In this blog series, we review accounting, HR, and other software we use in our own office and/or on behalf of our clients. Check it out! You might just learn about a great new tool for your own business.
Two things I always talk about when I chat with potential clients for Fine Point are 1) we are awesome at developing processes and workflow to best serve our customers and 2) we use cutting-edge software to help us deliver amazing accounting and CFO services.
One new-to-us software that we’ve just recently started using is ProRata, which provides automated deferred revenue recognition. It also integrates with Xero and QuickBooks, which is critical for streamlining with our current business and financial reporting processes.
In a nutshell, ProRata calculates and schedules revenue for SaaS and other subscription services, and reports on deferred revenue tracking. Revenue can be assigned by customer and revenue type, as well as parameters such as revenue start and end dates. It then enters those revenue numbers into QuickBooks, saving us hours of time.
Our assistant controller, Chelsea Stanton, has been using ProRata for one of our clients as a test run for the software and is already a fan. “Before I started using ProRata for this Fine Point client, I was using an Excel spreadsheet to track revenue. It was about 20 tabs long, and I had to update it manually based on monthly billing. I usually reserved about a day and half every month to enter revenue for all of my clients into Excel and QuickBooks, but I think using ProRata is going to save me many of these hours.”
ProRata also has a number of reporting features that we look forward to digging into, with easy-to-use graphs and charts that show things like monthly balances over time and how revenues are projected in the future. With its easily navigable, straightforward interface, ProRata is yet another cool tool we anticipate we’ll be using to deliver top-rate service to our clients for years to come.
Visit Fine Point Consulting for more information about the great tools and services we use to help businesses succeed.