Wefunder Identified They Were Spending Twice on a Single Application

CloudEagle simplified our SaaS spend management, uncovering spending discrepancies that went unnoticed by our previous financial systems. It promptly identified and aided in streamlining our expenses.

- Sophie Wang, Director of Finance, Wefunder

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70%

Time Reduction on SaaS Management

30 mins

Onboarding time

2x

Spending identified
Problems
Challenge

Wefunder faced challenges in monitoring SaaS spending as they relied on spreadsheets. This lack of a comprehensive & real-time view resulted in double spending on the same application, as they couldn't effectively track vendor expenses.

Solutions
Solution

CloudEagle's integration with Wefunder's finance system revealed that their spreadsheets tracked only one-third of their applications. CloudEagle also identified overcharging by a vendor who billed both annually and monthly for the same application due to a vendor finance team issue.

Profit
Result

Wefunder abandoned spreadsheets for CloudEagle's precise vendor and application spending data. The integration detected discrepancies, providing clarity that financial systems typically don't, making CloudEagle indispensable for anomaly detection.

Key Highlights:

  • CloudEagle's integration revealed discrepancies, including 2x spending on one app.
  • Wefunder switched from spreadsheets to CloudEagle's precise dashboard.
  • CloudEagle's integration provided essential anomaly detection not offered by financial systems.

Challenge

Wefunder relied on spreadsheets to track SaaS applications, which made it challenging for the team to identify and track their SaaS spending. 

  • There was no comprehensive and updated view of their spending on each vendor.
  • This led to the team not knowing that they were spending twice on the same application.

“As a small team, it was chaotic to attribute our spending to each application and vendor.

- Sophie Wang, Director of Finance, Wefunder

Solution

Onboarding only took 30 minutes and CloudEagle integrated with their finance systems and revealed the true size of their SaaS stack, and the team realized that their spreadsheets were only tracking 1/3 of the total applications being used. 

  • CloudEagle’s platform pointed out that they’ve been paying an annual price to a particular vendor, but still, the vendor was charging an additional monthly price for the same application.
  • This was an issue from the vendor’s finance team, which was revealed by CloudEagle; Wefunder was paying extra charges to the vendor. 

Solution
The Impact

Result

Thanks to CloudEagle platform’s comprehensive spend view on each vendor, Wefunder identified that they were spending twice on a single application. 

Wefunder got rid of spreadsheets and now relies on CloudEagle’s comprehensive dashboard to get accurate spending data on each vendor and application. This reduced the time spent on managing apps by 70%, saving 630 hours per year by switching from spreadsheets to a centralized platform was a time saver for the team.

The team was relieved that CloudEagle’s financial system integration revealed significant discrepancies, and now they can catch discrepancies that would’ve generally gone unnoticed because the financial systems don’t notify them about any anomalies; only CloudEagle does.

Do you know what apps your teams are using? Is your finance team finding it hard to track vendors and their respective spending? Do you think shadow IT is high and want to eliminate it?

Contact our experts now. 

Wefunder

Wefunder is a crowd-funding platform and a popular name in the SaaS startup ecosystem. They let people invest as little as $100 in their favorite startups. They connect investors with the startups and enable them to purchase equity shares of those startups. 

It is regarded as the robin-hood of pre-IPO startups as it allows all kinds of users to invest in them, resulting in increased growth and success. 

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