Wispr — How an AI startup uses Digits to maintain cash flow visibility at scale

Bebe Kim

Published September 12, 2024

Wispr, an AI-driven company focused on creating natural language user interfaces, is on a mission to make human-computer interactions as seamless and natural as human-to-human interactions. As Wispr grew, Tanay Kothari, the CEO, found it increasingly difficult to maintain a clear and detailed view of the company's finances. He needed a solution that would allow him to stay on top of financial transactions and make informed decisions without the time-consuming process of manual oversight.

Digits is the one-stop shop for founders who want to focus on building their businesses, not managing their finances. We were excited to support Tanay in closely monitoring his company's cash flows.

Digits Impact TLDR;

No longer “flying blind” with prioritized-for-you metrics dashboard
Saved countless hours of enriching transaction data to be able to answer difficult questions and make important financial decisions
Saved three hours per month working on action items with his interim CFO

The problem: more people more transactions

When it comes to finances, what Tanay really cares about is being able to have a constant pulse on what's happening. There was a point when he knew every single transaction that was going on inside the company, including who made it and where it was going. As the company grew beyond 15 people, it became increasingly difficult to track the flow of cash. If this lack of visibility persisted, it would lead to suboptimal decision-making.

Early tech companies faced with this challenged usually do one of two things: (A) hire a tech-savvy outsourced finance team or (B) make an internal finance hire to stay on top of finances full time.

Wispr first tried Bench, then Pilot. While both are excellent companies, working with them felt like collaborating with traditional accountants with slightly improved interfaces. For instance, Tanay could log in and see a list of newly added vendors, but he couldn't track where the money was going or how individual line items were evolving over time. Despite using Bench and Pilot, Tanay still had to dedicate several hours each month to meticulously review the company's books. This task became overwhelming as Wispr expanded beyond 15 employees.

The second approach of making an internal finance hire may seem straightforward, but it's rare to find a person who excels in all areas of financial operations and advisory for an early stage company. This approach typically costs significantly more than utilizing a fully-staffed firm on a fractional basis.

Solution: Digits ai-powered accounting

Tanay turned to Digits for an innovative, AI-driven approach to financial management. Digits stood out with its user-friendly interface and powerful analytical tools, which offered a seamless experience for understanding and managing financial data. Tanay was particularly impressed by Digits' ability to provide real-time insights and detailed financial reports that were easy to navigate and interpret.

Onboarding and Integration

The onboarding process with Digits was smooth and efficient. Tanay's first interaction was with Jeff from the Digits team, whose positive energy made the process enjoyable. Tanay appreciated the white-glove service, which stood out compared to other products he had used. Integrating Digits with Wispr’s existing financial platforms was straightforward, taking only a few minutes.

Adapting to Digits

Tanay and his interim CFO quickly adapted to using Digits. The intuitive interface required little to no additional training. The team at Digits was responsive and supportive, ensuring that any questions or issues were addressed promptly. Tanay appreciated the proactive communication and quick turnaround on feedback, which made him feel valued as a customer.

I remember the first time I looked at my first monthly report. I immediately sent Jeff an e-mail and was like dude, this is insane. I just spent 10 minutes answering all of my questions that I otherwise needed three hours and a call with my CFO to be like “what is going on”?

The Impact

Enhanced Financial Visibility — ****With Digits, Tanay was able to regain a detailed view of Wispr's finances. He no longer had to spend hours each month reviewing financial statements. Instead, Digits provided comprehensive reports that answered his questions in minutes. This increased transparency allowed Tanay to make better-informed decisions and manage the company’s finances more efficiently.
Improved Forecasting and Budgeting — Digits also transformed Wispr's budgeting and forecasting processes. The platform allowed for easy tracking of financial metrics and headcount management. Tanay could create and adjust budgets with greater accuracy, ensuring that Wispr remained within 5% of their forecasted burn rate each quarter. This capability was crucial for a company developing deep tech hardware, where long-term planning is essential.
Positive Team Experience — Both Tanay and his interim CFO found Digits to be a significant improvement over previous solutions. The CFO, initially skeptical about switching from traditional platforms, quickly became a proponent of Digits due to its superior functionality and user experience. This positive reception extended throughout the Wispr team, reinforcing the decision to adopt Digits as their primary financial management tool.

Digits has empowered Wispr with the tools and insights needed to navigate its finances in minutes. Ready to upgrade your accounting to Digits for complete peace of mind? Book a demo with our team today.