The Challenge

When Franziska joined Leapsome as Senior Finance Manager, she was the first full-time finance employee. Prior to her arrival, financial reporting was managed manually using Google Sheets, making investor updates and internal reporting highly time-consuming and prone to errors.

She recalls

"Back then, it took me a full week to prepare reporting—not only financials but also figures from other teams. It was an exhausting task."

The company’s expansion into the US further complicated financial operations, introducing the need for currency consolidation. This created an urgent need for an automated solution to streamline financial management.

The Solution

Leapsome evaluated multiple FP&A tools before selecting Abacum for its automation capabilities, intuitive interface, and seamless integration with existing systems.

After assessing various options across different price points, Abacum stood out due to its user-friendly interface, robust workflow functionalities, and compatibility with Xero, Leapsome’s US accounting system. Additionally, Abacum’s quick implementation timeline and automation capabilities provided the efficiency and flexibility Leapsome required.

With Abacum, Leapsome successfully:

• Automated FX conversion to ensure real-time consolidated statements with zero manual effort.

• Streamlined investor and internal reporting by integrating financial data from both German and US entities, significantly reducing the time spent on report preparation.

The Impact

• Investor reporting time cut by 80% – The process that previously took an entire week was reduced to half a day, allowing the finance team to focus on more strategic initiatives.

• Manual FX conversion eliminated – Monthly currency conversion, which had been a manual and error-prone process, is now fully automated, ensuring consistency and accuracy in financial statements.

• More time for strategic finance – Instead of being bogged down by report generation, the finance team now has the capacity to analyze data, drive financial insights, and engage in proactive decision-making.

• Improved financial transparency – Department heads now have direct access to budget and spending data, making them more aware of their expenditures and fostering better collaboration with the finance team.

Conclusion

For Leapsome, Abacum has been instrumental in transforming financial operations by eliminating inefficiencies and enhancing transparency. The ability to automate complex processes has freed up valuable time and allowed the finance team to focus on more strategic tasks.

As Leapsome continues to scale, Abacum remains a key tool in ensuring seamless financial management across its growing global footprint.