Answers to your ?? questions about accounting automation

FAQ + Q&A = FAQ&A

That's just simple math.

Happy Tuesday! ?? Today, we're sharing frequently (and enthusiastically) asked questions we get about accounting automation and Leapfin. These mostly come in during our live webinars and throughout the buying process.

But we get a lot through LinkedIn and email, too. So if you have a question that isn't covered here, send us a message here on LinkedIn or email us at [email protected] and we'll get you an answer fast.?

FAQ about adopting accounting automation

Q: How would you position an investment case for automation to senior management? What about to a CTO who prefers internal builds?

Your leaders want specific outcomes. That list probably includes faster decision-making, revenue growth, improved productivity, and cost savings. These are all proven benefits of accounting automation. Emphasize this, and also show how automation aligns with strategic business goals.?

Check out these helpful business case resources: Blog Post | Recorded Webinar

As for the CTO who prefers internal builds, focus on the total cost of ownership over three to five years. This should include implementation, maintenance, and both quantifiable and intangible opportunity costs. The main quantifiable opportunity costs are... [see the rest in our blog post]

Q: How should I balance building for current business needs versus future ones?

Talk through your problem solving philosophy with your team and stakeholders in management and other departments who will be impacted. And watch our talk with SeatGeek that addresses this topic, too.

We see customers have success with each approach. Some choose to build for their core revenue stream first, standardizing existing processes and getting the new project going with the familiarity of the previous/existing process (the devil you know).

Other customers use a new project (i.e. new revenue stream) as the motivation for implementing a new solution and process. They prefer to not... [see the rest in our blog post]

Q: Between large processes like month-end close and smaller tasks like invoicing, what do you recommend automating first??

Our advice is to not prioritize according to the size of the project, but to address the business challenge that's causing the most pain. A happier, more streamlined process will do amazing things for your team and output. For many of our customers, month-end close is the biggest pain point. It's also a critical milestone and number for many stakeholders. Automation alleviates the pain of manual, repetitive preparation tasks and can unlock... [see the rest in our blog post]

FAQ about Leapfin's customers

Q: What types of companies does Leapfin excel at supporting?

Leapfin was built to handle the challenges of high-growth, high-transaction-volume businesses (think subscription, e-commerce, marketplaces). Companies like Reddit, Medium, and SeatGeek have used Leapfin to solve their revenue accounting problems.

And many businesses turn to Leapfin in moments when they need the highest confidence in their accounting data. Those moments include:

• Considering or approaching IPO (more on this in the next question)
• Preparing for an audit, or after a difficult one
• Seeking new funding
• Preparing for a merger or acquisition (M&A)

FAQ about accounting automation & IPOs

Q: We're planning an IPO in the next 12-18 months. When should I start automating more accounting processes?

Do it now. Get out front and lead from that position. Here's why:

1. Scrutiny and stock prices. When you go for an IPO, the first thing that will be scrutinized is your revenue. How confident are you in how you're managing revenue recognition and reporting today? Do you experience errors most months? Are those errors consistent and predictable? How will they be perceived? Late filing can have a negative effect on stock price and investor perception. Post-IPO, a restatement, especially a revenue drop, can have a severe impact on company stock. And an adverse opinion related to being unable to complete an audit is just as bad.
2. Internal controls. Often, pre-IPO companies haven't had to worry about this. You can cover your bases with spreadsheets, though truth be told, this is miserable from a documentation and audit testing standpoint. If you think month-end is painful today, wait until you have to document all the reconciliations, reviews, and approvals with... [see the rest in our blog post]

FAQ about how Leapfin works

Q: How is Leapfin different from a Stripe to NetSuite connector?

Leapfin is more than just a connector. A connector merely sends data from one place to another. Leapfin transforms the data to make it accounting-ready and ERP-ready. It ingests messy, raw transaction data from multiple systems, aggregates, and standardizes it. It links related transactions and enriches the data. And it applies accounting logic based on your policies to generate journal entries for your GL system and summaries perfectly formatted for your ERP.?Watch our new explainer video here.

See complete answers to these FAQs and more in our blog post.?