Signifyd streamlines reconciliation, saves 15+ hours per month with Brex.
Signifyd’s end-to-end Commerce Protection Platform helps retailers automate the customer experience, maximize conversion, and minimize fraud and policy abuse. Based in San Jose, CA, they have over 500 employees with offices in Belfast, Denver, London, Mexico City, New York, and São Paulo.
Signifyd didn’t have a corporate card solution for their global entities, and instead was using its expense management software to reimburse global employees for purchases on their personal cards. The mostly manual process led to slow reimbursements and constant troubleshooting.
“No one liked our previous expense tool,” said Ty Barton, Accounting Manager at Signifyd. “The platform made it difficult for employees to submit expenses and get the necessary approvals, so reimbursement could take weeks. The accounting department was getting a lot of negative feedback in terms of employee satisfaction.”
Signifyd’s US-based managers tried to alleviate the issue by sharing their Chase corporate cards with international employees, but that led to poor visibility and tracking. “There was no immediate visibility into who was actually using these cards, so it was extremely difficult and inefficient to monitor for compliance,” Ty explained. “We were struggling to manually track expenses at month-end with separate books for each local entity. And our employees were stuck in administrative loops that don’t add value to the business.”
Signifyd needed a truly global spend solution — and fast. “Our company was growing really fast, and our employees had to move quickly in order to drive the business forward. We needed an integrated card and expense management solution that could keep up.”
“Our company was growing really fast, and our employees had to move quickly in order to drive the business forward. We needed an integrated card and expense management solution that could keep up.”
— Ty Barton, Accounting Manager, Signifyd
Signifyd considered multiple credit card and expense management platforms, before making a decision. Ultimately, they chose Brex’s unified solution to eliminate reimbursement delays, unblock employees, increase global spend visibility, automate receipt collection, and streamline month-end reconciliation. “We weren’t thrilled with most of what was out there, particularly when it came to transaction fees and other hidden costs,” Ty explained. “Brex was the only company that offered local currency cards and reimbursements in our countries of operation. And we saw Brex as the only future-proof solution that could take us to the next level.”
“Brex has been a tremendous time saver when it comes to reconciliation and expense management, especially since Brex’s direct integration with NetSuite allows us to manage all entity spend in one dashboard,” said Ty. “But, more importantly, Brex solved our biggest pain point of all. We now have a solution that actually helps our international employees, rather than getting in their way.”
Now with Brex cards, expense management, and reimbursement — all on a single platform — Signifyd is driving efficiency across all of its global entities.
Signifyd has gained real-time visibility of all global spend in one place. “Brex enables us to manage our US, Mexico, Brazil, and UK offices all with one corporate card and expense management platform,” said Ty. “Having one source of truth for all our global spend has been a game-changer — we have total visibility into everything, all in one spot.”
Signifyd’s accounting team has leveraged Brex’s powerful NetSuite integration to save time while improving control over spend and automating employee compliance. The company’s recurring transactions — such as office lunches — are now auto-categorized. “And, whenever they need to attach receipts, it takes less than 30 seconds,” Ty said. “So each employee is saving 2 hours per month on expense reporting.”
“When it comes to our vendors and other routine purchases, we can just set it and forget it,” Ty said. “Brex budgets keep everyone accountable while giving us real-time visibility into all spend. And the finance team can still get as granular as they want, because every transaction is automatically mapped to the right GL code for the right department. With Brex, the accounting team is saving 5 hours per month on receipt tracking and 10 hours on month-end reconciliation.”
No longer burdened by payroll delays, Signifyd is able to deposit funds into their employees’ bank accounts in three days or less. And, instead of tedious expense reports and manual receipt collection, global teams are now able to purchase meals, flights, and more — all automatically within policy and without aggravation. In turn, Signifyd’s employees report a near 100% satisfaction rate with the company’s accounting team.
“We’ve made a lot of friends in marketing and sales because we’ve made their lives so much easier,” Ty said. “Now, when they’re traveling for trade shows, they can focus on prospects and clients instead of tracking all these receipts in their back pocket.”
“That’s why I recommend Brex to every accountant I talk to. Brex is the only solution that checks all the boxes, from reliable corporate cards to time-saving automations that make our accountants’ lives so much better. As we continue to expand globally, we know that Brex will play a key role in our growth.”
“With Brex, the accounting team is saving 5 hours per month on receipt tracking and 10 hours on month-end reconciliation.”
— Ty Barton, Accounting Manager, Signifyd