About Petcube
Petcube produces the world’s famous smart devices for dogs and cats, that allow pet parents to interact with their pets through smartphones. The company is a 4x winner of the Reddot Product Design Awards and was featured in the Ellen Degeneres Show.
“With Fuelfinace we received a 5x better solution that was 10x cheaper, than our in-house financial department. Fuelfinance made a major contribution to our profitability and gave a peace of mind about our business’ future”
Yaroslav Azhnyuk
Co-Founder at Petcube
Profit & Loss Statement
Before FUEL
Basic cheat sheet in Excel. The data collection was not automated, so the report ended up inaccurate.
With FUEL
A comprehensive report with automated data consolidation. The report updates in real-time, so the team can get their hands on legit data.
Cash Flow
Before FUEL
The statement wasn't accurate and didn't give clear financial insights.
With FUEL
A weekly plan/actual report helps to predict cash gaps in advance and identify opportunities for extra funding.
Balance Sheet
Before FUEL
The statement wasn't accurate and didn't give clear financial insights.
With FUEL
The main balance sheet metrics, along with the analysis of working capital, show the overall financial health of the company.
Forecasting
Before FUEL
The never-ending problem of inaccurate forecasting, that the team failed to implement
With FUEL
Monthly plan/actual analysis helps in making more accurate plans (within a 2-5% error margin) for the upcoming months.
Unit Economics
Before FUEL
The report wasn't accurate and didn't give clear financial insights.
With FUEL
The report shows how different products contribute to the profitability of the business, and tracks CAC/LTV tied to financials, not only as product metrics.
Dashboard
Before FUEL
A need to build an all-in-one dashboard with all the important high-level metrics
With FUEL
A dashboard that shows all the key up-to-date metrics essential for executives in a user-friendly way. It helps to quickly check the financial performance of the company.
Challenges
Before working with Fuel, Petcube constantly had a headache with their finances. For example, they had troubles wrapping up all the monthly financial activities.
The forecasting of their financial results wasn’t on point as well. Once in a while, they would find themselves in a crisis, realizing that they messed up with their previous predictions. Thus, the team couldn’t really trust those forecasts and plan ahead properly.
Another challenge was a lack of a solid financial system in place. There were no defined financial processes, but there were problems with automatic data consolidation and access to real-time analytics.
Solutions
Automated data consolidation
The Fuel team brought together all the financial data from Quickbooks, Gusto, Carta, Brex, Mercury, and Stripe into Fuel Cloud – a secured data storage, developed by Fuelfinance. This whole process was automated, so Petcube could get high-quality financial reports in real-time.
Financial system
Fuelfinance created a solid financial reporting system that fit perfectly with Petcube’s needs. They provided the core financial reports like Profit and Loss, Cash Flow, and Balance Sheet.
The team also improved the forecasting process by gathering all the data in one place and automating the forecast scenarios. With this, Petcube could make more accurate forecasts, with only a 2-5% deviation from planned results.
The Fuel team set up a Unit Economics in place to calculate the profitability of each of Petcube’s products.
The team also delivered an all-in-one dashboard that showed all the important financial metrics. So, the C-level team finally got a better understanding of how their business works and if any changes were needed.
Dedicated financial manager
Fuelfinance also provided a dedicated financial manager, who was ready to support Petcube along their financial journey. The manager made sure that all the reports were provided on time. He also prepared a detailed action plan on what Petcube should do next to step up their financial results.
Results
From Losses to Profitability
One of the most impressive results that Petcube got from working with Fuelfinance is going from making losses to making profits. Thanks to the solid financial system, the executive team was able to quickly spot problems and fix them. This also made the decision-making process better, based on reliable data and real-time metrics.
Better Company Culture
The whole Petcube team’s culture also changed, as they completely embraced a Plan/Actual approach. Now, every employee understands how their decisions affect the company’s financial results. It also became easier to see if something went wrong with their current performance.
Peace of Mind
The Petcube executive team finally got peace of mind about their business’ future. They are now 100% confident in planning and predicting their financial results and can devote their time to strategic decisions.
Ready to skyrocket your finances like Petcube? Request a demo of Fuelfinance and start your financial journey.