How Panax enabled an enterprise SaaS company to save 50h per week on manual reconciliation

Overview

TimePayment, a leading equipment finance company, partnered with Panax to modernize and automate its treasury and cash flow reconciliation processes. Before Panax, the treasury team managed reconciliations through manual processes and multiple reporting tools, creating opportunities to improve efficiency, consistency, and confidence in the data.

With Panax, TimePayment has achieved near-perfect reconciliation accuracy, given its teams real-time cash visibility, and automated critical reporting workflows - freeing finance leaders to focus on strategy rather than manual workflows. 

‍

Before Panax

• Reconciliation Gaps: Significant discrepancies between bank data and categorization of items within internal cash report.
• Manual Processes: Weekly actuals updates and cash reports required extensive manual work in Excel.
• Disconnected Tools: Forecasting and reconciliation were split across multiple systems with limited ERP integration.

‍

The Panax solution

Panax became TimePayment’s central hub for treasury operations—seamlessly syncing with Microsoft Dynamics 365 Business Central, consolidating workflows, and delivering accurate, real-time reporting.

How TimePayment Uses Panax:

• Accurate Cash Flow Reconciliation: daily exports of actuals directly into Panax have drastically tightened the accuracy of cash flows.
• ERP Integration: Direct sync with Business Central reduces manual reconciliation. While some batch payment limitations remain, the team has effective workarounds and is tracking Panax’s roadmap for enhanced transaction-level split capabilities.
• Cross-Team Access: Accounting teams log into Panax daily to tag transactions and export reports for stakeholders. Treasury and finance leadership leverage weekly and monthly insights, accompanied with an automated daily report.

‍

Background

A global leader and a rapidly growing star in consumer tech, Oddity (NASDAQ: ODD) is revolutionizing the wellness and beauty industry by offering an AI-driven, digital-first platform to their customers.

The consumer tech industry is transaction-heavy and therefore comes with substantial volumes of inflows and outflows. Coupling this with globalization and the fact the world is gravitating more and more towards borderless eCommerce – presents a unique set of challenges, particularly in the hectic realm of eCommerce.
‍

The Challenges

Positioning themselves as one of the fastest-growing eCommerce beauty platforms, Oddity experienced a hyper-growth phase. This meant that in a relatively short period of time, the company has opened dozens of new bank accounts, payment gateways, and wallets, which translated into more cash moving around and new currencies to keep up with.

Despite exceeding the company’s already ambitious financial targets, this exponential growth phase also brought about an overwhelming amount of manual, labor-intensive work that left little time for more strategic tasks.

What made things more complicated, was the growing challenge to maintain visibility into their cash flow management. Oddity’s finance team needed to invest more and more man-hours to manage their cash effectively across accounts, which in turn, made it challenging for Oddity to optimize liquidity in real time.‍

‍The Solution

After implementing Panax’s AI-native cash management platform, Oddity has completely transformed the effectiveness of their liquidity investment processes. Gaining much-needed visibility, the team managed to proactively track all of their cash pockets in real-time.

Once the cash visibility element was checked off – Oddity could focus on cash optimization. They leveraged smart alerts and proactive notifications to identify future cash needs, and then optimized their cash flow and liquidity reserves accordingly.

{{quote-component}}

The Results

Being able to allocate idle cash pockets by connecting their entire account base to Panax agents has allowed Oddity to:

• Maintain over 95% of their cash in interest-bearing investment accounts – A massive financial win for everyone, especially considering the current interest rate.
• Maintain full, real-time control over their financial assets – The Oddity team could spare the long hours invested in manual data collection and analysis and focus their time on more strategic, value-add tasks.

Panax's 360 connectivity, AI agents and proactive insights have enhanced Oddity’s ability to keep a constant finger on the pulse of their rapidly expanding brands.

Oddity’s new cash management process is now well positioned to support their bold growth plans and rising complexity, becoming a source of value that rather than hindering growth, now actually contributes to the bottom line of the entire business.

Go Global Travel is a B2B hotel and technology provider, established in 2000. The company offers a vast inventory of hotels and apartments, with over 1,000,000 accommodations in more than 70,000 locations worldwide. Go Global Travel's services are utilized by around 20,000 client partners, which include travel agents and tour operators.

The company operates through a network of 25 multilingual offices around the globe, providing support and services to its partners. This wide global footprint involves 50 banks, more than 290 bank accounts and 41 entities. In 2023, Go Global Travel was acquired by Yanolja, a large Korean super-App.

The Challenge

• Limited cash visibility and low data reliability
• Inefficient reporting processes and limited cash flow tracking
• M&As that add cash management complexity 
• Fragmented and high-risk cash management

As a company with operations spanning multiple countries, Go Global Travel dealt with dozens of banks and PSPs across various locations, including hundreds of accounts and tens of currencies, and a high volume of transactions. The local finance teams in each region manage the local banking operations.

The wide variety of banks and large footprint of the group, made it challenging for the headquarters to control liquidity and generate an ongoing and real time visibility over the company's position. This made it hard to monitor cash needs across different companies in the group, to ensure smooth cash flow management and optimize liquidity.

Visibility of cash is lagging and not reliable

In the daily reporting process, all bank balances had to be manually updated by each local finance team on a “pull mode”. The group’s HQ was able to get access to the previous day’s cash position,only by the end of the current day. The delayed and reactive nature of this process made it difficult for the company to manage cash based on the most relevant data.

The manual nature of the reporting process also led to low data reliability. With multiple teams inputting data into a shared document, the process was prone to human error, and discrepancies were common. As a result, the group's headquarters had multiple cash-related risks and had difficulty managing liquidity effectively and with confidence.

Additionally, the complex reporting process led the company to focus solely on bank balances, without tracking cash inflows and outflows. Due to the large number of banks, in various locations, and with a high volume of transactions, the company faced a limited visibility into their cash flows, and couldn’t streamline the cash flow reporting process, making it impossible  to  gain insights of cash flow trends and cycles

Streamlining M&As

The company’s rapid expansion through several mergers and acquisitions in recent years made it even more challenging for the group to manage cash,  with each new acquisition bringing additional banks and finance teams. The diversity in banking practices, currencies and financial procedures across the newly integrated entities increased the treasury complexity, making it more complicated to achieve a unified, streamlined cash management approach across the organization.