Breaking Down Global Financial Barriers
Modern companies like Forage operate beyond US borders. Learn how Forage leveraged Mosaic to connect their global finance process.
From manual to automated global analysis
Saved from data consolidation each month
New timeline to close books!
Forage looks to tear down the barriers between potential and opportunity. They give every student an equal chance of discovering and landing their dream job. In a world where companies are seeking to democratize access to information, education, and financial wellness, Forage is at the forefront of this movement.
“We believe talent is evenly distributed, but opportunity is not. We want to build a world where every student has the opportunity to build vital career skills and industry knowledge for free.”
The team has been focused on creating an even playing field for students to thrive all the while finding ways to keep their business efficient and in tune with growing demand in multiple markets.
Consolidating Global Financial Insights
Forage is a global business with offices in the United States, UK, and Australia. Their reach and scale required them to maintain multiple versions of the accounting software Xero - creating two separate sets of books and records. Operating in different countries also added a layer of complexity due to foreign currency conversions forcing the finance team to spend lengthy cycles downloading, translating, and converting numbers into standard reporting packages.
As the team continued to perform deeper analysis into customer revenue, company spend, and profit margins to get a more complete picture of their global business, it was clear they needed a more automated and streamlined reporting structure that would allow them to centralize their global financial data and accelerate P&L creation.
The ultimate goal, connect the dots between key financial datasets to obtain a more holistic view of their business, quickly.
“To serve our customers and student community; quickly connecting global financial information was critical. Mosaic automated our global consolidation process enabling us to spend more time planning ahead - game-changer!"
Connected Financial Systems
Leveraging the power of Mosaic’s multi-subsidiary consolidation with built-in currency conversion and eliminations, the Forage team was able to connect two separate instances of their Xero ERP software to easily analyze global revenue and expenses in one place, automatically.
The time savings enabled them to focus on strategizing for growth instead of hours of data collection, manipulation, and conversion.
Forage also partnered with Mosaic’s Customer Success team to implement best practice reporting structures. This enabled the team to view P&L by departments and by subsidiary, saving the team hours of manual work and increasing visibility across the organization.
Connected data from two Xero ERP instances to easily analyze global expenses.
Common operating framework to run their business effectively.
Department-based tagging structure for deeper insight into revenue and expenses.
Faster, More Streamlined Global Operations
Today, Forage is able to scale their business to meet customer needs all while keeping their financials organized and transparent. Mosaic has enabled them to integrate multiple ERP systems to analyze, report, and forecast both financial and non-financial metrics at a consolidated level.
“For us to continue to serve our customers and student community, as we scale; access to accurate and up to date information is critical. Bringing in a tool that enables us to spend more time on planning ahead vs consolidating information was a game changer"
As Forage seeks to change the lives of students all over the world, Mosaic will help streamline financial analysis and understanding across borders, giving the team more time to spend on forecasting insights, and building strong partnerships with stakeholders across the business.
Forage is now able to...
Automatically consolidate and translate financial statements into USD.
View all US and Australia country level finances in one place.
Leverage Mosaic to help close their books in 3 days!