Syndic8 is a passionate team of entrepreneurs from Boston who came together in 2018 with a particular mission in mind: to enable brands to sell more online, with less effort. Their innovative syndication platform redefines conventional approaches to centralization and distribution of product data, empowering brands and retailers to seamlessly exchange high-quality data.
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Syndic8 struggled with Stripe’s lack of billing hierarchy, linking unrelated subscriptions to a single customer. Synder RevRec resolved this by enabling rules to create accurate customer hierarchies in QuickBooks.
Syndic8 decided to create individual recognition entries for each subscription. Opting for the detailed approach, they gained more control over their data, ensuring accurate reporting in QuickBooks Online.
Synder RevRec solves the challenge of processing invoices with long payment terms, like Net 60, by identifying open invoices in Stripe and starting revenue recognition immediately. When payment is received, Synder closes the invoice and reconciles the books.
Synder RevRec offers flexibility in discount reporting, allowing Syndic8 to track discounts with the same granularity as revenue GL entries, ensuring both product totals and discounts are clearly reflected in their P&L.
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“I don’t see any other good options out there to do daily revenue recognition and prorations on subscriptions, while mixing combinations of advanced/arrears billing and one-time/recurring items. There’s just a lot of complexity in there and Synder generates thousands of GL entries for us to get us where we need to be.”
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