How PostHog is building an enterprise-ready finance function without adding headcount

Campfire

Team

June 11, 2026

Two men walk away on a city street, with PostHog and Campfire logos superimposed.

Case Study

"Campfire is taking accounting software into the AI age. It's taking what used to be a legacy platform and allowing companies like PostHog to move faster, get bogged down in less manual work, and find real value in what we're doing." — Fraser Hopper, Finance & Ops, PostHog

About PostHog

PostHog is an all-in-one developer data platform that helps companies understand and improve their products. Built for developers, PostHog combines product analytics, session replay, feature flags, A/B testing, and more in a single open-source platform. Founded in 2020, PostHog has grown to over 200 employees, raised $150 million, and reached a valuation of $1.4 billion — serving tens of thousands of companies around the world.

Challenge

A Finance Stack Built for a Startup, Not a Scaling Enterprise

When Fraser Hopper joined PostHog, he was the sole person managing finance at a 35-person company. Over the next few years, as the business scaled rapidly, he built out a small but capable team — bringing accounting in-house and hiring two finance managers to support the growing complexity of the business.

But the tools hadn't kept pace. PostHog ran its general ledger on QuickBooks across four entities — US, UK, Germany, and a global holding company — and managed billing through a custom system integrated with Stripe and Brex. With 14 different products and a usage-based pricing model, the revenue complexity was significant, and none of it was connected.

The most painful limitation was multi-entity management. QuickBooks requires separate instances for each entity, meaning Fraser's team had to manually log in and out of different environments just to get a consolidated view of the business. Month-end consolidations required stitching together data from tools that lived entirely outside the ERP.

Revenue recognition was even more fragmented. PostHog's entire rev rec process lived outside QuickBooks — a workaround that introduced risk, delayed reporting, and meant the financial statements in the accounting system were never fully accurate. As Fraser put it, they were "semi-accurate and accurate enough" — fine for an early-stage startup, but not for a company preparing for its next chapter.

Closing the books reflected all of this strain. The team couldn't complete a monthly close until the 20th day of the following month. Leadership didn't have reliable financial data when they needed it, and the finance team was burning time on reconciliation and manual workarounds instead of strategic work.

PostHog needed a system that could handle where the business was today and scale with it for the next five years — one that could consolidate multi-entity reporting, bring revenue recognition in-house, and free up the team to be a genuine enabler for the business rather than a bottleneck.

"When your revenue recognition is done completely outside your accounting system, your financial statements are never truly accurate. As we grow, we need these to be the source of truth — not close enough." — Fraser Hopper, Finance & Ops, PostHog

Solution

A Modern ERP That Moves as Fast as PostHog Does

PostHog was introduced to Campfire roughly a year after closing its Series D, at a point when Fraser was actively evaluating how to upgrade the company's financial infrastructure ahead of its next stage of growth. The evaluation criteria were clear: the solution had to handle today's needs, scale for the next five years, and not slow the team down in the process.

What stood out about Campfire from the start was the speed and hands-on nature of the team. Fraser connected with John, Campfire's founder, early in the process and immediately recognized a shared operating philosophy — move fast, don't get weighed down, and build for the future. The implementation experience reinforced this. Campfire's team took genuine ownership of the rollout, mapping out what they could handle directly, preparing PostHog ahead of key milestones, and driving timelines forward when needed. There was no lengthy discovery process or ticket queue — just a team invested in making it work.

With Campfire, PostHog's multi-entity structure was consolidated into a single platform. All four entities flowed through one general ledger, eliminating the context-switching and manual consolidation that had previously consumed hours every month. Campfire's native integrations with Stripe and Brex meant transaction data flowed directly into the system without manual intervention.

Most significantly, revenue recognition was no longer a disconnected process. For the first time, PostHog's rev rec workflows were fully integrated into the accounting system — giving the team accurate, real-time financial statements and eliminating the reconciliation work that had previously made every close a grind. In the first months alone — without even targeting it — the team shaved five to six days off their monthly close.

Campfire also became a tool for the broader business, not just the finance team. PostHog's culture centers on transparency and making data accessible across the company — a value they call "making public." Campfire extended financial visibility to non-finance stakeholders, letting marketing teams track their own spend or a founder check on business trends without needing a finance team member as an intermediary.

Ember AI was especially valuable in realizing that goal. Fraser's favorite feature, Ember allows anyone — from a team lead to the CEO — to ask questions about the business's financial performance in plain English and get immediate, accurate answers. No spreadsheet expertise required, no distracting the finance team for a data pull.

"My favorite part of the product is Ember AI. Being able to speak to your financial data in plain English and get great answers back allows anyone at the company — finance expert or not — to get data faster and make better decisions." — Fraser Hopper, Finance & Ops, PostHog

Results

Accurate Financials, a Faster Close, and a Finance Team Built for Scale

PostHog's three-person finance team now manages a globally distributed business operating across four entities, a complex usage-based revenue model spanning 14 products, and the financial reporting demands of a company preparing for its next phase of growth. With Campfire, they're doing it without adding headcount.

The fragmented, error-prone workflows that had made month-end close a multi-week exercise gave way to a streamlined, integrated process grounded in accurate data. Financial statements reflected reality. Revenue recognition was in the system, not in a spreadsheet. And the team became increasingly able to focus on what mattered most: giving the rest of PostHog the financial visibility it needed to grow.

Looking ahead, Fraser is focused on continuing to build out the close checklist in Campfire — systematically identifying and eliminating manual tasks from the monthly workflow. He's also focused on expanding Ember's use across the business, getting financial data into the hands of PostHog's leadership and teams without the friction of the old approach.

For a company on the path to IPO or late-stage investment, the stakes of having clean, accurate, and timely financial data are only going up. Campfire is the foundation PostHog is building on.

"For us thinking about the next five years, the conversations we're going to be having — whether in public or private markets — are going to revolve around our financial statements. Having that data at our fingertips, accurate and aligned to how the business is actually performing, is vital." — Fraser Hopper, Finance & Ops, PostHog