With over 340,000 active users, monthly payments processing became impossible for MoxiWorks, requiring cumbersome workflows, and resulting in errors.
MoxiWorks is a real estate software provider based in Seattle, Washington, with a team of 150 employees and revenue of $150 million. They are rapidly growing and provide a comprehensive open platform system for large residential real estate brokerages, serving over 340,000 agents across 260 brokerages nationwide. Their integrated tools allow agents to increase repeat and referral business while lowering overall technology, training, and support costs for the brokerage.
“We needed to fix our revenue recognition and automated billing, so we looked at different solutions and considered 5 in total.”
— Dean Tibbetts, Controller, MoxiWorks
With over 340,000 active users on their platform, monthly payments processing became more and more impossible for MoxiWorks. Period-ends required working with spreadsheets, PDFs, and emails outside of their accounting system, resulting in errors and unreliable invoicing. They decided to transform their recurring billing processes and eliminate as many obsolete tasks as possible, which led them to hire a controller to fix the challenges they were facing.
When the controller first started tackling the recurring billing issues, it was clear that automation was necessary. Revenue recognition was managed manually, and as a result, mistakes were commonplace
Mistakes made in billing were undermining the customer relationship. To improve this, they needed to enable automated and accurate recurring billing and revenue recognition.
With over 300 active contracts, monthly billing cycles were no easy feat. The team had to go into each account separately, compile information based on spreadsheets, and then input it manually into Microsoft Dynamics. Too much time was spent converting files and emailing information back and forth.
MoxiWorks’ solution supports hundreds of thousands of real estate agents who pay for it on a recurring basis. It was paramount that they found a solution that allowed them to manage and report their subscriptions revenue directly within their Microsoft Dynamics ERP.
With a mix of billing strategies in play, they needed a solution that could adapt to each brokerage’s needs. Whether contracts were set up to bill monthly, quarterly, or annually, it was necessary to automate and streamline the workflow involved in managing the invoicing and payments.
The operations team was inundated with support tickets when it came to sending out monthly invoices. They required a solution that would alleviate some of this pressure and allow the accounting team to complete their work without IT support.
When it comes to selecting an ERP, you have to be very clear about what you want so that the system will be what you need. There are all kinds of bells and whistles, and if you don’t know what you want, you might end up with something that sounds great but has a lot of problems.”
— Dean Tibbetts, Controller, MoxiWorks
Once MoxiWorks had defined what they needed the system to do, they then researched and shortlisted subscription management software that could handle recurring billing automation. They reviewed several solutions and found that many simply provided stopgap solutions that did not fix the challenges they were facing each month. After a trusted implementation partner and user feedback pointed them in the same direction, they decided to go with Binary Stream’s Subscription Billing Suite.
“Wonderful, wonderful, wonderful. A joy to work with Binary Stream. Everyone was super helpful and positive, which had a big impact on the success of the implementation.”
— Dean Tibbetts, Controller, MoxiWorks
