120 balance sheet reconciliations, stacks of spreadsheets, and lots of emails – month-end for Tyro Payments was a nightmare. That was until this fintech organisation adopted Blackline Reconciliation.
In FY21 more than $25.5 billion in transactions were processed with Tyro, accounting for 24% of transaction volume Compound Annual Growth Rate. Considered the fifth largest payment processor with 600 employees, it only has about 18 people on the finance team. The rapid growth brought increased complexity, risk, and cost in their financial close and reporting processes. So naturally, the team was so thinly stretched with the day-to-day managing risks and reporting that they didn't have enough capacity to contribute to growth objectives.
Casper Deman, Finance Project Lead at Tyro payments:
"We had an extremely manual reconciliation process at month end. Getting to the actual closing of the GL was not too bad a process but then the actual balance sheet recs themselves were extremely manual."