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 Fuelfinance we received a 5x better solution that was 10x cheaper, than our in-house financial department.”
Yaroslav Azhnyuk
Co-Founder at Petcube
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.
Automated data pipelines into a real-time dashboard, a full reporting stack, forecast automation, unit economics, and a dedicated manager turned finance into one reliable engine.
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.
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.
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.
Yaroslav Azhnyuk
Co-Founder at Petcube
Losses flipped to profit, a Plan/Actual culture took hold, and leadership now plans with confidence, not anxiety.
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.
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.
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.
