Higher Growth, Not Hire Staff
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THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS
Marc Linden, CFO, Intacct
Higher Growth, Not Hire Staff:Using Cloud Financials to Grow Without Hiring
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© 2013 Proformative. Proprietary and confidential
Welcome to Proformative
Proformative is the largest and fastest growing online resource for senior level corporate finance, treasury, and accounting professionals.
A resource where corporate finance and related professionals excel in their careers through: • Uniquely valuable, online Peer Network
• Direct subject-matter-expert advice
• Valuable Features and Resources
All of it completely noise-freeCheck it out at www.proformative.com
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© 2013 Proformative. Proprietary and confidential
Learning Objectives
After participating in this event you will be able to:• Discover how to power global growth without growing
finance headcount
• Learn how to institute reporting and controls for going public
• Discover how to eliminate duplicate and manual processes
• Understand how to reduce IT costs and increase security with world-class infrastructure, operations and support
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THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS
Marc Linden, CFO, Intacct
Higher Growth, Not Hire Staff:Using Cloud Financials to Grow Without Hiring
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© 2013 Proformative. Proprietary and confidential
What Does Finance Do?
FinanceProfessional
What I Think I Do
What My Mom Thinks I Do
What I Really Do
What My Friends Think I Do
What the Rest of the Company
Thinks I Do
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© 2013 Proformative. Proprietary and confidential
• Is hiring the right response to growth?
• Addressing key finance challenges ingrowth environments– Going global– Going public– Scaling IT infrastructure
• Growth at Meetup
• Eliminating low value activity in the organization– Manual reporting– Redundant data entry– Manual financial processes– Manual business processes
Agenda
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© 2013 Proformative. Proprietary and confidential
Organic growth
Increased complexity
• New offerings
• New business entities
• Multiple currencies
• New geographies
• Acquisitions
• New GMs that want their consolidated view
• Tax optimization
Drivers for Finance and Accounting Hiring
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Software International Inc.USD
Software Development
Israel(ILS)
Software Development
India(INR)
Software Sales
UK(GBP)
Software Sales Europe(EUR)
Software US
(USD)
Buddy Software
(USD)(acquisition)
SoftwareJapan KK
51% ownership(Yen)
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© 2013 Proformative. Proprietary and confidential
• No limit to increasing headcount costs
• People management issues
• Poor control environment
• Organizational skill mix weightedtowards clerical
The Risks of Hiring in Response to Growth
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A Better Alternative: Cloud Financials
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© 2013 Proformative. Proprietary and confidential
Agenda
• Is hiring the right response to growth?
• Addressing key finance challenges ingrowth environments– Going global– Going public– Scaling IT infrastructure
• Growth at Meetup
• Eliminating low value activity in the organization– Manual reporting– Redundant data entry– Manual financial processes– Manual business processes
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Power Global Growth
Mobile workforce management software company
• Rapid growth in field staff
• Operations in US, Brazil, Germany, Poland, and UK
• Manual processes weighing down staff
– Reporting on profitability by customer, project
– Reviewing and processing expenses
– Order processing
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© 2013 Proformative. Proprietary and confidential
Power Global Growth
• Scaled the business without scaling finance
• Tripled revenues in three years
• Consistent data across company and no manual data entry from quote to cash
• Superior visibility into employee expenses
• Dashboards for global executives to monitor performance
• Avg. Annual Benefit: $300K, ROI: 532%
Project Accounting
Cloud Technology
Procure-to-Pay Inventory Management
Business IntegrationQuote-to-Cash
Expense Management
Period Close
Consolidation
Financial andManagement Reporting
Revenue Management
“ ”As a growth company people were
learning new behaviors and responsibilities. Intacct helped us to
grow and manage that.- Jim Bokar, Controller
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Reporting and Controls for Going Public
Software provider to global property and casualty insurers
• IPO in 2012
• Need for accurate reporting
– Historical with three years of data
– GAAP and management reporting
– Standard and custom reporting
– Drive 3–4 year forecast
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© 2013 Proformative. Proprietary and confidential
