Scaling for Success With EnvyTV & Proper Media
Today, financial professionals are scaling and modernizing their operations. It’s no secret that the role of finance has broadened over the past decade. Finance leaders are playing a prominent role in company-wide strategies, including mergers and acquisitions, globalization, and so much more.
The CFO role has gone beyond accounting and bookkeeping. They are now a prominent voice in the business—communicating strategically with investors and the board. The value of the finance department is ever-increasing, but manual back-end processes are still the norm.
It’s no small feat to manage the gig economy, multiple business models, vendors and suppliers, globally dispersed operations, and frequent changes in tax and regulatory compliance. Especially when you look at accounts payable. AP is the number one most time-consuming function in finance, and it’s standing in the way of modernizing, automating, and reaching the highest standard of work.
Modern finance leaders are adopting a complete payables transformation. The AP function is demanding, and they’re tackling this issue head-on by automating quickly and efficiently to run their operations like a machine.
As companies scale and become more global, CFOs can focus on core capabilities and responsibilities that are essential to the business—they’re leading and delivering for their organizations. To survive and succeed, today’s financial professionals are evaluating underlying productivity and cost structure and strategically rethinking how they operate.
At Tipalti’s virtual Elevate Finance Summit, we heard from two business leaders, Lisa Sampson, Affiliate Operations Manager at EnvyTV, and Drew Schoentrup, Co-Owner at Proper Media. By automating the AP process for their rapidly scaling businesses, both Sampson and Schoentrup empowered their teams with solutions that completely transformed their financial operations.
Offering thousands of TV channels at a lower cost than traditional cable or satellite providers, EnvyTV is at the forefront of internet-based streaming content.
For Lisa Sampson, Affiliate Operations Manager at EnvyTV, the most significant financial challenge was reducing expenses and errors.
With 1,500 people to payout monthly and counting, EnvyTV was scaling rapidly. They needed a system that could improve their financial operations on the back-end. Also, they were looking for a system that would provide real-time data to help their accounting team keep the books compliant.
Managing a global company doing business in ten countries, Sampson wanted to partner with a solution provider with robust international capabilities, including payouts in multiple currencies.
Tipalti got us up and running quickly and really drove our business forward. With a click of a button, we can retrieve all the data and information we need while paying out streams of people.—Lisa Sampson, Affiliate Operations Manager, EnvyTV
With Tipalti, EnvyTV was able to implement cutting-edge AP technology that was seamless and effortless. Their day to day operation was drastically simplified. Plus, onboarding consumers and partners in the system in a tax-compliant way was a significant win for their business.
Now, as their industry continues to scale, Sampson and her team know that they can rely on a streamlined payments process for their partners.
A full-service advertising technology company that serves hundreds of publisher partnerships, Proper Media is helping customers maximize their revenue.
For Drew Schoentrup, Co-Owner at Proper Media, the most significant financial challenge was paying publishers on time.
As the primary source of revenue for their publishing partners, paying on time and reliably was critical for Proper Media to maintain trust and to scale their business. But having to pay hundreds of partners compliantly was very time consuming and draining on their highly manual operations.
As the co-owner of the business, Schoentrup was still manually setting up clients and partners and tracking down their information. This inefficient process also left ample room for data entry errors. Schoentrup knew that there had to be a better way to manage AP.
Tipalti has completely streamlined our operations. Now, we have the data to report key payment information to our partners on a daily basis. We can provide different payment cycles to different partners.—Drew Schoentrup, Co-Owner, Proper Media
With Tipalti, Proper Media was able to dramatically reduce and minimize errors. Previously, there was always the risk of incorrectly entering the wrong account information into their system. Tipalti has allowed Proper Media to hand that process over to their partners—they control where their money goes.
Now, Schoentrup and his team can focus on scaling, continuing to move their operations toward automation, and implementing more holistic approaches to finance.
Elevate Finance Summit
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