In the past year, COVID-19 has completely changed the world we live in, and no business has been immune to these changes. In addition to transforming the way businesses operate day to day, COVID-19 has also affected the way businesses perform even their most core processes, including revenue recognition.
Last week, I saw that Roblox, a global online game platform, has been forced to delay its public market debut due to scrutiny from the SEC. My daughter is an avid Roblox player, so I was immediately intrigued.
Roblox’s valuation has grown over seven-fold in the months since the start of the COVID-19 pandemic, as video games continue to rise in popularity. However, according to an SEC memo, the commission has reservations over the way in which Roblox recognizes revenue from the sale of its currency, Robux, on the platform.
The struggles Roblox is facing are similar to the challenges of B2B companies we serve. In fact, simplifying revenue recognition for subscription businesses is one of the reasons we built the Ordway platform.
Optimizing your quote to cash process can seem like a daunting task, but maintaining the status quo with disconnected systems and operational inefficiencies places a much greater drag on your business. Where other billing systems are inflexible when it comes to complex pricing scenarios, Ordway is able to help businesses scale their operations and meet their customer needs.
Read on for six ways that Ordway helped SaaS finance leaders optimize their own quote to cash process.
We are excited to be able to announce that Ordway has been recognized by the 2020 Stratus Awards for Cloud Computing. This award highlights companies and individuals disrupting industries with innovative technologies, and that’s exactly what we’re aiming to do at Ordway.
to dun (dŭn) tr.vbto make repeated and insistent demands upon, especially for the payment of a debt; often involves escalating degrees of intensity; term first recorded in English in 1620–30.
You’d be hard pressed to find many people who actually enjoy chasing down clients for late payments, but it’s a challenge that businesses have had to deal with for as long as people have been trading products and services… Payments are sometimes late, and tough economic times only put more pressure on accounting teams to recover payments and balance the books each month.
If the process of chasing down payments—a.k.a., “dunning” in accounting parlance—has in fact been around since at least 1620, then you’d think that someone would have come up with a no-fail way to guarantee timely payment by now.
Yet, while no single methodology can guarantee timely revenue recovery, you can take steps to improve your quote-to-cash process. Our recommendation: Implement a solid dunning management strategy that caters to your customers’ ways of doing business with you.
While it may have taken grand ideas and more than a little ingenuity to build some of today’s most well-known companies (e.g., Amazon, Apple, Disney, Google, HP and Microsoft started in their founders’ garages), the long-term success of businesses these days is built on the backs of customer relationships.
We had the pleasure of visiting with CompStak just before the COVID-19 social distancing efforts took hold in both New York City where CompStak is headquartered, and Ordway HQ in Washington, D.C.
CompStak, a scaling startup with around 100 employees, is the leading crowdsourced platform for commercial real estate data. Growing quickly with a fairly complex business model, CompStak realized that they needed to replatform parts of their finance stack to keep up with their growth. During this transformation, they knew they wanted to stay on QuickBooks as their general ledger if they could. Their adoption of the Ordway billing and revenue automation platform meant they could continue to use QuickBooks and also “say yes” to complex Enterprise deals with unique pricing and terms.
When we launched our billing and revenue automation platform to the world 18 months ago, I set high expectations for the founding team. Transforming the way sales and finance teams work together to modernize their business models is no small undertaking.
With customers around the world in industries including software development, healthcare, logistics, performance management, manufacturing, and finance, we’ve witnessed transformation first hand. Building on this foundation, today I’m excited to announce we’ve raised a $10M Series A led by CRV and joined by Clocktower Ventures, Lerer Hippeau, and Revolution’s Rise of the Rest Seed Fund.
Leaders in the New York City tech scene gathered in the Flatiron District to celebrate efficiency gains brought about through billing and revenue automation and other process improvements.
One of the main goals of the evening was to build community between parts of organizations that don’t often have opportunities to share and learn best practices with other finance and accounting professionals.
Dispatch is a last-mile delivery service that is rapidly scaling to dozens of markets around the United States. It helps get industrial service parts to the right people at the right time, and makes money by deeply understanding how far, how fast, and how many parts to be delivered.