How Fyorin Helped Scope Improve Client Satisfaction with a Comprehensive Financial Operations Offering

As they scaled, many of Scope’s clients were using up to multiple financial applications and systems to manage their finances. While accounting and ERP tools remained central to manage finances these tools were often disconnected from other critical systems such as banking platforms, expense management solutions, and accounts payable and receivable tools. This highly fragmented ecosystem resulted in clients manually consolidating data, which led to errors and inefficiencies, costing businesses up to even 10 lost days per month in financial processing and reconciliation.

Scope’s clients also struggled with managing multiple banking relationships. A typical SME usually relies on multiple banks for various services - from access to deposit and savings accounts to corporate cards and foreign exchange services which creates a complex reconciliation and reporting process at month-end. Unfortunately it is not just managing multiple banking relationships that multiplies the manual work - other financial processes such as expense management, accounts receivable or supplier payments were also done manually and through disjointed systems.

Not only is this time-consuming but also costly, as businesses are forced to recruit additional finance team members to manage the workload. Additionally, with transaction volumes increasing as businesses scale, the complexity of managing financial operations only increases, leading to higher operational costs.

Finally, the fragmented nature of the financial ecosystem results in delayed financial insights and the inability to track real-time cash flow across multiple banks and currencies which further adds onto the inefficiencies and puts further growth at risk as finance teams struggle to make well informed decisions.

As a result, clients needed a solution that would not only automate a bulk of financial processes, but also integrate seamlessly with their accounting software to provide a unified financial operations platform.

As a result of these growing challenges, Fyorin offered Scope a comprehensive financial operations platform with out-of-the-box integrations to the existing accounting systems. Scope was able to provide their clients with a comprehensive financial operations solution that managed all financial processes - from treasury and payments to expense management and reconciliation - in one place.

By adopting Fyorin’s platform, Scope’s clients were able to consolidate their fragmented financial ecosystems into a single interface and gain a unified treasury experience. Fyorin consolidated all banking relationships and financial services under one roof, eliminating the need to manually reconcile transactions across different banks. This provided businesses with full visibility of their financial operations, including cash positions across different currencies and subsidiaries, outstanding bills and real-time balances.

With the integrated accounts payable solution, clients could pull all supplier invoices from the accounting platform and pay them individually or in bulk from Fyorin. By eliminating the need to manually enter payment details or log in to multiple banking systems, clients saved considerable time and reduced errors. In addition, clients could automate reconciliation of receivables and ensure no revenue went missing with automatic follow-ups for overdue invoices. In addition, the sub-accounts have enabled Scope's clients to segregate receivables and payments according to cost centres, making it easier to keep track of financial performance by department or project.

Using Fyorin’s virtual and plastic cards, Scope's clients were provided with an efficient expense management solution. The cards can be issued to individuals, teams, and projects, with spending limits and controls tied to budgets and merchants. By doing so, businesses reduce employee out-of-pocket costs and eliminate reimbursements.

Finally, Scope's clients can now take advantage of Fyorin's solution for real-time visibility into their cash flow across multiple banks and currencies, enabling them to make more informed financial decisions. Through timely payments, businesses were able to maintain positive cash flow while strengthening relationships with suppliers. As a result of Fyorin's integration with existing accounting tools, all transactions were tracked and reconciled in real time, allowing better financial planning and proactive decision-making.

The collaboration between Fyorin and Scope has brought significant benefits not only to Scope’s client base but to the software reseller itself by unlocking new revenue opportunities and improving client satisfaction.

First and foremost, Scope's clients were able to eliminate hours of manual work by consolidating financial operations into a single platform. By automating processes such as payments, reconciliations, and expense management, finance teams are able to focus on more strategic tasks, saving them an average of 190 hours per year.

Furthermore, Scope's clients reported significant reductions in labour costs, error rates, and process inefficiencies. Automating workflows and eliminating reconciliation errors allowed businesses to reduce their operational costs by 80%.

With real-time visibility into cash flow and automated supplier payments, Scope’s clients were able to optimise their working capital and maintain positive cash positions. The ability to pay suppliers on time, send automatic follow-ups for customer invoices, combined with enhanced control over budgets, led to stronger supplier and customer relationships and improved financial stability.

Thanks to Fyorin’s comprehensive financial operations platform and seamless integration into their existing accounting tools, Scope’s clients no longer needed to seek additional financial tools or services. This all-in-one solution increased the stickiness of Scope’s offerings, improving client retention and boosting lifetime value.

Lastly, Fyorin's virtual cards introduced a new revenue stream. Clients received cash back on purchases made with virtual cards, reducing their bills and turning costs into earnings. As a result, Scope and their clients saw a tangible improvement in their bottom line. By offering a comprehensive package of cloud accounting and financial operations, Scope was able to tap into new markets and acquire large clients across different verticals