Client Overview

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Covertree Insurance, a leader in innovative insurance solutions, struggled to consolidate revenue data from typical insurance systems like Socotra and payment systems like Stripe to meet ASC 606 compliance for an upcoming funding round. Aimee Bseirani, CPA and Controller at Covertree, recognized the need for an automated solution. 

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The Problem

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The company needed to restate three years of financials to bring them into compliance with ASC 606 to pass an audit for a funding round. To compound the trouble - this needed to be done in under 3 months.  Given the naturally high volumes of policies needed to be accounted for in their business model and the lack of budget for a headcount, it was not feasible with the current manual Excel based process.

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The Solution

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After carefully weighing the options, the company partnered with HubiFi. 

After evaluating options, Covertree partnered with HubiFi due to the:

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• Speed: Complete implementation in under a month and restating 3 years in 1 evening. 
• Data Integration: Unified all revenue sources within 2 days (Stripe, Socotra, Spreadsheets).
• Confidence in Reconciliation: Reliable data from week one - reduced audit time and fees.. 
• Low Internal Effort: HubiFi handled all order-to-cash entries natively, requiring only 10-15 hours from the accounting team for sample testing
• Flexible Reporting: Intuitive UI allowed quick report creation and easy auditing.. 

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When it came down to it HubiFi's solution provided a way to perform 3 years of restatement accounting in under a month and there was no alternative solution. 

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The Outcome

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Within a month , HubiFi helped Covertree to restate 3 years of financials in time for their audit. Additionally it reduced the audit fees and timeline by nearly a third.  HubiFi’s solution transformed Covertree’s manual and inaccurate processes into perfectly auditable O2C accounting and provided for the first time daily revenue insights to boot. 

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