In two years, a fast-growth company expands its customer base from 2,000 to 6,800. Revenue soars at roughly 100% each year, and the workforce has swollen from about 80 to nearly 300. How many new accounting and finance professionals would the business need to hire?
At Weave, the answer is zero. The provider of a patient communications platform for dental, optometry, and other businesses, Weave has achieved that breakneck growth — yet it’s maintained the same lean, four-person accounting team.
Weave’s secret has been new financial management efficiencies unleashed through use of the Sage Intacct platform, as Joel Meriwether, director of finance at the Utah-based company, says in our new customer success story.
“We’ve seen significant time savings in every process since adopting Sage Intacct,” Meriwether said. “We would have needed to add 10 new people to handle processes that are automated in Sage Intacct. To keep doing things the old way would have been a staff-killer.”
For instance, Meriwether’s team has cut its monthly close time by 75%, from 20 days to just five. Its quote-to-cash cycle is 100% faster, and due diligence reporting for a round of Series C funding in 2018 took just three weeks — much less than the 3½ months a similar exercise took before the company upgraded from QuickBooks to Sage Intacct.
The new efficiencies have transformed the accounting function at Weave, launched in 2015, from number-crunchers into a strategic partner for business growth.
Dimensional reporting in Sage Intacct makes it easy for Weave to report on key metrics such as customer acquisition cost, customer lifetime value, and customer churn. Instead of needing days to prepare a board report or address a question, Weave now has real-time data on demand.
“Sage Intacct lets us analyze performance and focus on process improvements not just within accounting, but across other departments and the business as a whole,” Meriwether said. “Our ability to quickly and easily report key metrics to the board and do budget-to-actual calculations has been an enormous benefit.”
The insights from Sage Intacct reporting have been instrumental in helping Weave improve its gross margin by 67%, fueling continued growth in the solutions portfolio and customer base. Dimensional reporting is also helping Weave make better business decisions.
“Financial metrics and details coming out of Sage Intacct help us analyze and understand where additional resources are needed, or maybe where we need to improve process efficiency,” Meriwether said.
As Weave continues to add 400 to 500 new customers a month, Meriwether is confident the company has a future-proof platform to help power its next stage of growth and a potential IPO. He and his colleagues have been impressed with the new features and functionally delivered in Sage Intacct updates.
“Sage Intacct seems to be hitting the nail on the head with new functionality so we say, ‘Yes, this is exactly what we’ve been asking for,’” Meriwether said. “I view Sage Intacct as a partner in a common goal of growth — helping us drive that growth, sustain that growth, and analyze the growth.”
Check out our Weave customer success story to learn more about how the company utilizes Sage Intacct to help fuel rapid, cost-efficient growth.
With 12+ years of global high tech customer marketing experience. Andrew has lead global customer reference team responsibilities for generating awareness, building sales pipeline, creating customer success evidence, and growing revenue. As the Director of Customer Marketing at Sage Intacct, he is responsible for leading the customer reference and advocacy program.