Once upon a time ... Nasuni, the leading provider of Cloud File Services, was planning fund-raising to fuel their incredible growth,
... and every day ... the finance team had to manually enter orders into Quickbooks, manually do billing, and manually calculate revenue recognition in spreadsheets,
... until one day ... they had product/market fit, added European entities, wanted to be ASC 606 compliant, and wanted to increase the depth of financial reporting for fundraising,
... and because of that ... they hired a new Controller and Head of Revenue Operations, who chose Sage Intacct, over NetSuite, due to its native integration with Salesforce.com, ability to manage subscription Contracts instead of orders, and success in using it at previous companies
... and since that day ...
- Integrated Salesforce CPQ with their financial system, synching the item catalog so that billing and revenue recognition are streamlined upon order entry, reducing an order entry process that took 2 days down to 15 minutes
- Push data from Sage Intacct back into Salesforce.com for reporting on ACV and Churn
- Have the ability to see a customer, and track performance obligations, across the entire subscription, instead of individual orders that needed to be manually tracked previously
- Able to track usage back to the subscription and built new pricing tiers to match actual usage, bringing maximum value to customers, and avoiding missed billing for overages,
- Created a financial system of record integrated with Salesforce and Adaptive Insights,
... until finally ...
- Built a new Revenue Operations team to help Sales best plan MEA bundling and discounting to ensure maximum CLTV and revenue
- Reduced time to invoice to taking 1% as long as it did previously
- Expanded to 3 international entities
- Became ASC 606 compliant
- Cut the close 40% and have a monthly reporting package with trend and revenue analysis to the executive team for data-driven decisions, leading to increasing gross margins 10%
- Raised a $25M round of fundraising to invest in growing product lines, customer success, and international expansion
- Built the ability to forecast future billings and cash-flow so they accelerated the launch of a new suite of Cloud File Services, that has increased ACV
... and the moral of the story is ...
“With the integration of Salesforce CPQ and Sage Intacct, we have a complete view of our customer. The biggest benefits have been a clean audit and the ability to report and predict on revenue and our growth.”
- Elizabeth Ingham, Revenue Manager, Nasuni