Complif consolidates global financial reporting on Campfire
Complif, a compliance process automation platform automating AML processes for global financial institutions, faced unique complexities in managing financial data across multiple entities and currencies. With operations spanning North, Central and South America, they struggled with manual financial processes and an inability to efficiently consolidate their financial statements.
The company had been relying on a homegrown accounting solution of software and spreadsheets, which created inconsistencies and made it difficult to keep their financial data up to date. However, in order to sustain their high growth, Complif needed a way to automate repetitive accounting tasks, freeing up their team to focus more heavily on strategic business goals, like reporting an accurate, timely view of their global financial reports for executive decision-making.
Campfire’s flexible, API-driven accounting software offered Complif a solution that unified their complex multi-currency and multi-entity operations, streamlining their financial processes and increasing data accuracy and visibility.
“The product is very clean and the API part is core, allowing us to build local integrations specific to our needs.”
Mathias Caramutti, COO @ Complif
Simplified multi-entity and multi-currency financial operations
Operating across multiple countries introduced challenges for Complif, including the need to manage invoicing and accounting in various local currencies while maintaining a consolidated view of the business in a single currency. Before Campfire, Complif lacked a system that could automate this complexity while still integrating into their workflow without becoming prohibitively expensive or difficult and time-consuming to use.
Campfire’s ability to support local integrations while offering a simple, intuitive interface allowed Complif to consolidate financial data from across Latin America, integrating bank feeds from Argentina, Mexico, and Colombia. With all operating entities within a single system, Complif now has a holistic view of the company’s finances.
The team also uses Campfire’s global financial reporting while still maintaining local reporting, which allows Complif to consolidate the financials according to internal business criteria while maintaining compatibility with tax-compliant statutory reporting for each country.
“The alternatives we saw were either not sophisticated enough to handle our complexity or too challenging to implement. Campfire hit a sweet spot for companies like us with complex processes requiring a flexible, customizable platform with robust APIs.”
Mathias Caramutti, COO @ Complif
Building an accurate and efficient financial system made for growth
Previously, Complif’s reliance on spreadsheets created significant data quality issues as they grew. While spreadsheets offered flexibility, it led to discrepancies between financial reports and actual cash flow. As Complif expanded, these discrepancies became more pronounced, making it harder for the team to keep track of their own data.
After adopting Campfire, Complif has seen a significant improvement in the reliability of their financial data. With accurate data with advanced SaaS ARR reporting features, like ARR waterfalls, the team now feels confident in the strategic decisions made using their financial data.
“Campfire’s automation will help us focus on more strategic parts of our business, rather than spending time reconciling spreadsheets and ensuring data accuracy.”
Mathias Caramutti, COO @ Complif
