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“Vesto has been immensely useful by giving us a clear and real-time view of all our entities’ cash positions, helping us make timely and informed decisions immediately.”
About
Localyze is a global mobility platform that simplifies the relocation process for companies and their international employees.
Headquartered in Berlin, Germany, and founded in 2018, Localyze has grown to a team of over 100 employees, while supporting over 10,000 relocations for its diverse client base, including companies like Trade Republic, Babbel, Personio, and SumUp.
The Challenge
With six business entities and 18 financial accounts across multiple countries and currencies, Localyze struggled to get a view of its group-wide cash footprint.
Creating weekly cash reports required a team effort of manually pulling data from dozens of different financial systems and compiling them into an Excel spreadsheet. Not only did this take time and effort to put together, but this also delayed the finance team’s decision-making ability.
Without a clear view of their cash position, the team was unable to make key decisions that impacted cash flow.
"Before implementing Vesto, we had to manually aggregate data from multiple banks and systems into a single master spreadsheet. To ensure the accuracy and consistency of the reported data, we often required multiple checks before finalizing the reporting," says Yolanda Diez, accounting manager at Localyze.
The Solution
Localyze partnered up with Vesto to automate their cash positioning process and get a real-time view of their balances and transactions across all of their banks and entities.
“Vesto’s real-time reporting enables us to view our financial status instantly, which helps us make timely and informed decisions. For example, if our cash flow looks unfavorable one month, this allows us to take immediate action to reduce burn instead of being delayed on key decisions like these,” says Yolanda.
Vesto has enabled Localyze to centralize its cash in one unified platform, seeing cash across multiple banks, entities and currencies, while also allowing the finance team to examine each individual account and entity, and evaluate its role in the larger organization.
With Vesto, Localyze’s finance team can easily monitor balances and transactions within our user-friendly platform but also export a filtered report or audit trail log.
“The export functionality is straightforward and user-friendly. Having the option to set up filters before exporting reports also allows for more tailored and relevant data extraction,” says Yolanda.
The Results
Localyze has saved hours by switching to Vesto single-login view. This has completely eliminated their previous workflow of logging into each financial system one-by-one and manually recording balance data.
"Our cash positioning process has become significantly more streamlined and automated. Vesto automatically gathers cash flow data from integrated banks. The platform consolidates data in real-time, reducing the need for manual aggregation. The centralised data entry has minimised errors and discrepancies, and reports can be generated quickly and are always up-to-date.
One benefit that the Localyze team saw with Vesto, was the ease of use.
"The onboarding process was really easy and fast. We had an initial consultation via email. After that, we set up a call meeting to have a walkthrough of the platform, set up the profile account, and connect the bank accounts and the Vesto team offered ongoing support during the whole process, addressing any issues or questions that arose," says Yolanda.
As Localyze continues to scale it will aim to automate more and more of its financial operations by leveraging Vesto’s platform.
