Customer Case Studies

© 2019 Sage Intacct, Inc. All rights reserved. www.sageintacct.com 877-437-7765 Company Overview Wistia is a leading brand of professional video so ware for small- and medium-sized businesses. Founded in 2006 in Cambridge, Massachuse s, more than half a million businesses across 50 countries depend on Wistia's products to power more creative and authentic communications, including: HubSpot, MailChimp, Sephora, Starbucks, and Tiffany & Co. Learn more at www.wistia.com. Executive Summary Previous So ware: • QuickBooks Online Results with Sage Intacct: • Time for monthly close cut from 15 to eight days • Payroll entry work reduced by five hours a month • Flexible reporting amid diversification in product lineup • New speed and insights support improved decisions and growth Challenges Fast-Growing Video Vendor Seeks Finance Efficiency & Scale Videos have become a vital tool for businesses to create authentic human connections with cus- tomers and prospects, and to differentiate themselves in our increasingly noisy digital age. Wistia, founded in 2006, a year a er YouTube launched, is at the forefront of the unfolding business video evolution. The Massachuse s-based company provides a complete platform for businesses to create, edit, host, and track videos for use in sales, marketing, training, and other areas. It's been a formula for rapid growth as use of business videos continues to rise. Wistia has more than doubled its workforce, from about 40 in 2016 to 95 in early 2019. Revenue leapt 33% between 2017-18 as the company grew a customer base that includes Starbucks, HubSpot, Tiffany & Co., Zendesk and Sephora. Wistia freemium products are used by more than 500,000 businesses around the world, while paying customers have risen over 20,000. The strong growth meant more manual work and complexity for the finance team using a combination of QuickBooks Online and Excel, while the business lacked the robust reporting and visibility it need- ed to fuel continued growth. "We just got to the point where we said, 'This is not going to scale,'" said Kevin Neary, who joined Wistia as its controller in early 2018. "We couldn't keep spending five hours a month ge ing a payroll entry in, or a day a month pu ing together the board package. Transactional volume was growing and we had to keep up with new accounting requirements like ASC 606 and 842." With the small three-person finance team taking up to 15 days to close the books, it was time to up- grade to a more scalable platform. Solutions Fast, Incisive Reporting at the Push of a Bu on Wistia narrowed the contenders down to Sage Intacct and Oracle NetSuite, which Neary had used at a previous company with mixed results. "We felt that Sage Intacct was a be er fit for the busi- ness—it just made sense," Neary said. "We didn't feel that the competitors could really compete with the Sage Intacct reporting tool and its capabilities to create custom reports with dimen- sions." In addition, Wistia was a racted by Sage Intacct's straightforward integrations with leading cloud applications, and didn't want to deal with the complexNetSuite-Salesforce integration. In less than four months on Sage Intacct, Wistia cut its monthly close time nearly in half, from 15 to eight days. Sage Intacct's integration with the ADP payroll solution saves about five hours a Fast-Growing Video Vendor Seeks Finance Efficiency and Scale Wistia C A S E S T U D Y

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