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While working with clients using QuickBooks Desktop, Andrew and Lisa realized that customers found it challenging to choose add-on software packages to run their businesses more effectively. Over the past five years, Intuit has invested a significant part of their resources in building QuickBooks Online, which hindered the advancement of their desktop products, leaving QuickBooks Desktop behind the curve in terms of features and capabilities.
"Recur360 is user agnostic and can be integrated with both QuickBooks Desktop and QuickBooks Online"
In 2014, Intuit discontinued development and support of the Intuit Sync Manager that was the middleware between QuickBooks Desktop and Intuit Payments for recurring credit card charges. During this transition, clients who used memorized invoices and recurring Intuit payments were left with a dilemma of how to continue their payments and invoice processing without changing their systems entirely or migrating to QuickBooks Online.
Some of these users turned to Out Of The Box Technology in search of an alternative solution that would still allow them to use QuickBooks Desktop in an effective and affordable manner. In order to help those users, Out Of The Box Technology started surveying the market and discovered that while there were such applications in the marketplace, most of them either used legacy technologies, were overly high-priced, or had tiered fees based on the client’s transactional volume or growth of their business. In addition, many of the newer platforms only integrated with QuickBooks Online and not Desktop. Out Of The Box Technology was itself struggling to create and send recurring invoices and collect outstanding receivables using QuickBooks Enterprise. To deal with these loopholes efficiently, the company then decided to build its own software—Recur360— to automate the entire process of Recurring Invoices, Payments, and Collection Notifications.
Recur360, by Out Of The Box Technology, fully automates the Recurring Invoices, Payments, and Collection Notifications enabling clients to get paid faster
Recur360, by Out Of The Box Technology, fully automates the Recurring Invoices, Payments, and Collection Notifications enabling clients to get paid faster. Recur360 adds automation features to QuickBooks Desktop, and improves upon the automation and transaction generation processes that are deficient in QuickBooks Online. In other words, QuickBooks—one of the largest accounting packages for small businesses—did not address the needs of its customers. So, Out Of The Box Technology did.
One of the factors that sets Out Of The Box Technology apart is the fact that it is also a consulting firm that works collaboratively with end users understanding their pain points. “We understand the QuickBooks technology and its shortcomings in addition to the users’ needs and are very quick to implement that into our solution,” expresses Lisa.
Out Of The Box Technology self-funds its product Recur360. Self-funding allows them to develop the platform based on the needs of the customers and not on a stock performance or an investor’s required returns. With a focus on strategic partnerships and other software integrations, the firm is not only helping the customers in need of a recurring payment solution but also other technology companies that are moving to a SaaS model.
An All-In-One Solution
Organizations need recurring revenue to attain continuous growth and gain business value, but the billing required for recurring revenue can be time-consuming if the payments are not processed in a timely manner. “Most businesses find this strenuous. Thus, we make it simple and easy with Recur360, allowing users to set up their transactions once and completely automate everything from that point onward,” says Abrams. It eliminates the requirement to manage and set up payments twice unlike other platforms available in the marketplace.
Almost all technology companies, including Intuit, are focusing on SaaS-based software for recurring revenue. Smaller businesses have similar needs but have fewer resources and budget available to manage their recurring revenue processes. Leveraging different software packages for invoicing and accounts receivable collection is not only ineffective but also proves time-consuming to set up and manage. Today, companies look forward to reducing the number of technologies they use, demanding more automation and less physical involvement in the transaction processes.
Recur360 proved immensely beneficial for a franchise company that wanted to manage recurring subscriptions for all their franchisees. They used Salesforce.com as their front-end system, but it lacked a sophisticated revenue recognition feature as well as an integration with QuickBooks.
Legacy that Continues
Since its launch in 2016, Recur360 has been honored as one of Intuit’s Top Ten New Apps for 2017 vying in its $100,000 App Showdown at its annual QuickBooks Connect Users Conference. Out Of The Box Technology has been recognized as an Accounting Technology Pacesetter by Accounting Technology Magazine and an IQ Innovation Award Winner by the BizTimes of Milwaukee. The firm has also been acknowledged as a leading QuickBooks Enterprise Sales and Service company by Intuit in its QuickBooks Solution Provider Program.
Looking beyond the accounting space, Out Of The Box Technology has focused on trade organizations that are primarily built upon recurring services and software. One such market with increasing demand is home monitoring and security systems. Many alarm monitoring and security companies have begun using Recur360 to control their monthly fees for services they provide. The majority of those customers use QuickBooks as their back-end accounting but have utilized much larger and expensive systems to automate their recurring invoices.
In addition to the home security organizations, several IT service companies employing large systems have switched to Recur360 to manage their recurring invoices. Such companies are generating higher profits, which has empowered Out Of The Box Technology to focus more on IT-related conferences in the SaaS space, targeting global vendors. Out Of The Box Technology is also initiating significant efforts to provide managed recurring invoicing for Microsoft Office 365 providers.
Looking forward, they plan to release Recur360 as a mobile app for its customers to use as an interface for QuickBooks Desktop. QuickBooks Desktop users remain the biggest customer base for Intuit. Intuit does not devote the same software development resources for Desktop as compared with QuickBooks Online. Thus, Out Of The Box Technology envisions enhancing the QuickBooks Desktop user experience with the Recur360 mobile app in the next 6-12 months, which is the company’s first priority. The mobile interface for QuickBooks Desktop users will mimic the features of QuickBooks Online. The company is also taking feature requests on a daily basis and rolling those out in its product to improve the user experience continuously.