Fishburners is a highly collaborative community with world-class founders from different backgrounds and expertise. They have had more than 1000+ founders walk through their doors, and in the last 18 months, they have tripled their membership and expanded to Brisbane and Shanghai, China.
The Problem
Fishburners spent almost 25 hours a week on manual accounting work. Managing their fast-growing subscriptions in multiple geographies wasn't seamless either.
The finance team had to manually reconcile the invoices and the payment gateway data, which didn't allow them to focus on financial analysis and other pressing problems.
The customer success team used the accounting system to access customers' subscription information, which wasn't built for subscription management in the first place.
The Solution
Chargebee's integration with Xero retained most of their existing processes without disrupting the workflow and automated their reconciliation with a simple plug-in.
The simple and intuitive UI, along with the built-in customer portal, gives Fishburners' customers the freedom of self-service to access, edit, and pause their subscriptions.
The role-based access helps the customer service team access subscription information directly from the billing system.
The Pay-off
The finance and accounting teams now save up to 105 hours of manual accounting every month.
Chargebee's effortless payment gateway integration, multi-currency support, and tax-supported invoicing enable them to run their finance operations on auto-pilot. Using Chargebee saves a ton of bookkeeper time merely by automating mundane tasks. Some of these include:
Allowing prorated charges on sign-up invoices to save time spent on manually calculating the pro-rata amount to catch up on the billing cycle
Calculating revenue recovered from smart dunning to reduce manual time and effort following up with customers and rescheduling direct debits manually.
Automating payment reconciliation saves time from manually reconciling thousands of records each month.
Syncing data in real-time with Xero Integration saves time replicating the above changes from Chargebee into Xero.
The customer portal saves customer service time from emails to customers with invoice questions, sending through account statements, and updating billing and card details.
In Aayush's words, here's how the Finance Team at Fishburners benefits from all the saved time and offer: "With the majority of the admin billing work done automatically and providing us with live customer & revenue figures, the team uses revenue story regularly to:
Identify areas of growth for revenue (e.g., ideal customer).
Quickly understand any decline in revenue to strategize how to combat it early to hit monthly targets.
Review historical performance and metrics (e.g., retention cohort) to develop strategies to increase retention and minimize churn."
Headquarters
Sydney