Jobvite on Outgrowing QuickBooks
Is QuickBooks still the right solution for your growing business? How do you know when it’s time to change? Many organizations face this dilemma—choosing between the low-cost leader and a system that will exactly meet their needs and continue to grow with them.
Lisa Schulz, Jobvite’s corporate controller, faced the complexities of a growing company expanding internationally. I interviewed Lisa in a live webinar, now available on demand, about how they moved off QuickBooks and shifted their focus from spending 80% of their time on transactions to spending 80% of their time on analytics that help grow the company. Jobvite, an industry leader in best-of-breed recruiting software, is growing rapidly as it drives forward the next wave of recruitment innovation. With growth comes financial complexities that QuickBooks isn’t designed to handle.
With automation to move them off of relying on manual processes and visibility into renewals, they were able to increase billing by 5%, speed up the quote to bill cycle by 30%, and increase back office efficiency by 25%—all while reducing errors and audit risk.
One issue they faced as a subscription-based SaaS company was meeting regulations around revenue recognition. Done manually, revenue recognition required tracking revenue in spreadsheets and then making monthly journal entries to shift deferred revenue—lots of journal entries. And changing regulations required companies to not only change how they recognized revenue, but to also amortize related expenses on a per contract basis. Jobvite was able to automate all these processes when they moved to Sage Intacct. Revenue schedules are applied at the beginning of the order and then run automatically for the duration of the subscription.
Jobvite was also growing internationally and had more need than ever for multi-currency automation. To handle a growing number of transactions and avoid the pitfalls of relying on Excel, they needed a system with multi-currency capabilities built in—one that could make real-time exchange rate calculations on a transaction basis. Lisa explains how Sage Intacct helps them manage the growth and complexity while maintaining data integrity.
With multiple entities to close, the finance team was relying on consolidation processes outside their finance system. This slowed the close and created the risk of errors. With the multi-entity capabilities in Sage Intacct, they not only consolidate all their entities in minutes, but also see their financials from the top-down on a daily basis.
Find out for yourself
This interview included answers to questions from viewers around the best time to switch, what integrations work well, and more. Talking to Sage Intacct customers helps me remember why, year after year, Sage Intacct continues to be #1 in Customer Satisfaction on G2 crowd. Don’t take my word for it. Watch the webinar and see if it’s time for your business to graduate from QuickBooks to Sage Intacct.
A storyteller at heart, Bob Shawgo enjoys combining diverse, real-world examples with technical expertise to teach people how to create innovative business solutions that make their lives better. His more than 20-year professional background has spanned several industries and includes not only writing, promoting, and teaching about financial software, but also designing and building web-based financial applications. He began consulting with Sage Intacct in 2006 and joined them full time in 2009. His favorite part of working at Sage Intacct is hearing customers tell their stories of innovation, perseverance, and making a difference.