How Fintech Startup Tymit Increased Visibility and Significantly Shortened the Month-End Close

Company: Tymit
Location: England
Industry: Technology, Financial services
Website: https://tymit.com/
Company size: 51-200 employees
Using Precoro since: March 2023
Users: 20
Client’s rating of Precoro: 10/10
Featuring: Daniel Chen, Financial Analyst

Tymit is a fintech company that offers virtual credit cards for merchants, helping them to secure sales and giving their customers more purchasing freedom. By partnering with Tymit, retailers and travel companies can benefit from installment payments with a lower financial impact and better flexibility than typical credit options.

Since launching its operations as a startup in 2019, the company has grown dynamically and, in 2022 alone, doubled in size from 100 to 200 employees. Tymit processes about 100 purchases per month, most of which are software subscription licenses and services.

What Tymit’s Purchasing Looked Like Before Precoro

Tymit is a medium-sized fintech company that has prioritized trust in its employees and their decision-making since day one. That was reflected in the purchasing process as well. Mr. Chen, the company's Financial Analyst, shared with Precoro that in the past employees at Tymit had the freedom to purchase whatever they considered necessary for the business to operate.

Sometimes, however, purchasing could get out of hand, and the finance team felt they had no clear overview of company spending. “We are okay to spend money,” adds Mr. Chen, “as long as we know about the upcoming spend in advance and we know that it has been approved. Having that spend visibility was a challenge before Precoro.”

What Tymit Was Looking For

With the company growing, Tymit management realized it was time to find a purchasing system that would allow for better spend visibility and control.

We wanted to make sure that we would have approval gates at the correct levels: at the management level, and at the finance level.
— Daniel Chen, Financial Analyst at Tymit

As Mr. Chen emphasized, their initial motivation for getting a purchasing system was to prevent uncontrolled spending. From software licenses and professional services to team building activities, the leadership team wanted to keep track of how much was spent and on what.

There was another criterion for the purchasing system: it had to fit into the Tymit business software stack. Most importantly, it would need to integrate with their accounting system and Slack.

“Integration is a massive part of it,” as Mr. Chen emphasized. Back in 2022, Tymit was using QuickBooks Online for accounting, and they later switched to NetSuite. Since Precoro integrates with both systems, it was a safe choice for a procurement tool.

Slack integration with the ability to approve documents straight from the dedicated Precoro channel in Slack was also a feature that interested Tymit, as the team relies on Slack for communication.

Ease of use and user-friendliness of the PO software was important for the company; ideally, the team would be able to quickly adopt the new system and use it regularly.

“That’s what we want — convenience, quickness. Purchasing systems are quite unpopular for some people… So we are looking for something that is smooth. It’s very handy,” adds Mr. Chen about the Slack integration.

Tymit’s Purchasing with Precoro

Since implementing Precoro, Tymit has streamlined its purchasing and accounting processes. The company has customized Precoro to use purchase order and invoice modules, approval workflows, and OCR, and also offers built-in integration with NetSuite and Slack.

Precoro’s advanced NetSuite integration covers all of Tymit’s accounting and procurement processes, such as syncing GL and vendor data, and lets them clearly distinguish how the costs should be charged for each line on the vendor bill.

“Because we are now integrated with Precoro and NetSuite, we now know much better what is rechargeable and what is not. It’s not just a guessing game anymore,” describes Mr. Chen.

Tymit’s workflow in Precoro is built around the tool’s invoice module. Each invoice is processed using OCR, making it "quick and easy" to register all incoming invoices in the system. From there the invoice goes through the approval flow in Precoro. Once it’s approved, it is pushed to NetSuite for payment, and the payment status is synced back to Precoro, giving the team real-time updates on the transaction and its progress.

Mr. Chen asserts that Precoro has significantly enhanced the transparency and efficiency of Tymit's purchasing process:

Precoro makes my AP life easier. When I first joined the company, my month-end close would take about a month. I cleaned up the processes and got it to two weeks.

Since introducing Precoro, though, I am able to complete month-ends in a couple of days.
If we didn’t have Precoro, we would be struggling to keep up with this growth.

— Daniel Chen, Financial Analyst at Tymit