The Power of Clean Data, Automation, and Collaboration

02/22/24 • 41 min

The Closers: Modern Revenue Accounting Podcast

In this episode, Roxanne Brady and Jesse Fillerup from the Connor Group discuss the transformative impact of accounting automation on businesses. They delve into the evolution of technology and its incorporation into various industries. Roxanne emphasizes the necessity for a mix of traditional and innovative tools to ensure business efficiency. Jesse further elaborates on the importance of cross-functional team collaborations and the need for a dynamic approach in revenue accounting. They both advocate for automating repetitive tasks, discussing the return on investment that comes from more reliable and efficient systems and processes.

Em’s Takeaways :

The top three areas of focus to work on with clients:
- Embrace the power of clean data: Roxanne shares why squeaky-clean data is your secret weapon for smooth system operations.
- Teamwork makes the dream work: It's all about teamwork! The accounting department collaborates with sales, legal, and operations to make smart decisions together. Everyone needs to grasp revenue recognition principles for smooth sailing.
- Train your team cross-functionally: Let's get everyone on the same page. Training can minimize confusion and maximize efficiency.
Prioritize automation and system integration for high-growth companies: Roxanne and Jesse stressed the significant ROI of automation, enabling swift scaling alongside company growth. Their advice? Opt for a customized tech stack that suits your needs, ensuring robust inter-system connections for efficiency and accuracy.

Episode Timestamps :

*(00:08) - Off the Ledger

*(09:27) - General Ledger

*(38:49) - The Future of Revenue Accounting

Links:

Check out additional resources for this episode:

>> Connect with Em Daigle on LinkedIn

Em’s Takeaways :

The top three areas of focus to work on with clients:
- Embrace the power of clean data: Roxanne shares why squeaky-clean data is your secret weapon for smooth system operations.
- Teamwork makes the dream work: It's all about teamwork! The accounting department collaborates with sales, legal, and operations to make smart decisions together. Everyone needs to grasp revenue recognition principles for smooth sailing.
- Train your team cross-functionally: Let's get everyone on the same page. Training can minimize confusion and maximize efficiency.
Prioritize automation and system integration for high-growth companies: Roxanne and Jesse stressed the significant ROI of automation, enabling swift scaling alongside company growth. Their advice? Opt for a customized tech stack that suits your needs, ensuring robust inter-system connections for efficiency and accuracy.

Episode Timestamps :

*(00:08) - Off the Ledger

*(09:27) - General Ledger

*(38:49) - The Future of Revenue Accounting

Links:

Check out additional resources for this episode:

>> Connect with Em Daigle on LinkedIn

Previous Episode

Special Episode: 6 Definitions of the Holistic Revenue Process

In this episode, we revisit the most interesting definitions of holistic revenue processes that stood out in Season 1. You’ll hear insights that stole the spotlight from industry leaders and trailblazers as they share their perspectives:

Pete Schraeder, Partner, PwC
Jackie Meer, VP of Revenue Accounting Operations, Genesys
Andrew Dailey Managing Director, MGI, Research
Adam Greenson, Sr. Revenue Manager, Biscom
Jeff Johnson, Managing Director (Consulting Services), EY
Jotham Ty, CEO, Gappify

Guest Quotes:

“Order-to-revenue, quote-to-cash, or quote-to-revenue—those are all concepts that came out of the 1970s and 1980s. Quote-to-cash is dead. Long live prospect-to-disclosure.” - Andrew Dailey Managing Director, MGI, Research

“I actually think of it as opportunity-to-renewal.” - Jackie Meer, VP of Revenue Accounting Operations, Genesys

“The contract is really the baseline and sometimes it's the nuances of the contract, what's written into the contract, that doesn't get captured in an ERP system.” - Jeff Johnson, Managing Director (Consulting Services), EY

Timestamps:

*(00:49) - Pete Schraeder, Partner, PwC

*(02:06) - Jackie Meer, VP of Revenue Accounting Operations, Genesys

*(03:14) - Andrew Dailey, Managing Director, MGI, Research

*(05:56) - Adam Greenson, Sr. Revenue Manager, Biscom

*(08:49) - Jeff Johnson, Managing Director (Consulting Services), EY

*(09:55) - Jotham Ty, CEO, Gappify

Check out the full episodes mentioned:

Episode 7: Revenue Automation Masterclass with PwC

Episode 6: Standing Up Revenue Operations for a Multi-Billion Dollar Business

Episode 5: Prospect to Disclosure is a Cycle, Not a Process

Episode 1: Stepping Outside of Traditional Revenue Accounting Roles

Episode 8: Solving for the Rev Rec Complexity of Modern Business Models

Episode 2: Accountants Need to Be Assertive When It Comes to Technology

Check out additional resources for this episode:

>> Connect with Em Daigle on LinkedIn

Next Episode

Empowering Finance Teams with Automation

In this episode, Julio Martinez, Co-Founder and CEO of Abacum, discusses the role of modern financial technology. He explores the many responsibilities of finance professionals today, the crucial role of efficient automation systems, and the importance of having processes alignment for operational efficiency. He shares that finance teams are being increasingly expected to drive efficiency and effectiveness in the business environment. Julio further sheds light on how AI fits into the finance world and warns against overestimating the immediate impact of AI on the industry, given many organizations still need to fix foundational issues before leveraging advanced technologies.

Em’s Takeaways:

The top three areas of focus to work on with clients:
Adopt a holistic revenue approach: Make sure to collect cash before counting revenue, covering all bases from generating leads to recognizing income.
Strengthen your finance tech toolkit: Boost your ERP system with modern tools for recognizing revenue and automating financial planning, helping growth and smart decisions.
Tap into data automation: Simplify data processes for quick access to operational stats and financial insights, leading to clearer business talks and better decisions.
Prioritize process alignment: Julio underscores the critical role of aligning technology with your operational workflows to fully leverage automation. He recommends investing in a customized tech setup that suits your unique requirements, ensuring seamless integration across systems for improved reporting accuracy and streamlined processes.

Episode Timestamps:

*(00:08) - Off the Ledger

*(09:27) - General Ledger

*(38:49) - The Future of Revenue Accounting

Links:

Check out additional resources for this episode:

>> Connect with Em Daigle on LinkedIn