The Problem
As a fast-growing company, Netlify faced the daunting task of completing their second-year consolidated audit. This required updating all financial disclosures to be comparative while also addressing new transactions that necessitated adding additional disclosures. With a lean and efficient finance team, they had limited bandwidth to meet these rigorous requirements without overextending their resources. Hiring additional full-time employees or engaging costly consultants was not aligned with their company goals. By using our platform, Netlify was able to quickly and easily update all disclosures, ensuring compliance with GAAP requirements, enabling them to meet audit deadlines.
The solution
Netlify turned to InScope to streamline their financial reporting processes. Leveraging InScope's advanced platform, they transformed the way they managed financial reporting.
- Automated Financial Statement Generation: InScope seamlessly generated financial statements using real-time data from Netlify's ERP system, eliminating manual data entry and reducing the risk of errors.
- Dynamic Linking and Syncing: Any changes to financial data were automatically updated across all documents through InScope's linking and syncing functionality, ensuring consistency and saving valuable time.
- Resource Optimization: By automating tedious and time-consuming tasks, InScope allowed Netlify's finance team to focus on strategic analysis and decision-making.
Outcome
With InScope's support, Netlify successfully completed their financial audit on time and without the need to hire additional staff or engage external consultants.
- Efficiency Gains: The finance team met all audit requirements within their existing capacity, thanks to streamlined workflows, automation, and the linking and syncing functionality. Adjusting entries booked during the audit were seamlessly processed, enabling new drafts to be turned in minutes.
- Cost Savings: Avoided the significant costs associated with additional hires or consulting fees.
- Enhanced Accuracy: Reduced manual intervention led to fewer errors and increased confidence in financial reporting.
- Empowered Team: The lean team felt supported and capable, contributing to higher morale and productivity.
Looking Ahead
By integrating InScope into their financial processes, Netlify has built a scalable and efficient system that supports their rapid growth. Their experience highlights the impact of adopting modern digital tools to overcome challenges and achieve key objectives without compromising on efficiency or accuracy.