Reporting and Controls for Going Public
• Improve visibility to trackto guidance
– Bi-weekly revenue updates– Consolidations in minutes
• Eliminated manual work for revenue recognition with rules, templates and schedules
• Cloud financials enabled IPO process with 40% fewer staff
Project Accounting
Cloud Technology
Procure-to-Pay Inventory Management
Business IntegrationQuote-to-Cash
Expense Management
Period Close
Consolidation
Financial andManagement Reporting
Revenue Management
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Lose the IT Shackles
Nonprofit educational organization
• 25% yearly growth in orders
• No integration between finance, e-commerce, and CRM systems
• Difficulties in scaling IT
– System instability from growth
– Upgrading and maintaining servers
– Maintaining physical environments and infrastructure
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© 2013 Proformative. Proprietary and confidential
Lose the IT Shackles
• Reduced IT headcount as they grew
– Eliminated IT burden for hardware and application maintenance
– No manual, batch integration of data
– Reduction in end-user training and support
• Avg. Annual Benefit: $133K, ROI: 152%
“ ”We liked the idea of a cloud-based
solution that wasn’t tied to the Microsoft platform so we could avoid
ongoing costs.- James Linday, CFO
Project Accounting
Cloud Technology
Procure-to-Pay Inventory Management
Business IntegrationQuote-to-Cash
Expense Management
Period Close
Consolidation
Financial andManagement Reporting
Revenue Management
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© 2013 Proformative. Proprietary and confidential
Agenda
• Is hiring the right response to growth?
• Addressing key finance challenges ingrowth environments– Going global– Going public– Scaling IT infrastructure
• Growth at Meetup
• Eliminating low value activity in the organization– Manual reporting– Redundant data entry– Manual financial processes– Manual business processes
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THE RESOURCE FOR CORPORATE FINANCE, ACCOUNTING & TREASURY PROFESSIONALS
Jurate Baubliene, Finance Manager, Meetup
Higher Growth, Not Hire Staff:Using Cloud Financials to Grow Without Hiring
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© 2013 Proformative. Proprietary and confidential
Total Members 13,365,028
Organizers 103,341
Meetup Groups 126,739
Meetups in past 30 days 388,960
RSVPs to Meetups in past 30 days 2,645,8630
0.4
0.8
1.2
1.6
2
2.4
2.8
Jan-
07
May
-07
Sep-
07
Jan-
08
May
-08
Sep-
08
Jan-
09
May
-09
Sep-
09
Jan-
10
May
-10
Sep-
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Jan-
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May
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Sep-
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Sep-
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Mill
ions
Active Members
Meetup, Inc.
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About Us
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© 2013 Proformative. Proprietary and confidential
• Complications of the spreadsheets and disconnect from the accounting software was a struggle to manage
• Cumbersome and not collaborative tool for revenue recognition
• Month end closing process is a way to long
• Significant time spend on non-value added activities
• Stagnant accounting system without any remote access
• Manual error prone processes
• Outgrown QuickBooks
Driving the Change
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© 2013 Proformative. Proprietary and confidential
“There must be a better way!
There must be a new concept!”
And We Said to Ourselves….
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© 2013 Proformative. Proprietary and confidential
We found Intacct and it provided us with:
• Ability to handle complicated revenue recognition process
• Flexibility–Robust customization capabilities
• Accuracy of financial data
• Remote access
We Searched, and We Searched, and…
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© 2013 Proformative. Proprietary and confidential
• Daily revenue recognition versus monthly in old accounting system
• Significant increase in accuracy through manual processes automation
• Reduction in month end process by 2-3 days
• Improved operational efficiency–Expense Reports entered/submitted directly by employees
• Remote access–use it whenever you need it and where you needed: we even had no interruptions in our daily activities during hurricane Sandy!!!
• Remote check approval thanks to remote access and document uploading functionality
• Automated customer support system with quick response time to the problem resolution
Just 2 Months Later
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© 2013 Proformative. Proprietary and confidential
For the last 3 years Meetup, Inc. had more than 20% year to year growth
withZERO growth in accounting
department Sounds about right, doesn’t it!?
And Guess What?
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© 2013 Proformative. Proprietary and confidential
Agenda
• Is hiring the right response to growth?
