SAN FRANCISCO--(BUSINESS WIRE)--Hardfin, the leader in financial operations for modern hardware companies, announces the release of Control Center to dramatically reduce time spent in the contract-to-cash cycle. Control Center automatically notifies sales, finance, and operations stakeholders of actions needed to keep the business in sync, shortening the billing cycle by 60-70%.
“Decreasing contract-to-cash time is a mission-critical priority for us,” says Manny Guerrero, Chief Financial Officer at Fox Robotics. “Hardfin has already provided tremendous value to Fox and we’re excited about this expanded capability to optimize our hardware financial operations.”
Hardware-as-a-Service (HaaS) companies spend a lot of time tracking down information, usually cobbling together emails, spreadsheets, and data from a CRM or ERP. This means delays across the business, especially in billing operations. Hardfin analysis shows that average days to send invoices (ADS) at hardware companies is often twice as long as average days to collect (ADC).
“We hear every day about the struggle that HaaS companies have keeping information straight across teams. It negatively impacts customers, hurts revenue, slows billing, and causes accounting issues,” says Zachary Kimball, co-founder & CEO of Hardfin. “I’m proud that Control Center is already helping tackle this problem — intelligently surfacing the right actions at the right time to streamline workflow and improve performance across teams.”
Cross-functional activity in the hardware industry used to rely on manual process and oversight. Now, Control Center acts automatically to remove the guesswork and deliver consistency, accuracy, and efficiency:
- Create a subscription for Sales when customer signs a new purchase order
- Send notifications for the Operations team when a contract is activated
- Track assets and capitalization for Accounting when assets are shipped or configured
- Start software billing for Accounts Receivable when assets pass system acceptance
- Manage accrued/deferred revenue for Finance when invoices are sent
Control Center’s powerful automations are enabled by Hardfin’s dynamic linking of assets and contracts. Hardfin is the first software to manage hardware financial operations with linked assets, which makes it possible to track the full lifecycle of hardware subscriptions.
Streamlined actions ensure consistent information flow across functions, solving a major pain point for equipment-as-a-service (EaaS) companies. One major application of this new technology supports the growing robots-as-a-service (RaaS) industry.