Spending Hours Building Reports but Gaining Few Insights
Mojo Motors first began using InsightSquared’s sales reports when CEO and Founder, Paul Nadjarian, hit a breaking point: he was spending hours in Excel building reports from Salesforce just to understand the results of the team’s sales activities. Similarly, Turner Parlin, Director of Business Development, was spending countless hours building out his own set of reports. “Before InsightSquared, I was in Excel on an almost daily basis,” Parlin explained.
Mojo Motors wanted to grow their business, but needed better insights into their sales data as well as their financial data in order to do that. Mojo Motors initially started with InsightSquared’s flagship sales product, and later added InsightSquared’s analytics product for QuickBooks, the accounting software Mojo Motors uses. Salesforce analytics plus financial analytics was gold for the team and helped the company meet their growth goals.
With InsightSquared’s Sales and Finance Analytics Products, Mojo Motors:
- Grew company size by 2.5x
- Decreases days sales outstanding by 70% monthly
- Avoids over 35 invoicing errors per year
- Saves 500+ hours a year building reports in Salesforce and QuickBooks
- Improves customer satisfaction
- Can see and understand how revenue and collections are trending
Using InsightSquared’s Sales Reports to Expand the Company
Mojo Motors began using InsightSquared’s sales reports in 2012 to accelerate sales and grow the number of employees within the company. Since then Mojo Motors has grown from a company of less than 10 people to a company of 25 full-time employees. Because InsightSquared is intuitive and simple to learn, new hires can be trained easily, making rapid growth less painful.
“Once we started using InsightSquared, we gained a lot of perspective into things we were either ignoring or not doing correctly,” said Daniel Harman, Vice President of Sales and Marketing. “InsightSquared is a system with best practice in mind. It gives us visibility into the types of things a more experienced sales organization would be tracking. So it has really opened our eyes.”
InsightSquared also alleviated all the painful hours the management team spent building Salesforce and QuickBooks reports. “I would say that by using InsightSquared I’m saving 2 hours every week, which adds up to over 100 hours a year! As a company, InsightSquared is saving us at least 10 hours a week,” said Parlin. This adds up to a staggering 520 hours a year, which the company can now spend growing their business.
Gleaning Financial Insights Proves Difficult with QuickBooks
Mojo Motor is a data-driven company and power-users of InsightSquared, so when InsightSquared rolled out the beta version of their finance reports in 2013, Mojo Motors was one of the first companies to utilize the reports.
Mojo Motors had been using QuickBooks for a long time, but always found it difficult to operate. They wanted something that would enable them to glean sales, profit and loss and financial insights from QuickBooks in an easy and efficient way.
“QuickBooks is not easy to use and we’ve had it forever,” explained Harman. “InsightSquared’s finance reports have been hugely helpful in allowing us to see how revenue and how collections are trending.”
Monitoring Finance Data and Keeping Customers Happy with InsightSquared
Paul Nadjarian, the CEO of Mojo Motors is the heaviest user of InsightSquared’s finance product, using the reports on a daily basis. Nadjarian now has the ability to look at invoices and cash collected like never before. With the Invoices report he can see how company revenue is changing over time. The Revenue report compares invoiced versus collected revenue over time and by account. Nadjarian utilizes both the visual elements of the charts as well as the accompanying tables that are built in to every InsightSquared report.
With InsightSquared’s finance reports, Nadjarian can look at his company’s data as often as he would like, at any time and from any computer. “InsightSquared’s finance reports are like a daily check-in to see how things are going,” said Nadjarian. “I like to look at the trending charts; I also drill down into the current month and the previous month within the reports. In the Account Receivables report, I tend to look at the Days Sales Outstanding (DSO) line.” DSO is a metric that measures the accounts receivable, or money waiting to be collected, relative to the company’s sales. The DSO report provides Nadjarian with insight into whether or not Mojo Motors is getting better at collecting revenue from their customers.
“The DSO report has helped us become more efficient at collecting revenue,” explained Nadjarian. “It helps us keep track of outstanding bills and gives us an idea as to whether we are doing better or worse than before.”
Yearly, InsightSquared’s finance reports prevent Mojo Motors from making over 30 critical errors in invoicing their customers, Nadjarian told us. “By using InsightSquared we find at least 2 or 3 instances each month where a customer is being either overcharged or undercharged,” Nadjarian further explained. “I can easily find those invoicing errors in InsightSquared’s finance reports, which is a huge help when it comes to customer satisfaction. When you look at your business data daily versus weekly, it’s easier to spot the anomalies.”
The Accounts Receivable report is another favorite. This report allows the user to see their accounts receivable over time, broken down by how overdue they are. “The InsightSquared Accounts Receivable report has many advantages over QuickBooks online reporting,” said Harman. “Specifically, being able to look at multiple snapshot dates at once helps me understand how we are trending in collections quickly and get on top of issues before they become problems. Since we’ve started using InsightSquared, our monthly DSO has decreased by 70%. This decrease is from better insights driving improved processes in collections.”