"Time is money. Ledge saves us both. We can now reconcile instantly, freeing our team for higher-value tasks." – Liran Daudi, Director of Finance at Papaya Global
The challenge: Manual bank reconciliation in a fast-paced, high-volume, uncompromising global environment
As a global workforce payments powerhouse, Papaya Global’s AR team issues a high volume of invoices and receives a high volume of payments into its bank accounts every day. Given the sensitive nature of its core business as a payroll provider, it’s critical that these payments are reconciled daily.
Until now, Papaya Global has allocated two full-time finance team members to perform manual bank reconciliation every day. Because the company operates in 160+ countries, the team manages multiple bank accounts, entities, and currencies, adding layers of operational complexity to the work.
A particularly acute pain point for the team was the crunch they experienced at the beginning of every week, tackling a backlog of unreconciled payments that had accumulated over the weekend.
In addition to being time-consuming and tedious, this accumulation of unreconciled payments clouded the visibility of overdue payments, impacted the accuracy of aging reports, and led to customer support tickets about payments that customers made days earlier and were still marked as outstanding in the Papaya UI.
That’s why Liran Daudi, Papaya’s Director of Finance, felt a pressing need to automate bank reconciliation processes – not just for the sake of efficiency, but also for accuracy, scalability, and strong client relationships.
“As we scaled, we said, OK, it’s time to automate things. We cannot keep doing things manually. We started with AR because it’s the most urgent thing to take care of – we’ve already seen a much higher volume of invoices, and in the future, it will only get higher.”
Solution: Ledge’s end-to-end automated bank reconciliation
End-to-end automation, from payment settlement to ERP journal entry
Ledge integrates directly with Papaya Global’s ERP and banks, automating transaction-level reconciliation and reporting.
Ledge instantly matches settled customer payments to the corresponding invoices, including partial payments or payments that cover multiple invoices. It’s an end-to-end automation of the entire bank reconciliation process, all the way to recording journal entries in the ERP.
Automatic reconciliation of payments in multiple currencies, and multiple accounts
By consolidating bank and payment data into Ledge’s unified system, the Papaya Global team no longer needs to manually manage invoice and bank data scattered across different international entities.
Fast time-to-value – automated reconciliation within weeks
Most finance tools require a lengthy implementation process and long ramp-up times. However, from the moment that Papaya Global signed on with Ledge, it took just a few weeks until they integrated automated reconciliation into its processes.
Improved customer experience
Automating the reconciliation of partial or full payments or payments of multiple invoices makes for a more efficient process. It also eliminates the need to reach out to customers to get information about the invoice breakdown, leading to an improved customer experience.
More time for higher-value, strategic work
With much of the routine bank reconciliation now automated, Papaya Global can allocate its team’s time towards higher-value, more strategic work that best serves the company’s goals.
Zero engineering and R&D resources required
Because Ledge connects directly to banks, PSPs, ERPs, and more, the roll-out did not require any of Papaya Global’s R&D resources or any system implementers to quickly get up and running.
"With Ledge, we can scale reconciliation without scaling headcount. We were able to go live quickly without R&D or costly implementers and saw very fast time to value - something almost all CFOs are looking for these days." – Benny Vazana, Senior Vice President of Finance at Papaya Global
Results
- Over 90% reduction in time and resources spent on bank reconciliation
- Results within just a few weeks
- Real-time, 24/7 continuous close, reduced from 1-3 days
- Dramatically reduced risk of manual errors
- Improved reconciliation accuracy
- No more frantic backlogs after weekends and holidays
- Improved relationships with clients
- Freed time and resources to devote to higher value tasks
