What's new on Summit

Financial Planning Software as a Service

Improvement
March 27, 2020

Accounts Receivable, Collections, and Dunning 📆

As anyone close to billing can tell you, invoicing and collections are not the same thing. Especially in enterprise SaaS, where the time between sending a customer invoice and collecting cash can be upwards of 3 months.

Even for companies relying on credit card payments, according to Chargebee, the first charge fails nearly 6% of the time.

To account for these challenging realities, the simulator inside Summit now collects cash at an offset from invoicing, depending on the size of the transaction. For non-credit card transactions, while NET 30 (cash collected thirty days after invoice) is the most common, Summit uses a normal distribution to simulate delays (aging) of up to 6 months.

For credit card payments, payment terms are assumed to be NET 0 (pay immediately); however, Summit will now simulate the failure (and need to retry these charges) up to 5.95% of the time.

These changes provide users of Summit with a more realistic stress-testing of cashflow.

Here is a cash balance forecast for an enterprise SaaS before these payment terms are incorporated. We are showing 5 forecasts to illustrate a range of possible futures:

And here is a forecast for the same business, with realistic payment terms:

Users will see the effects of this change the next time they generate their baseline forecast or growth plans.

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Improvement
March 26, 2020

Expanded Currency Support 💷 💴

Summit now supports non-USD currency notation. Simply head over to your Account Settings page and pick your denomination. This will replace all of the default USD "$" symbols with your desired notation.

Did we miss yours? Let us know and we'll add it!

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New
October 31, 2019

SimSaaS is now Summit

Why?

I started this business focused strictly on the world of SaaS, and at the same time engrossed in the tool I was building (simulation). But over the past 6 months I've become increasingly aware of the disconnect between that name (SimSaaS) and my evolving vision of what the market really wants and needs.

Summit: it's the vantage point that provides the best view of the horizon, a view that both inspires and informs. It's also emblematic of the goals that we strive for, metaphorically and sometimes, for adventure, literally. It's aspirational. And frankly, it inspires the kind of confidence I want to feel every time I think about this business or help someone else plan theirs.

Thanks for turning the page with me.

Matt

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New
October 11, 2019

🤠☑️ Role-based permissions

Our first premium feature for growth-stage companies has arrived! Role-based permissions.

Users invited to join accounts can now take the role of administrator, contributor, or observer. These roles break down like so:

Account Administrators can modify users, send invites, create and update forecasts, goals, growth plans, and metrics (trends). The full gamut from sign-up to management to billing.

Team Contributors can participate in an account by creating and modifying forecasts, goals, and growth plans, without the additional admin privileges for the account (billing and user management).

Metrics Observers can view your team's latest metrics and trends -- forecasts on your KPI's that extend into the future. These trends also show goals and goal progress bars, so users with this role can check in on how you're doing any time they want to see the latest.

Free accounts can only invite other Account Administrators. The other roles are made available immediately upon upgrade.

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New
October 09, 2019

Leveraging ARPU, and other goodies

Expansion revenue is a beautiful thing. And for many SaaS companies, it's the source of inevitable, compounding rewards. Though small when a startup is beginning, the lift created by expansion, manifested as a growing ARPU--or average revenue per user (or customer), can become a major source of revenue.

As such, it only made sense for ARPU to be leveraged in the SimSaaS model ... and now it is!

Founders with a metrics provider will have this new intelligence auto-infused into their forecasts. For those without, ARPU can be set manually. The benefit of a metrics-powered ARPU is taking advantage of a trend:

The positive trend will be fed into the simulator, causing expansion revenue to occur well into 2021 (in this case, the startup has had a strong expansion trend for years!).

This release includes other goodies, like an improved slider UI for creating growth plans. All of the adjustments now remind you of your Baseline values, and include a reset for undoing any changes. Exploring the levers of your business has never been more fun, or safer. :-)

Lastly, this release provides a much-improved view of changes when viewed in the context of a growth plan page, several bug fixes, and some technical debt removal which you can't appreciate now, but will eventually.

With this release, the free version is feature complete and nearly ready for prime time later this month. Our focus now shifts to premium features. What do you want? Let us know!

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New
September 20, 2019

Smart Goals!

Startups can now enter goals for any connected metric in SimSaaS. These goals will measure and display progress from the time the goal is created, while drawing the deadline and target on the corresponding trends charts.

Rather than depend on simple linear or compounding growth rates, startups can use this feature to set and report on measurable milestones like "$1m ARR" or "100 paying customers".

These goals will enable more powerful features, e.g. suggesting ways to reach these goals before these deadlines: "Raise pricing by 10% and conversion rates by 8% to reach $1m ARR by January 1st."

In the short term, this feature, combined with the ability to invite team members into an account, can help with greater alignment, motivation, and transparency across the business.

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