Case Study: Recorded Future
Recorded Future’s monthly close decreases from 15 to 10 days and sales double with SmartBooks
Recorded Future arms you with real-time threat intelligence so you can proactively defend your organization against cyber attacks. The company has raised nearly $58M to date and has offices in Massachusetts, Virginia, Sweden and the United Kingdom.
Challenges
Similar to many growing companies, Recorded Future relied on their CFO, Scott Almeida, to handle their day-to-day bookkeeping and accounting. Wearing many hats became a hindrance for Scott, as his work began to pile up and prevent him from being able to focus on his most important responsibilities. “As the CFO, I shouldn’t be booking debits and credits, I should be reviewing this work and growing the company,” says Scott. “I realized it was time for a turnkey accounting solution for our business.” Scott had heard of outsourced accounting and began his research. It turned out that one of Recorded Future’s customers was using SmartBooks and was extremely happy with the service. Scott instantly saw the value and without hesitation signed up with SmartBooks.
“It’s great not having to be involved in much of the monthly close and it’s truly comforting knowing I have an expert partner who knows my industry inside and out.”
Scott Almeida CFOHow SmartBooks Helped
The transition to SmartBooks was very simple for Recorded Future. SmartBooks integrated systems to automate the sales order, billing, collections, accounts payable and revenue recognition processes. “Having SmartBooks reduced the audit time by over a month compared to the previous year,” says Scott.
“SmartBooks provided us with SaaS-specific metrics that helped us double our business.”
Scott Almeida CFOOutcome
Recorded Future needed to reduce the amount of time its CFO was spending on the day-to-day bookkeeping so he could focus on growing the business. With the SmartBooks audit-ready accounting and reporting solution, Recorded Future’s monthly close went from 15 days to 10 days and within the first year its business doubled in revenue.