Increased visibility, cost savings, and efficiency
The company’s decision to invest in Trace proved to be a shrewd one. Before Trace, Coffee Meets Bagel was dealing with “death by a thousand paper-cuts” when it came to financial workflows, Yang said. “There was definitely a feeling of inefficiency.” Now, Yang believes his company is positioned to scale with confidence as it moves into the future. With Trace, Yang was able to achieve:
Streamlined hiring decisions. “It’s been a big game changer for us,” Yang said. “Trace Headcount significantly streamlined our new hire request approval process. We’ve saved at least a few hours a month on that.”
Less overhead for purchasing processes. Closing the loop on every purchasing decision involved a lot of bureaucracy and red tape. “In order for us to not hire more ops people, we needed to find technology, workflows, and software that enabled us to handle these new activities,” Yang said. That’s exactly what they found in Trace.
Improved contract visibility and cost savings. Before, Coffee Meets Bagel was wasting money on auto-renewals they didn’t need because they lacked visibility into their contracts. Now the team has a good sense of upcoming renewals, which gives the company more leverage when it comes to procurement. “We haven’t had another example of forgetting a vendor that auto-renewed,” Yang said.
Empowered employees and improved decision-making. Without roping in finance, “employees can find information themselves to help us scale better as a company,” Yang said. “Trace enables us to democratize financial data better than we were able to before. That leads to better decisions, faster decisions, and clearer decisions.”
Reclaimed time. For Yang, Trace’s powerful reporting and analytics features are some of the platform’s most valuable features. Instead of manually compiling budget versus actuals, Trace takes care of this core finance workflow. “I save a few hours of my time each month,” Yang said.
“Trace enables us to democratize financial data better than we were able to before ... That leads to better decisions, faster decisions, and clearer decisions.”