Technology service provider reduces financial management by 60% with Vault

Case Study: Technology service provider reduces financial management by 60% with Vault

The Problem: Manual and inefficient financial processes at a growing Canadian IT firm 

Campfire, a leading technology services company, was facing inefficiencies when it came to their financial operations. With rapid expansion of the business, Campfire's financial infrastructure was not equipped to handle the complexities of their new scale.

The company's Managing Director, Adam Berti, identified three critical issues:

• Card Management: With multiple ongoing projects, Campfire needed a streamlined way to issue cards for specific purposes and to specific employees
• Receipt Management: The team often delayed or forgot to upload receipts for expenses, making it difficult to close the books at the end of each month
• EFT Payments: Traditional bank processes for Electronic Funds Transfer (EFT) were cumbersome and time-consuming, causing operational inefficiencies

"We were growing, but our financial operations weren't keeping pace," explains Adam. "We needed a solution that was not just effective but also aligned with our tech-driven ethos."

The Solution: Embracing Vault for Comprehensive Financial Management

Campfire chose Vault, a Canadian banking platform known for its innovative suite of financial products. Adam told us he selected Vault for “its ability to address Campfire's specific challenges through automation and intelligent design”.

• Enhanced Card Management: Issue project-specific cards with specific limits. This ensured that no single vendor could exceed allocated budgets, providing Campfire’s finance team with peace of mind and better control over company expenses.
• Automated Receipt Reminders: Reminding employees to upload receipts for expenses via SMS or email. Drastically reducing the manual tracking workload and ensuring timely and accurate expense reporting.
• Efficient EFT Payments: EFT payments to vendors became seamless. The platform's user-friendly interface and swift processing capabilities dramatically cut down the time and effort required to complete transactions compared to traditional banking methods.

"Vault transformed how we handle our finances," Adam says. "It's not just about efficiency; it's about aligning our financial operations with our identity as a tech-forward company."

The Result: Streamlined financial operations and enhanced productivity

The implementation of Vault brought about significant improvements in Campfire's financial management:

• Efficient Financial Processes: The time taken to manage the finances, including card management and EFT payments, was reduced by over 60%, allowing the finance team to focus on strategic tasks.
• Improved Financial Accuracy: Automated reminders for receipt uploads led to more accurate and timely expense reporting, enhancing the reliability of financial data.
• Increased Operational Efficiency: The ease of making EFT payments through Vault improved vendor relationships and operational workflow, contributing to smoother project executions.

Adam reflects on the changes they implemented: "Vault isn't just a tool; it's a game-changer for us. It's enabled us to scale our financial operations in line with our growth, and the time savings have been tremendous. We can now direct our energies to innovation and development, knowing that our financial backend is robust and efficient. Vault is the financial partner every company needs."