Ali S Rizvi, Founder and CEO
While early in his career at a big four accounting firm in Silicon Valley, Ali Rizvi recognized the challenges companies of all sizes had with billing, contract renewals, revenue recognition, and revenue forecasting.
According to CFO.com, “One of the biggest challenges of running a SaaS company is handling billing and revenue.” There exist over a million SaaS companies, and they lag due to thecountless hours spent pushing papers around, sending emails, and creating confusing spreadsheets.
Viewing this, Rizvi realized the time and effort being wasted on manual and repetitive accounting work, where one system is used for recurring billing, another for forecasting revenue, and yet another to turn data into actionable business intelligence. And if there were ever errors in the reported revenue, it would create total havoc, usually costing thousands of dollars to fix and ultimately leading financial restatements and people getting fired. The problems seemed the most severe at smaller companies; they lacked the expertise and couldn’t afford big expensive software solutions. With the growth of the subscription economy, companies were using different solutions to manage contracts, invoice customers, forecast revenue, and report key financial metrics. The ERP systems designed for small businesses were (and are) not built to handle all of these interconnected data points. According to Rizvi, the accounting industry is still in the dark ages, and disruption is right around the corner. TrueRev is the quantum leap in the accounting space with its all-in-one solution to handle the entire contract-to-cash process while also seamlessly connecting to the ERP system most used by small businesses, QuickBooks.
“Our customers now have insights into their customer subscriptions such as renewals, future expected revenue, and future expected cash f lows and more. Cash f low is a top priority for small businesses, and with TrueRev, they will never miss sending an invoice to a customer again,” begins Ali Rizvi, the Founder, and CEO of TrueRev.
“There are only a few competitors in the whole order-to-cash space and the ones thatclaim to be focused almost entirely on recurring billing and do not offer the tools to manage contracts, revenue recognition, or revenue forecasting that way we do,” adds Rizvi.
TrueRev’s all-in-one solution easily integrates with CRMs helping companies reduce manual data entry in multiple systems and where companies are not using a contract management system, relying on file storage services, TrueRev provides a central intelligent contract management portal for all sales contracts and associated documents. The frustrating pain of trying to locate an important contract from a myriad of emails, file cabinets, former employees is now eliminated with TrueRev.
One of TrueRev’s early customers, a Smart Transportation company, was keeping all of its subscription contracts within Salesforce, yet no one was maintaining them or keeping them updated.
We offer a viable and cost-effective solution that is easy to use and enables clients to take advantage of the global subscription economy today
With staff turnover, it became even harder for the accounting team to know when to invoice a subscription and when to invoice arenewal. Missing sending invoices became a real problem; the hit on cash f low for this start-up was negatively impacting the entire company.
On top of this, the revenue spreadsheet created was created by the controller, who was an excel expert. He created elaborate formulas, and the spreadsheet grew to an unmanageable size. Every month the spreadsheet had to be manipulated for hours before the company could determine their most important number – revenue. When he left the company, there was no one equipped to take over the revenue schedule, so consultants were brought in to help manage this—all of this adding to the cash f low burden of a young and growing company.
Due to these many issues, the company deployed TrueRev, which eliminated the need to maintain the revenue schedule. The entire process, from subscription contracts to scheduling invoices out into the future, to forecasting revenue, had an immediate and positive impact on the company.
New generation software use ML and AI to reduce time spent on repetitive work and turn data into meaningful business intelligence so decision-makers can stay on top of risks and steer their companies towards opportunities.
TrueRev plans to incorporate AI to analyze data such as contract size, duration, invoices sent, future cash f lows and revenue forecasted to allow chief financial officers to sales operations leaders to see patterns from these data points to make big decisions.
Furthermore, the reporting portal helps to extract the data about revenue recognition and presents an accurate image of whether revenue has increased or decreased over a certaintime. TrueRev also assists clients in making amends in an already finalized contract, which are automatically updated across the entire contract value and the revenue recognition schedule.
TrueRev has created its model a lot like Quickbooks Online but with a lesser learning curve. As such, users can be set up and running with TrueRev in a matter of minutes rather than weeks as in other subscription platforms. TrueRev connects very quickly with Quickbooks and pulls in customer invoices, as well as information necessary to help customers begin setting up subscriptions and contracts on the same day. The company also offers email support and assists, clients with configuration and pulling in and saving historical information. TrueRev is truly unique in its business model, making it a one-stop-shop with all its modules starting from contract management, billing engine, revenue engine, right up to its reporting portal being connected, making all processes within accounting seamless and swift, with minimal setup time.
The company has proven its mettle with several subscription renewals from existing clients and has replaced the excel-based revenue schedules for them, which has created immediate ROI value. Customers can access to quarterly as well as annual revenue reports in a matter of a few seconds. This has led several Canadian companies to approach TrueRev and has helped the company expand its outreach in the UK, Australia, and even Japan. The company is focused on growing its existing customer base and is working on adding foreign currencies, and integrating with payment providers allows for a complete end-to-end solution.