SecurityScorecard grows with one SaaS revenue lifecycle on Sage Intacct

At Sage Intacct, we are especially proud to have customers that scale and grow rapidly atop our financial management platform.

It is gratifying to see companies expand product lines, enter new markets, and grow revenue while taking advantage of the efficient workflows, real-time data, and incisive reporting that Sage Intacct makes possible.

That is certainly the case at SecurityScorecard, founded in 2013.

The firm is a SaaS provider of cybersecurity ratings that companies use to assess and strengthen their digital defenses.

More recently, SecurityScorecard introduced supply chain detection and response (SCDR) technology that helps customers address growing risks from third-party business partners.

Named to a recent Inc. 5000 list of America’s fastest-growing private companies, SecurityScorecard is used by more than 2,600 customers, including 70% of the Fortune 1000 and customers such as McDonald’s, Aetna, Cleveland Clinic, and Liberty Mutual.

A managed services offering called MAX is driving revenue to new highs.

The New York City-based firm has the scalability it needs since upgrading from QuickBooks to Sage Intacct in 2021.

Since then, revenue has soared close to 7x while SecurityScorecard’s lean accounting team has racked up remarkable accomplishments such as:

• Reduced its monthly close 80%
• Handled a large increase in transactions without adding finance staff
• Cut days sales outstanding (DSO)
• Improved revenue recognition efficiency by 80%
• Expanded to eight global entities

“We close within a six- or seven-day timeframe every month, even though revenue and transactions are significantly higher. And with Sage Intacct, we have priced and billed our sophisticated new MAX offering to drive our growth.”

Terry Nwosuocha
Corporate Controller, SecurityScorecard

‘Simple and straightforward to use’

Having used Workday, SAP, and Oracle Hyperion Financial Management in past roles, Nwosuocha has found intuitive ease of use throughout the Sage Intacct platform refreshing.

“Sage Intacct just works,” Nwosuocha says. “When I started, I was able to navigate around and make changes without having to get others involved. Sage Intacct is simple and straightforward to use, which is helpful.”

SecurityScorecard utilizes the Sage Intacct Contracts module, integrated with Salesforce CRM, to manage complex recurring billing and revenue.

The company has scaled out the system while expanding its product lineup, and neatly manages both recurring SaaS revenue and non-recurring services revenue through the solution.

SecurityScorecard has also built on its efficiency gains in the monthly close, transaction volumes, and revenue recognition by taking advantage of Sage Intacct’s straightforward API to integrate with third-party systems.

More efficiencies are realized by connecting its finance core to Avalara for sales tax automation, Wipfli fixed asset management, and Ramp for expense management.

Scaling without adding finance staff

Increased efficiency allows the company to avoid hiring additional finance staff and accommodate growth both organically and through acquisition, such as SecurityScorecard’s purchase of LIFARS, a global leader in digital forensics, incident response, and cyber resiliency services.

In recent years, SecurityScorecard has increased to eight entities and offices in the UK, Romania, Czech Republic, and Uruguay.

Going forward, SecurityScorecard is exploring continued improvements in areas such as multi-entity consolidations, foreign exchange conversions, and financial planning and analysis (FP&A).

For fast-growing companies such as SecurityScorecard, a broad range of Sage Intacct modules and partner solutions provide best-in-class capabilities to sustain growth momentum well into the future.

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SecurityScorecard is one of a growing number of SaaS/software companies to adopt Sage Intacct, making us the #1 solution of choice for SaaS companies outgrowing QuickBooks or migrating from a legacy system, according to a study by The SaaS CFO.

Learn more about what Sage Intacct can do for your software and services company here