Moving Past Spreadsheet-Driven Revenue Tracking
Panzura, a global provider of cloud storage and data management solutions, runs its financial operations on NetSuite, including its general ledger, accounts payable and receivable, and revenue recognition. But the finance team's monthly ARR review still depended heavily on custom reports and saved searches whose underlying logic wasn't well understood, along with disconnected Excel-based tracking.
That gap made it difficult to trust and audit the numbers behind the monthly ARR review, and it left revenue recognition processes, like credit memo handling, without a clear path to reflect value accurately across a contract's full timeline. Panzura engaged R-Cubed Consulting to bring structure, documentation, and improved reporting logic to its NetSuite revenue processes.
The Challenge
Panzura's custom NetSuite reports and saved searches lacked transparency into the logic driving ARR reporting, making the monthly review process harder to trust and maintain. Credit memo handling didn't allow value to be spread across a contract's timeline, creating potential distortions in how revenue was recognized over the life of a contract. Deferred revenue tracking was also missing key contract data, including HubSpot ID, contract start and end dates, and initial deferred revenue balances, limiting the finance team's ability to tie reporting back to the underlying contracts.
The Solution & Business Impact
R-Cubed built an enhanced Deferred Revenue report that captures HubSpot ID, contract start and end dates, total contract value, and initial deferred revenue balance for every contract, giving finance a complete, contract-level view. R-Cubed documented the full logic behind the custom Deferred Revenue report and the Unbilled Revenue Saved Search, giving Panzura's finance team clear visibility into how those numbers are generated and maintained. R-Cubed also devised and evaluated Credit Memo options for spreading value across the life of a contract and delivered recommendations Panzura could act on to improve revenue recognition accuracy going forward.
Panzura's finance team now has clear, auditable visibility into monthly ARR, backed by structured NetSuite reporting rather than opaque custom logic. By eliminating reliance on disconnected Excel-based tracking, Panzura has improved the accuracy of its revenue data and streamlined its revenue close process. With documented reporting logic and a clearer path for credit memo handling, Panzura's team is better equipped to maintain and build on its NetSuite reporting as the business scales.
