SkyWire Finally Gets FinOps Right with SaaSOptics
This article is excerpted from a longer case study published by SaaSOptics. You can read the full case study here.
Mindy Molisee, VP of Finance at Skywire, already knew something was wrong when Skywire’s CFO approached her during a vendor’s user conference. Their journal entries were off. The culprit? The very vendor whose conference they were attending.
Molisee, who joined hospitality POS company SkyWire in 2014, knew right away that she’d have to make some big changes to the company’s financial operations.
At the time, SkyWire was managing FinOps primarily in spreadsheets, a practice the company was quickly outgrowing.
Because of the nature of Skywire’s deals, Molisee knew what SkyWire needed was an updated tech stack that included a subscription management platform built to handle the complexities of sales-negotiated deals.
Later, after making the switch to SaaSOptics, Molisee would reflect noting, “flexibility is the number one thing that sold me on SaaSOptics because our sales are different for each client and our targets are shifting all the time.”
Flashback to the user conference though, and that was not what Molisee was experiencing with her first pick for a subscription management vendor.
“I suspected the journal entries the platform reported were incorrect because they didn’t make sense. It caused huge problems and inaccuracies in our financial statements.”
This was the last straw for Molisee and her team. Considering reverting to manual processes and spreadsheets, she decided to first research other options in the hopes of finding a flexible platform designed specifically for B2B SaaS.
Fortunately, this is exactly what Molisee found in SaaSOptics.
For more information on how SaaSOptics stacks up to the competition, click here.
SaaSOptics gives Molisee’s team the ability to accurately track the complexities that come with sales-negotiated orders such as variable dates for invoicing events, revenue events, and subscription terms, making month-end close a breeze.
“Closing the month is very straightforward,” explains Molisee. “It’s easy to create journal entries, run reports, and track revenue, and I know the numbers are accurate. With SaaSOptics, we’re getting more metrics than before, in less time and with far less effort.”
SaaSOptics’ financial reports are tied directly to contract terms and provide real-time GAAP revenues and invoice schedules so SkyWire can close the books faster and more accurately project cash.
SaaSOptics automatically syncs all customer, revenue recognition, and invoice data with QuickBooks so that SkyWire always has access to the most current and reliable data. Doing journal entries armed with SaaSOptics? A breeze.
Today, SaaSOptics provides Molisee’s team with valuable insights throughout the entire subscription journey, from order to renewal. No more manually sifting through spreadsheets to determine when a customer is up for renewal.
With SaaSOptics, Molissee saves half an hour a day sifting through the renewal spreadsheet alone. That’s time she can now spend on higher impact work, like positioning SkyWire for a bright financial future.