{"id":10067,"date":"2020-10-15T15:22:00","date_gmt":"2020-10-15T19:22:00","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=10067"},"modified":"2026-02-12T04:59:04","modified_gmt":"2026-02-12T09:59:04","slug":"cybersecurity-saas-vendor-riskiq-cuts-rev-rec-time-from-two-days-to-30-minutes","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/cybersecurity-saas-vendor-riskiq-cuts-rev-rec-time-from-two-days-to-30-minutes\/","title":{"rendered":"Cybersecurity SaaS vendor RiskIQ cuts rev rec time from two days to 30 minutes"},"content":{"rendered":"
\n\t
\n\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\tAccountants<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
\n\t\t\t\t\t

\n\t\t\t\t\t\tCybersecurity SaaS vendor RiskIQ cuts rev rec time from two days to 30 minutes\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t

\n\t\t
\n\t\t\t
\n\t
\n\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\n\t\t
\n\t\t\t\n\t\t\t\t\"Andrew\t\t\t\tAndrew Sevillia<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Contracts are the lifeblood for any software as a service (SaaS) vendor. Yet as the business grows, so does its challenge in managing revenue from complex contracts that can vary in duration and terms.<\/p>\n\n\n\n

That was the case at RiskIQ, a San Francisco-based cybersecurity vendor that offers a digital threat management platform to defend against phishing, ransomware, malware, and other attacks. Rapid growth and international expansion several years ago left RiskIQ\u2019s accounting team struggling to keep up with QuickBooks and Excel.<\/p>\n\n\n\n

\u201cWe couldn\u2019t continue using QuickBooks \u2014 we were growing too fast,\u201d as Controller Masha Murphy says in our RiskIQ customer success story. “We had basically nothing to manage our SaaS revenue. I couldn\u2019t do consolidation in any meaningful way on QuickBooks, so I had a giant Excel file to consolidate everything once a month.\u201d<\/p>\n\n\n\n

An upgrade to Sage Intacct and its Contracts module in 2016 solved those challenges for the 11-year-old company, automating what were labor-intensive manual processes and delivering much-needed visibility into financials. Since the switch, Risk IQ has:<\/p>\n\n\n\n

    \n
  • Shortened its monthly close from 20 days to just six<\/li>\n\n\n\n
  • Cut time for revenue recognition from two days to 30 minutes<\/li>\n\n\n\n
  • Reduced board reporting time from up to five days to 45 minutes<\/li>\n\n\n\n
  • Nearly doubled revenue and grew its customer base 250%<\/li>\n<\/ul>\n\n\n\n

    \u201cThe Sage Intacct Contracts module has been awesome for us \u2014 it\u2019s so much simpler and easier, and with much better reporting,\u201d Murphy said. \u201cJust to post revenue used to take two days with an Excel file at month-end, and now it takes 30 minutes. I just push a button to post revenue and extract the report.\u201d<\/p>\n\n\n\n

    \u2018Pretty Amazing\u2019 Capabilities for ASC 606 Compliance<\/strong><\/h2>\n\n\n\n

    What\u2019s more, RiskIQ is utilizing Sage Intacct\u2019s built-in ASC 606 capabilities to speed its compliance with the new revenue recognition standard. Unlike other companies, Murphy notes, RiskIQ doesn\u2019t need a specialized ASC 606 solution or an expensive consulting engagement.<\/p>\n\n\n\n

    \u201cWe\u2019re going through ASC 606 conversion now and I’m able to use the systems I already have to accommodate it,\u201d Murphy said. \u201cI don\u2019t have to change my legacy numbers and unwind everything. I just have to post the new numbers under the 606 books. That\u2019s pretty amazing.”<\/p>\n\n\n\n

    RiskIQ has seen transformational benefits in other areas as well. For instance, what were difficult manual processes around complex sales commissions have been greatly streamlined with Sage Intacct Contracts.<\/p>\n\n\n\n

