Exact Payments is a premier provider of top-tier digital commerce solutions for software platforms, bank partners, and omnichannel merchants. Their solution seamlessly integrates embedded payment options, allowing companies to swiftly onboard merchants, instantly activate payment methods, and boost their revenue.
As Exact Payments expanded at an accelerated rate, they found their financial management processes straining under the increased demands. While Sage 300 had been a reliable tool, it couldn’t offer the flexibility, scalability, and capabilities they sought to propel their growth and meet the expectations of investors and clients.
Given their operations span Canada and the US, consolidating financial reports from multiple entities became a crucial yet draining task. In addition, the company needed more flexibility surrounding subscription billing for its usage-based SaaS solution to expand its reach without hiring additional headcount.
The company aimed for a deeper insight into its finances to effectively budget, predict cash flow and discern the profit margin of every client and asset. They also needed to communicate this financial clarity effortlessly with stakeholders.
Reduction in time to monthly close
Faster order-to-bill processing time
Streamline Multi-Entity Consolidations
Handling multi-entity accounting can be complex due to different currencies, regulatory environments, and accounting standards. Sage Intacct was built to handle these complexities, and Exact Payments is cashing in on the benefits.
For instance, Sage Intacct supports a unified Chart of Accounts, ensuring all of Exact Payment’s entities align in account naming and numbering, easing consolidation. Catering to both Canadian and US operations, Sage Intacct processes currency conversions in real time. Moreover, intercompany transactions, which used to be manual and lengthy, now integrate seamlessly into the accounting routines, promoting swift data input and accuracy.
Automate Subscription Billing
The Answer Company introduced Exact Payments to Ordway, a tailored subscription pricing and billing software for SaaS companies. Integrated with Sage Intacct, Ordway refines and eases intricate recurring billing workflows.
Exact Payments now has the tools to automate subscription billing, easily create new billing use cases, and simplify revenue recognition. With the product pricing flexibility Ordway delivers, Exact Payments consolidated its plans from 60 to five while delivering more value for its clients. Furthermore, the efficiencies allowed the company to reduce the FTEs involved in the tasks five-fold.
Accurate Financial Reporting Satisfies Stakeholders
The Answer Company worked with Exact Payments to leverage Sage Intacct’s financial reporting strengths, building an executive operating metrics dashboard, for example, and using real-time dimension tagging. The resulting reports keep the executive team fully informed and builds confidence with investors.
- Instant consolidations reduces time and resources spent on monthly close
- Fast, accurate financial reporting speeds data to stakeholders
- Billing efficiencies minimized the number of staff involved
- Streamlined multi-entity accounting minimizes data entry tasks
Rapid Two-Minute Multi-Entity Consolidations
Exact Payments has done away with manual data collection, currency conversions, and report formatting. Sage Intacct’s automation consolidates reports across entities in a mere two minutes, trimming the company’s monthly closing time by 40%.
77% Reduction in Order-to-Bill Processing Time
Exact Payments slashed their order-to-bill processing time by 77% by enhancing and automating subscription billing and revenue recognition. This led to a 50% drop in credit card declines.
$120,000 Boost in Operating Cash Flow
As a result of the billing, revenue recognition, and collection efficiencies, the company grew operational cash flow by $120,000.
Minimized Budget Variances
With real-time access to accurate cash flow forecasts and the ability to continually monitor budget-to-actual expenses, the company has reduced budget variances, never once over-spending against its budgeted plan.