Case Study with Nelo Inc

December 14, 2023

Case Study with Nelo Inc

“I present the consolidated financial information 3 days in advance!” – Interview with Roberto Carroz of Nelo Inc. 

Tell us a little bit about Nelo Inc and how your Finance team is organized?

"Nelo is a corporation that grants small loans to customers. We have a two-person finance organization that handles accounting, taxes, financial reporting and our treasury for two entities.

Our vice president of finance handles financial reporting presentations, and our head of accounting does the rest. I joined Nelo as a controller to take handle accounting. We also have a third party company to log transactions and prepare all the financial reports, including consolidated financials."

Which tools do you use to be productive at work?

"Currently, we use Higo for our accounts payable, Quickbooks Online for FP&A and accounting, Google Sheets, and LiveFlow. We [also] have a strong engineering team to extract information from databases that’s why our external tools are quite limited."

What was before LiveFlow and which problem did you want to solve? 

"The aforementioned third party company prepared consolidated reports, and it usually took them 2-3 days to provide consolidated financial statements such as P&L, BS and CF."

How did it change with LIveFlow?

"Basically, we use LiveFlow to focus on automating the consolidation of financial statements and tracking isolated accounts, as well.

With LiveFlow, we have a multi-currency financial statement across 2 entities running in real time. It only takes a couple of manual QA checks to make sure our data is correct. All in, It’s a very streamlined accounting process now."

Why did you choose LiveFlow? 

"LiveFlow helps me to easily extract information to create and maintain several reports on a monthly basis without the need to add headcount to perform manual tasks.

Ultimately, we looked at LiveFlow's competitors, but they were too expensive or too complicated to understand. LiveFlow is just right."

What value does LiveFlow bring to your team?

"I am now able to present the consolidated financial information 3 full days earlier than with our prior setup. I can also extract and maintain detail-level information from QBO without the need to log in and filter it. It save me hours of work on a daily basis."

What do you with your newfound free time?

"I have more time to get creative with my reporting and analysis. I’m more of a controller rather than an accounting manager, and I can also ensure the information provided to accountants is of the highest quality with refined our financials from LiveFlow."

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