    \u201cRunning commissions automatically on contracts as the transaction happens is just magical,\u201d Murphy said. \u201cI don’t know of any other system that can do that.\u201d More gains are in the pipeline once RiskIQ integrates Sage Intacct with an Xactly sales commission app that has enabled the company to eliminate a $25,000 monthly consulting fee.<\/p>\n\n\n\n

    Always \u2018Data Ready\u2019 with Sage Intacct<\/strong><\/h2>\n\n\n\n

    Other integrations between Sage Intacct and best-of-breed cloud applications are already paying off with time savings of roughly 20 hours a month. RiskIQ has:<\/p>\n\n\n\n

      \n
    • Reduced monthly close review time from up to three hours to 10 minutes by connecting a FloQast close management app with Sage Intacct<\/li>\n\n\n\n
    • Eliminated three hours a week of expense reporting time with SAP Concur and Sage Intacct<\/li>\n\n\n\n
    • Cut out up to five hours of manual collections work each month with a YayPay receivables app and Sage Intacct<\/li>\n<\/ul>\n\n\n\n

      Streamlined receivables have also reduced days sales outstanding (DSO). That\u2019s accelerating cash flow that RiskIQ can invest in innovation and growing its base of more than 300 customers, including enterprises such as Amazon, Facebook, Disney, American Express, and Toyota.<\/p>\n\n\n\n

      With new efficiencies, Murphy’s team is spending less time on routine accounting and more time on analytics. Timely, accurate financial data and robust multidimensional reporting in Sage Intacct combine for new insights that help guide business growth.<\/p>\n\n\n\n

      \u201cOne of our biggest wins is that we\u2019re always \u2018data ready\u2019 with Sage Intacct,\u201d Murphy said. \u201cThat\u2019s huge because we don\u2019t have to manually collect and assemble information anymore. Sage Intacct reporting makes it so easy to slice and dice data any way you need it, and management can be confident that the data is accurate.\u201d<\/p>\n\n\n\n

      Check out the RiskIQ customer success story to learn more about how the company has streamlined financial management with its upgrade to Sage Intacct.<\/p>\n\n\n\n

      \n\t
      \n\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t\t\t

      RiskIQ gains greater bandwidth with Sage Intacct<\/h2>\n\n\t\t\t\t\t\t\t\t\t
      \n\t\t\t\t\t\t

      <\/p>\n

      Cybersecurity SaaS vendor cuts its financial reporting time in half using Sage software, allowing the business to focus on growth<\/p>\n

      <\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tDownload<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"Female\t\t\t<\/div>\n<\/div>\n\n\n

      \n\t
      \n\t\t
      \n\t\t\t
      \n\t\t\t\t\t\t\t\t

      Subscribe to our Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t
      \n\t\t\t\t\t\t

      Get our latest business advice delivered directly to your inbox.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tSubscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"Working\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      Contracts are the lifeblood for any software as a service (SaaS) vendor. Yet as the business grows, so does its challenge in managing revenue from complex contracts that can vary in duration and terms. That was the case at RiskIQ, a San Francisco-based cybersecurity vendor that offers a digital threat management platform to defend against […]<\/p>\n","protected":false},"author":1446,"featured_media":9280,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[158,46,48,49],"tags":[2,4,420,346,13,359],"business_type":[40,312,41],"lilypad":[],"context":[418,429],"industry":[450,204],"persona":[150,100,98],"imagine_tag":[209,436],"coauthors":[613],"class_list":["post-10067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accountants","category-growth-customers","category-technology-innovation","category-trends-insights","tag-accountants","tag-business-intelligence","tag-cloud-financial-management","tag-cloud-technology","tag-erp","tag-grow-your-accounting-practice","business_type-small-business","business_type-accountants","business_type-growing-business","industry-software-saas","industry-technology"],"sage_meta":{"region":"en-us","author_name":"Andrew Sevillia","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-643644406.jpg","imagine_tags":{"209":"Accounting","436":"Intacct Accounting"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/10067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/1446"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=10067"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/10067\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/9280"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=10067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=10067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=10067"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=10067"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=10067"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=10067"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=10067"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=10067"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=10067"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=10067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}