DailyPay was spending too much time on manual work in Excel sheets when using FloQast. Now, with Numeric, the team leverages AI for flux explanations and has an audit-ready, less manual month-end close.
DailyPay has an ambitious motto — the company is focused on “rewriting the invisible rules of money” by enabling workers to access funds as they need them.
Equally ambitious? The company’s accounting team.
Sarah Hill, the Controller at DailyPay, describes their accounting team’s mandate as providing the right context “to run the business, grow the business, and change the business.” To fulfill that mandate, the accounting team needed a tech stack that ensured efficiency without sacrificing accuracy.
Before: A Good, But Still Manual Close Process
Before Numeric, the team had already invested in outlining their close process and were leveraging FloQast.
Yet they found there were still a lot of manual workflows each month, especially for flux analysis.
Accounting Director Kevin Krulis states, “Previously we were working directly out of Excel with a pretty manual process. The flux aspect of the close, that was all done very manually.”
Given the company was rapidly maturing, they knew this manual work was holding them back from an efficient and buttoned up close. So the team started their search for a tool that could go beyond the basics of close management, searching for the right fit to fully accommodate their flux analysis needs and leverage AI to eliminate rote tasks.
How DailyPay Evaluated Tools for the Month-End Close
The DailyPay team needed a tool that both could take their close process to the next level of efficiency and a company that they felt confident would provide ample support.
Features for Full Visibility and Greater Efficiency
When evaluating Numeric, Kevin realized that the tool could serve as a “central warehouse for everything, from monthly close checklist items to reconciliations to flux analyses, and really help us house it all in one spot for ease and accessibility.”
While the team already had in place an organized close process, Numeric’s task dependencies stood out. Kevin highlights, “There are a lot of tasks being done that are either blocking or being blocked by others. One feature that we love in Numeric is being able to say that doing this is being blocked by doing this first.”
In addition to dependencies, the team was eager to adopt AI-features that had set Numeric apart from others in the space. Emilio Kachler, Accounting Director, appreciated the technical accounting AI, “I really enjoy the GAAP bot or tax bot which leads me to the right answer by providing guidance to then go research further on the side, it gets me going in the right direction.”
Advisors to Streamline the Close Process
But features aren’t everything. Sarah outlines that for her team, when thinking about key factors involved in the right product decision,
“One of them is the product, the other is the service. By far Numeric has the best service that I’ve ever seen in a similar platform.
And that’s really what drove the decision, we’re not just getting a product, we’re getting advisors, we’re getting help. We’re getting an ear and we’re able to help change the platform over time which means that we both grow. You’re not going to get that with FloQast, you’re not going to get that with BlackLine.”
By being able to accommodate complex flux reporting, incorporating AI to reduce time spent on manual tasks, and by matching the team’s desire for real partnership, the team decided Numeric was the right fit.
The Transition From FloQast to Numeric
Once the team had made the decision, they then needed to implement Numeric and transition off FloQast.
Sarah outlines that implementation involved exporting their existing month-end process from FloQast, uploading it into Numeric, and then connecting to NetSuite.
“This was not the painful transition that switching a review system usually is”
The team opted for a phased approach, initially transitioning over the checklist and reconciliation process, before configuring flux analysis, transaction monitors, and reporting.
“We went live with reconciliations and the checklist all within a month”, Emilio specifies.
From Kevin’s perspective, Numeric’s intuitive design made implementation easier, “It’s extremely user friendly, clean, and pleasing to the eye…It’s been a seamless onboarding”
After: An AI-enabled, visible, and efficient close process
After having Numeric up and running for several months, how does the team feel now that Numeric is in place?
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Overall, Krulis explains, “Numeric has really enabled us to streamline the full close process”. The team uses AI to take a pass at first drafts of explanations, and dependencies are mapped in the close.
Sarah is impressed with the level of audit-readiness baked into the platform — “We have a theoretically permanent record of everything that we’ve done in the system and we’re able to very easily provide that transparency to our auditors so that they have the piece of mind to know that we’ve done our job.”
Emilio claims the experience with Numeric has gone “Well above and beyond what I expected and what I’ve seen across other companies”.
And Kevin appreciates the pace of continual progress, “We’re stumbling across new features we weren’t even aware of everyday.”
At the end of the day, as Controller, Sarah is focused on “providing line of sight to executive leadership, to make decisions and to provide transparency to our financial status”. By implementing Numeric the DailyPay team has graduated from “good” to “great” during month-end, delivering accurate, timely financial data with less time spent in spreadsheets.
In turn, the team is able to spend more time being a strategic partner to the business, “We’re looking to provide better answers, faster and Numeric really is the tool that allows us to do that.”
Interested in exploring how Numeric can take your close process from good to great with better flux analysis & AI-native tools? Schedule a conversation with our team here.
