Botkeeper automates Salesforce to accounting software and redeploys four people’s time away from monthly billing. Read the transcript.
Andy Gauthier, VP Finance [00:00:00] Ordway is very different from other solutions out there. The quality of their team and their ability to be nimble and help with whatever nuances we need for our specific business, Ordway definitely stood out. My name is Andy Gauthier and that co-founder and VP of Finance at Botkeeper. Botkeeper is a software company focused on automating the bookkeeping and pre accounting tasks so that you and your team can spend more time to value add services you provide to your clients. Prior to Ordway, we were using an industry standard tool bill.com for our billing and payment processing. That tool, unfortunately doesn’t have a very robust AR sub-ledger. The system we were using before
Tevin Hagamoser, Revenue Accountant [00:00:35] It required a lot of manual time to track invoices and send out invoices.
Tevin Hagamoser, Revenue Accountant [00:00:40] We wanted to scale faster and in order to do that we needed a revenue recognition subscription billing system. Life with Ordway significantly better than it was before Ordway Ordway transformed our manual processes. We no longer have to manage complex and cumbersome Excel schedules for defered revenue and accrued revenue. Ordway’s been able to streamline a lot of this prior to working with Ordway
Tevin Hagamoser, Revenue Accountant [00:01:04] It took us three to five people to deal with invoicing and billing, and now I am the sole person working in billing. The finance team for Botkeeper is able to focus on the why our accounts receivable is growing
Andy Gauthier, VP Finance [00:01:15] Instead of focusing on the who. The biggest result we’ve seen from Ordway is peace of mind across the management team. Knowing that the data points are true. Correct. The Ordway team has been phenomenal to work with, to be responsive, focused on providing value and solving pain points along the way. I would recommend Ordway to any fast-growing startup if your current process is manual, time consuming Ordway can help solve a lot of your pain points and save you time to put back into your business otherwise.
Botkeeper is a software company focused on automating the bookkeeping and pre-accounting tasks so that companies can focus on value-add services. By adopting the Ordway billing and revenue automation platform, the Botkeeper finance team streamlined their monthly billing process, automated the flow of Salesforce CRM contract data into billing, and gave the management team peace of mind that revenue reports are accurate.
Team was scaling fast and their manual order-to-revenue process was beginning to break down
Every month, up to five people needed to get involved to send invoices to their customers. They were manually reviewing Salesforce data and then used contract information to generate individual invoices through bill.com. This meant many hours generating invoices that could have been spent on higher-value activities. Botkeeper used spreadsheets to generate revenue schedules.
“We no longer have to manage complex and cumbersome Excel schedules for deferred revenue and accrued revenue.”
Tevin Hagamoser, Revenue Accountant
This manual process used to manage billing their SaaS subscriptions meant many hours rechecking work before invoices could be sent and revenue reported to the management team. It was very difficult for the team to accurately report real-time revenue snapshots and forecasts to internal management as well as external investors. To compound matters, Botkeeper was scaling quickly which put more strain on manual processes and they were beginning to contemplate their Series B fundraising efforts.
Replacing manual Excel-based revenue schedules and inefficient Bill.com invoicing
Adoption of the Ordway billing and revenue automation platform creates an automated, end-to-end, Salesforce-to-General Ledger workflow for Botkeeper’s recurring SaaS business.
After evaluating others in the market, they realized Ordway was the only platform that could handle their complex business and their revenue reporting needs.
“The quality of their team and their ability to be nimble and help with whatever nuances we need for our specific business, Ordway definitely stood out.”
Andy Gauthier, VP Finance
The Botkeeper team integrated their Salesforce instance with Ordway so their Chief Revenue Officer (CRO) could be assured that sales operations invoiced new and renewal customers accurately as fast as possible. Contract details (amount of the deal, billing start date, terms, etc) automatically flow, error-free, to the Ordway platform.
Next-generation SaaS subscription management workflow automation at Botkeeper includes:
- Close win an opportunity in Salesforce
- Automatically set up recurring SaaS contracts in Ordway with proper terms, discounts, billing frequency, etc
- Send Botkeeper-branded emails and invoices to customers
- Send journal entries to Botkeeper’s general ledger
- Report monthly revenue via scheduled reports: SaaS metrics, Botkeeper specific metrics and KPIs, etc.
Order-to-revenue automation generates peace of mind, better decision making, and a reduction in people-hours focused on billing
After the Ordway platform got fully up and running, Botkeeper was able to redeploy four people’s time to more important activities within Botkeeper’s business. Tens of thousands of dollars-worth of time can be used elsewhere in the business. In fact, this extra time and focus helped Botkeeper raise a successful Series B investment.
“The biggest result we’ve seen from Ordway is peace of mind across the management team knowing that the data points are true.”
Andy Gauthier, VP Finance
In addition to smooth billing and sales-to-finance process resiliency, Botkeeper is now able to report real-time revenue at a moments’ notice. This line-of-sight into future business is helping Botkeeper’s nimble finance team be a strategic partner to the Botkeeper management team.