From 2 days to 2 hours: How Cyberint’s finance team found true efficiency with PayEm
Overview
Without PayEm
- Managed corporate spend via Excel and bank-issued corporate cards
- Unknowingly paid unused recurring SaaS subscriptions and other charges
- Closing the books was a frustrating process that took at least 2 days
With PayEm
- Everything managed via PayEm's centralized platform
- Saved over $5,000 on unnecessary or unused SaaS subscriptions
- Books closed in 2 hours
“Our employees love PayEm. People who are new to the company are amazed when they’re introduced to the platform, it makes them comfortable to ask for funds, and replying to emails with receipts is something everyone loves.”
- Tomer Lebel, Controller, Cyberint
Challenges
Before PayEm: few cards, little transparency, and tons of wasted time
Cyberint ‘s finance team has a lot to juggle. Their global footprint means that tracking spend is complicated. Before working with PayEm, the finance team used Excel and bank issued corporate cards to manage corporate spend. This made discerning who charged what and why, next to impossible. The company paid unused recurring SaaS subscriptions and other charges that would go unchecked. According to Tomer Lebel, Cyberint’s Controller, “We had next to zero visibility. If someone needed something, they’d use the bank card or make constant requests for finance to initiate and process sporadic or annual payments. Everything took too long and was not secure. I knew we needed to find a better way.” The lack of visibility also meant that closing the books was a frustrating and time consuming task.
Solutions
Turning to PayEm, and turning a leaf
PayEm’s Customer Success team easily onboarded Cyberint and the finance team began issuing digital vendor cards. They were amazed by their efficiency, according to Bookkeeper and Payroll Specialist at Cyberint, Lena Morderer, “The amount of hours of work saved was huge- particularly closing the books. It now takes us 2 hours instead of 2 days.” Since all accounting information is already assigned to the cards, and every card issued is attached to a certain budget, the Cyberint finance team is able to reconcile on the fly and never has to chase down receipts. They always know who the budget owner is and every transaction is secure. They also were able to save over $5,000 on unnecessary or unused SaaS subscriptions, an immediate and welcome savings.
Unlikely heroes
One major change the finance team didn’t foresee when adopting PayEm was how much employees would respond positively to the new platform. According to Tomer “Our employees love PayEm. People who are new to the company are amazed when they’re introduced to the platform, it makes them comfortable to ask for funds, and replying to emails with receipts is something everyone loves.” The finance team no longer ping-pongs back and forth over employee fund requests, or has to chase down receipts, saving additional precious time.
Outcomes
Making finance easier for all
For Cyberint, PayEm has been able to save the finance team days of work each month. Hours that used to be spent on chasing receipts, budget requests, and frustrations are no more. Today budget owners are accountable for each purchase and “Everything’s easy and simple”, as Tomer put it. Another outcome of working with PayEm has been an enduring partnership: “We’ve loved PayEm from the onboarding process on, we love working with another local tech company as well, and that we can make suggestions and PayEm actually listens.”
About Cyberint
Cyberint makes the digital world safer by providing Digital Risk Protection combined with Attack Surface Management and Threat Intelligence. The company serves leading brands worldwide including Fortune 500 companies across diverse industries. While Cyberint helps their clients face digital threats, their small finance team needed help dealing with the plethora of data and info being sent their way.
