Leapfin

Leapfin is a game-changer for high transaction volume businesses

Kommentare: Leapfin's core product has completely transformed our month-end close process, eliminating 4 days of manual work at month-end. It has made our close more reliable and repeatable, by replacing clunky, SQL and Excel-based processes with streamlined data integrations. The Leapfin implementation team is great to work with, but to be honest I'd really like them to make the Leapfin product more self-service, so we are less reliant on them for iterative releases and optimization projects.

Vorteile:

Leapfin provides us with an automated revenue subledger built with accounting business logic to handle hundreds of millions of transactions, generating automatic transaction-level journal entries daily so we can get summary-level, or any level of detail we need, revenue data we can trust every day. Leapfin provides us a clean revenue subledger that’s flexible in how it treats raw data, but immutable in how it treats finance data; this lets us summarize revenue in our ERP any way we like. For our accounting team, Leapfin eliminates manual spreadsheet acrobatics and SQL queries at month end, so we can post revenue to the GL on day one of month-end close. The immutability of the journal entries it produces ensures we’re in good shape for financial audits. For our finance team, Leapfin provides disaggregated transaction level data they can summarize on any dimension they need to analyze.

Nachteile:

Implementing Leapfin requires understanding your accounting operations precisely, and exposes deficiencies and gaps you may have in your data structure or accounting processes and requires you to resolve them to complete the implementation. In other words, it doesn’t let you sweep issues under the rug, and if you have done so in the past, you’ll have to face those issues now. Additionally, Leapfin's product requires Leapfin to perform all of the implementation on your behalf. Customers are unable to customize or optimize the product without Leapfin support.

Great tool for the company for financial and revenue purposes.

Kommentare: I am very satisfied overall with using the tool as it fits my daily needs and makes my work easy in the company.

Vorteile:

- Easy and simple to use.- Integrations with other systems.- Main source to view financial movements and to provide reports.

Nachteile:

Updating data take a little bit more time to reflect in the tool that may impact our month end closings.

Month End Close Process

Vorteile:

Locking Feature and Rev Rec Rules. Being able to snapshot numbers from our operations software is huge for our process. Also being able to implement rev rec rules down to a slug level is important to the accuracy of our Month End Reporting

Nachteile:

The search feature is only set up for a specific field. If you need to search by another field you have to type out the field name and the value, and it removes the field name if you want to search by the same field with a different value

Simplify revenue recognition

Vorteile:

Leapfin has simplified creating a data warehouse of transactions by offering several integrations out of the box as well as the ability to create custom integrations. Leapfin makes recognizing revenue for those transactions across providers and platforms a breeze. The accounting and IT teams have appreciated how quickly we could implement Leapfin and iterate on the product. Their customer service and implementation teams are very knowledgeable and make sure we get the most out of the product

Nachteile:

We are looking forward to more self service capabilities in the near future

Leapfin Review

Vorteile:

It helps us capture our revenue accurately with the new 606 accounting standard put in place. It can track our changes month over month and is able to handle our large amounts of data.

Nachteile:

It can be hard to do mass edits manually for transactions you want to adjust.

LeapFin - GAAP Revenue Recognition

Kommentare: Overall we have had a great experience with LeapFin. It runs in the background, and gives us the ability to combine/enrich data from many different sources.

Vorteile:

The ability to integrate with many systems within our tech stack.

Nachteile:

Customizing Rev Rec logic seems to be complicated and managed on the back end. It would be beneficial if the admin/user can make changes in a friendly UI.