Like many companies, Clip previously used Excel spreadsheets to manage its accounting records. But as the company grew, it knew that spreadsheets would not be enough to control its spending.
The company had already implemented NetSuite a year-and-a-half earlier to help support its growth, César Alejandro Muñoz García, head of financial planning at Clip, explains, noting that NetSuite is a robust system.
NetSuite provided the robust capabilities that met Clip’s current needs, as well as the scalability to support the fast-growing
FinTech’s future business requirements, Muñoz explains.
Once Clip deployed NetSuite, it began looking for ways to improve its budgetary control.
“Before we implemented PyanGo, we found that we were having some budget issues,” explains Muñoz. “Every year, we would work with all the departments to make sure that we have a budget for each one of them. But as time went on, we started to see that these budgets were not executed correctly. The departments were spending amounts that were not even budgeted. Keeping track of it was complicated.”
In addition to concerns about enhancement in budget administration, Clip’s staff was spending too much time tracking budgets and spending. This was especially true in the FinTech’s purchasing department. Purchasing staff had to manually track purchase orders and ensure that each one was budgeted.
The issue came to a head when the number of purchase orders that Clip’s purchasing department received grew considerably in a matter of months. “It was just not possible to handle that volume of POs with our current process,” Muñoz recalls.
It was clear something needed to change, says Diego Bicieg, who works in financial planning at Clip. “We needed a tool that could complement NetSuite and allow us to better track spending and control our budgets.”