Reduces the risk of errors and late payments while doubling accounting productivity
Kiva Confections is one of the most recognized cannabis companies in California. To produce, market and sell its cannabis confections, it works with many vendors, such as manufacturers and chocolate suppliers. These vendors send about 650 invoices per month to Kiva by email, which its accounting team managed through Gmail folders according to the due date.
But, this limited their visibility into invoice status and incurred risks such as paying invoices late and not catching duplicate invoices. Its CFO wanted to implement a centralized system for managing invoices that would integrate well with Intacct, its enterprise resource planning (ERP) system.
The ideal platform would allow its small accounting team to handle a growing volume of invoices, pay them on time, and gain full visibility into invoice status. Additionally, the modern platform would need to improve the workforce productivity of its small accounting team and enable them to spend time on other value-added projects.
Kiva evaluated Stampli, Bill.com, and MineralTree. It chose Stampli mainly because it was the only solution that provided the flexibility and adaptability to fit into Kiva’s existing processes. The Stampli team helped Kiva integrate the solution quickly with Intacct, and has enabled Kiva to automate its entire invoice approval workflow.
With Stampli’s automation, Kiva has eliminated many of the manual processes it had before, such as importing invoices into Intacct. Now, Stampli imports invoices into Intacct, which has reduced both the invoice lifecycle and the risk of data entry errors in Intacct.
“Before Stampli, our invoice lifecycle took 10 to 15 days, and with that came the risk of late payments and potential fees. Now it’s been shortened to two days and I can do that myself faster than before,” said Ryan Mustafa, Kiva’s AP accountant.
Read the new Kiva case study to learn how Stampli enabled the business to process invoices 6X faster, improve accounting team productivity by 2X, gain 100% visibility into invoice status, and eliminate the risks of paying duplicate invoices.