Challenge

Unscalable spreadsheets

As Flipside Crypto continued growing, they developed concerns about scalability within their existing spreadsheet operation.

At the time, Ryan was the sole finance professional capable of managing and funnelling all of the critical KPI inputs to the forecast model for the entire business.

The problem was clear, the risk of bottlenecks, reporting slow downs and manual errors was growing as the volume of data increased.

This meant that reporting data was not real time which is a must have in the crypto industry as the market is open 24/7, leaving no time for Ryan to focus on strategic initiatives and leadership planning to support the business in a tactile capacity.

Solution

Flipside chose Abacum over other providers

When Ryan decided to look at vendors, he drew up a criteria for evaluating them with his top three must-haves being “integrations, flexibility & collaboration.”

“My biggest priority was to find the next generation FP&A tool to cover all of my different needs, whether it was flexibility, team collaboration, or connectivity with Google Sheets.

And Abacum was really the only one that covered all three of those needs. And those were the highest priorities on our list.

For any finance team that is struggling to weigh out the balance between native connectivity with Excel or the really cool looking dashboard views that you see on some of the other third -gen tools, I would highly advise you to consider Abacum because it has the best of all those worlds that you’re looking for and it is the only one.

And believe me, I spent two months interviewing and talking to the sales teams of seven competitor tools and they all were lacking one of those points on the triangle.”

Abacum was able to bring all the data together and automate the process so I could actually see what my rolling forecast was at any point in time, reducing my tedious manual reporting workload by around five days per month and reducing human error to zero.

Ryan Shon, Director of Strategic Finance at Flipside Crypto

Result

Real-time data that adds value to all stakeholders

With crypto being one of the most volatile assets and open 24 hours a day, the ability to have real time data at your fingertips was a major value add to Flipside. 

“As an operator and director, I have to decide what data I want to use in real time and what I don’t. I never thought I’d be in a position to say our data is too fast for anyone to plan around but that is the reality now with Abacum”. 

Where previously Ryan was copying and pasting data into a spreadsheet hundreds of times a week, he has now built a digital treasury dashboard in Abacum which pulls real time information on the value of their treasury at any point in time, available to all key decision makers in the business. 

This has enabled the CEO to make better decisions, the CFO to make better decisions and even the data science team correlate their own analysis. 

The power of Abacum is bringing everyone together, working off one set of accurate, real time data to accelerate performance and business growth.