Finances and Bookkeeping
How Fixe automated 3PD Revenue Reconciliation and saved 100s of hours using Loop
Many of our customers see 30-40% of their revenue coming from 3PD Delivery. However the 3P fees are blackbox and reconciling revenue would take hours per location. Loop automated 3PD bookkeeping, helping us save 100s of hours and bringing deep visibility into 3P Fees. This enabled us to make strategic decisions such as exclusivity and serve our customers better. We have now made Loop part of our tech stack and together we will power the future of restaurant bookkeeping
Ryan Handel
CEO & Co Founder FIXE & Restaurant Owner
Background
Fixe is a tech-forward restaurant book keeper that makes restaurant bookkeeping easy and affordable so that restaurants can focus on delightful experiences for their customers. They serve several popular and beloved brands across the country including Tacos 1986, Goop Kitchen and Pokeworks among other brands.
Before incorporating LOOP into their ecosystem, Fixe relied on manual bookkeeping processes to handle their clients' third-party delivery transactions. Account managers had to log into different dashboards for each delivery platform, extract relevant data, and perform complex calculations for commission fees, sales tax, and more. This labor-intensive process was time-consuming and prone to errors, hindering their ability to efficiently manage multiple restaurant clients.
Pain Points:
- Time-Consuming Bookkeeping: Manual handling of third-party delivery transactions resulted in significant time investment for account managers, limiting their ability to handle more clients effectively.
- Error-Prone Processes: The complexity of dealing with various delivery platforms increased the chances of errors in bookkeeping and financial reporting.
- Lack of Consolidated Insights: The absence of a unified dashboard made it challenging for restaurant owners to get a comprehensive view of their third-party delivery performance, leading to suboptimal decision-making.
Solution & Results
The implementation of Loop yielded remarkable results for Fixe:
- By eliminating the need for manual data extraction and complex calculations, Loop saved Fixe's 5 hours per month per restaurant. This translates to $1000s of cost savings each month.
- With Loop's automated integration, the likelihood of human errors in bookkeeping significantly reduced, ensuring accurate financial reporting and reliable insights.
- Ryan and FIXE made a strategic decision adopting Loop as apart of their offerings to all of their clients. Loop makes it easy for any FIXE client to understand their 3PD statistics and make important data driven decisions to run their business.
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