Case Study: Financial Services
Ocrolus accelerates usage-based billing process by 90%
Discover how automating their order-to-revenue process (usage-based pricing) saves the Ocrolus finance team 18 days a month on manual work.
Ocrolus is creating the next generation of infrastructure for fintechs.
Ocrolus‘ clients are looking to digitize documents that they receive from borrowers and process them in an accurate and efficient manner so that they can accelerate their lending processes. Ocrolus supports them by building human-in-the-loop infrastructure to automate back-office tasks with precision.
Their clients are looking to digitize documents that they receive from borrowers and process them in an accurate and efficient manner so that they can accelerate their lending processes. Ocrolus supports them by building human-in-the-loop infrastructure to automate back-office tasks with precision.
Ocrolus was bogged down by disconnected recurring billing systems.
Previously, the Ocrolus team was using Zuora, and unable to manage their custom contracts and usage-based billing.
Just some of the challenges plaguing the team:
- Disconnected internal systems
- Completely manual and error-prone processes for billing
- No process in place for tracking deferred revenue, which resulted in poor tracking of accounts receivable
Ocrolus turned to Ordway, and saw that the platform was able to tackle revenue recognition, integrate with their current finance tech stack, comprised of Salesforce CRM and QuickBooks as their accounting software, and handle cash reconciliations of money coming into the organization.
Head of Finance Conor O’Donoghue said, “When we looked around, especially given we had a usage-based model, we didn’t find any vendors that could solve all those issues. They could solve one or two. However, when we spoke with Ordway, we really were confident that they could solve across the board on those issues.”
”“With Zuora, we found that it was hard to get support from them. They didn’t want to deal with the complexities that we had on our side and just wanted us to fit into their solution. But, Ordway has been fantastic and has supported us every step of the way,”Conor O’DonoghueHead of Finance.
Ordway manages complex order-to-revenue workflows and pricing models.
With Ordway, Ocrolus is able to completely automate their billing and revenue recognition process. Controller Scott Piwowarczyk said, “Ordway really presented itself as an adaptable solution to any type of contract that we presented to them.” For example, Ordway is able to handle prepayment from customers and calculate deferred revenue, processes that Zuora could not support. This is possible due to the inherent flexibility of the Ordway platform, which understands the nuance of each Ocrolus contract in a way no other subscription management or recurring billing system could.
Subscriptions are set up in the Ordway platform, with a template passing data from their proprietary system into Ordway. It automatically matches up different usage against different subscriptions, applies the correct pricing, knows if there’s tiered pricing, if there’s overage pricing, what the billing structure and frequency is, and does it all automatically within seconds once they have the template ready.
Ordway empowers Ocrolus to accelerate monthly recurring billing process by 90%.
Ordway offers a scalable solution for the evolving and growing Ocrolus business.
Looking towards the future, the Ocrolus team knows their finance stack is on stable ground with the Ordway platform that will scale with them as they grow. O’Donoghue says, “Ordway has been really supportive in getting a solution that works for us and also figuring out structures where we can deal with one-time issues in the most efficient way and systematic way so that it’s a scalable solution as we grow. So far, it’s been a really supportive team that have dealt with all our idiosyncrasies.”
Transitioning to Ordway has created three major sources of ROI:
- Ordway saves the Ocrolus team 18 days a month in manual processes, accelerating the month end accounting process by 90% through automation between Salesforce and QuickBooks.
- Agility to manage one-time billing issues through flexible templated product plans.
- Improved data accuracy gives internal teams access to robust reporting and confidence in their own data.
Now, the Ocrolus team is able to focus on customer profitability.