Case Study

How Copper Weathered Economic Uncertainty with Teampay

With Teampay, Copper’s finance team stays agile regardless of the economic climate.

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Copper signed up with Teampay at the end of 2019, and while it was a big change for the team they soon found out how helpful Teampay was. With the economic uncertainty in 2020, Copper needed to make financial changes quickly, and Teampay made it easy.

Read more to learn how Teampay helped Copper:

  • Eliminate unnecessary credit card expenses
  • Rethink vendor relationships
  • Reduce month-end close to just 3-4 days
  • Prevent over $13,000 in out-of-policy spend

Before Teampay: Month-End Close = “An Absolute Nightmare”

Before Copper found Teampay, their internal financial and accounting processes were anything but automated.

I feel like we used to give physical cards out to anyone and their brother and sister.”
-Rick Smith, VP of Finance

Before Teampay, Rick Smith, Copper’s VP of Finance, would describe his company’s month-end close as “an absolute nightmare.” The process took “the better part of two weeks” and involved hunting down credit card receipts and coding transactions even before reconciliation.

At the same time, the company was growing and transitioning to NetSuite for an ERP. Copper’s finance team realized this would be the ideal time to change how they handled expenses.

Why Copper Chose Teampay

  • Teampay's Software Integrations: Teampay’s seamless integration with NetSuite meant Copper could create end-to-end workflows to fit their needs. “We had things set up and well- integrated from the get-go,” explained Rick. And the Slack integration made purchasing simple.
  • Teampay's Automated Workflows: Copper’s team was especially impressed by Teampay’s automated workflows for approvals. The finance team wanted to set up specific spend guidelines for employees, and with Teampay, they could easily do so.

After Teampay: Staying Agile When It Mattered Most

Teampay reduced month-end close by 10 days

Copper onboarded with Teampay in late 2019. “It was definitely a welcome change for the team,” said Rick. Soon after, Copper would discover how welcome Teampay would be.

The economic uncertainty in 2020 was no different for Copper, but with Teampay could make financial pivots quickly and easily with Teampay.

The finance team had more time to dedicate to strategy because Teampay helped Copper move from a month-end close of 14+ days to a three-four day process – "reducing our month- end close by order of magnitude," said Rick.

James Chung, Assistant Controller explained “reconciliations meant simply exporting transactions from Teampay and matching them with NetSuite expenses.”

With month-end close in order, “we really leaned on migrating every possible spend avenue onto Teampay to understand where spend was going,” Rick explained.

Teampay: A Valuable Part of Copper’s Finance Team

“Teampay has given people the tools to request things they need to do their jobs more effectively,”
-Rick Smith, VP of Finance

With Teampay, Copper’s finance team stays agile regardless of the economic climate. In 2022, using Teampay prevented $13K in out-of-policy spend.

In turn, Copper employees can use Teampay to make purchases the same way customers use Copper’s CRM— with less manual work and more focus on what’s important.

When asked about the possibility of switching from Teampay, Rick said, “I’d say take your pick. We cut Teampay, and we hire another accountant, which is tenfold more expensive. So yeah, I’d say Teampay is cost effective, and we look forward to using it even more.”

How Teampay Helped Copper

Eliminate Unnecessary Credit Card Expenses: Copper got rid of physical cards that the team previously used for expenses like lunches and software subscriptions. They instead opted for Teampay virtual cards, allowing employees to buy what they needed using uniquely assigned virtual cards without sacrificing visibility and control for the finance team.

Rethink Vendor Relationships: With each vendor contract tied to a unique Teampay card, Copper could negotiate more appropriate terms and adjust card payments as needed.

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