Revela shaves 3 days off close with Campfire
Campfire Success Stories: Revela shaves 3 days off close and unlocks financial insights
Company Profile
Company Name: Revela
Industry: Vertical SaaS
Website: www.revela.co
Key Contact: Richard Atkins, CPA, Director of Accounting
About Revela
Revela develops software for real estate management companies that helps users streamline and automate operations. The business is primarily SaaS with usage-billing as well.
The Problem
Revela was on QuickBooks and found invoice reconciliation, 606 revenue accounting, and SaaS reporting to be taking an outsized amount of time.
ARR reporting: Managing all of the customer contracts in spreadsheets was becoming an increasingly large part of the monthly close - QuickBooks had no concept of ARR, so reporting was entirely in spreadsheets.
Deeper insights were lacking: Revela was looking to measure more metrics such as department spend by category and vendor to further optimize the business, which was not available in QuickBooks.
Time-consuming reporting: QuickBooks did not support their board or multi-entity financial reporting, which created siloed data across different segments of the company.
Scaling the company without scaling the team: Everything was manual on QuickBooks, but the team was looking to 1) stay lean, 2) improve reporting while, 3) supporting tremendous growth.
The Solution
Moving to more sophisticated accounting software was the only option for Revela to meet its objectives. They turned to Campfire for its accounting platform with end-to-end revenue automation for SaaS companies.
“We went through a competitive evaluation and selected Campfire for our next stage of growth because it’s very scalable, handles complex 606 revenue accounting, and automates invoice reconciliation for high-volumes of transactions. Unifying our accounting and revenue reporting in a single place is a big win for our team.”
Richard Atkins, CPA, Director of Accounting @ Revela
Fully automated 606 revenue accounting
Campfire feature: Revenue reporting and recognition
Automated revenue accounting and reporting, such as ARR waterfalls, deferred revenue by customer and other KPIs removed the need for spreadsheets
Rule-based revenue recognition schedules reduced time spend on repetitive tasks
Revenue reporting by customer segment and product line for improved Board reporting and internal decision-making
“The US GAAP compliant revenue recognition functionality has been one of my favorite features of Campfire.”
Richard Atkins, CPA, Director of Accounting @ Revela
Stronger foundation of accounting data has improved budgeting and planning
Campfire feature: Granular forecasting dimensions
Analyses like department-level vendor spend by category, identified opportunities to reduce and consolidate spend with ease
Enhanced & more frequent reporting
Campfire feature: Advanced SaaS reporting
Customizable dashboard for key SaaS metrics (ARR, MRR, churn rate, ACV) and cohort analysis for customer behavior reduced time spent on reporting
Real-time financial performance visualization & automated generation of board-ready financial statements allowed for more consistent reporting
Scalable solution with a fast-growing business
Campfire feature: Advanced feature access and reliable customer support
Manual process automation reduced the need for additional headcount
Software integrations, with partners like Ramp, allowed for end-to-end automation
Quick turn around times for requested features supported rapid company growth
Results
By implementing Campfire, Revela was able to transform its financial operations, shaving 3 days off their monthly close process while improving accuracy, and providing deeper insights into their financial performance.
The finance and accounting team can now focus on strategic initiatives such as improving profitability rather than manual data entry and reconciliation, allowing the team to play a greater role in the company’s efficient growth.
