Kansas City Chiefs Make Financial Strides with Yavrio's Open Banking Solution

The Kansas City Chiefs, an esteemed team in the NFL, have recently announced a significant upgrade in their financial processes through the implementation of Yavrio's innovative open banking solution. This move, integrated within Microsoft Dynamics 365 Business Central, is set to redefine how the franchise manages its financial operations, enhancing efficiency and accuracy.

In the fast-paced world of professional sports, timely and precise financial management is paramount. The Chiefs are embracing this necessity by modernizing their finance infrastructure. The new system eliminates the cumbersome manual processes previously employed by their accounting team, which often included downloading files and logging into external bank portals for balance checks. Such outdated methods not only consumed valuable time but also posed risks for errors that could affect financial reporting.

Streamlining Processes

Previously, the accounting team faced the tedious task of reconciling bank statements monthly, often dealing with various file types that required manual handling. Sherri Lathrop, the Director of Accounting, expressed her frustrations over the inefficiencies: “Every week, we were downloading files, logging into different bank portals, and manually checking balances. It was tedious; it created room for mistakes and slowed down our month-end process.”

With Yavrio's solution, those days are over. By enabling live bank connectivity directly within Business Central, the Chiefs can now access accurate, real-time cash visibility. The platform’s easy integration allows secure statement imports without the hassles of downloading or uploading files, simplifying the entire reconciliation process. “The setup was straightforward. Yavrio worked seamlessly with our Dynamics environment, and we were up and running quickly without disrupting our existing processes,” noted Matt Schulte, the Accounting Manager.

Benefits Realized

Since going live with this new technology, the Chiefs have reported a remarkable 25% reduction in their reconciliation time, drastically cutting down administrative burdens and errors linked to manual processes. This newfound efficiency means they can now enjoy an almost instantaneous view of their cash position across all accounts. Brian Dunn, the VP of Accounting and Controller, shared his satisfaction: “Now everything we need is in Business Central. We've eliminated the need for CSV files, our reconciliation process is quicker, and we can see our cash position in real time.”

This evolution in their financial processes is crucial, especially considering the sheer volume of financial transactions that a professional sports team handles annually—from ticket sales and merchandise to sponsorship deals and settlements. The combination of Yavrio’s open banking connectivity and Microsoft Dynamics 365’s robust functionalities empowers the Chiefs to maintain the operational speed, accuracy, and control expected of such a prestigious franchise, both on and off the field.

About Yavrio

Yavrio is a fintech platform dedicated to bridging the gap between financial institutions and Microsoft Dynamics 365 Business Central. By offering real-time bank feeds, automated reconciliation, and embedded payments, Yavrio significantly enhances financial operations by eliminating labor-intensive manual processes and ensuring seamless integration of bank data with various finance systems. This empowers finance teams with better data, streamlined workflows, and total control over their financial landscape.

As the Kansas City Chiefs continue to evolve their financial management strategies, the collaboration with Yavrio serves as a prime example of how technology can transform traditional business processes. This partnership sets a new standard in the finance sector within the sports industry, showcasing the Chiefs' commitment to excellence in all facets of their operations.