How Fyorin transformed global payments efficiency for Veracloud

Veracloud used a traditional, manual workflow to process supplier bills - this involved entering the bill into their accounting platform, Xero, then entering payment details in one of their two banks, approving, then reconciling. As they accumulated approximately 100 bills per month, the problem escalated, resulting in a staggering 12,000 bills that had to be paid one by one by a small finance team. There was a considerable amount of manual entry required for each transaction, which is inherently error-prone. Not only were the finance team wasting time on manual bill processing, but also on verifying transaction details and correcting any errors. This resulted in a lot of cumbersome, manual work, taking time and focus away from important, strategic tasks.

Additionally, Veracloud had to deal with a cashflow problem - the company resolved to pay suppliers close to the end of the deadline to stay cashflow positive, which made it very difficult to track cash flow in real time, while also receiving payments from clients. Also, when paying close to the due date, traditional banks often caused delays, which could have put their relationships with suppliers at risk.

Another issue faced by Veracloud was managing expenses. A traditional reimbursement form was used for employee expenses that required manual reconciliation and payment back to the employee. This made it nearly impossible to track the budget used on specific projects or by specific teams. Similar problems occurred when card details were required for online purchases. In this case, employees had to use their own cards and get reimbursed, which became problematic with higher-value transactions.

Finally, the managed service business had difficulty transacting in Euros and US Dollars. For international payments, traditional banking channels incurred higher transaction charges, increasing the company's financial burden and making it hard to see the company's complete cash position across two institutions and currencies.

Fyorin stepped in as a solution to Veracloud's problems and automated b2b cross-border payments, as well as streamlining expense management and global treasury.

With the automated accounts payable solution, Veracloud could centralise all bills in one place and automate the process of making supplier payments. Due to the complete visibility of the bills, the finance team found it easier to aggregate bills from one supplier into mass payments, and scheduled payments allowed them to set the invoice due date as the payment settlement date.

Processing and payment of bills was further simplified thanks to a two-way integration with the accounting tool, Xero. Bill and contact details are retrieved from the accounting tool and synced to Fyorin so that payments can be expedited in a singular click without the need to log into multiple banking systems. When a payment is processed, Fyorin automatically matches the bill with the transaction and marks it as paid or partially paid, creating another scheduled payment for the remaining amount. This translates to significant time savings for Veracloud's finance team, as they no longer need to manually enter the details, verify them or correct mistakes.

Veracloud streamlined employee expenses by issuing virtual cards for individuals, teams and projects and setting limits tied to a specific budget, as well as controls such as merchant exclusions for extra spend control. Veracloud also uses Fyorin's virtual cards to make online purchases in USD and, thanks to the high out-of-the-box limits, they could pay for small and big purchases alike. For USD payments, Veracloud also used Fyorin’s instant ACH payments. Thanks to the access to local payment rails the payout is much faster and cheaper than using SWIFT.

With Fyorin's cards, Veracloud are able to pay in foreign currency without the need for international bank transfers and pay no fees on transactions. Instead, Fyorin helped them to turn their payments costs into earnings since they started to earn cash back every time they made use of Fyorin virtual cards.Finaly, Fyorin delivered Veracloud a singular platform that provided them with cash visibility across multiple currencies and financial institutions. The company also integrated their pre-existing bank account to get a real-time view of their entire treasury. Together with spending controls and insights, this enables them to maximize working capital and manage their cash flow at all times.

Veracloud has seen substantial ROI since partnering with Fyorin to streamline their financial operations thanks to automating manual processes and considerable time savings, as well as improving their bottom line.

Automated payments were definitely the biggest benefit seen after adopting Fyorin's solutions as operational efficiency improved across the organisation. Automated accounts payable and integrations with accounting tools eliminated the need for manual work and reduced the risk of wrong payments being sent due to an error.

With 100 bills and 40 payments per month, Veracloud saved 120 hours per year by reducing manual work. A reduced administrative burden allowed the company to grow without scaling the finance department, saving around 40,000 euros per year. As a result, Veracloud management was able to devote more time to strategic and value-added tasks.

The company saw further efficiency improvements thanks to the implementation of virtual cards. Online purchases and streamlined employee expenses removed out-of-pocket expenses and expense reimbursements, which previously burdened the team with a lot of administrative work. They also had additional agility when making online purchases, even for high-value transactions, when no other checkout options were available, thanks to instant settlement of card payments.

Veracloud saw bottom line improvements thanks to partnering with Fyorin. Three factors contributed to this: cheaper USD transactions thanks to instant ACH payments, cheaper EUR payments through SEPA payment rails, and a cash rebate when paying bills via Fyorin debit cards. The latter, in particular, made a difference when making high-value purchases online.

Last but not least, Fyorin improved Veracloud's cash flow and spending management. By using a single platform, they were able to get real-time insight into costs, outstanding bills, and cash position. With Virtual Cards, Veracloud was able to allocate budgets to specific teams and projects, limiting overspending risks, while scheduled payments helped Veracloud keep its cash flow in cash positive and maintain good long-term relationships with suppliers. The company can now make better-informed decisions thanks to 100% visibility of its treasury across all banks and currencies.

Veracloud's relationship with Fyorin extends beyond a traditional client-service provider relationship. Cloud businesses are always looking for ways to improve the efficiency of financial workflows, and Fyorin's mission is to deliver those improvements. With that, the two businesses work closely together by gathering feedback and testing new solutions such as Sub-Accounts or improvements to global payments.