For businesses, back-office and accounting programs tie budgeting, inventory, and costs together. Visibility across all categories can drive profitable business decisions, help with operational efficiency, improve vendor communication, and even aid in location-level training. But product gaps in back-office data leaves retailers with an incomplete view of their business. When it comes to beverage category management, alcohol invoice data transmission is the missing link needed for a complete and timely view across all your COGs. Technology partners like Fintech automatically deliver alcohol invoice details into back-office systems throughout the industry, bridging the gap in business data. Each month, we integrate an average of 25.3 million line items, but, after working with our retail partners, a clear need within the industry still stood out – a seamless transmission for QuickBooks Online.
As a popular back-office solution, QuickBooks Online sits at the heart of so many small businesses. Its intuitive interface, mobility, cloud-based storage, and affordability are just a few reasons retailers choose this software. Additionally, it simplifies accounting and reporting procedures for retailers and aligns vendor payments across their business. But with alcohol missing, retailers can't understand the real costs and benefits this category brings to operations. (At least not without hours of manual research or questions to their alcohol distributors.) That's why Fintech partnered with AccountsFlow, a company that manages data transformation in the food and beverage industry, to bring alcohol invoice information into QuickBooks Online for the first time!
By leveraging the technology of Fintech and AccountsFlow, line-item alcohol invoice information is imported instantly into QuickBooks Online, saving businesses from tedious manual-entry processes and costly errors. With this solution, retailers can view complete and accurate alcohol purchase data alongside other vendor invoices. KD Market, a Chicago-based Polish grocer, was the first to implement this integration, transforming beverage alcohol management for all four of their locations.
“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 money and we can shift our area of focus into something more important.” - Magda Duda, CFO, KD Market
As we continue to deal with an unpredictable market, it's more important than ever that retailers gain tools to make operations simpler and more straightforward - and this integration does just that. Automating invoice uploads virtually eliminates manual data entry and provides teams with clarity that improves ordering habits and allows them to budget more efficiently. As KD Market detailed, the seamless transmission between Fintech and AccountsFlow has given their corporate teams confidence in their QuickBooks Online data. Because the product and pricing information is sent directly to QuickBooks without any human input, they know the information they're using to make purchasing and budgetary decisions is accurate. Additionally, since manual entry was eliminated, KD Market has reclaimed at least 90% of the time they previously dedicated to invoice uploads.
Fintech and AccountsFlow bring 100% accurate alcohol data, coded to customizable specifications, to provide retailers with an entirely holistic view of not just alcohol, but their business as a whole. The integration, combined with the Fintech technology already used by one in four alcohol retailers in the United States, eliminates the time spent on manual invoice entry along with time spent correcting mistakes before they have a costly impact on margins and profitability. Additionally, by integrating alcohol invoices directly into QuickBooks Online, retailers gain insight into cost inaccuracies and inefficient ordering habits that contribute to lost revenue. What's even better is how much richer the output becomes with more usage! In your own business, as you transition to paying all your alcohol distributors through Fintech, you build robust category data and gain an immediate ROI that has cascading effects each and every time you order alcohol.
Today, retailers across the country are turning to Fintech and AccountsFlow to gain the benefits shared by KD Market. Together, we're proud to provide a necessary industry solution that will continue to transform alcohol businesses. If your team is ready to eliminate manual processes for payment and data entry, regain time and money, and improve business insights through your QuickBooks Online software, contact us today!