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GuideCX Accelerates Invoicing and Capital Raises with SaaSOptics

From the time customer onboarding platform GuideCX (formerly beynd) was founded in 2017 until they became SaaSOptics customers in 2019, Founder and CEO Peter Ord was spending six hours per week manually sending invoices to customers.

“It was a time drain that, as a CEO, I couldn’t afford,” Peter explains. “I was investing all this time and couldn’t trust the numbers. To make matters worse, I didn’t have the ability to run the reports I needed and had little to no insight into the financial operations of the business. When I heard about SaaSOptics, I was relieved to discover a platform that could automate our day-to-day financial operations and capture the metrics I would need to validate future investments in the business.”

Because QuickBooks isn’t optimized for B2B SaaS companies, Peter was also doing a great deal of manual work each month to simplify billing and invoice all customers on the same day each month. This required him to prorate the amount due for customers who didn’t subscribe on the first of the month.

“To keep invoicing simple, I would prorate the amount and then start monthly billing on the first of the next month. This created an influx of manual work at the beginning of each month and wasn’t scalable long-term.”

SaaSOptics creates invoice schedules that are responsive to custom and changing contract terms.

“As soon as I create a customer contract in SaaSOptics, it generates the complete invoice schedule and automatically invoices customers from that point forward. It sounds simple but before I found SaaSOptics, carrying out this manual process at scale each month was overwhelming.”

In addition to saving Peter hours per week on invoicing alone, SaaSOptics allows him to capture recognizable revenue, deferred revenue, and unbilled accrued revenue automatically.

Calculating monthly recurring revenue sounds simple, but we offer both annual and monthly contracts, so getting accurate MRR was difficult, until SaaSOptics.

“Now, I can generate deferred and unbilled accrued revenue schedules that filter into GAAP
financial reports, and the process is seamless. Getting this data would have been a nightmare
without SaaSOptics.”

With invoicing and financial reporting taken care of in SaaSOptics, GuideCX can now leverage the platform’s SaaS metrics and analytics to assist in the due diligence process.

Expansion revenue represents 40 percent of GuideCX’s monthly recurring revenue, so validating the company’s growth strategy among the Board and investors is extremely important.

When GuideCX secured $2M in seed round funding, SaaSOptics played a critical role in both the capital raise and due diligence that followed.

“With SaaSOptics I could lay out our Expansion and New Revenue by month to illustrate why we chase small deal sizes up front. Reports validated that our customers exponentially add more users over time, which indicated to investors that customer confidence in GuideCX is high and that our growth potential is solid. Without SaaSOptics, it would have been very difficult to tell that story.”

In fact, Peter explains, “After I guided investors through SaaSOptics, their only remaining request was to see our balance sheet. SaaSOptics gave them an understanding of the
business, so there was no need to formalize or process additional information. They had more confidence in our business because of SaaSOptics.”

Now, I can generate deferred and unbilled accrued revenue schedules that filter into GAAP financial reports, and the process is seamless. Getting this data would have been a nightmare without SaaSOptics.

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