CompStak automates Salesforce to QuickBooks. Read the transcript.

Terry Talerman, VP Finance, CompStak [00:00:00] CompStak is the leading crowdsourced platform for commercial real estate data. It licenses its data out to its clients. Typically, these deals are a minimum of a year up to a couple of years out. We invoice out on a monthly, quarterly, or annual basis. We are a small accounting team and I don’t want to spend time doing tasks that can be automated and not adding that much value.

We looked at Ordway and I was totally blown away by Ordway. I knew this was a system for us as we scale. This is really gonna help the business because I was looking for the full functionality from Salesforce, which is the CRM that we use all the way through to QuickBooks. Ordway I believe has extended the lifespan of QuickBooks because a lot of the transactional side is taken care of inside Ordway. I do not need to worry about check receipts from customers, the credit card processing, details of the customer reconciliation back to QuickBooks. It all works.

We looked at Zuora and felt that it was too large and we didn’t have the resources to implement it. And it just wasn’t, we just couldn’t do it. We were told by them and by the work that we undertook that it wasn’t suitable for us. And Ordway stepped up and put a team in place and we did the integration in a weekend. So it really works fantastic for us.

Number one reason why Ordway has made my life easier is time and automation. Getting information from the sales department all the way through to accounting system means it’s one less task that I need to take care of. And it means more automation means I can better spend my time better for the company.

CompStak is scaling quickly and that meant replacing an expiring legacy system that was holding them back. By adopting the Ordway billing and revenue automation platform, learn how a small accounting team extended the life of QuickBooks and is now sending closed-won opportunities to Ordway, managing billing, and sending journal entries to their general ledger.

Terry collaborating with accountant

The Challenge

Small team spent too much time on billing and revenue reporting

CompStak’s VP of Finance Terry Talerman needed to change things so that his team could help the business accelerate. His team was spending days each month managing their annual, quarterly, and monthly billing, as well as closing the books and properly recognizing revenue. They were using SaaSOptics to manage contracts and report SaaS metrics to the business.

They realized their evolving business model would not work well with this legacy system. The SaaSOptics contract was expiring and Terry initiated a search for a new partner. CompStak briefly looked at Zuora, but according to Talerman, “we were told by them, and by the work that we undertook, that it wasn’t suitable for us.” After CompStak made the choice to adopt the Ordway platform, a team was put in place, and CompStak got up and running over the course of a weekend.

SaaSOptics couldn’t meet the needs of the team, Zuora said no, Ordway stepped in and got them up and running in a matter of days.

Terry pointing at computer

The Solution

Adoption of Ordway creates automated, end-to-end, Salesforce-to-QuickBooks workflow

The CompStak team connected their Salesforce instance to Ordway which means that contract details (amount of the deal, billing start date, terms, etc) automatically flow, error-free, to the Ordway platform.

CompStak now initiates error-free billing and revenue schedules by simply marking an Opportunity in Salesforce as “Closed Won.” Additionally, one of the main reasons the Ordway platform was selected was to extend the life of their QuickBooks accounting system. Because much of the transactional side of the equation is managed in the Ordway platform, the CompStak team doesn’t need to worry about check receipts from customers, credit card processing, and details of the customer reconciliation back to QuickBooks.

Terry at office

The Results

Regained time through automation means CompStak has time for strategic activity

A billing process that took the team many days each month, is reduced to hours because CompStak decided to invest in a next-generation SaaS subscription management system via the Ordway billing and revenue automation platform. Errors and time spent were drastically reduced because of their new, automated sales-to-finance workflow.

Next-generation sales-to-finance workflow automation at CompStak looks like:

  1. Close win an opportunity in Salesforce
  2. Automatically set up contract in Ordway with proper terms, discounts, billing frequency, etc
  3. Send monthly journal entries to QuickBooks
  4. Report SaaS metrics, and CompStak specific metrics, to the executive team on regular schedule