Sage Intacct Customer RapidRatings Wins Ventana Research Office of Finance Digital Leadership Award

Financial Health Analytics Firm Recognized for Decreasing Time Spent on Collections by 20% and Monthly Close by 40% with Sage Intacct

ATLANTA, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Sage (FTSE: SGE), the market leader in cloud business management solutions, today announced that Sage Intacct customer RapidRatings and its director of finance, Elliot Goldman, have been recognized with a 2018 Ventana Research Digital Leadership Award for the company’s use of Sage Intacct, a solution available in Sage Business Cloud. RapidRatings won in the Office of Finance category, which recognizes the individual and company that best exemplifies leadership in the applications and technologies that support the office of finance.

RapidRatings uses Sage Intacct to gain deeper insight into investment opportunities within the product roadmap, accelerate subscription billing and revenue recognition processes through automation, and eliminate cumbersome, manual workarounds. RapidRatings worked with Sage Intacct partner, Leap the Pond, and estimates the Sage Intacct solution paid for itself in under three months based on the business value delivered. Ventana Research selected RapidRatings as the winner after examining the company’s deployment of Sage Intacct. It evaluated the organization’s use of people and processes, information and technology, and the project's business impact and value.

“Sage Intacct and our partners, such as Leap the Pond, are focused on helping our joint customers leverage the industry’s best cloud financial management technology that support business growth,” said Ian Howells, Vice President and Head of Marketing, Sage Intacct. “This award is a well-deserved honor for Elliot and the entire finance team at RapidRatings and underscores the value Sage Intacct delivers in supporting an organization as it expands internationally and prepares for further funding.”

“Using software to manage cross-functional business processes in a continuous, end-to-end fashion makes organizations more efficient and improves their business performance,” observed Robert Kugel, Senior Vice President and Research Director at Ventana Research. “This is especially true for modern subscription businesses. We gave RapidRatings a Digital Leadership Award because of its use of Sage Intacct to enable the company’s sales and accounting teams to focus more on satisfying customers and growing the business by eliminating the need for manual data entry, as well as data checks and reconciliations.”

Transforming a Global SaaS Business with Data & Automation
RapidRatings’ disruptive approach of using sophisticated analytics to assess the financial health of both public and private companies showed its value during the 2008 global financial crisis, and the company has expanded quickly ever since.

Previously, the RapidRatings finance team spent too much time on error-prone, Excel-based workarounds and keeping the company’s Salesforce CRM system up to date. Additionally, the QuickBooks software was unable to support RapidRatings’ quote-to-cash, invoicing, currency conversion, commissions, or revenue recognition needs. The team decided to switch to Sage Intacct’s cloud-based financial management solution to support the company’s increasingly complex reporting and budgeting needs.

“The real-time visibility Sage Intacct supplies was extremely valuable to monitor how our capital was being spent and our foreseeable cash flow during a 10-month Series B funding process that successfully closed. Without real-time insights through Sage Intacct, we faced the risk that we wouldn’t have enough available cash to fund operations,” said Elliot Goldman, Finance Director at RapidRatings. “Sage Intacct made it easy to quickly address Series B requirements, while minimizing the risk that we’d fall short in meeting requirements of our new Series B investors.”

Elliott and RapidRatings used Sage Intacct to realize significant benefits to the organization, including:

  • Streamlined global consolidations: RapidRatings automated its global consolidations process across multiple international entities, which helped speed of the monthly close by 40 percent.
  • Consistent finance headcount despite growth: The business achieved consistent 50% growth for year over year and while maintaining existing headcount.
  • Accelerated billing and revenue management: The firm is able to close billing and recognize revenue on the first day of every month. Invoices are distributed three times faster and the company has reduced days sales outstanding by 20 percent.

For more information on how RapidRatings uses Sage Intacct, view the full case study here.

About Sage
Sage (FTSE: SGE) is the global market leader for technology that helps businesses of all sizes manage everything from money to people – whether they’re a start-up, scale-up, or enterprise. We do this through Sage Business Cloud – the one and only platform that customers will ever need, comprising Accounting, Financials, Sage Intacct, Enterprise Management, People & Payroll, and Payments & Banking.

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Press Contact:
Peter Olson