Introducing the Leapfin Finance Data Platform: Your real-time data answer to every Finance question
Accelerate close, conduct stress-free audits, and increase profitability with real-time data and automated financial subledger in Leapfin
To win in today’s market, Finance teams need real-time data to increase profits and free themselves of the tedious manual processes that take up 50% of their time — sourcing real-time data for forecasting, reconciling irreconcilable differences, and reconstructing the entire transaction journey.
This real-time data empowers Finance to take charge of their business’s profit strategy without getting into boardroom battles or spending precious hours trying to defend their numbers. Finance must rethink its Order to Cash (OTC) process.
While many specialized solutions handle different steps in the OTC process — from Stripe for payment processes and Shopify for Order Management to homegrown or off-the-shelf billing solutions and NetSuite for the general ledger — threading the needle from the initial order to the monthly financial reports wreaks havoc across finance.
Stitching together transaction data and transforming it into financial reports and financially accurate reporting data requires Finance teams to invest numerous days doing the following:
- Merging transaction data stored in disparate operational systems into a finance data warehouse
- Downloading and converting Excel data
- Manually assembling the data to create a financial report or forecast.
Many of the finance leaders I’ve spoken to have told me repeatedly:
“I wish there were a way to clean up my Order to Cash process. I lack visibility into the detailed finance data that drives my financial reports. My OTC process delays close, and I worry that our spreadsheets and data warehouses hang by a thread. I can never be sure we accurately report data or make the right decisions to increase profit. If we fail an audit due to material misstatement, or I lead the company in the wrong direction, my job and reputation are on the line.”
To help Finance teams gain access to accurate, real-time, detailed transaction data, accelerate close, conduct stress-free audits, and find the answer to increasing profitability, we’re introducing the Leapfin Finance Data Platform.
What is the Leapfin Finance Data Platform?
Leapfin Finance Data Platform is a single source of truth for your transaction data. Our platform provides an accurate, unified, real-time view of every financial transaction flowing through your business.
With centralized data, you can automatically create journal and ledger entries that reflect the current state of your business. You can then analyze this data to develop profitability strategies based on your business today.
How does it work?
Leapfin works in four easy steps:
- Data Extraction: Leapfin integrates transaction data from your company’s operational production systems, including payment service providers, mobile app platforms, order management systems, billing systems, and CRMs.
- Data Unification: Leapfin normalizes, combines, and enriches that data into a complete Leapfin Financial Record for every transaction. Leapfin also unifies this data using a flexible architecture, the Finance Data Graph. It links related transactions and activities and links each activity back to its operational source.
- Revenue Logic: Leapfin applies revenue logic to every transaction activity to automatically create journal entries for each transaction, so you can accurately report revenue numbers. Then, Leapfin automatically creates an aggregated sub-ledger which you can drill into to see the transactions and journal entries powering each account.
- Reporting and Analysis: Leapfin then integrates this data into your ERP for financial reporting, analysis, and visualization tools like Tableau and Looker.
And the best part? Leapfin automates every twist and turn of your data from your operational tools to your financial systems, so you don’t have to sweat.
Who on my team can use it?
Your entire team can use Leapfin: from your CFO to your accountants and FP&A analysts. Close the books, forecast, and develop new strategies to increase profitability with a single source of truth for your transaction data in real time. Your team can work simultaneously without blocking each other, stepping on each other’s toes, or waiting for the latest financials.
Your financial reporting, analysis, and audit processes don’t need to keep you up at night. Let Leapfin do the heavy lifting for you so that you can get some R&R: rest and relaxation with accurate revenue reconciliation, revenue recognition, revenue reporting, and analysis.
Curious to learn more about the Leapfin Finance Data Platform? Visit our website. Or, if you’d like to learn how your team can improve your OTC process with Leapfin, schedule a consultation with one of our Finance experts.