Survios: How virtual cards are helping fuel virtual realities.
At Survios — a virtual reality company that creates groundbreaking interactive content powered by cutting-edge immersive technology — two highly experienced ex-PWC auditors (Ryan Hermelyn, Assistant Controller, and Mike Ewald, Corporate Controller) are committed to using automation to build efficiencies when and where they can have a meaningful impact on their operations. Now, they’re creating better spend management processes with their virtual cards and better AP processing.
- Traditional, physical corporate card program.
- Had to switch between systems and process transaction details through NetSuite.
- Changing consultants meant lengthy and manual changing of card details.
- Modernized card program with virtual cards and built-in pre-approvals.
- All spend managed from one platform that flows directly to ERP.
- Easy modification of spend, user, and approval details.
- 75% reduction in AP processing time (releasing and applying of payments to open invoices that automatically syncs to the GL).
Cutting down AP processing time by 75% with Airbase.
At Survios, an internal accounting team of three relies on Airbase to support its lean operation. Before Airbase, the team was processing all spend through NetSuite, which often involved redundancies and system switching. Ryan Hermelyn, Assistant Controller, tells us that being able to move everything through the unified Airbase platform has been the “biggest time saver.” Ryan shared that this is cutting his weekly AP processing time by 75% when it comes to releasing and applying payments to open invoices with direct syncing to the GL.
Consultants, employees, and plenty of moving parts.
Survios operates using a mix of external consultant software engineers in Canada and full-time employees based in the U.S. The game development sector is subject to ongoing turnover of these resources. As a result, Survios requires a flexible payment system that can process invoices and adapt to change quickly and easily. That’s exactly what they’ve found with Airbase, Ryan tells us.
Employees love reimbursements.
At Survios, employees love the Airbase mobile app, easy UI, and receipt upload for reimbursements. Previously, Survios had been using Expensify to manage reimbursements. The process was similar, which made the transition to Airbase easy, but Ryan highlights the benefits he now feels with all spend and reimbursements living in one consolidated platform.
Ryan shares that even employees without any particular technical knowledge find Airbase reimbursements intuitive and that one group call was enough to train everybody on how to use the platform.
Virtual cards supporting approvals.
Survios uses our bank partner’s virtual cards via the Airbase platform — an improvement compared to their previous, traditional card program. Transactions on these cards now automatically sync to NetSuite. From an accounting perspective, Ryan finds virtual cards helpful in seeing requests, approvals, and all other spend details grouped together in one place. Ryan labels this consolidation as “super convenient,” as he no longer has to dig through emails to see who approved something or when they did so.
The benefits of consolidation in spotting unusual spend.
Managing and processing vendors and spend in one place is easier and more efficient, and it’s also providing a path to greater efficiency.
Survios’ search for “efficiency, consolidation, and modernization” is over.
When considering the ROI on spend management solutions, Ryan and Mike were searching for control and efficiency. As self-professed “auditors to the bone,” and with an eye toward building a financial operation that is IPO-ready, establishing the robust internal controls that Airbase facilitates was a key consideration.
Both offered an unsolicited compliment to the Airbase Customer Service team. Mike added to our conversation, “They’ve been great by the way. Everyone on the Airbase team has been fantastic.” And Ryan concurred: “Definitely.”