Revela Shaves 3 Days Off Close and Unlocks Financial Insights with Campfire

Learn how Revela, a real estate management software company, moved off QuickBooks to automate 606 revenue accounting and shave 3 days off its monthly close with Campfire.

Background

Revela develops software for real estate management companies that helps users streamline and automate operations. The business is primarily SaaS with usage-billing as well.

The Problem

Revela was on QuickBooks and found invoice reconciliation, 606 revenue accounting, and SaaS reporting to be taking an outsized amount of time. Managing all of the customer contracts in spreadsheets was becoming an increasingly large part of the monthly close—QuickBooks had no concept of ARR, so reporting was entirely in spreadsheets.

Deeper insights were also lacking: Revela was looking to measure more metrics such as department spend by category and vendor to further optimize the business, which was not available in QuickBooks. Time-consuming reporting was another pain point, as QuickBooks did not support their board or multi-entity financial reporting, which created siloed data across different segments of the company.

The team wanted to scale the company without scaling the team—everything was manual on QuickBooks, but the team was looking to stay lean, improve reporting, and support tremendous growth.

The Solution

Moving to more sophisticated accounting software was the only option for Revela to meet its objectives. They turned to Campfire for its accounting platform with end-to-end revenue automation for SaaS companies.

“We went through a competitive evaluation and selected Campfire for our next stage of growth because it’s very scalable, handles complex 606 revenue accounting, and automates invoice reconciliation for high volumes of transactions. Unifying our accounting and revenue reporting in a single place is a big win for our team.”

Richard Atkins, CPA, Director of Accounting at Revela

Fully Automated 606 Revenue Accounting

With Campfire’s revenue reporting and recognition features, automated revenue accounting and reporting—such as ARR waterfalls, deferred revenue by customer, and other KPIs—removed the need for spreadsheets. Rule-based revenue recognition schedules reduced time spent on repetitive tasks, and revenue reporting by customer segment and product line improved Board reporting and internal decision-making.

“The US GAAP compliant revenue recognition functionality has been one of my favorite features of Campfire.”

Richard Atkins, CPA, Director of Accounting at Revela

Stronger Foundation for Budgeting and Planning

Using Campfire’s granular forecasting dimensions, analyses like department-level vendor spend by category identified opportunities to reduce and consolidate spend with ease.

Enhanced and More Frequent Reporting

With Campfire’s advanced SaaS reporting, a customizable dashboard for key SaaS metrics (ARR, MRR, churn rate, ACV) and cohort analysis for customer behavior reduced time spent on reporting. Real-time financial performance visualization and automated generation of board-ready financial statements allowed for more consistent reporting.

A Scalable Solution for a Fast-Growing Business

With advanced feature access and reliable customer support, manual process automation reduced the need for additional headcount. Software integrations with partners like Ramp allowed for end-to-end automation, and quick turnaround times for requested features supported rapid company growth.

Results

By implementing Campfire, Revela was able to transform its financial operations, shaving 3 days off their monthly close process while improving accuracy and providing deeper insights into their financial performance.

The finance and accounting team can now focus on strategic initiatives such as improving profitability rather than manual data entry and reconciliation, allowing the team to play a greater role in the company’s efficient growth.