Conor O’Donoghue (00:00):
We needed something that would help us with deferred revenue, help us revenue, automate our billing and Ordway manages to balance the complexity of that with a simple, intuitive system. Hi . My name is Conor O’Donoghue. I am head of finance at Ocrolus. So Ocrolus is creating the next generation of infrastructure for fintechs. Our clients are looking to digitize documents that they receive from borrowers and process them in a accurate and efficient manners. And we support them doing that.
Scott Piwowarczyk (00:28):
We were using Zuora as our contract management, uh, billing and revenue recognition software Zuora was not able to handle a hundred percent of our customers. So we found ourselves really using and handling our contracts outside of the system. It is very challenging to have any sort of customized solution to anything. So that makes automation very challenging
Conor O’Donoghue (00:51):
And we’re a usage based model. So there was no proper recognition of revenue. There was poor tracking of AR and it was costing us a lot money.
Doris Chang (01:00):
After we implemented Ordway, we’re able to send out bills much faster. So with that comes faster, customer payments. So we get money in the door faster.
Conor O’Donoghue (01:10):
Transition to Ordway has had massive ROI for us. We’ve gone from a process back where it’s taking about 20 days to get out our invoices where invoices are now sent out business day two. The other side is accuracy. And that is number of knock on impacts. So we spent a huge amount of time trying to ensure our different spreadsheets to correct reconciling between what was billed, what wasn’t what deferred revenue should be and shouldn’t be. Generating reports for the board, running recurring monthly revenue analysis, churn analysis, all those kind of things. That would basically have been impossible under the old system. And I certainly wouldn’t have any confidence in the accuracy of the data. That has been a massive boost, just from one the amount of of time it takes to create those types of reports, two confidence in the accuracy of the data
Scott Piwowarczyk (01:50):
Ordway is the perfect solution for any company in the technology industry that has subscription-based or usage based contracts.
Conor O’Donoghue (01:59):
Yes. They helped us set up a template. It automatically matches up different usage against different subscriptions applies to correct pricing knows that there’s tiered pricing. If there’s overage pricing, what the billing structure and frequency is and does it all automatically within, within seconds, once we have the template running. Ordway has been fantastic and the support of us, and again, the efficiencies we’ve realized have made this a partnership that we’re looking forward to continuing.
Ocrolus is creating the next generation of infrastructure for fintechs. Their clients are looking to digitize documents that they receive from borrowers and process them in an accurate and efficient manner so that they can accelerate their lending processes. Ocrolus supports them in modernizing their document-driven workflows by building infrastructure to automate back-office tasks with precision.
Because of their unique customers, the Ocrolus team had a lot of intricacies that they needed to deal with, whether that was different unit measures for usage based billing, different billing schedules, or needing to rollover unused services. Ordway supported the team in getting a solution that works for them in the most efficient way possible.
Previously, the Ocrolus team was using Zuora, and unable to manage their custom contracts and usage-based billing. Just some of the challenges plaguing the team:
“With Zuora, we found that it was hard to get support from them. They didn’t want to deal with the complexities that we had on our side and just wanted us to fit into their solution. But, Ordway has been fantastic and has supported us every step of the way,” Conor O’Donoghue, Head of Finance.
Ocrolus turned to Ordway, and saw that the platform was able to tackle revenue recognition, integrate with their current finance tech stack, comprised of Salesforce CRM and QuickBooks as their accounting software, and handle cash reconciliations of money coming into the organization.
Head of Finance Conor O’Donoghue said, “When we looked around, especially given we had a usage-based model, we didn’t find any vendors that could solve all those issues. They could solve one or two. However, when we spoke with Ordway, we really were confident that they could solve across the board on those issues.”
With Ordway, Ocrolus is able to completely automate their billing and revenue recognition process. Controller Scott Piwowarczyk said, “Ordway really presented itself as an adaptable solution to any type of contract that we presented to them.” For example, Ordway is able to handle prepayment from customers and calculate deferred revenue, processes that Zuora could not support.
This is possible due to the inherent flexibility of the Ordway platform, which understands the nuance of each Ocrolus contract in a way no other subscription management or recurring billing system could. Subscriptions are set up in the Ordway platform, with a template passing data from their proprietary system into Ordway. It automatically matches up different usage against different subscriptions, applies the correct pricing, knows if there’s tiered pricing, if there’s overage pricing, what the billing structure and frequency is, and does it all automatically within seconds once they have the template ready.
Transitioning to Ordway has created three major sources of ROI:
Now, the Ocrolus team is able to focus on customer profitability.
“Partnering with Ordway has been hands down the best decision that we’ve made. There really isn’t another choice looking back on it,” said Piwowarczyk.
Looking towards the future, the Ocrolus team knows their finance stack is on stable ground with the Ordway platform that will scale with them as they grow. O’Donoghue says, “Ordway has been really supportive in getting a solution that works for us and also figuring out structures where we can deal with one-time issues in the most efficient way and systematic way so that it’s a scalable solution as we grow. So far, it’s been a really supportive team that have dealt with all our idiosyncrasies.”