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As Pantheon’s Assistant Controller, Nan’s main responsibilities are to ensure GAAP-compliant revenue reporting and help push the business forward with financials-driven data analysis. When Nan first joined Pantheon, the company’s financials were reported on a cash-basis, and her first critical project was to transition financial reporting to GAAP accrual basis. This was a critical company-wide initiative because of two main reasons:

Executive team needed accurate financials to gain better insights to inform business opportunities

When using cash basis accounting, revenue reporting was relatively easy and straightforward. However, the transition to GAAP accrual accounting was very challenging due to Pantheon’s subscription-based business model, and Excel was no longer a viable option. 

Similar to many other rapidly scaling SaaS companies, Pantheon’s tremendously successful Online Business brought in over ten  thousand transactions every month. With such a large number of transactions coupled with other customer information such as mid-cycle upgrades, downgrades, and cancellations, Pantheon’s accounting team was overwhelmed with data. With a data set this large, not only would Excel not load but this manual process would be error-prone. Booking accrual based revenue journal entries would be virtually impossible.

Because revenue is a high risk and high visibility line item, Nan knew she needed a solution to not only automate manual Excel processes but also handle Pantheon’s growing transactional volume.

When Leapfin first went live, there was a ‘wow’ moment from Nan and her accounting team. For the first time in the company’s history, the finance team could see the number of customers, deferred revenue, and recognized revenue updated in real-time. To book revenue journal entries, now Nan takes no more than 5 minutes to pull the numbers from Leapfin.

During Pantheon’s annual audit, Nan was able to leverage data such as deferred revenue by customer from the Leapfin user interface. For anything that was not available on Leapfin, Nan relied on Leapfin’s Customer Success team. She knew she could get help anytime she needed because Leapfin’s Customer Success team took requests very seriously and was extremely helpful throughout the audit engagement.

Furthermore, Pantheon also gained more visibility into business insights with Leapfin. In the past, financial data was not accessible as they are siloed within various vendors. In order to perform any analysis, Pantheon’s finance team would need engineering team’s help to help pull custom reports from the various systems. With Leapfin’s easy to use UI, Nan was able to easily investigate and analyze the impacts of subscriptions credits on Pantheon’s Online Business. This insight helped the executive team to make the decision to eliminate the use of credits which simplified the user experience and accounting process, and afforded the company a GAAP-compliant revenue increase.

By implementing Leapfin’s unified financial data platform, Nan helped Pantheon transition to GAAP accrual accounting and gained access to real-time, actionable business insights.

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Pantheon uses Leapfin to transition to GAAP basis revenue accounting

Pantheon Customer Story

When I first saw Leapfin live, there was a ‘wow’ moment. Now, it takes me just 5 minutes to book my journal entries!

Assistant Controller

As Sauce Labs’ Senior Deal Desk Manager, Bryan Schmitz is in charge of revenue and quote-to-cash reporting. One of Bryan’s projects was to transition Sauce Labs’ self-serve business from cash basis to GAAP accrual basis of accounting. This was a critical initiative because they wanted the ability to bill customers upfront and therefore needed to accurately track deferred revenue. 

Initially, cash basis accounting was easy and straightforward with Zuora since it specializes in monthly billings. However, with the shift to upfront billing and GAAP accrual accounting, Zuora proved to be insufficient to handle the complexity.  Zuora’s inflexible system made it difficult for Sauce Labs to offer discounts to customers making an annual commitment. In addition, Zuora’s other shortcomings included its hefty price tag, unresponsive support team, and rigid data export capabilities. 

Since Intaact is their ERP, Bryan explored Intaact’s Advanced Rev Rec Contracts Module as a possible solution. It is a complex system that may be good for enterprise contracts but was not set up to handle tens of thousands of transactions per month from their self-serve business.

1.      Accurately track deferred revenue for a complex SaaS business 

2.      Integrate with internal billing system, existing and future payment processors, such as Stripe

3.      Handle large monthly transaction volume 

Bryan was the finance owner during Sauce Labs’ Leapfin implementation. He was able to set up Leapfin over two half-hour phone calls, turn it on, and not worry about it – a “crockpot” as Bryan pointed out. Bryan simply trusts that Leapfin will work every month after it goes live, unless there’s any changes on the product side or functionality around discounting.

To prepare revenue recognition journal entries, the accountant pulls the numbers from the Leapfin dashboard. Sauce Labs’ monthly revenue process for its self-serve business is now a painless 5-minute task.

Whenever Bryan wanted to dig into a reconciling item, it was easy to trace from Leapfin back to Stripe.

