Name: Flubit.com
Based: London
Website: www.flubit.com
Flubit.com is a London-based e-commerce and technology startup that has brought a new idea to the market by creating an online shopping service with no product listings. Instead, users copy and paste a link for the product they want to buy and Flubit creates a private, better price.
From day one, cashflow management has been vital to helping Flubit continue to fund the development of the business. Moving away from manually managing expenses using Excel, a purchase order and purchase invoice approval system (POPIAS) and travel and expense management tool Concur were introduced to streamline the accounting process.
Thanks to POPIAS, Flubit has achieved a 100% compliance rate of team members using the system, which means that every single cost, regardless of amount, is being logged and assigned to a specific cost line or budget. This has made budget management, reconciliations and creating management accounts a quick and easy process and has ensured that cashflow forecasts are far more accurate.
Concur was also implemented, enabling staff to quickly and easily log any additional individual business expenses. This had the similar benefit of providing complete visibility of expenditure, automating reporting and ensuring regulatory compliance – all to allow Flubit to stay on top of cashflow management and balance expenditures.
Bertie Stephens is the founder and CEO of Flubit.com.
