Introducing Laundryheap

Laundryheap is an on-demand, next-generation laundry & dry cleaning startup operating across 13 countries globally.

As CFO, Jon Mahood oversees acquisitions, new market launches, HR and commercial functions, fundraising, financial governance and control processes, budgeting, forecasting accuracy and risk mitigation.

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Joiin for Consolidation

The ability to consolidate my accounts in any currency with Joiin is mainly used when updating our forecast model each month for sharing with investors. Whilst there is still some manual work required to manage intercompany eliminations and streamline the reporting, most of this can be done in Excel or a Google Sheet pretty easily.

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ApprovalMax for Approvals

On joining the business, there was no governance or delegation of authority with everything being approved via email or Slack. We now have an ApprovalMax instance in every entity feeding directly into the relevant Xero instance, with specifically designed workflows, all major purchases being approved, and an audit trail. More importantly, it ensures we always have bills raised to reconcile to payments.

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Pleo for Spend Management

I'm a big believer in giving the team autonomy to expense appropriately, therefore we have issued the majority of the team a virtual expense card from Pleo. These cards are not just used in the UK but also across the UAE, France, and Singapore where we have an FX bolton which means we are not exposed to currency conversions. Once again,it reconciles easily in Xero — it also means no expense reimbursements and the team can snap their receipt/invoice at purchase.

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Mayday for Intercompany

With 7 entities and a UK parent company that receives any funds raised, intercompany transactions are unavoidable. When joining the business, I noticed we had significant amounts sitting in the Balance Sheet but painfully they didn't balance. Mayday allows us to do this and makes the reconciliation process straightforward.

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Kolleno for Accounts Receivable

For a small business, managing cash flow is critical so anything that gives you comfort that payments will be made on time is significant. With Kolleno, we can automate email strategies to follow up with customers and, with a Stripe integration, we can offer both card or bank transfer payments. Oh and of course...it makes the reconciliation process easier in Xero!

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Cledara for SaaS Subscriptions

A digital wallet offering virtual cards, which is similar to Pleo, Cledara solves two problems. Firstly, it centralises IT software and subscription spending into one place. Secondly, with a browser widget or Google SSN, it allows us to understand who is using what app and how much they use it, meaning we can save money by cancelling subscriptions that aren't being used and also make the onboarding/offboarding process more efficient.

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