Challenge

Impossible to collaborate

For a period of time, Alex was the primary finance professional within Moneybox, tasked with handling all of their reporting within spreadsheets. However, when they started to expand the team, it just became impossible to collaborate on things at the same time.



With their Excel operation inaccessible to non-finance stakeholders, Alex and his team quickly found themselves bogged down with manual reporting, looking into discrepancies between spreadsheets in the absence of a single source of truth. 









One of our biggest pain points before Abacum was reporting against the budget. The process was slow, the data quality was often lacking, and it was challenging to deliver reports in a timely manner.

Alex Jacobs, Senior Commercial Finance Manager at Moneybox

Alex knew things had to change, that they needed to automate their reporting and establish a stakeholder friendly source of truth if they were going to add lasting value to supporting Moneybox’s ambitious growth targets.

Solution

A rigorous selection process

When it came to evaluating FP&A solutions, Moneybox had a rigorous criteria that covered stakeholder needs from across the business, taking the view of looking for a solution that would add value over the long term.

One of the key things they were looking for was dashboards that were really easy to consume and understand by non-finance teams. Within finance, they deal with lots of tables of numbers and maybe that’s okay for them, but they wanted something where other teams can log into their dashboards and only see information relevant to them.

The other key criteria was a personalized onboarding process. They only had a small team here at Moneybox at the time so they wanted to be able to work closely with any potential provider to learn and ensure we could build everything ourselves, while maintaining that continuous personalized support. And that’s what they found with Abacum, a clean powerful dashboarding UI, a really great onboarding process and a partner that we can work closely with where they feel supported.

Result

Time to strategize

“We’ve shifted our focus from routine reporting and now we can look at more strategic initiatives and we’ve really played a critical role in helping business growth through that because we’ve had time to build really robust cohort models that are looking at market trends, incorporating scenario analysis and looking forward one, two years, even five, ten years ahead.

He even says, “another great example of this is, we launched a new product 12 months ago and with the time saving, we were able to analyze the LTV of our customers at a deeper level now, rather than just providing LTV numbers, which really adds value to various teams in the business, particularly marketing.

Better decisions have been made in the marketing team based on the additional analysis of LTV, which ultimately leads to faster business growth and higher return on investment.”