Client Overview

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Packback, a leading e-learning company, struggled to consolidate revenue data from Stripe and a custom database for accurate ASC 606 compliance after acquisition. This was compounded by the high volumes of contracts they had to account for due to the B2C nature of their business and the fact previously this was all managed in Excel files.  Greg Smith, the Director of Finance knew there was a better way and wanted to implement a future proof solution. 

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The Problem

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The company needed to consolidate data from Stripe and other internal sources of contract data to create a "single source of truth" for revenue, account for it accurately under ASC 606, and report granularly enough by business line to meet the new reporting requirements of its parent, which was not possible with the current manual Excel based process. 

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The Solution

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After carefully weighing the options between another potential vendor, Leapfin, the company partnered with HubiFi. 

After evaluating options, Packback chose HubiFi over Leapfin for its:

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• Speed: Complete implementation in under a month vs. several months.
• Data Integration: Unified all revenue sources within 2 days vs months.
• Confidence in Reconciliation: Reliable data from week one vs months. 
• Low Internal Effort: HubiFi handled all order-to-cash entries natively, requiring only 10-15 hours from the accounting team for sample testing vs having to set their own accounting rules and iterative testing over months. 
• Flexible Reporting: Intuitive UI allowed quick report adjustments for parent company needs vs the months long learning curve of the competitor’s reporting engine. 

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When it came down to it HubiFi's solution provided robust data integration and consolidation capabilities, which allowed the company to gain real-time insights into revenue flow and compliance in a very short period of time. 

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The Outcome

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Within a week, HubiFi helped Packback identify six figures in previously missed revenue, delivering a 200% ROI. HubiFi’s solution transformed Packback’s financial management, enabling daily revenue insights and meeting their parent’s compliance requirements with ease.

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