Case Study: Drake Software achieves GAAP compliance and saves $150K annually with Chargebee RevRec

Switching to GAAP and reimagining the revenue recognition process

Drake Software, a tax preparation software company, needed to move from cash-based accounting to GAAP-compliant accrual accounting after a private equity investment, all while handling complex revenue streams across SaaS, desktop licenses, and services. The finance team also had to complete the transition and pass an external audit within four months, so they looked for a revenue recognition solution and evaluated Chargebee RevRec.

Chargebee helped Drake Software configure its SSP library and revenue rules to match its new accounting policies across product lines. With Chargebee RevRec, Drake Software completed implementation in a couple of months, passed its first financial statement audit, improved audit readiness and month-end closes, and saved about $150K annually in operating costs, while gaining better revenue insights and reporting.

Drake Software

Jennifer Dills

Chief Financial Officer