Reconciled Case Study
Reconciled is a leading provider of full-service virtual bookkeeping services for entrepreneurs and businesses. Reconciled was founded in 2015 by Michael Ly and built a 100% US-based elite accounting team.
Reconciled has won a number of prestigious industry awards, including Intuit Quickbooks Firm of the Future and Accounting Today’s Best Accounting Firms to Work For.
Reconciled's challenge
Clients love Reconciled’s value pricing model. Clients can choose basic bookkeeping services, advanced advisory services, or something in between, all with an easy-to-budget price that keeps everyone aligned.
That alignment contributes to clients growing their own businesses, which means more invoices, more bills, more payroll, and so on. Very good problems to have but also a growing workload that has to be anticipated and supported.
“Every firm has challenges around scope creep,” says Ian. “In the past, we had to manually create any type of analytics in order to determine appropriate pricing for renewing client contracts because we did not have the systems to automate it.”
Reconciled was struggling to manage this “scope creep.” Accessing the right information, doing the required analysis and sharing results was a time consuming manual process. Calculating realization rates required multiple data exports, filters, pivot tables and more. Tracking how fees kept pace with client transaction volumes was impossible.
The solution
Reconciled decided to use Tally Street for their own client analytics and to provide all their clients more insights into their own customers. Internally, Reconciled now has a fully automated solution to track client growth and retention, anticipate problems, and share results with their team.
Some of the most critical results to Reconciled are realization rates for each client, changes in average monthly transaction volumes, and insights to client renewals. The results are shared internally via automated emails, shared Google Sheets and (most importantly) using Tally Street to sync updated results to their CRM every night.
I’ve never seen a client insights solution like Tally Street. We immediately had realization rates and scope creep metrics for all of our clients, fully automated and updated every day. We started using Tally Street's insights in our sales process and our average contract value ‘increase’ during renewals jumped from 1-2% to about 20% within the first few weeks!
Reconciled fully deployed Tally Street for themselves and all their clients in less than a week. Connecting Tally Street to QuickBooks and Xero took seconds, with no IT resources or configuration required. Results showed up in minutes. Reconciled used the Tally Street RevOps Pro app to also sync the results to HubSpot — where they’re used by teams to manage clients’ pricing and service agreements and to provide clients more value.
