“Fine Point Consulting was very helpful in assessing the needs of our business after we separated from our parent company. They identified opportunities for us to improve efficiency in our accounting systems, a transition that also resulted in cost savings for our business.”
– Christopher Kelly, CEO, TitanTV, Inc.
It’s not uncommon when a company is acquired, merged, or sold, that it continues to use the same software programs it’s always used. It’s a decision that often helps smooth the transition from one owner to the next and keep staff moving forward with business as usual. Such was the case for broadcast provider TitanTV, Inc. when they separated from parent company Broadcast Interactive Media (BIM) in 2016. BIM was using accounting software Intacct, a powerful program that’s particularly convenient for its integration with Salesforce. But Intacct was a more robust system than the newly independent TitanTV needed—and it came at an annual cost of more than $15,000.
Enter Fine Point Consulting, which quickly determined that converting to QuickBooks accounting software would not only save TitanTV a bundle, but would also provide the right-size software for their business. Fine Point staff also researched and tested a tool for syncing Salesforce with QuickBooks, an important feature of Intacct the company wanted to maintain. Accountants at Fine Point then managed the software conversion from start to finish. TitanTV’s new accounting system not only saves the business big money, but it does exactly what company leaders need in a way that’s more intuitive and transparent than before. And that’s a success worth broadcasting.
Visit Fine Point Consulting for more information about the great tools and services we use to help businesses like TitanTV, Inc. succeed.
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.
To get in touch with Jen Lang, Luella Schmidt or one of our other Madison-area accountants, click here.
Title Slide: The Benefits of using Quickbooks | with Luella Schmidt and Jen Hildahl
Luella Schmidt: The benefits of using QuickBooks are – this is where I’ll get all geeky and excited about this because the software industry around Quickbooks in the last 5 years has really exploded.
Jen Hildahl: The benefits of using QuickBooks is that is really the mainstream small business accounting software. So there are a lot of add-on tools that have come to the market since it is such a popular software system. (more…)