eMoney Advisor is a leading provider of planning-centric wealth management software and solutions for advisors, firms, and enterprises.
In order to scale, eMoney realized they needed to move online -- and needed help transforming from a traditional model to a subscription-based business.
eMoney chose Zuora as their partner to extend their self-service platform and improve the productivity of their sales teams, their financial processes, and the customer experience.
Just 6 months post Zuora implementation, eMoney has already automated bill runs, and slashed the time from order to revenue by 93%. Tiered and volume pricing will be implemented by end of Q1 2019.
eMoney has approximately 57,000 subscribers and is in the midst of rapid growth and expansion both internally and externally. In 2016, the company came to a crossroads realizing that the offline environment that had led to their current success was not capable of scaling.
As Barrie Effron, VP of Business Analytics Systems and PMO at eMoney, explained: “Picture this: a billing team sitting around a conference room table with literally piles of contracts – physical contracts – all of which had to be scanned, recorded, processed and faxed. It simply wasn’t sustainable. We couldn’t hire finance staff fast enough and our customers demanded a better way.”
Adds Megan Murray, Head of Finance at eMoney, “We knew we had to move our business systems online, but it was a huge undertaking and a cultural shift.”
After a team of eMoney executives attended Zuora’s Subscribed conference, said Murray, they “knew that Zuora was absolutely the right partner to help guide [them] through the organizational and financial changes required to transform from a traditional service model to a subscription-based business,” -- and specifically to help with the billing and finance aspects of their online business.
From day one, eMoney was all in on Zuora. “Our sales, billing, contracts, legal and client services teams were trained on our new Zuora workflow from the start, and it’s been very successful,” says Effron.
Just six months after implementation, eMoney has already seen vast improvements with Zuora at the center of their billing business model transformation:
eMoney continues to extend the Zuora platform across multiple business units, so all ARR is captured in one, central system.
The success eMoney has achieved with creating a self-service framework has far reaching implications for the future. “Today, customers can see their contracts and update their payments online. Our customers love it,” says Effron.“