Powering multi-entity billing and real-time decision making for senior leadership. Read MyDigitalOffice video transcript.
Eric Magas, Controller: My experience with the Ordway team has been nothing short of fantastic. Any invoice, any type of way that the customer asks, you already know that it'll be right. Hi, my name is Eric Magas. I'm the Controller for MyDigitalOffice.
MyDigitalOffice helps the hospitality industry. So one customer might have 400 hotels and they want to be billed monthly, one invoice sent to each hotel. Another customer is going to be billed quarterly and they have 15 hotels, but they want one invoice for all 15 hotels. Prior to Ordway, it was a lot of just manual work. The time that was spent on revenue was getting to be too much. When they have multiple American hotels and multiple Canadian hotels, and they want the same price for both of them. It's tough to do that transfer pricing or conversion pricing, but Ordway makes it simple that we can just rely on one exact conversion rate and use that same price across the board.
I could be on a call with the senior leadership team at MyDigitalOffice, and they'll be like, 'what's our receivables look like right this very second?' I can have it within 30 seconds. They could be asking how much money are you recognizing from this one specific parent group. I can have that within 30 seconds. Ordway just enabled more time to be spent on more revenue producing activities in the business. For myself, not worried that the bill is going to go out and a breakdown isn't coming right behind it.
Working with the Ordway team has been great. It's always upfront and honest and helpful. You never feel like you're just like a number waiting in line with the support team. I would recommend it to pretty much anybody looking to automate their revenue process and billing process. There are definitely no doubts on our side that Ordway can grow with us and supply what we're looking for and what we need from a revenue and billing partner.
myDigitalOffice is a hoteliers’ data visualization, process automation, and performance management SaaS company. They support clients in revamping their back-office process and workflows with powerful cloud-based tools, which provide efficiencies to information and document management so that they achieve greater visibility, connectivity, and control over operations.
Intricate contracts and high-volume billing across multiple entities overwhelmed manual workflows
myDigitalOffice’s clients are companies like Marriott who have complex parent-child relationships that require intricate invoices to be sent based on unique contract terms. To further compound the overhead related to managing their business, myDigitalOffice has multiple entities around the globe which layers additional dimensions to their billing, revenue recognition, and reporting. In effect, as they grow, the finance team is asked to carry an increasingly heavy burden.
myDigitalOffice’s client base includes a large number of hotel owners and operators, franchisees, and property management companies, many of which required:
- Custom contracts
- Unique billing schedules
- Different products
- Multiple invoices in one statement to a parent organization
"... a lot of our customers are not the same. So one customer might have 400 hotels and they want to be billed monthly and they want one invoice sent to each of the 400 hotels. Another customer is going to be billed quarterly and they have 15 hotels, but they want one invoice for all 15 hotels. So prior to Ordway, it was a lot of just manual work, making sure that the customers were receiving everything that they asked for, whether it be those separate invoices, whether it be a separate period of billing," said Eric Magas, CPA, Controller at myDigitalOffice.
Managing complex order-to-revenue work streams swallowed large amounts of time error-checking billing. Basic processes for sending invoices and collecting payment became a barrier to scaling, preventing myDigitalOffice from focusing efforts on higher-level financial analysis like generating real-time insights regarding the health of their business. The team realized that their current financial processes would not be able to keep up with their growing business.
"...the time that was spent on revenue was getting to be too much, not only on the billing side, but once we started month close, trying to recognize that revenue became too much of a manual process," said Magas.
Unify multi-entity billing, revenue reporting, and revenue schedules into a single automated, scalable, and flexible system
Ordway’s billing and revenue automation platform streamlined myDigitalOffice’s order-to-revenue workflows, saving thousands of future hours of manual effort and a countless number of potential errors.
“Marriott, for example, has four hundred [hotels] under their portfolio. We bill [them] monthly and anytime a hotel comes on, say it’s in the middle of the month — at the end of the month, we’re billing it prorated. You shouldn’t have to do those calculations by hand, but now Ordway [has automated recurring billing] for us. And now that you’re talking four hundred hotels, you don’t want to do all those calculations by hand,” said Magas.
myDigitalOffice’s modern finance tech stack now includes Salesforce as their CRM, QuickBooks for their accounting and general ledger, and Avalara to support collection of U.S. taxes. Previously, communication among these systems was nonexistent, which meant countless spreadsheets and manual calculations, which bottlenecked global expansion.
Today with out-of-the-box integrations, the Ordway billing and revenue automation platform acts as the conduit for data to flow between these systems.
The platform ingests enormous amounts of data, automatically performs the laborious and complicated financial and accounting operations, and rolls the data up into a variety of different forms. Whether the data is flowing from their Canadian entity or their U.S. entity, the Ordway platform allows for comprehensive and unified billing and revenue management.
myDigitalOffice is growing globally without growing a distributed finance function. A cohesive multi-entity billing and revenue automation process means that myDigitalOffice can sustain their internal processes and focus operations and investment to grow their global footprint.
Fast implementation supported managing complex customer contracts during high-velocity growth
myDigitalOffice’s digital transformation project was completed in a matter of weeks, not the 6-12 months you can expect from legacy ERP and billing systems.
In the end, myDigital office built a foundational finance tech stack to support dynamic sales, finance, and accounting process.
"...there are definitely no doubts on our side that Ordway can grow with us and supply what we're looking for and what we need from a revenue and billing partner," said Magas. "My experience with the Ordway team has been nothing short of fantastic. It's always upfront and honest and helpful."
Real-time revenue reporting offers C-Suite greater visibility for timely decision-making
With a modern finance tech stack underpinning their financial operations, myDigitalOffice's senior leadership has greater visibility into their financial data, supporting real-time decision-making.
"I could be on a call with the senior leadership team at myDigitalOffice... they could be asking, 'How much money are you recognizing from this one specific parent group? Are there specific set of hotels within that parent group?' And I can have that within 30 seconds," said Magas.
myDigitalOffice can now comfortably expand their business into different territories without worrying about the need to incur additional professional services fees or needing to replatform as new contract types or billing requirements emerge. With this peace of mind about their finance tech stack, myDigitalOffice can focus on what they do best – modernizing the hospitality industry’s back offices.