ProfitWell Revenue Recognition

Audit-proof SaaS revenue recognition for Stripe & Chargebee

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Hiten Shah
Hunter
@hnshah · Crazy Egg, Quick Sprout & Draftsend
Ok... this is really really useful for any SaaS business that's serious about getting their financials right. Use ProfitWell's new Revenue Recognition system to get your SaaS financials up to audit-proof GAAP standards with just one-click. Got SaaS? Check it out now.
Jiaqi Pan@jiaqip · CEO at Landbot.io
@hnshah how would you compair this with Chartmongul?
Patrick Campbell
Maker
@patticus · CEO, Price Intelligently
@hnshah @jiaqip hey there - Patrick here from ProfitWell. There's certainly a few pieces that are key to differentiate us and ChartMogul. For one, our base metrics are completely free, so all of your churn, MRR, cohorts, etc. come out of the box all ready to go. There's more here on the strategy (http://blog.profitwell.com/why-w...), but essentially we found that it made a lot more sense long term to make money through upsells like ProfitWell Recognized and ProfitWell Retain than to charge for metrics. Essentially, our business models are different where we're opting to charge for more value aligned pieces of optimization. Different way up the mountain, but certainly both can be effective. Further, we tend to see that we're more accurate when comparing the metrics provided by both platforms. We care about accuracy above all else, and if there are any bugs/glitches related we drop everything to make sure the data maintains its integrity (especially on the free product). This goes deep into how we actually calculate metrics on the SaaS and GAAP side, as well, where we're actually using baseline change data, rather than just invoice data. Ultimately, I also think we just fundamentally see the world very differently on where the market's going. We don't think you should have to toggle, filter, or think about your metrics - we just want them to tell you the problem (for free) and then give you products that are value priced to solve those problems (if you want, of course). CM has more toggles and such, which can be helpful, of course. Very different approach, and I'm happy to explain why we think ours will win out, but again - different ways up the mountain. Neither of us will likely be 100% right, but we're hoping we're more right than wrong. :)
Jiaqi Pan@jiaqip · CEO at Landbot.io
@hnshah @patticus love the comparison, you really nail it. I have been reading your blog for quite some time. So I actually do know some differentiation between PW and CM, but it´s always great to hear it from the founder himself ;) We haven´t set any pricing intelligence tool yet, looking forward to implementing PW. Any technical guide or tutorial to begin with?
Patrick Campbell
Maker
@patticus · CEO, Price Intelligently
@hnshah @jiaqip Ha. Good to know. Always happy to go deeper, too. In terms of implementation or technical guide, there really isn't much (and that's kind of the point :)). You just auth in with your billing system - we cover most of them (Stripe, Chargebee, Recurly, Zuora, Braintree, etc.). If you're using something custom, then our API is really easy to use and we have a Ruby Gem you can deploy, as well.
David Cancel@dcancel
Fantastic new product by ProfitWell! Something every saas business should be using to get their financials right.
Patrick Campbell
Maker
@patticus · CEO, Price Intelligently
@dcancel thanks for the mad love. Always appreciate from the OG of product.
Cody Reichert@codyreichert · Founder, Assertible - QA for the Web
@dcancel I'm excited to check this out for sure. Been using ProfitWell for a while now - one of my favorite emails in the morning! (Some days at least :p)
Patrick Campbell
Maker
@patticus · CEO, Price Intelligently
@dcancel @codyreichert Ha! Make sure you're grinding against those goals.
Andy Cook@andygcook · Cofounder - Tettra.co
ProfitWell's the first thing I check in the morning. Great product and great team. This looks like a big upgrade.
Jonathan Kim@hijonathan · Appcues
Patrick Campbell
Maker
@patticus · CEO, Price Intelligently
@andygcook @hijonathan Boom. All about trying to create that value for you gents. #BostonStrong
Jonathan Kim@hijonathan · Appcues
Everything that Patrick and his team makes is just so. damn. useful. We've been using their Dashboard for years, Retain for about a year and soon Revenue Recognition. And it's all just one-click value. This is a no-brainer for startup founders.
Patrick Campbell
Maker
@patticus · CEO, Price Intelligently
@hijonathan We just want to keep bringing the 🔥, so you can do your job focusing on your customer and product.
Christopher ODonnell@markitecht · VP/GM, Signals by HubSpot
For years I did this manually with scripts and spreadsheets, webhooks, you name it. And no matter how hard we tried it still needed to be checked and smoothed by a human - it is remarkable that PW has gotten to the point where the metrics are SO ACCURATE that they passed a formal audit by a Big 4 accounting firm. Just wow.
Patrick Campbell
Maker
@patticus · CEO, Price Intelligently
@markitecht that love from a company your size is 🙏.