letgo Gets Greater Control Over Travel Spend with TripActions Liquid™

With more than 100 million downloads and hundreds of millions of listings, letgo is the largest and fastest-growing platform to buy and sell locally. As the 300+ person organization scaled, so did letgo’s travel spend, making controlling and managing T&E a top Finance team priority.

Employees at letgo primarily travel between the company’s two main hubs in Barcelona and New York City. While in-person collaboration was a key contributor to letgo’s positive culture and facilitated better interdepartmental planning, operating in multiple countries with different currencies added an additional layer of reconciliation complexity for letgo’s Finance team. Not only that, but sorting through a mixture of expenses made on centralized corporate cards, team-specific P-Cards, and employees’ personal cards resulted in hours of manual administrative work, bringing the team’s focus away from strategic financial analysis.

Challenges
  • Balancing strategic goals with financial obligations
  • Time consuming monthly T&E reconciliation
  • Purchasing card security and fraud risks
Results with TripActions
  • 25% decrease in per traveler spend
  • Monthly reconciliation in less than 10 min
  • Mitigated fraud and risk by transitioning purchasing cards to TripActions Liquid

95% Reconciliation Done Automatically

David Wieseneck, VP of Finance at letgo, explained how his team previously reconciled hundreds of transactions each month manually. Now, after rolling out TripActions Liquid™, it takes barely 10 minutes: “All we need to do is download an invoice and upload it as a single transaction item in our accounting system,” said David. “I have 100% confidence that this invoice reflects all reconciled travel booked in TripActions, with defensible data to back it up in case of audits.”

The TripActions Liquid virtual card solved David’s lengthy reconciliation challenge, allowing the team to prioritize higher value-add work and priorities. Additionally, travelers will no longer have to seek reimbursement on their credit cards, which means Finance and Accounting will spend less time tracking down receipts and expense reports. “The physical TripActions Liquid cards will completely solve the issue of employees having to pay for certain hotels upon checkout as well as the challenges of out-of-pocket expenses,” David said. “This will bring 95% of our travel spend through TripActions Liquid which means that 95% of our reconciliation will be done for us automatically.”

Financial Security & Peace of Mind

Financial-level security was also top-of-mind for David when looking for a travel payment solution. With TripActions Liquid virtual cards, a unique card number is generated for each transaction, which means that the number cannot be reused. “If our corporate card was lost or somehow compromised, I would have to change payment information in 20 different places,” David explained. “With the TripActions Liquid virtual card this is no longer something I even have to think about.”

Focused and Efficient

Now, David can keep his team focused and efficient. “If all we’re doing is just reconciliation and chasing after expense reports, then we can’t add as much value as we’d like,” he added. “If we can focus on closing books quickly then we can free more time for analyzing data and finding ways to save money.”

“Deciding to use TripActions Liquid was a no-brainer for letgo. I can’t see why anyone wouldn’t want to use this. It’s more secure, it saves time, and makes our lives easier.”
David Wieseneck, VP of Finance, letgo
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