Amiko & Friends operates a membership club for horse lovers, giving equestrian enthusiasts access to premium gear and accessories at cost-plus prices. It is a novel model, and it brings distinct challenges: tracking order and payment data to monitor performance, and handling the accounting that comes with selling yearly subscriptions.
Saving time on data collection
Before Millentic, the team downloaded reports from each payment provider by hand and stitched them together in a sprawling multi-sheet spreadsheet, a repetitive job that ate time and invited errors. Now the data from orders, payments, and refunds is collected and harmonized automatically into one consistent format, with foreign exchange applied and custom fields added, ready for accounting and analysis.
Reducing cost with automated accounting
Previously, the compiled file went to the accounting firm, who still did significant manual work to produce the journals. Now journals for revenue recognition and European tax reporting, including the deferred revenue from yearly subscriptions, are generated automatically. Having been burned by other platforms, the team started by automating their existing processes as they were and built up from there. The result is lower billings from the accounting firm, who are just as glad for the freed-up capacity.
Gaining business-critical insight
With harmonized data and automated accounting, the team now tracks topline revenue, product-category mix, and transaction costs such as payment and foreign exchange fees on a continuous basis, instead of waiting for the books to close.
Millentic enables us to finally get clarity on a continuous basis of how our business is actually performing to be able to make critical decisions, without having to wait for monthly book-closing.
Gustav Norlenius
co-founder and COO at Amiko & Friends