Achieve a Greater Focus on Strategic Analysis By Reducing Cash Processing Times
Since 2003, GoTo (formerly LogMeIn) has empowered companies to work-from-anywhere with category-defining products like GoTo Connect, GoTo Resolve, LastPass, Rescue, Central, and more.
With more than 2.5 million customers across 190 countries, GoTo is the trusted partner for companies of all sizes to connect and collaborate regardless of the physical distance between them.
Headquarters
Boston, MA
Founded
2003
Company Size
3,500
Industry
Software
Challenges
Manual Processes Slowed Down Forecasting and Analysis
As GoTo has continued to scale organically and through acquisition, the company has gained new banking partners. Managing this growing bank-mix complexity grew to become an arduous and repetitive manual process. This required analysts to gather daily balances, track collections and disbursements, create reports and forecasts, and perform quality assurance to ensure cash forecasts were up to date and reconciled with cash reports.
When GoTo needed to update their reports or forecasts, the lengthy manual process was repeated again, further limiting their ability to gain actionable insights from their data.
Searching Through Transaction Data
Before utilizing Trovata, searching for specific transactions involved logging into each of GoTo’s banking portals and manually scrolling through pages upon pages of transaction data until the specific transaction was found. Reconciling cash balances involved many hours as the team tried to track down transactions with limited search capabilities.
Limited Cash Forecasting Capabilities
Due to cash reporting and forecasting processes requiring rounds of manual processing, GoTo spent countless hours forecasting cash movements across international subsidiaries. Any custom reporting required manual consolidation and normalization of transaction data within a spreadsheet before any analysis could occur.
GoTo’s treasury tech stack was holding them back from achieving cash and transaction visibility across all of their subsidiaries. They needed an automated cash management platform that empowered them to eliminate tedious, manual processes and perform rapid, strategic decision-making.
Solution
1. A Reduction in Cash Processing Time Enables Greater Focus on Strategic Analysis
Before Trovata, obtaining a consolidated view into GoTo’s cash flow could take a number of days or weeks. With Trovata’s extensive library of bank APIs, GoTo automated the collation of their bank data into a Multi-Bank Data Lake™, empowering them with an aggregated view into their cash flow across 50+ bank accounts. Machine learning algorithms analyze this data to offer features like automated cash reporting, forecasting, and natural language search.
GoTo’s treasury team has saved 7+ hours a week through automating the aggregation of their bank data, empowering them to focus on strategic analysis that propels the business forward.
Sr. Director of Treasury and Investor Relations at GoTo
2. Instantly Find Transactions with Natural Language Search
Trovata’s search features revolutionized the way GoTo finds the transactions they need when consolidating cash balances. With a simple keyword search, GoTo is instantly served transactions from key vendors, institutions, transaction-types, and more. These custom searches can be saved as tags, which GoTo leverages to quickly and consistently generate cash reports and forecasts.
Results
- Achieved complete cash visibility across 50+ global bank accounts
- Saves 7+ hours a week by automating bank data aggregation
- Gained access to quality support that answers questions in minutes
