Sign in
Request a demo
Talk with an accountant.
Connect with us:
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
As a team of one, Michael K. runs the entirety of finance and accounting at Fitbod, an AI-powered strength training app with hundreds of thousands of subscribers across iOS, Android, and the web.
When the company looked to undergo a financing event, Michael, the VP of Finance and Operations, quickly realized that the current process would not be sufficient to pass a Quality of Earnings.
Fitbod's revenue flowed through three different payment processors: Apple App Store, Google Play, and Stripe. Each had its own fee structures, FX implications, refund handling, and payout timing. The complexity was significant.
A third party accounting firm had been handling the books and passing routine audits, but the deeper scrutiny of a QoE revealed gaps that a standard bookkeeping couldn't catch.
Michael engaged an audit firm to conduct a Quality of Earnings (QoE) report and quickly confirmed that they needed to restate the previous three years of revenue.
Michael needed to restate three years of revenue data, accurately, defensibly, and fast, while simultaneously managing the rest of the finance function solo.
HubiFi connected directly to Fitbod's Apple, Google, and Stripe data and restated three years of historical revenue in just one month. The team also established an accurate opening balance, giving Michael a clean starting point.
The last mile of the engagement has focused on standalone selling price (SSP) education and helping the Fitbod team own their own cash reconciliation process going forward, the kind of hands-on support that turns a software implementation into a true finance partnership.
"We went from having three years of incorrect rev rec to being prepared for a QoE review using HubiFi's numbers. For a one-person finance team managing three payment processors, that's not something I could have done with spreadsheets and a bookkeeping service." - Michael K, VP of Finance and Operations, Fitbod
Fitbod is an AI-powered personalized strength training app that uses machine learning to build custom workout plans based on each user's goals, fitness level, and available equipment. Based in San Francisco, Fitbod processes subscription revenue across the Apple App Store, Google Play, and Stripe, serving hundreds of thousands of users worldwide.
"Every month we were processing tens of thousands of transactions across Apple, Google, and Stripe in multiple currencies, and trying to reconcile all of that manually just wasn't sustainable. When Withum flagged the rev rec issues, I knew we needed a purpose-built solution, not more spreadsheets or consultants."
*Or watch 2 minute demo here.
Power your high-volume business's revenue compliance and reporting needs with one platform.
