Alloy is a New York-based fintech company start-up that helps banks and fintech companies pull in customer information, traditional credit bureau data, and other alternative data through a single point of integration, providing a more complete picture of their customer. Becca Vanek is a Senior Accounting Associate who manages Alloy's day-to-day accounting operations and is responsible for accurately reporting on both the expense and revenue sides of the business.
Alloy was growing, and Becca knew they needed an AP solution that could do more than just automating invoice payments. Says Becca, “Our business was growing in terms of headcount and revenue so naturally our expenses were growing as well. Month over month, I could see our vendor payments increasing, but we weren’t able to provide a detailed explanation as to why.”
“We needed help with our data; I wanted to be able to provide quick expense snapshots for our team. Processing over 100 invoices each month, we needed visibility on what we were spending our money on.
“Prior to using Glean AI, analyzing spend drivers was an extremely labor-intensive and time-consuming process, which it shouldn’t be. We already had an automated AP solution, so why didn’t I have this data at my fingertips?”
Glean AI's proprietary spend analytics gives Rebecca the data and insights she needs, all at the push of a button.
“I go into my Explorer tab in Glean AI and everything is there. I can look for invoice increases and then determine if they were expected and accurate. I can see notices for upcoming renewals. I can even see if an expected invoice is late and if we need to accrue for that vendor’s monthly expense.
“While a missing invoice may not seem like a big deal, to an accountant it certainly is. It is an unrecorded liability, which is serious.
Becca regularly uses Glean AI's benchmarking information to help empower stakeholders who are tasked with negotiating contracts.
Says Becca, “Our spenders appreciate the data as it gives them a leg up during negotiations. They often thank me for all my ‘research’ – I suspect they don’t know that Glean AI automatically provides me with this data. ”
Glean AI's advanced spend analytics and rich automation helped convince Alloy to make the leap, but Becca is quick to point out that Glean AI's dream team of sales and support associates played just as big a role in their decision to move forward.
Says Becca, “The people at Glean AI are great - enthusiastic, friendly, responsive. I always look forward to chatting with our Glean AI reps, doing our check-in calls and hearing about new product features.
“Glean AI's team made our transition to the solution seamless. There were no bottlenecks and tasks were done quickly and easily. One example is that our Quickbooks mapping was completed in just one day.”
Although Glean AI has been in place at Alloy for less than a year, Becca feels that it has already paid significant dividends. “The time we have saved using Glean AI, combined with our increased visibility, and access to analytics, Glean AI is certainly delivering strong ROI for us.