What's new on Summit

Financial Planning Software as a Service

November 29, 2020

🔀 Branching models

(NOTE: Branching is limited to adding events. Parent events cannot yet be edited within a branch without modifying the parent model as well.) Sometimes you want to experiment with an alternate universe or two: one where you bootstrap, one where you fundraise; one where things go awesome, one where that partnership doesn't work out.

Previously, the best way to experiment with these branches of reality was to create an entirely separate model (via copy) or use the mute feature to toggle individual events on and off.

What if you could instead extend your base model in separate directions while leaving the base model constant?

Enter Branches!

You can now create a branch off of any of your named models (not your Draft) by clicking the symbol below the build button, like so:

This button will instantly create a branch, nested underneath your selected model, and switch focus to that branch:

You can rename this branch at the top of the page as you normally would:

The list of events in the left-hand side shows the quantity of events in the base model and then the quantity in the branch.

Happy branching!

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November 21, 2020

Per Customer COG's 💸

Sometimes when a customer signs up for a subscription plan, there is a specific, corresponding cost incurred to the business. Often this is the result of data connections or usage-based pricing agreements with other SaaS companies (that you use to provide your own service).

To model these costs, Summit now has a "Per Customer Cost (Recurring)" event type under the "Product" category.

Events of this type can be attached to subscription plans. When subscribers sign up for these plans, these costs will increase automatically, and decrease automatically as subscribers churn.

Knowing how these costs scale is the key to negotiating fair rates with vendors and managing margins on a software business with real costs attached.

Here's an example of attaching these costs.

The percentages can be used to show that not everyone that signs up for this plan causes this cost to exist. In the above example, only half of our subscribers to this plan cause us to incur a Codat Connection charge, for example.

These costs will automatically appear in your financial model output as separate line items, like so:

Of course, attaching costs like this is totally optional, as some subscriptions are pure margin.

However, for many of us, this new event type will allow us to model our software margins much more accurately.

Happy modeling!

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October 30, 2020

Introducing the Expenses app 💵

You can now rapidly view, chart, and import your on-going expenses, thanks to the Expenses app in Summit.

Transactions from linked bank accounts can be marked as recurring and imported into your financial models in a few clicks! This is faster and more accurate than building these events by hand in the Modeling app.

Other v1 features include the ability to sort, filter, and group expenses within the table, allowing you to quickly assess where your cash is going.

NOTE: For now, the bank linking feature is limited to bank accounts in the U.S. and Canada. We are working to expand this internationally over the next 12 months.

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October 17, 2020

Team presence, Copy Event


We believe that financial modeling is a collaborative effort between team members and departments.

To improve Summit's support for teams, last week we added self-service team member invites, and this week we've updated the navigation to show which members of your team are currently online.

In addition to presence, you can click their avatar to jump to their position in the app.

Also, comments on events are now synchronous: new comments will be instantly pushed to other users.

Copy Events

To make model building much faster, we've added a Copy Event button:

This will instantly clone an event along with its details and place it into the same model as the existing event.

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October 09, 2020

➕ Inviting team members (for free)

Want some help building your financial model? Want to share your work with your team? Want to increase transparency within your organization?

Great! Why not take advantage of our new invitations feature to add team members to your account? Additional users in Summit are free.

After creating the invite, your team mate will receive an email asking them to create a free account on Summit. After logging in, they'll see a pending invitation asking them if they'd like to join your account. Once accepted, they'll be immediately merged into your organization.

This feature is available under Account Settings > Add Users.

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September 25, 2020

Learning Series: Sales Pipeline

In this episode, we improve our retention modeling by assigning stronger retention curves to our more expensive plans, and install our first "Sales Pipeline" event.

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