now, KD Market is empowered to turn their focus back to cultivating and nourishing the traditions they have been dedicated to since 1998.
What Our Partners Say
“Because the invoice is automatically marked with the correct due date in QuickBooks Online, all we have to do is mark it as paid. That’s it! It saves our team a lot of administrative money and we can shift our area of focus into something more important.”
Magdalena Duda, Chief Financial Officer, KD Market
About Client
KD Market is a Polish grocer with four stores that have been serving the Chicago suburbs since 1998. Their goal is to nourish and cultivate their heritage through authentic culinary experiences and cultural events. Each location offers a wide variety of European and domestic products, traditional smoked meats in the deli, freshly made bread and pastries in the bakery, and hot, homemade meals prepared daily. Stores also offer a wide selection of wine, beer, and liquor. In 2015, KD Market partnered with Fintech for electronic alcohol invoice payments, which eliminated cash, checks, and money orders, and automated compliance with Illinois state regulatory laws. Today, they ‘re leveraging this relationship to integrate all their alcohol invoice data directly into QuickBooks Online.
