OpenFin reduced their close process from a minimum of 15 days to 1 day and now has absolute comfort in their numbers. Read the transcript.
Jeff Woglom, VP Finance, OpenFin
I think at the end of the day, the biggest benefit of Ordway is just this absolute comfort in our numbers. And knowing that they’re accurate. Hi, my name is Jeff Woglom and I’m the VP finance at OpenFin. OpenFin allows for the deployment of applications via the web, using the latest in web technology while still allowing for end users to have that heavy, thick UI that they’re used to. Prior to Ordway, we were a heavily manual setup. There was a ton of complexity.
Each contract was bespoke. So in a manual environment, that means a lot of manual work to review how the contract was set up, how revenue should be recognized and how items should be billed. So each month between our team was a ton of work and calculation that needed to be done. We decided we needed a more developed revenue management tool.
We looked at a variety of solutions, SaaSOptics, Zuora, and many others. And what kept bringing us back to Ordway was the fact that it was customizable and it was super powerful. Working with Ordway really unlocked the ability for our company to scale quickly.
So in the past, our monthly close took anywhere from 15 to 25 days. Once we got Ordway up to speed, the close is as quick as we want it. If we’re prepared ahead of month end, you know, we could close within a day. We were able to say, Hey, everything we did manual before, you know, all the Google sheets, the Excel, everything is now living in Ordway and that’s time that we can use to better focus on the finance function. So instead of historical reporting, looking at future reporting forecasting, the business forward, or doing more value add from a finance team. Using this system helps us plan for the future in which we’re going to be able to scale our business, but we don’t necessarily have to scale the bodies on the ground. And we love the fact that the system is there to handle whatever complexity we can throw in. From my perspective, absolutely recommend Ordway. I’ve enjoyed getting to know the team I’ve enjoyed going through the implementation process and seeing the end result of automating the revenue function and what it could be like. It’s great to sort of think about the future of your business and how Ordway can help you get there.
OpenFin allows for the deployment of finance applications via the web, using the latest in web technology while still allowing for end users to have that heavy, thick UI that they’re used to. Prior to adopting the Ordway billing and revenue automation platform to manage their invoicing, customer billing communications, and revenue schedules, they were manually struggling to keep up.
15 days to close the books was just too long. OpenFin needed a more developed revenue management platform
Every month, the OpenFin team was spending 15-25 days to close the books. Because they sell their software platform to large financial institutions, each customer contract is complex and unique. This complexity led to a lengthy close process that revolved around manual spreadsheets that tracked their bespoke contracts. Getting accurate invoices out to customers was also difficult due to their highly manual order-to-revenue workflow.
“Each month, [there] was a ton of work and calculation that needed to be done. We decided we needed a more developed revenue management tool.”
Jeff Woglom, VP Finance
OpenFin’s VP of Finance was constantly error-checking the numbers, and taking too much time to close the books. Their process wasn’t going to scale, and it was becoming a drag on growth.
Replacing manual Google Sheets-based revenue schedules, and automating recurring billing for complex contracts
After evaluating others in the market, including SaaSOptics and Zuora, the team at OpenFin decided the Ordway billing and revenue automation platform was the only software available that could manage both the complexity of their bespoke contracts, and produce the revenue schedules and business insights they required to take the business to the next level.
“What kept bringing us back to Ordway was the fact that it was customizable and it was super powerful.”
Jeff Woglom, VP Finance
The other aspect of the Ordway platform that OpenFin quickly discovered is that it would empower them to scale their business without needing to scale bodies to support the business. For their SaaS business, driving growth while keeping headcount low, means a bigger valuation for all their employees.
Next-generation revenue management workflow automation at OpenFin includes:
- Automatically set up recurring, bespoke SaaS contracts in Ordway with proper terms, discounts, billing frequency, etc
- Send OpenFin-branded emails and invoices to customers
- Reporting on SaaS metrics
- Send monthly summary journal entries to the general ledger
Order-to-revenue automation produces a 90% reduction in time to close the books and absolute comfort in their numbers
In addition to automated recurring billing, OpenFin reduced the number of days it took them to close the books from 15-25 days to 1. This additional time, and ability to report on real-time revenue data, means the Finance team can now spend their effort on future-looking activities as opposed to constantly double-checking the past.
“The biggest benefit of Ordway is just this absolute comfort in our numbers and knowing that they’re accurate.”
Jeff Woglom, VP Finance
In the end, Ordway is helping OpenFin accelerate the end-to-end flow in pricing and closing deals, managing bespoke contracts, invoicing, collecting payments, generating accurate revenue schedules, and producing insights to protect and grow their business. They know that whatever change and complexity comes, their finance stack will be a resilient foundation for the next decade of growth.