Quote-to-cash - one system of record - replacing Recurly and SaaSOptics. Read the transcript.

Slater Latour [00:00:00] Our customers range from an NFL franchise and their entire retail operation all the way down to a single store boutique in a small town. So we’re really focused on building something that’s extensible and creates value for a whole bunch of use cases. We needed a system that could that could scale with us and we were growing fast, you know growing 50 percent year over year. So the problems that we were experiencing with having to reconcile across multiple systems over, over again were growing as fast as the customer base was growing.

Hannah Morris [00:00:33] Before moving to Ordway. We were on Recurly and SaaSOptics in order to manage our customer billing and deferred revenue.

Slater Latour [00:00:40] And the problem with that was we’ve got all these different latency issues between the two. So they’re timing issues, systems wouldn’t agree. It was really hard to understand the flow from quote to cash end to end. And so we were running our quotes out of Salesforce for CRM. So it’s a manual process to enter them into Recurly and then another manual process to make sure that things were entered properly in SaaSOptics. And so now we have one system that follows the quote from our sales teams sending out the subscription agreement all the way through to billing and revenue recognition.

Kim Hoang [00:01:19] One of the benefits of using ORDWAY It’s very automated for us it saves us a lot of time reduces error on our end. I’m able to pull information from Salesforce into Ordway and vice versa. We’re able to put billing information back on into our salesforce allowing our sales team and our customer success team to view billing information that they’re you know privy to.

Hannah Morris [00:01:42] It saved me a lot of time in that I am no longer having to manually bill people in the future. We can kind of close a customer add them to Ordway and we’re done with them and don’t really have to worry about are they going to be built appropriately, are they gonna be built on the right day or for the right amount. We can set all of that up when the customer closes and not have to worry about it again.

Slater Latour [00:02:02] We’ve I think we’ve done a much better job of starting to be more proactive about forecasting. I think we’ve gotten faster around some of our collections so our AR is trending in the right way. And then just working cross functionally to just to improve other processes has been a huge boon for us.

Hannah Morris [00:02:23] I am able to see our monthly financial periods and how they need to be booked in our general ledger which is something that I did not have access to in our previous systems and it is broken down into a very concise report that I’m able to just book directly into our QuickBooks and not have to worry about if the numbers are correct or not.

Slater Latour [00:02:42] You know I know everyone on my team is thrilled with the times saving for one thing. You know with the multiple systems that we were maintaining and all the different reconciliation we had to do to make sure that data was the same – that’s all gone away. And that was hours and hours every month was spent on that. So that’s that’s one big thing. Two is just our sales team is creative with some of the things they come up with with our customers. And we haven’t we haven’t seen anything from them that we couldn’t handle in Ordway pretty easily.

Springboard Retail is scaling quickly and that meant replacing Recurly for subscription management and SaaSOptics deferred revenue features with Ordway’s end-to-end platform. By adopting the Ordway billing and revenue automation platform, they are saving time in their quote-to-cash process, being proactive on forecasting, trending in the right direction on accounts receivable, and saying yes to creative deals their sales team generate.

Hannah and Kim collaborating

The Challenge

Scaling on legacy systems was causing more problems than solving

Springboard Retail’s 50% year-over-year (YoY) growth was straining the systems they had in place to manage their subscription business. They sell a retail Point of Sale software platform. In addition, they offer one-time data migration services, as well as other professional services. They had Recurly to manage their subscription billing and SaaSOptics to manage deferred revenue.

“The problem with that was we’ve got all these different latency issues between the two,” said Slater Latour, VP Finance at Springboard Retail. “So there were timing issues and systems wouldn’t agree. It was really hard to understand the flow from quote-to-cash, end-to-end.”

Springboard Sales Operations and Billing Team had to:

  • Manually enter customer quote data from Salesforce into Recurly to set up the customer subscription
  • Manually enter data from Salesforce into SaaSOptics to manage deferred revenue
  • Reconcile data entry issues as well as latency issues between disparate systems
Kim looking at computer smiling

The Solution

Adoption of Ordway creates end-to-end, quote-to-cash system of record

Springboard Retail conducted a cross functional review of the Ordway billing and revenue automation platform. They valued the Ordway executive team’s experience building enterprise-class ERP and billing software. Additionally, Ordway’s investors gave them confidence. Most importantly, the results of their technical review of the Ordway API assured them they were making the right decsion. 

Listen to Springboard describe the evaluation process.

Today, Springboard’s retail Point of Sale (POS) business can:

  1. Send customer quotes in conjunction with Salesforce to ensure data integrity of unique subscription/contract details 
  2. Automate billing for Springboard’s large customer base of over 1,000 retail establishments 
  3. Utilize a robust RESTful API that integrates with Springboard systems. For example, Springboard is able to test pricing quickly at scale
  4. Generate accurate billing and deferred revenue schedules based on the unique pricing and contract terms
  5. Close the books faster by sending summary journal entries to QuickBooks
  6. Provide visibility into their business with custom, ad-hoc reports that can be saved and reused to monitor business health over time.

Two big differences between Ordway and SaaSOptics and Recurly according to Springboard Retail

  1. Ability to handle unique payment terms and schedules
  2. Defining and saving custom reports based on the unique needs of their business
Hannah looking at a computer

The Results

Improved forecasting, accounts receivable, and time savings means Springboard is prepped for the next phase of growth

“We close a customer, add them to Ordway, and we’re done with them and don’t really have to worry about if they are going to be billed appropriately,” said Hannah Morris, Financial Operations Manager. ”We can set all of that up when the customer closes and not have to worry about it again.”

Flexibility of platform means “getting to yes”

As exciting, the flexibility of the Ordway platform means that the finance team can say “yes” to all the creative deals their sales team generates. They are no longer bound by a rigid billing system. 

Reduced errors during the sales-to-finance handoff is also a boon for the Springboard team. Hours and hours spent each month reconciling data across multiple systems is now repurposed for more important tasks. Operational efficiency gains also led to accounts receivable trending in the right direction.

Slater sums up the impact to taking rote tasks off Springboard Retail’s plate. He states,

“I can provide much better guidance to our CEO around our liquidity position, about what’s going to come in, and around what products are working and growing and which ones are not… It all comes back to that ability to be a strategic partner for the rest of the business.”