• Addressing key finance challenges ingrowth environments– Going global– Going public– Scaling IT infrastructure
• Growth at Meetup
• Eliminating low value activity in the organization– Manual reporting– Redundant data entry– Manual financial processes– Manual business processes
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© 2011 Proformative. Proprietary and confidential
Reporting and Total Visibility, with No Manual Effort
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Financial Operational
Ad-HocManagementRegulatory
Summary Intermediate Transaction
Vendor Project Offerings and more…
Performance Measures
Stakeholder Needs
Granularity
Business Drivers
Basis / Books
Cash Accrual
• In real time
• No external tools
• No maintenance required
• Single “truth”
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© 2011 Proformative. Proprietary and confidential27
Eliminate Redundant Data Entry with Seamless Integration
Best in Class Financials
AICPA preferred
CRM Budgetingand
Planning
PayrollSales Tax
FixedAssets
Best in Class Financials
AICPA preferred
CRM Budgetingand
Planning
PayrollSales Tax
FixedAssetsCRM Budgetin
gand
Planning
PayrollSales Tax
FixedAssets
Best-in-Class Financials
• Freedom to choose the best solutions
• 21st centurycloud integration
• Vendor supported
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© 2013 Proformative. Proprietary and confidential
• One-click consolidation– Built-in exchange rates– Control processes with audit trail– Automated elimination– Automated currency conversion and
cumulative translation adjustment
• Review– Instant comparative KPI’s and
drill-down visibility– Reduce risk on human error
• Consolidated reports– Real-time consolidated reports and
global aging– Instant organization wide view– Scale as your business grow
• Automated month-end adjustments– Consolidations journal
• Separate close for each entity
Automate Financial Processes
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Consolidated
Statements
Close Books
Automated Adjustments
Consolidation & Elimination
Review
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© 2013 Proformative. Proprietary and confidential
Automate Business Processes
Price List
Customer Master
Collect
Recognize Revenue
Sales Finance
Order Invoice
Contract
Quote
• Integrated quote-to-cash recognition
• Consistent data across entire company
• Entire process is visible and accurate
• Lower costs and greater efficiency
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© 2011 Proformative. Proprietary and confidential
Robust Reporting
& Visibility
IntegrationAutomate
d Financial Processes Automate
d Business Processes
Cloud Financial Management
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Cloud Financials
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© 2013 Proformative. Proprietary and confidential
• A single source of data
• Access from anywhere, anytime
• Labor can be located anywhere in the world
• Simultaneous users
The Cloud Lets you Access your Data from Anywhere
HR SERVICES
MANUFACTURING
SALES
SUPPLY CHAIN
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• Cloud vendors operate and maintain the system for you
• Better infrastructure and operations than nearly all companies can afford
– Fortune 100 class data centers– 24x7x365 operations– Continuous backups and
disaster recovery– SSAE 16 (previously SAS 70)
• Possible because costs are amortized across thousands of companies
The Cloud Gets You Out of the “No Value Added” IT Business
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The Cloud Brings You Closer to Your Vendor
Customer Feedback
Continuous
Innovation
Rapid Access to
New Features
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© 2013 Proformative. Proprietary and confidential
Easily and cost effectively scale and adapt to business needs:• Pay only for what you need
• Simultaneous and distributed users with strict permissions, separation of duties and financial control
• Support for large data files (customers, vendors, employees, etc)
• Industry leading system performance and reliability
• Add-on capabilities and integrations when you need them
The Cloud Provides Scale to Support Growth
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© 2011 Proformative. Proprietary and confidential35
Intacct: Trusted Partner of Forward Thinking Organizations
Customers
2008 2009 2010 2011 2012
2,400 3,100
4,000
5,000
6,200+
Fastest-growing cloud financial management provider
35,000+ Business Entities
Industry-Leading 95%Customer Satisfaction and Retention
22 Top 100 CPA Firms Preferred Provider
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THANK YOU
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• Try Intacct with a free 30-day trialhttp://www.intacct.com/trial
• Attend an upcoming webinarhttp://www.intacct.com/webinars
• Follow us on Twitter@intacct_corp
• Connect with us on Facebookhttp://www.facebook.com/Intacct
• Contact us directly [email protected] | 877-437-7765
Interested in Learning More?
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If you have questions about CPE Credit please contact
Chris Brauer at [email protected]
Please join us at www.proformative.com to ask any additional questions you may have and to continue this conversation with your peers and the experts you heard from today.
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