Mojo transforms revenue accounting and reporting
Mojo Overview
Team
Jessica Kaplan - VP, Finance
Dan deCoen - Controller
Industry: Consumer Internet
Company size: 84 employees
Headquarters: New York, New York
Revenue tech stack: Campfire, NetSuite, Looker
Result from Campfire:
Improved financial visibility by increasing the cadence of revenue reporting from monthly to weekly due to Campfire’s automation.
Audit readiness through migrating from manual processes to auditable software.
Ready to scale transaction volume by moving to software that can handle tens of millions of transactions to support future growth.
Mojo has built the world’s first licensed sports stock market. The company has raised $100M+ in funding to pioneer a new category of sports betting at the intersection of sports and finance with complex engineering, advanced data science, sophisticated market making — all designed to give fans a new way to cash in on their sports knowledge and passion. Having helped scale revenue accounting at Postmates, Dan deCoen knew that the current manual process for revenue accounting and reporting would not scale with the company's tremendous growth and expansion into Fantasy Sports.
“Having tried other tools, including Netsuite’s native revenue module, we were still running our revenue accounting and reporting through manual processes given that other tools were too challenging to customize, increasing the risk for inaccurate results and/or not fully automated.”
The evaluation process
Mojo has unique engineering challenges within its accounting team given the volume of data that is being processed for every transaction that occurs on our platform. Our Looker database and reporting works great for analytics, but we had a gap between Looker and our accounting software, NetSuite, when it came time to translate wager data into revenue accounting data. We previously were using spreadsheets, and they were starting to break because of the sheer volume of data. We tried a few options and quickly moved forward with Campfire after performing a deep evaluation of the product including testing the products’ revenue calculations and a security review with our information security team.
Campfire’s solution: Automating the transformation of transaction data from Looker into accounting data in NetSuite
Mojo introduced Campfire and it had an immediate impact on the financial operations. The process was fully automated, saving one day every month on the revenue accounting and reporting.
“We now have the ability to report revenue in our weekly team meetings and ensure our revenue accounting is accurate as we scale the company."
Audit readiness
One of the advantages of migrating to Campfire has been to prepare for accounting audits. Campfire’s auditable rules engine has added clarity around the technical accounting methodology for audit testing and audit trails of the work that is being performed.
Seamless migration
The Mojo team has deep experience with accounting software migrations so they were prepared for a long, painful process. Campfire handled the entire migration and integrations in-house, taking full ownership of the migration to ensure speed and quality. The Campfire engineering leadership team met with Mojo to understand their needs and reviewed sample data. The result was a seamless migration from spreadsheets to Campfire that only lasted a few weeks, primarily to securely setup the Looker integration.
"We’re automating our revenue reporting with Campfire. They allow us to have control over our revenue recognition via a customizable rules engine. Given our high volume of revenue data, they’re bridging the gap between engineering and finance."
Flexible platform
The main advantage of using spreadsheets has always been flexibility of the software. One of the primary requirements for the Mojo team during the evaluation process was to select software that had a consumer-grade interface that allowed the accounting team to make their own adjustments to the revenue methodology without involving an engineer. Campfire exceeded expectations by allowing for full automation of the revenue reporting while maintaining flexibility of the rules engine that was in place with spreadsheets. Campfire onboarded Mojo to its transaction rules engine that allows Dan and team to easily make adjustments to the accounting entries as the company grows and evolves.
Operational efficiency
Dan was previously spending five hours every month on the revenue accounting close process and it was fragile due to the manual effort required to perform the calculations in spreadsheets. As Mojo moved to weekly revenue reporting while scaling transaction volume, the time spent manually calculating revenue was set to grow exponentially. Migrating to Campfire has reduced the revenue reporting and accounting process down to a few clicks while unlocking additional reporting for executive decision support.
In Summary:
Migrating out of spreadsheets and into Campfire prepared Mojo for its next phase of growth.
Automating revenue reporting allowed Mojo to switch from monthly to weekly reporting for executive decision support while driving operational efficiency through 90% reduction in time spent.
Flexibility of the platform has allowed for the Mojo accounting team to make their own adjustments via Campfire’s self-serve interface.
