Younique Streamlines Global Operations & Currency Management
- Saved $1,000,000 on currency transaction fees
- Centralized foreign exchange transactions
- Improved back-office operations and eliminated the need to hire additional headcount
HQ Lehi, UT
Customer Since 2019
A CFO shouldn’t have to spend one second talking about accounts payable—it should be a process that just happens.
VP of Finance, Controller & Treasurer
According to Younique’s mission, “Everyone deserves to look and feel their best.” And as the first direct sales company for selling beauty products, Younique is empowering its consumers to do just that.
By enabling partners to grow their personal business through social media, Younique is advancing its mission to build self-esteem worldwide.
For Frank Pepe, VP of Finance at Younique, the company’s rapid international growth uncovered an increased need to deliver operational excellence by implementing the right solutions.
“Everything was inefficient. We’d have to send money from bank to bank and upload everything manually.”
For Pepe and the finance team, paying international vendors and depositing money across borders increased their merchant processing fees by 1.4 percent.
Plus, they were manually entering wire transfers and uploading files between foreign and domestic banks.
The team was consistently running into billing issues with paying suppliers in the wrong currency and market. With added global complexity, Younique would have had to hire additional headcount to manage foreign exchange errors. As Pepe states, “With global entities, there’s always going to be a mismatch of where our funds reside.”
Younique needed a solution to deftly handle foreign transactions and automate manual tasks that were increasing back-office work.
“Tipalti has played a big part in minimizing the FX impact. We now have a better process so that we can fully maximize our savings.”
With Tipalti, Younique consolidated multiple accounts in the system to reduce wiring fees and circumvent foreign exchange rates. The finance team has a better process for reviewing receipts in the right currency and matching them to their respective bills.
“We’ve been able to significantly reduce merchant processing and FX repatriation fees.”
In addition to the substantial cost savings, Younique has seen a significant improvement in accounts payable reporting. With accurate, real-time visibility, Younique can consistently pay external customers, eliminate manual reconciliation & redundant communications, and prioritize the customer experience. Because of automation, operations have become foolproof. As Pepe states, “We’re not erroneously sending cash or overpaying people.”
By updating its back-office policies and procedures, Younique has allowed its finance team to focus on more business-critical projects. Now, Younique can comfortably put their mission first.
“We’ve achieved a steady cadence in our work, which has allowed our team to expand their skill sets and knowledge.”