How Revolut Business helps Slido effectively manage cash collection and expenses

Revolut Contributor

 · July 30, 2020  · 07/30/2020

Adela Fischerova, Finance Operations Lead of Slido, shares her story about how Revolut Business helped her to streamline Slido’s global cash collection process and effectively monitor the company’s expenses. With Revolut Business, you can quickly access the real-time data and see how your business is doing as all accounts are stored under the same roof.

What is Slido?

Slido is an easy to use Q&A and polling platform. It helps people get the most out of meetings and events by bridging the gap between speakers and their audiences.

From internal communications professionals to trainers, team leaders, conference organisers and individual presenters, Slido is used by anyone looking to enable open conversation at a live meeting, whether in-person or virtual.

Our small finance team in Slido consists of only three people supported by our external accountant and is one of the smallest teams in the company. The three of us have to be able to deal with the finance agenda of the entire company. Our work consists from basic processes such as invoicing, bank accounting, procurement to more complex and complicated tasks such as reporting, forecasting, global accounting etc.

My day-to-day consists of overseeing the company’s accounting and reporting, e.g. communication with external accountants and auditors, preparation of financial reports for stakeholders and also guidance on invoicing and procurement processes.

Slido has grown from 7 to 140 employees in the past 5 years and has become a global player. Our main goal is to establish a department which is strong enough to manage the company’s cash-flow and to ensure there are enough funds to meet our day-to-day needs worldwide. Revolut Business has been critical to helping us achieve this.

What are our challenges?

Cash collection
One of the biggest struggles in our company is definitely the cash collection process. Slido offers various purchase options from basic one-time packages (£119) to more complex annual packages (£1500+) – these are also available in multiple currencies. Our customers consist of individuals and big international companies, and we issue a large volume of daily invoices. With these big amounts of invoices it can be really difficult to monitor and identify all incoming payments and manage our accounts receivables.

Expense management
We also need to monitor how our finances are spent across the company. With an increasing number of employees, payment flows are always a huge challenge. As Slido is an interaction tool that has become a standard at the most renowned conferences worldwide, there is a big team of employees that travels a lot for meetings and events and requires access to cash everyday. On the other hand, product and software developers use multiple tools and applications that require subscription fees to be paid on a regular basis.

In the past with Slido having only few employees, there was a debit card from our local bank shared across the Company or all payments were done manually by our finance team. Obviously this is not very efficient and convenient for a Company of our size anymore.

And then we discovered Revolut

We reviewed several solutions on the market before we found Revolut Business. At that time, not every digital solution was available for enterprise customers domiciled in Slovakia.

Outcome

Having all currencies in one account when managing our cash collection is a real magic – we all know how annoying it is to log in into all e-banking accounts when dealing with finances. In Revolut Business, it only takes one click to get a real-time data export for a given time period and simply pair the incoming payments with our invoices. We also benefit from having just one IBAN regardless of the currency – this prevents our teams from having to juggle several bank account numbers when communicating with the customer.

It can be a struggle for our finance team to reconcile payments when an invoice is missing its payment reference, and we are unable to match an invoice to a payment – this leads to delays that need weeks and numerous calls to resolve.

We also Revolut Business to manage our expenses and corporate cards. We have established virtual cards for all our departments, which can be easily blocked disrupting other areas of the business. This not only helps us to monitor cash outflows of each department but also simplifies our accounting inputs. Employees that are “in the field” get their own company cards according to their needs. They can easily manage payments without involving our busy finance department.

This summer, we are also testing additional expense management features to collect evidence for our accounting – we see a big potential here as well.

We really appreciate the user-friendly Revolut Business app, not to mention the stylish minimalist look of Revolut Business cards. Revolut Business is really decades ahead of the competition.

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