Mursion, an artificial intelligence (AI) and live virtual interaction system, is a software provider with solutions designed to facilitate positive learning outcomes for individuals and organizations. The Company’s corporate training software remains in high demand by enterprises and public institutions, especially with the shift to hybrid and remote work environments. As the Company grew, it needed to get more out of Quickbooks Online, streamline its accounts receivable cash management, automate reporting and gain visibility to better plan and forecast.
Managing cash is a focal point for many organizations, especially growth SaaS companies needing to extend their runway and avoid unjust cash burn, which can often result in the demise of many promising startups.
Accounting practices must be dialed in for finance to budget and forecast appropriately and optimize company performance. When early-stage growth companies lack standardized, repeatable processes for recording financial data, they are susceptible to inconsistencies and the potential to report on unreliable metrics.
To gain a better understanding of its accounts receivables (AR) and customers, Mursion needed a more robust solution to track and manage the various payments and contracts, which ranged from monthly billing, upfront payments, extended net receivable timelines, and other tranches that varied by customer.
FutureView’s Platform, along with its AR structuring implementation helped the Company organize its various collection types to not only expedite its closing process, but provide visibility to better monitor its cash flow.
“FutureView was instrumental in helping us enhance the data integrity and infrastructure of our AR, and automated cross-system reporting to significantly improve our processes. The enhanced visibility of our collections improved the predictability of our cash flow model.” - Chris Laidley, CFO Mursion
Before, the Company relied heavily on Excel-based processes, manually aggregating disparate data from multiple sources that didn’t communicate together and required hours of manual processing to report on. In the past, the various departments within Mursion worked independently, where vendor-specific details resided in multiple systems.
“FutureView allows us to spend a lot more time on forecasting and the forward looking views of our bookings, revenue and expenses and not have to spend endless hours really trying to understand where we are spending our money.” - Chris Laidley, CFO Mursion
The FutureView Platform (powered by Jedox’s OLAP technology), unlocked granular vendor insights and summaries, making it a seamless process to drill down into vendor-level criteria for budgeting and forecasting.
The Company’s Finance Transformation went from lacking visibility into critical metrics and details, to automatically generating reconciled reports and variance results instantly.
“My team is constantly unearthing data and leveraging the FutureView Platform to really understand what's going on so we're not digging into a bunch of spreadsheets that are coming out of various financial systems, but we have one centralized place where we can look at the granular level of detail," said Laidley.
The efficiency gained by the finance function and its refined processes has contributed to Mursion’s tremendous growth, including being recognized as one of Inc. 5000’s fastest growing companies in 2021 and 2022.
For an extended period of time, the Company relied on Quickbooks and Excel to manage its entire finance function. As Mursion grew, the complexity of its accounting, reporting and forecasting needs expanded, and it needed a solution to integrate its systems so it could better understand its gaps and unlock insights to drive growth initiatives.
“The FutureView Platform was installed in a way that really met the needs of our business and was integrated well and how we think about running the organization. It really was a much simpler, much more in depth process of implementing and allows us to seamlessly integrate into our day-to-day practices.” - Chris Laidley, CFO Mursion
Reaching the c-level is a career goal for many finance professionals and a profound achievement for Laidley to assume the role of CFO, however, there was little time to celebrate. He needed to quickly address the shortcomings of how the Company previously managed its financial and operational data to further propel Mursion's growth.
The FutureView team, founded by seasoned CFOs, heads of FP&A and finance business intelligence experts, became an invaluable resource for Laidley to combat the many challenges facing the modern CFO.
Recently, the tight labor market made it difficult for smaller companies to attract and retain top finance talent. Mursion was no exception. To overcome this, the Company leaned on FutureView’s expertise, familiarity with its data structure and support to fulfill financial planning and analysis work that would have required hiring and training additional full-time employees.
Partnering with FutureView gave Laidley the ability to leverage seamless data exchanges between systems, automate reporting and understand Mursion's performance, but more importantly, it empowered him to build a scalable finance function that informs its leadership team.