Code42 Switches to Sage Intacct
In the past few months, Sage Intacct has seen an influx of customers in the security industry switching from their current solutions and selecting our cloud based financial solution. For example, Code42, the protector of data for the world’s most recognized brands, selected Sage Intacct and has since seen incredible results.
Code42 has seen 50 percent recurring year over year growth over the last three years, and every day, the finance team previously struggled with Quickbooks’ inability to manage revenue, costs, and multiple entities, plus having to manually produce billing and invoicing for customers.
Code42 simply couldn’t scale at the rate they wanted to. Revenue and revenue recognition were all based in Excel, with homegrown sales calculations.
In 2012, Code 42 participated in a Series A round of funding and wanted significantly better reporting for their venture capitalists and CFO. It was imperative to find a tool they could trust to receive up to date data in and report on.
In early 2013, the accounting team decided to implement Sage Intacct to run their cloud financials with a set of revamped accounting processes, billing use cases, revenue guidelines, and controls, to guide decision making and valuation.
Because of this Sage Intacct implementation, they have reduced the time from order-to-bill to <1 day, even as they shortened the financial close from 15 days to seven days, while doubling the entities to consolidate, 100 percent growth in headcount past 12 months to 524 employees, all with the same number of accounting staff.
They now have an integration with Salesforce.com that allows for automated order entry with the ability to create innovative billing scenarios as they go up-market, which results in accurate revenue recognition and valuation,
Lastly, Code42 has set up financial reporting and controls for the executive team, integrated with their planning tool, to make business decisions on where to invest in growth, markets, hiring, and products, to prepare for an IPO. Finance has a seat at the table, they are able to produce the reporting to guide enormous decisions, and the data is trusted.
What’s the take away here? You can make an impact by providing the right financial information to the key people to make big decisions with Sage Intacct.
Brittany Benson is the Senior Corporate Communications Manager at Sage Intacct.