Implementation, outsourcing, and technology partners
Help clients realize hyper-automation of billing, AR, and revenue accounting functions.
Businesses that migrate their billing and revenue accounting to Ordway typically reduce billing cycles and monthly close processes by 80-90% as well as reduce the need for incremental staff as they grow. Dozens of financial advisory and business consulting firms are helping their clients migrate from spreadsheets and “starter” billing applications to Ordway.
Implementation partners can help reduce the cost, risk, and timeframe for transition by performing the heavy lifting on tasks such as:
Future state modeling
Workflows, use cases, and data models for various contract types and pricing models including subscription, percentage, and usage-based pricing.
Placement of branding elements, line items, taxes, totals, contact info, and remittance details. Custom content such as detailed consumption or subscription reporting.
Scheduling of monthly bill runs. Configuration of pro-ration rules. Application of foreign exchange rates. Setup of variables for rating engine.
Revenue recognition rules for one-time or straight-line recognition. Configuration of revenue sub ledger and chart of accounts.
Content and timing of notifications about new invoices, payment confirmations, transaction errors, and expired cards.
Link to customer’s product for feeds of usage data. Real-time or batch integration with CRM, CPQ, sales tax, payment gateway, and general ledger applications.
Upload of products, prices, and contract details for existing customers. Migration of historical journal entries, invoices, and payment transactions.
Testing and migration
Multi-phased launch of new customers and existing accounts. Parallel run period to ensure billing accuracy before decommissioning of legacy system.
Outsourcing and managed services
Offer full-service billing, accounts receivable, and rev recognition to your clients.
Ordway offers unparalleled levels of automation for today’s innovative pricing models and complex contract structures, reducing the dependency on spreadsheets and manual processes. Fractional CFOs and Startup Accounting practices as well as Top 100 Financial Advisory firms partner with Ordway to offer their clients full-service offerings that include:
Capture the products, prices, contract dates, and payment terms needed for billing and accounting from recently closed sales orders.
Generate invoices with one-time and recurring charges with support for pre-paid, pay-as-you-go, freemium and free/paid trial models.
Process collections via multiple payment channels (card, ACH, wire). Reconcile and apply cash receipts to the appropriate accounts.
Send alerts and notifications to customers throughout the invoice-to-pay lifecycle. Perform dunning for past due accounts to secure payments.
Billing inquiries and disputes
Respond to questions about line-item charges, billing calculations, or failed payments. Process invoice disputes and apply refunds/credits.
Provide GAAP reporting (ASC 606 and IFRS 15) of deferred and recognized revenue including support for the monthly accounting cycle.
Processing of upsells, cross-sells, renewals, and cancellations with price changes, contract term extensions, and pro-ration of charges.
Quarterly board reporting on key recurring revenue metrics such as ARR/MRR, ACV/TCV, Customer Lifetime Value, and Net Dollar Retention.
Venture capital and private equity
Lean finance for portfolio companies in startup or scale-up mode.
Ordway automates the most resource-intensive aspects of billing, collections, and revenue accounting functions so finance teams can scale without hiring an army of FTEs. Venture capital and private equity firms partner with Ordway to enable their portfolio companies to:
Launch innovative pricing
Experiment with new pricing and packaging strategies without having to worry about breaking the billing and revenue recognition systems.
Increase net retention
Enable higher volume of expansion bookings from upsells, cross-sells, and renewals by removing high-friction billing and accounting challenges.
Grow recurring revenue
Transition pay-as-you-go customers with usage-based pricing to long-term contracts with prepaid credits or monthly minimums.
Simplify KPI reporting
More frequently and easily report on key metrics such as MRR/ARR, ACV/TCV, and LTV with the ability to perform segmentation and cohort analysis.