For audits, Bryan simply gives KPMG a revenue tie-out (invoice line items reconciled with revenue waterfall) provided by the Leapfin customer success team. KPMG would select invoices to test and since the tie-out already had hyperlinks back to Stripe, there was minimal work for Bryan and the accounting team. 

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Leapfin helps Sauce Labs transition to GAAP reporting

Sauce Labs Customer Story

Leapfin is like a ‘crockpot.’ Set it up over 2 half hour phone calls, turn it on, and don’t worry about it.

Senior Deal Desk Manager

Top Hat, based in Toronto, is the leading educational software company. Top Hat has been growing very rapidly – now used at 75% of the top 1000 leading colleges and universities in North America. As the Director of Revenue Operations, Minnie needed to ensure that her revenue systems and processes are robust enough to handle the business’s rapid expansion. However, because Top Hat’s existing financial systems could not scale with the business, revenue recognition and financial reporting became a bottleneck to day-to-day operations and decision making. In addition, Top Hat planned to launch a new pricing structure to encourage full-suite product adoption. This launch would introduce additional complexity that existing financial systems are not equipped to handle.

Minnie knew that her existing revenue processes in Excel, coupled with Top Hat’s massive transaction volume would not be able to handle this complexity. She needed to modernize her legacy systems and processes as soon as possible.

The core of the issue stemmed from Top Hat’s legacy financial systems being unable to handle its massive transaction volume. Before Leapfin, Minnie’s revenue processes relied on a lot of Excel and a SuiteSync integration between Stripe and NetSuite. Top Hat’s success also meant they could sometimes bring in upwards of millions of transactions in a single week. NetSuite’s limitations and legacy architecture were unable satisfy Top Hat’s transactional volume needs and would cost Minnie’s team 30-90 days just to close their books every month.

Since Minnie’s time was completely consumed by the month-end close process, there were many value-add projects she wished she could spend more time on to help drive business growth, including:

Providing analytical support for her CFO and cross-functional teams

Analyzing all business areas for opportunities

Ensuring revenue completeness and no revenue leakage

The right software solution was hard to find:

Searching for the right software solution was not an easy undertaking. Minnie evaluated NetSuite’s Advanced Revenue Module (ARM) as well as Zuora RevPro but ultimately found them both to be unsatisfactory to meet Top Hat’s business needs.

Since NetSuite’s integration with Stripe limited Top Hat’s ability to scale as a business, Minnie knew that using NetSuite’s ARM would not address the core of the issue. In addition, the quoted implementation period was greater than 1 year. Minnie needed to go-to-market in just a matter of months, so this delay is something she couldn’t afford.

Zuora RevPro was also not a great business fit for Top Hat. Minnie found Zuora’s bread and butter was its Zuora Billing for traditional subscription SaaS businesses. But since Top Hat’s business model was much more unique, it was clear that Top Hat would have to modify its own business to work with Zuora’s systems and this was a deal breaker.

When Minnie finally came across Leapfin, she knew it was everything she needed:

Scalable platform that can handle Top Hat’s massive transaction volume

Implementation timeline of just a few months

Flexibility to adapt to Top Hat’s unique business needs

Since Leapfin easily integrates with all of Top Hat’s existing financial systems, Top Hat didn’t have to change any existing processes or systems. Top Hat’s data engineering team simply sends relevant financial data to Leapfin to enrich its barebones Stripe data. Leapfin’s automation and rules engine also completely eliminated any reliance on Excel. Now, it takes Minnie’s team just 5 days to produce revenue reports for the executive team and less than 10 days for the entire month-end close process -- a reduction in days spent of 89%!

With Leapfin, Minnie can afford to move away from day-to-day transactional reporting and invest more time in insights reporting, analysis, and forecasting. When her CFO asks for revenue numbers, Minnie can just easily look at Leapfin’s dashboard.

Top Hat’s revenue forecasting has also improved drastically – much to the delight of investors. The FP&A Manager simply takes the deferred revenue number from Leapfin’s real-time revenue dashboard to incorporate into his forecasting model on a regular basis. No more using outdated deferred revenue numbers that don’t reflect what’s actually happening in the business.

Now that Leapfin is live, the finance function is no longer a bottleneck to business strategy and growth. When presented with a new business model, Minnie can finally say to her cross-functional partners, “Yes, this is possible. We can implement this business logic in Leapfin.”

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Leapfin helps Top Hat reduce time to close at month-end by 89%

Top Hat Customer Story

Leapfin is more than just a software vendor – they’re our partner as well. They give us advice on best practices for systems setup, configuration, business processes, and more. Leapfin is an invaluable resource.

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