Streamlined and efficient financial processes are crucial for the success of growing companies. Three organizations — Honeycomb, Health Gorilla, and Hippo — faced challenges in their FP&A processes as they experienced rapid growth. These companies leveraged Vareto to address their unique challenges, automate their processes, and ultimately position themselves for continued success.
For Honeycomb, a leading observability platform for software development teams, managing all FP&A tasks in Google Sheets became increasingly difficult and time-consuming as the organization grew. They needed a solution that allowed them to automate manual tasks, provide better security settings and collaboration tools, and would be overall easier to maintain. Honeycomb turned to Vareto to help streamline and optimize its finance processes.
Vareto's platform provided Honeycomb with powerful tools to automate their manual FP&A tasks, enabling them to create more accurate forecasts, manage budgets effectively, and better understand their financial performance. By integrating Vareto with their existing systems, Honeycomb saved time, improved collaboration among team members, and more confidently made data-driven decisions. As a result, Honeycomb significantly improved its finance processes, positioning the company for continued growth and success.
“When we were spending all our time exporting data out of multiple places, running pivot tables, updating formulas, and maintaining sheets, we didn’t have time to look for insightful data to support the broader team. In the short time we’ve been using Vareto, I’m able to dive so much deeper into the numbers to find out what’s really going on. I’m able to add value rather than just provide maintenance.” — Brittany Riley, FP&A Manager, Honeycomb
The FP&A team at Health Gorilla, a healthcare interoperability provider, needed to support the organization’s rapid growth with minimal resources. Vareto's platform enabled Health Gorilla's finance team to consolidate and centralize their financial data, making it easier to manage and analyze.
Vareto automatically brings in actuals data from their ERP, removing the need to copy/paste manually and significantly lowering error rates from manual processes. Business users received role-based permissions to access real-time data in Vareto, facilitating better collaboration across departments and fostering a more cohesive approach to financial planning and decision-making. Ultimately, Vareto's solution empowered Health Gorilla to drive better business outcomes and maintain a strong financial position in an uncertain economy.
“Right now, many companies have to do more with less and can’t bring in the headcount they’d like to have. If that’s the case, then Vareto is your tool. I had to push out the timeline on a new hire, and I’ve been able to manage, primarily due to Vareto." — Sun Choi, SVP of Finance, Health Gorilla
Hippo, a tech-driven insurance company, faced challenges when its existing spreadsheet-based system made it difficult to cope with the increasing complexity and scalability requirements of Hippo's finance operations. To address these issues and improve FP&A processes, Hippo turned to Vareto.
Vareto's automation capabilities allowed the team to streamline and optimize its financial processes, saving time and reducing errors. Vareto's platform also facilitated better collaboration among team members, ensuring that everyone was working with the same data and could quickly adapt to changing business conditions. By automating and streamlining its FP&A processes, the company could improve the accuracy of its financial reports, optimize resource allocation, and better manage its rapid growth.
Key takeaways for rapidly growing companies
These companies demonstrate the importance of leveraging data-driven decision-making to stay competitive and maintain a solid financial position in the face of rapid growth. For these organizations, implementing Vareto led to significant improvements in financial accuracy, streamlined FP&A processes, enhanced collaboration among teams, and ensured scalability.
Companies in similar situations should consider focusing on the following:
Improving financial accuracy: All three companies sought more precise financial forecasting and modeling, enabling better decision-making and resource allocation.
Streamlined FP&A processes: Vareto's platform automated and optimized financial planning and analysis, saving time and reducing errors. This allowed these teams to be more strategic and drive growth forward even more effectively.
Enhanced collaboration: Better teamwork and communication among team members across departments fostered a more cohesive approach to financial planning.
Data-driven decision-making: Teams at Honeycomb, Health Gorilla, and Hippo were all empowered to make more informed decisions based on the real-time data provided by Vareto's platform.
By implementing a modern FP&A solution, these companies are better equipped to manage their growth and face the challenges of an uncertain economy. No matter the industry, Vareto's platform can help organizations achieve their financial goals and drive better business outcomes.