TrueRev is a complete subscription management solution for today’s smart B2B SaaS and subscription businesses, operating in today’s “subscription economy”, enabling companies to successfully manage all of their customer subscriptions in one place. Below is our recent interview with Ali S. Rizvi, Co-founder and CEO at TrueRev:
Q: For those who haven’t heard of it, what is the best way to describe TrueRev?
A: We designed TrueRev for modern businesses who understand the importance of smart productivity and use software solutions to overcome manual time-consuming work. With TrueRev you can now manage orders, billing, revenue and subscription metrics on an easy to use software platform, reducing errors and costly mistakes for all business types.
Q: Can you give us insights into your features?
A: TrueRev is feature rich yet very affordable for small and growing companies. Best of all, we are continuously adding new features and functionality based on customer demand.
SUBSCRIPTION INVOICING: No matter how complex your subscription billing, TrueRev can handle >95% of scenarios. Forget keying in identical invoices every month, TrueRev automatically send invoices and payment reminders, so customers know exactly when to pay.
SUBSCRIPTION REPORTING AND METRICS: Real-time reporting on your most important subscription metrics. TrueRev’s algorithms process a great deal of information such as subscription values, upgrades/downgrades, customer invoicing, revenue recognized, renewals and much more. With all this information we can process numerous useful metrics such as monthly recurring revenue, annual recurring revenue, customer churn and so much more with a single click or two. What used to take hours and days can be done in minutes.
SUBSCRIPTION DOCUMENT PORTAL: Securely store all subscription documents (MSA, SOW, addendums, etc.) in TrueRev and have instant access. Save time and frustration chasing your sales team for subscription documents.
AUDIT READY REVENUE: TrueRev’s revenue recognition module delivers accurate, dependable, auditable revenue and deferred revenue schedules. Spending hours upon hours and extreme frustration with revenue spreadsheets is entirely eliminated by using TrueRev.
GETTING STARTED AS NEVER BEEN EASIER: Get up and running in minutes not weeks. Getting signed up, connected to your ERP and entering your first subscription can be done in less than five minutes.
Q: What are the benefits of using TrueRev?
A: We are constantly surprised by how many processes are still manual or digitized only at the level of the spreadsheet. Smart modern companies are realizing that automating these types of routine tasks not only makes good business sense by saving money, but it allows for employees to engage in more meaningful work, rather than repetitive manual work.
- Eliminate multiple spreadsheets, spreadsheet errors and version control
- Generate subscription metrics in minutes instead of days (MRR, ARR, Churn, Cash-flow)
- Dramatically increase cash flow by invoicing customers based on individual contract terms
As an example data point, we found that companies save 75% of the time they were spending manually reconciling revenue on spreadsheets by using TrueRev. It pays for itself in less than a month.
Q: Why is now the time for a technology solution like TrueRev?
A: The complex accounting and customer billing and revenue recognition that is required by a subscription service is often too specialized for smaller accounting systems to handle, and that’s the area in which TrueRev is excelling.
Over the past fifteen years businesses have shifted their business models from one-time sales to selling goods and services using a subscription model (i.e. SaaS). But so many companies are still stuck using spreadsheets to manage everything from recurring invoicing, to deferred revenue to key financial metrics. The time and money wasted is very real and many smaller and growing businesses have been asking for a solution while not having the money to pay hundreds of thousands of dollars for a new customized ERP.
TrueRev was founded by financial experts with the goal of designing and developing a cloud-based software solution that users find easy to use and can confidently rely on to streamline their subscription management. Businesses now finally have a useful and affordable solution to automate complicated business tasks and eliminates the human element from repetitive work and reduces human errors.
Q: What are the company’s plans and goals for the future?
A: We believe TrueRev should be part of every companies “productivity stack”, and we are working hard to enhance our customer base by a high value solution. We will continue to deploy highly sought after features and functionality from ongoing customer feedback.
We are also partnering with CPA and CFO firms to deploy TrueRev at their clients, a win for both the firm and the client.
Q: Any recent news or progress you would like to share?
- Yes, we are now an official Intuit partner which gives all Quickbooks users and Quickbooks ProAdvisors the ability to easily deploy TrueRev with their current Quickbooks accounts.
- TrueRev will be a sponsor of the 2019 QuickBooks Connect conference in San Jose, California
- TrueRev was recently selected by The University of Pepperdine’s Graziadio Business School as a top 35 out of 3,500 most fundable companies