David Wieseneck, letgo’s VP of Finance talks about how he was able to cut the time he spends on weekly approvals from four hours to 10 minutes.
While most businesses strive for rapid expansion, it’s often not without its growing pains. Since launching in 2015, letgo has become the fastest growing mobile marketplace for secondhand goods. But as it expanded, it also rapidly outgrew some of its earlier practices.
Complicated and lengthy approvals
When David Wieseneck joined letgo as VP of Finance, approving the 100 or so vendor bills coming in every month was time consuming and complicated.
“The process involved emailing PDFs back and forth between various managers and the finance team, leaving us all swimming in emails,” he said.
David and his team also had to send out manual reminders to managers, making the process even more time consuming and adding to the email overload.
“We needed a solution to streamline the approvals process, outside of our inboxes, without losing mobility. It was important the solution was not only simple to use, but integrated seamlessly with our Xero accounting software, while allowing for multi-step approvals, the ability to reject a bill, or add comments or questions to it.”
Finding a better way
David was sure a solution must exist, but his initial search was fruitless.
“The only workaround I could find swapped one way of wasting time for another. We even considered commissioning a developer to build a custom solution for us, but the cost was prohibitive,” he said.
Finally David found ApprovalMax. It matched all of his criteria, the only hitch — it didn’t connect to Xero. So David played matchmaker, and introduced the two.
“When David reached out to us, we were thrilled to learn about Xero’s Ecosystem,” said Helmut Heptner, Chief Operating Officer at ApprovalMax. “Thanks to their well-documented API, great support and fast troubleshooting we were able to integrate our solution with Xero within a couple of months.
“Our integration provides a multi-step approval matrix that’s especially beneficial for businesses with distributed offices or those needing to enforce compliance, as well as accountants looking to provide their clients with greater accuracy. It’s also fast and straightforward to set up.”
Giving the team some time back
“We were part of the beta testing. I set up the whole integration and workflow in about 30 minutes. Within the hour, we had our managers clear their full list of bills pending approval,” David said.
Once a bill is created in Xero, ApprovalMax emails a notification to the approving managers as set up by the administrator. They can authorize payment by clicking on a button in that email, through the web application, or on the ApprovalMax app. Predefined authorization levels ensure the correct handling and routing of all bills in process.
“Integrating Xero with ApprovalMax has reduced the average time it takes for an invoice to be approved by around 14 days and cut the time I spend on approval processes each week, from four hours to about 10 minutes. That’s a significant amount of time I can now spend adding value to our company,” David said.
Find out more about how an integration with Xero and ApprovalMax can streamline your approvals process here.
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