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.
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
1530 hrs/yr
Saved in SaaS Management
30 mins
Onboarding time
$400K+
Savings Realized
Challenge
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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.
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 application. Our platform's vital anomaly detection capabilities, absent in financial systems, uncovered these discrepancies.
We faced a significant challenge relying solely on spreadsheets to track SaaS applications at Wefunder. This method was cumbersome and ineffective, making it difficult to monitor our SaaS spending accurately.
We struggled to keep our expenses in check without a centralized and up-to-date overview of SaaS spending with each vendor. This lack of visibility led to critical supervision: unknowingly paying for the same application twice. It underscored the pressing need for a more streamlined and comprehensive solution.
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
“CloudEagle's lightning-fast onboarding quickly integrated with our finance systems, revealing our complete SaaS stack within 30 minutes. By uncovering hidden charges and discrepancies, it saved us time and money while enhancing visibility into our software usage."
- Sophie Wang, Director of Finance, Wefunder
Quick and easy onboarding
Onboarding only took 30 minutes. CloudEagle integrated with their finance systems and revealed the true size of their SaaS stack.
Visibility in hidden charges
Our platform pointed out that they’ve been paying an annual price to a particular vendor, but the vendor was charging an additional monthly price for the same application. This was an issue from the vendor’s finance team, which CloudEagle revealed that Wefunder was paying extra charges to the vendor.
Easy integration with finance systems
CloudEagle integrated with their finance system and revealed the true size of their SaaS stack. The team realized that their spreadsheets were only tracking 1/3 of the total applications being used.
The Impact
Complete SaaS visibility
Thanks to the CloudEagle platform’s comprehensive spend view on each vendor, Wefunder identified duplicate spending on a single application and promptly notified the Wefunder team to mitigate it. We helped Wefunder save more than $400,000 through effective SaaS and spend management.
Saving time and effort
Wefunder eliminated spreadsheets and now relies on CloudEagle’s comprehensive dashboard to obtain accurate spending data on each vendor and application. WeFunder reduced app management time by 70%, saving 1,530 hours in SaaS management per year. This switch to a centralized platform was a significant time saver for the team.
Catching and eliminating discrepancies
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.
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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