Furniture Dealer Enhances Financial Management by 70% with Vault

Case Study: Furniture Dealer Enhances Financial Management by 70% with Vault

The Problem: Manual, Costly, and Inefficient Financial Processes in a Growing Furniture Company

Furnishr, a leading player in the furnishing industry, found itself grappling with manual and inefficient financial processes as the company expanded its operations.

The Founder, Michael Van, pinpointed three key challenges:

• Corporate Card Confusion: With a diverse range of furniture projects and multiple orders, Furnishr needed a streamlined way to to purchase products and track all card spending
• FX Cost Efficiency: With a fair share of product being purchased from the US and overseas, Furnishr needed an easy way to retain low FX rates when purchasing overseas product
• Supplier Payments: Traditional payment methods for suppliers were costly ($50/wire), slow and time consuming because they had to be done in person at the branch

"We were expanding rapidly, but our financial processes were becoming a bottleneck," explains Michael. “We required a solution that not only addressed our current challenges but also aligned with the unique dynamics of the furniture industry."

The Solution: Implementing Vault for Comprehensive Financial Management

Furnishr opted for Vault, a cutting-edge financial management platform designed specifically for the furniture industry. Michael noted that they chose Vault for "its ability to streamline our unique challenges through automation and industry-specific features."

• Expense Management: Vault’s corporate cards allow Furnishr to create new cards for every furniture vendor. Making tracking expenses easy and profitable, with no FX and 1% unlimited cashback.
• Canada leading FX rates: Furnishr can now guarantee it’s saving money when consistently purchasing product from US and overseas vendors
• Seamless Supplier Payments: The platform's automated payment processes streamlined supplier payments, eliminated wire fees, and are now received same day by Furnishr’ key vendors.
  

"Vault revolutionized how we handle our financial operations," Michael says. "It goes beyond efficiency; it's about aligning our financial processes with the unique demands of the furniture industry."

The Result: Optimized Financial Operations and Improved Productivity

The implementation of Vault yielded significant improvements in Furnishr’ financial management:

• Growing Profit Margins: 1% Cashback on all card spending along with no more 3% foreign transaction fees have increased Furnishr’ profit margins by upwards of 4%.
• Significant FX Savings: Vault’s flat FX markup of 0.35% has led to upwards of $10k in cost savings in the first 6 months!
• Supplier Payments and Relationships: Streamlined supplier payments improved relationships through faster delivery, and the ability to send in their local currency. Michael said, “We’re now sending payments overseas for free, saving us hundreds of dollars per month!”.

Michael reflects on the positive changes: "Vault isn't just a software; it's a game-changer for us. It has empowered us to scale our financial operations in tandem with our growth and the time saved has been remarkable. We can now concentrate on innovation and product development, confident that our financial backend is efficient and industry-tailored. Vault is the financial partner every furniture company needs".