How Sheet Society launched into hypergrowth by automating their financial processes

The challenge

With explosive growth, Sheet Society was experiencing their currency conversion and transaction fees quickly added up to a significant monthly amount. The team needed a simple, cost-effective and scalable way to manage their global expenses.

Expensive FX fees when paying their international suppliers in USD

Sheet Society was using a domestic Australian bank account to pay their international suppliers. This resulted in expensive currency conversion fees on their growing supplier orders.

Physical corporate card with 2.5% foreign transaction fees

The team used this card to pay for their global SaaS subscriptions, including Shopify subscription fees and other USD-based eCommerce tools. With the team growing, it also became challenging to make card payments with a single, physical card.

Hayley Worley

Founder

“We couldn’t just look at the cost of the product, but also the cost of selling that product. We needed to factor in things like digital marketing spend, merchant fees and currency conversion fees on each sale.”

The solution

By paying their global suppliers and SaaS subscriptions through Airwallex, Sheet Society has saved over AUD$12,000 each month. The team has also saved 4 hours each week by automating recurring payments and integrating into Xero for easy multi-currency reconciliation by the hour. This has allowed the team to re-invest back into the business to keep up with customer demand.

Andy Worley

Co-Owner & Director

“These small percentages here and there add up over time with a real bottom line impact. When I see the rates are good, I’ll convert my AUD into USD, knowing that I’ve saved money that I can re-invest into the business in the long-run.”

About Sheet Society

Sheet Society was dreamt up by Hayley and Andy Worley in 2017, with a simple idea to create a memorable night’s sleep that is uncomplicated and stress-free. From humble beginnings in a shared working space to their second warehouse expansion, the team has experienced a staggering increase in sales since COVID-19. The bedding mecca is now gearing up for launching into the US and UK.

Sheet Society has blown apart the industry norm of buying in ‘sets’ and overemphasis on thread counts. With Sheet Society, it’s simple to ‘mix and match’. Customers don’t need to worry about ‘matching sets’ anymore, with a timeless colour palette to choose from that compliments across all ranges.

How Sheet Society build their business with Airwallex

Saved over AUD$12,000 on global supplier and SaaS subscriptions each month

The team could track and preemptively convert their AUD into USD with Airwallex’s transparent FX rates. This translated into real bottom-line impact, allowing the team to re-invest every dollar into the long-run of the business.

With 0% international card transaction fees on Airwallex virtual cards, the team could also save on their SaaS subscriptions, especially on their growing Shopify fees. With a growing team, being able to create a new virtual card in seconds has made it easy to empower a new employee.

Automated recurring payments and processes

The team has saved hours each week with Airwallex’s multi-currency Xero integration and batch payments feature. This saved hours of manual work for the team while creating scalable processes for the team as they expand.

Fast-tracked global expansion

As Sheet Society gears up to launch in the US and UK, Airwallex Global Accounts have taken the hassle out of setting up foreign accounts. The team can set up US and UK local accounts, connect to AfterPay and collect in local currency in minutes.