Lucidworks Scales Globally & Increases Financial Controls with Automation
- Consolidated domestic and international currencies in one system
- Integrated with ERP, NetSuite, for instant payment reconciliation
- Accelerated the monthly close process by 50%
HQ San Francisco, CA
Customer Since 2020
PO matching with Tipalti allows us to be more strategic with how we handle cash burn.
Senior Accounting Manager
You love splurging on skincare products, and Goop sells all the good stuff. When you search for products, Goop takes you straight to the results you care about. So, how did they deliver that valuable data? Through Lucidworks, a SaaS-based cloud hosting, search-based platform.
Here to “bridge the gap” between people and data, Lucidworks is a cloud software provider created for multiple industries, such as online retail. Its software snowballed globally, which led to working with many international vendors and several different currencies.
For Andrew Jenks, Senior Accounting Manager, overseeing the arduous month-end close process was an entirely manual process. Their finance team was being held up each month due to manually entering bills. And they were closing the books past business day 11.
“We would go to process a bill run, and then we had to initiate 40-50 wires manually.”
Jenks wanted to know exactly where their money was going while managing department budgets and forecasting numbers. Lucidworks wanted to prevent overspending and strengthen its financial controls.
In need of a modernized financial process, Lucidworks streamlined its operations with Tipalti to improve its accounts payable process and PO systems.
“Tipalti provides one central hub—suppliers can provide W-8s and W-9s and their preferred payment. I no longer have to chase down documents. The billing process has been significantly easier. Tipalti is a one-stop-shop for all payments.”
With multi-entity support and international payment methods handled, Jenks and his team could operate while complying with cross-border tax and regulatory laws. They gained operational efficiencies and eliminated costs.
“PO matching allows us to initiate financial strategies and control spending. I don’t think about FX or currencies anymore—we pay bills out of Tipalti and exchange them into any currency. That’s essential for a growing, international business.”
Even during the pandemic, Lucidworks vanquished challenges that impacted their industry. “Automation allows us to be strategic with tackling our cash burn. We were able to manage our costs throughout the pandemic and forecast for the entire year.”
After automating accounts payable, Lucidworks closes AP on business day five, equating to a financial close reduction of 50 percent. Plus, Jenks integrated their ERP system, NetSuite, with Tipalti to streamline financial reporting. Now, his team no longer has to key invoices into NetSuite manually.
“Once Tipalti approves an invoice, it syncs over to NetSuite. Then we pay the bill on our account, which auto-syncs to NetSuite. This rapid process enables us to gain more efficiencies.”
Now that they have bridged the gap between accounts payable and automation, Lucidworks can concentrate on enhancing its software to empower the user experience. Innovating the future of search, they’re continuing to scale globally while having a secure handle on financial controls.
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