From receipt chasers to financial analysts
With Nicole Fiore, Controller at Wilbur Labs
Wilbur Labs is a San Francisco-based startup studio that turns bold ideas into market-leading companies.
San Francisco, CA
STARTED USING DIVVY
“We get 10 hours and hundreds of dollars back every month with Divvy. The organization loves the app for receipts. It’s easier than uploading a photo to social media—which everyone knows how to do!”
- $100+/month for reimbursements through Expensify
- 2 hours/week on expense management
- Cumbersome process collecting receipts and closing the books
- Save $1500/year on expense reporting subscription
- Save 10 hours per month on process
- Shifted focus away from manual process and towards analyzing trends
“It was a cumbersome process collecting receipts before Divvy,” says Nicole Fiore of Wilbur Labs. Keeping documentation consistent and timely was a major challenge for their team, and as a tech studio focused on building companies from the ground up, they were looking for a solution.
Wilbur Labs didn’t have an expense management tool for their credit cards. Instead, they were processing manual expense reports and personal reimbursements, which wasted their time and money. Nicole explains that they were using Expensify, paying around $100/month—and costs kept climbing.
Divvy provided an automated solution for corporate cards with budgeting software, and a mobile app that the company was excited about:
“Everyone loves that there’s an app where they can instantly record details related to their transaction and upload a picture. It’s easier than uploading a photo to social media—which everyone knows how to do!”
This ease of use has benefitted both the spenders and the admins. It’s even helped Wilbur Labs to control spend.
“We used to see what was spent after a transaction had already occurred, but now departments are requesting specific dollar amounts for budgets,” says Nicole. There’s been a shift in the organization, as everyone is thinking about their expense planning and tracking.
This provides the accounting team with simplified statements and reporting for the monthly close. It saves them time too. Aside from the $1500 a year they were spending on their expense reporting subscription, Nicole says the time spent following up and tracking down expenses has “diminished tremendously.” Her team has been able to shift from receipt chasers to financial analysts: “We are now able to focus on analyzing and reporting trends.”
Nicole sums it up this way: “Divvy brought in a user-friendly, streamlined process and better documentation options, which provided the organization an easy-to-understand way of spending and expense reporting.”