Streamlining SumUp's Monthly Close: A FloQast Success Story

In late 2021, SumUp, a global payments provider serving millions of businesses worldwide, faced significant challenges with their manual, spreadsheet-based monthly Close process.

Spreadsheets were siloed across multiple locations and time zones, leading to:

• Inefficiencies: Updating spreadsheets manually was slow and error-prone. Inconsistencies arose from using different versions or forgetting to update a central sheet.
• Lack of Visibility: Team leads struggled to track progress and deadlines across global teams. Without a central view, bottlenecks and roadblocks were difficult to identify and address promptly.
• Time-consuming Tasks: Repetitive manual tasks, like data entry and reconciliation, bogged down the accounting team, hindering their ability to focus on higher-level analysis.

SumUp partnered with FloQast for a transformative solution that addressed these challenges head-on.

How FloQast Solved SumUp's Close Process Challenges

Recognizing the need for a more efficient and streamlined Close process, SumUp sought a solution that could automate tasks, improve visibility, and empower collaboration across its global accounting teams. FloQast emerged as the ideal partner, offering a comprehensive platform designed to address SumUp's specific challenges head-on. Let's delve into how FloQast's features tackled each of these pain points.

Problem: Inefficient Spreadsheets & Manual Tasks

FloQast replaced SumUp's reliance on error-prone spreadsheets with a centralized, automated system. This addressed the inefficiency and inconsistency issues by:

• Automating Workflows: Repetitive tasks like data entry and reconciliation were automated, freeing up the accounting team's valuable time.
• Centralized Data Storage: Spreadsheets were replaced with a secure, central repository for all financial data. This ensured everyone was working with the latest information, eliminating inconsistencies and errors.
• Streamlined Workflows: FloQast offered pre-built templates and workflows specifically designed for the Close process. This streamlined the process, reducing the time needed for completion.

“Before FloQast, there was no easy way to monitor the completeness of people’s tasks and deadlines,” said Daniel Mitev, Accounting Quality Control Supervisor. “Now we have everything in one place: basically a unified approach for everybody.” 

Impact: With FloQast, SumUp reduced manual work, minimized errors, and achieved a more efficient Close process.

Problem: Lack of Visibility & Collaboration

SumUp's lack of visibility into the Close process hindered collaboration and timely issue resolution. FloQast addressed this by:

• Real-Time Dashboards: FloQast provided real-time dashboards that offered a clear view of the entire Close process. Team leads could easily track progress, identify roadblocks, and ensure deadlines were met.
• Communication Tools: Integrated communication tools facilitated seamless collaboration across global teams. Teams could share updates, ask questions, and troubleshoot issues in real-time, fostering better transparency and collaboration.

“With FloQast you can see the process, and you can start focusing,” said Yordan Stoyanov, Internal Control and Finance Processes Senior Manager. “For example, are we struggling inter-company? Are we struggling with accounts receivable? We have visibility, this is the crucial thing – especially in a company where you have multiple accounting locations.”

Impact: Improved visibility and communication empowered SumUp to identify and address issues proactively, leading to a faster and more efficient Close process.

Problem: Time-Consuming & Error-Prone Process

The manual nature of SumUp's Close process not only consumed valuable time but also increased the risk of errors. FloQast addressed this by:

• Automated Tasks: FloQast automated repetitive tasks, freeing up the accounting team to focus on higher-value activities like analysis and strategic planning.
• Error-Checking & Validation Rules: Built-in error-checking and validation rules prevented mistakes from entering the system, improving data accuracy and reducing rework.
• Streamlined Workflows: Streamlined workflows ensured a smoother Close process with fewer bottlenecks and delays.

“FloQast culture is very close to ours,” said Yordan. “Tools built by accountants, for accountants.” 

Impact: By automating tasks and minimizing errors, FloQast helped SumUp save significant time and resources during the Close process.

The remaining sections (Results Achieved, Mindset Change, Conclusion) can remain as you previously updated them with bullet points outlining the benefits. This approach provides a more detailed picture of the challenges SumUp faced and how FloQast's solutions addressed them, making the success story even more impactful.