Wallapop Optimises Its Financial Management and Treasury with Embat Integrated with Oracle NetSuite

A conversation with:
Cristina Fuentes
Treasurer of Wallapop
Wallapop, a retail company based in Barcelona, faced challenges in optimising time and liquidity visibility due to manual processes. They partnered with Embat to automate accounting and bank reconciliation, and to provide real-time visibility of their treasury, all integrated with their ERP Oracle NetSuite.
Headquarters
Barcelona
Sector
Retail
Employees
201-500
ERP
NetSuite Oracle
Before Embat
  • Need for improved time efficiency: In order to reduce time spent on tasks, Wallapop realised the need to switch away from manual line item accounting, to a more automated approach
  • Incomplete visibility of global liquidity in real time
With Embat
  • Real-time treasury 
  • Treasury forecasting 
  • Automated accounting and bank reconciliation

The customer

Wallapop was founded in 2013 in Barcelona and now operates in Spain, Italy and Portugal. The company promotes sustainable consumption by providing a platform for buying and selling second-hand products and has more than 19 million users.

The organisation is currently undergoing a digital transformation, which is one of the reasons why they have decided to bring Embat's solution to the finance department.

"The implementation of Embat has streamlined the running of our department, optimising the visualisation of banking data and automating a large part of the accounting and reconciliation processes. The digitalisation of administrative tasks has allowed us to dedicate more time to strategic tasks".

The challenge

1. Optimise bank reconciliation processes

As a company, Wallapop has a high volume of monthly transactions, so the accounting team needed to optimise processes.

The idea was to find an automated solution that would save the finance team time and reduce the amount of manual errors that could occur.

It was important for them to have a centralised platform that would allow them to link transactions for collections or commissions with open line items in their ERP and to have an updated portfolio of clients with the corresponding collections applied.

2. Improve team efficiency and productivity

Focus on more strategic tasks with more added value by automating manual tasks and fostering team well-being by digitising tedious administrative work.

3. Have better visibility of the banking pool in real time.

Make decisions in the medium and long term thanks to a banking pool updated in real time, without the need to waste time in Excel and avoiding manual errors as well as not having to log in to each bank account to know the global balance.

The Solution

Embat's teams worked hand in hand with Wallapop to configure the platform. The key elements of the solution are: 

Real-time connectivity between Embat and Oracle NetSuite. 

Embat and Oracle NetSuite are now connected via API and synchronise in real time. 

Automation of bank reconciliation

Wallapop now has easy visibility of bank transactions. The team has also automated the accounting of collections from payment platforms. All these suggestions are channelled by Embat’s  artificial intelligence engine that creates automation rules, detecting recurring cases to simplify the process. These changes have enabled the finance team to generate time savings and improve their  day-to-day work quality and enjoyment. 

Consolidated view of the banking pool and transactions

While the team needed a solution for their accounting area, they also opted to add the treasury module in order to improve the real-time visibility of their banking pool. 

The Impact

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