Where Spreadsheets Fail, Follow Where Growth Leads You

Where Spreadsheets Fail, Follow Where Growth Leads You

Resources

by | Feb 20, 2018 | Resources

Where Spreadsheets Fail, Follow Where Growth Leads You

By Paul Johnson
CPA, CGMA, MBA

For software and technology companies, the rapid growth that often accompanies their success can be energizing and rewarding, but the chaos that also comes along with that growth? Not so much.

Usually rapid success means teams are constantly having to switch gears and build workarounds to get the work done that they used to do alongside the new work coming in. Before you know it, their job structures have changed, and now everyone gets more than their fair share of aggravation. Nearly every day brings a new and unusual workflow hurdle to overcome.

Are your teams feeling the squeeze of success? It might be time you tune into where growth stresses your internal systems the most to choose the right solution for your unique needs. Let’s take a look.

billing

Dashboard Depth

When you started out, it made a whole lot of sense to work with in-house systems. They gave you exactly the data you needed to run your new software service company. Spreadsheets did the job for keeping track of your metrics back then. These types of systems have a purpose in the world of business, but only for so long.

Now, as your subscription and technology services company rapidly grows, your teams increasingly need a financial system designed to manage more complex data – things like churn, recurring revenue, add-ons, subscription changes, and product enhancements.

A cloud-based financial management system with a strong dashboard feature can help your teams work smarter and faster. Dashboards with customizable metrics based in the cloud means your key decision makers can design strong strategies on the fly in response to market activity and company data.

billing

Customizable Reporting

Excel spreadsheets for reporting might have worked for you in the past. Now though, your company manages more involved subscription options, service options, and more detailed revenue recognition compliance standards. like the upcoming ASC 606.

A best-in-class financial management solution like Sage Intacct offers the kind of reporting depth and customization that can accommodate multiple entities, locations and currencies. Product details and revenue recognition becomes simpler. Global consolidations happen seamlessly, data transfers between entities and integrated software solutions effortlessly.

If your teams are still struggling under the confines of static, on-premises accounting solutions, now is a great time to explore other more accommodating options that streamline your work days, energize and empower your teams, and get more powerful results from your metrics.

Give us a call! Finding solutions for tech-savvy companies is right up our alley, and we want to help you choose the best solution to make rapid growth more comfortable!

Automation – A Tech Services Slam Dunk

Automation – A Tech Services Slam Dunk

Resources

by | Feb 6, 2018 | Resources

Automation – A Tech Services Slam Dunk

By Paul Johnson
CPA, CGMA, MBA

If you’re a growing software services company running business systems the way you did when you started, it might be time for a change. A newly-released analyst report from Ventana Research gives a clear understanding of today’s SaaS challenges, and how automating the billing process can overcome them.

Let’s break it down.

Automation Simplifies Billing

Technology services company billing is anything but simple, and if you’re operating with in-house systems, it’s probably more complicated than it needs to be. Maybe you sift through spreadsheets or isolated systems for hours to get simple answers, or spend long tracking discounts, plan changes, usage charges and subscription modifications. This wears on client satisfaction and company margins when over or underbilling happens as a result.

According to Ventana Research, “Only 20 percent of participants who have finance and accounting roles, and fewer than half overall, are satisfied with their subscription invoicing process…most say it requires too much effort.”

While you probably can’t affect subscription-related complexities, you can automate things like where and how you access your data, and how many spreadsheets you use.

billing

Automation Unifies Your Teams

When your businesses processes lack automation, your teams are divided. You’ve got sales and marketing on one end, responding to clients and the market, and finance on the other, responding to increased workload of more reconciling and reporting.

However, with automation, finance is happier because their reconciling and reporting is done for them, and sales and marketing is happy because they are able to market needs with reduced push-back. Win-Win!

Automation Keeps You Compliant

I’m sure you’ve heard that a new set of compliance standards are coming soon – ASC 606 and IFRS 15 – which means more complicated bookkeeping.

Technology services that use a strong financial management system can better handle complex revenue recognition than companies still relying heavily on spreadsheets. Automated billing is sorted more consistently. Teams can quickly dive into transactions. Much of the compliance details are organized for easier reporting.

billing

A Tech Services Slam Dunk

When you automate with the right financial management system, you can house all your data in one place. Subscription details go from scattered and error-prone to controlled and accurate.

In Ventana’s research, 85 percent of companies that use a dedicated subscription billing software said they’re satisfied with their systems in place, measured up against the 50 percent of those companies that still use spreadsheets.

When software service companies bring on a best-in-class financial management system like Sage Intacct, they get real-time visibility into data, can keep track of critical revenue recognition information. Teams collaborate effortlessly. Data stays reliable and strong.

If your teams are struggling to stay ahead with your current setup, let us help you find the right solution for your company.

Give us a call – we want to see you dunk one in the bucket with automation streamlining – Swish!