Financial Insights Unlocked: How Partiful Elevated Their Accounting Process with Digits
Partiful, a cutting-edge social events platform, aims to redefine how people gather by enabling seamless and meaningful connections. Before teaming up with Digits, their financial management felt like piecing together a puzzle with outdated tools and tedious spreadsheets – ultimately distracting them from driving their core mission forward.
The Challenge
Relying on a traditional approach to accounting, Partiful had an external firm doing all the accounting in Quickbooks and their FP&A work out of spreadsheets. Ultimately, every month, the team would receive a cumbersome package of Excel spreadsheets and difficult-to-digest reports.
"We were spending unnecessary time just trying to understand our spend, digging through spreadsheets to trace spikes or changes back to their source." remarked Jess Eames, Head of Business and Product Operations.
This disjointed approach consumed valuable time and resources, with lengthy email threads and inefficient communication only adding to the complexity. This ultimately made it more challenging for the team to quickly derive actionable insights from their financial data.
Why Digits?
The transition to Digits was sparked by a serendipitous meeting between Partiful’s team and Digits’ founder. Excited by the prospect of a streamlined, AI-driven platform at a fraction of their previous costs, Partiful dove in!
- Product-First Efficiency: With intuitive UX and clean interface, Digits enabled Partiful to easily navigate financial data, understand at a high level what was happening, and allow them to dig deep into the transactional details. Jess appreciated, "The product-first flow was incredibly efficient for someone without a finance background."
- Self-Service Capabilities: With Digits, previous manual requests for spreadsheets became quick, on-demand access to reports and financial information. The self-serve features allowed Partiful to tailor financial views as needed, dramatically reducing delays and expediting the time to meaningful insights.
- Automatic Highlights: Digits’ AI-driven insights help the team prioritize their financial area of focus, turning accounting into an actionable asset. Jess highlighted the utility of seeing category shifts and vendor impacts at a glance.
“The automated insights are incredibly useful. They quickly tell me where I should spend my attention and focus, from high-level information like what spend categories have shifted the most, down to granular detail like significant changes in individual vendors.”
Results and Impact
The impact of Digits was both immediate and transformative for Partiful:
- Enhanced Granularity: With user-friendly analytics, Partiful gained a comprehensive understanding of their financial health. "We're able to use our accounting as an asset rather than just a necessary task," Jess praised the change.
- Cost Savings and Operational Ease: Transitioning from costly external firms to Digits' comprehensive software and service led to substantial savings and operational efficiency.
Future with Digits
Looking ahead, Partiful is excited by the prospect of further streamlining their financial management and looking forward to integrating Digits’ budgeting and forecasting tools into their workflows. Jess has been a Digits evangelist, spreading the word and sharing Partiful’s positive experiences with her peers. "During CFO roundtables, others were genuinely surprised at how Digits brought us both affordability and enhanced efficiency."
By aligning with Partiful’s innovative ethos, Digits has turned financial management from a cumbersome necessity into a streamlined, strategic advantage. Take the leap towards complete financial peace of mind with Digits. Book a demo with our team today.
