In partnership with
The business
Rachel Kim joined Meridian Health Tech as CFO eighteen months before their Series B close. Meridian builds compliance and workflow software for healthcare providers — $18M ARR, 120 employees, operating across three legal entities in the US. The product was excellent. The finance infrastructure was not. Rachel inherited a close process that took fourteen days, a revenue recognition model held together in spreadsheets, and three entities whose books had never been properly consolidated. She had one year to fix it before the Series B due diligence would expose everything.
▶ Sales Tools: Salesforce
▶ ERP: Netsuite
▶ Billing: Stripe
▶ Data Warehouse: Snowflake
▶ BI: Looker
▶ CDP: Segment
▶ HR & Payroll: Rippling
▶ Spend Mgmt: Brex
▶ Team Size: 120
"I had four months to fix a revenue recognition model that had been broken for two years. The audit would have found it. I needed to find it first."
THE PROBLEM
Healthcare SaaS revenue recognition is complicated by nature. Contracts have multiple performance obligations. Implementation fees get recognised differently from subscription fees. Some contracts include usage-based components on top of fixed retainers. Meridian was handling all of this in a combination of NetSuite manual journal entries and a spreadsheet model that Rachel's predecessor had built and nobody fully understood.
Across three entities the close took fourteen days every month. Two full-time accountants spent the first two weeks of every month doing nothing else. Board reporting was always late. Investor metrics from Looker did not reconcile against NetSuite because the data pipeline through Snowflake had gaps nobody had mapped.
When Rachel did a full reconciliation of the revenue recognition model against actual contracts in Salesforce she found $2.1M in errors. Revenue that had been recognised in the wrong period, wrong entity, or against the wrong performance obligation. All of it technically compliant on paper. None of it correct.
The Series B audit was four months away.
What Carapace did
Carapace connected Salesforce, NetSuite, Stripe, Snowflake, and Segment and rebuilt the entire revenue recognition layer automatically.
Every contract in Salesforce was parsed against its performance obligations. Stripe billing events were matched to the correct recognition schedule in NetSuite. Multi-entity intercompany eliminations were calculated and posted automatically at close. The Snowflake data pipeline was mapped end to end — every gap between source systems identified and filled.
The $2.1M in recognition errors was surfaced, categorised, and corrected with supporting documentation before Rachel presented to the audit committee. The close cycle dropped from fourteen days to four. Board reporting now runs automatically on the 3rd of every month — pulling from NetSuite, reconciling against Snowflake, and delivering a consolidated pack across all three entities before the board meeting.
Carapace found $2.1M in revenue recognition errors before our Series B audit did. We fixed them, closed the audit clean, and cut our close cycle from 14 days to 4. I don't know how we would have gotten through due diligence without it.
4 day close
Meridian closed their Series B. The audit found zero material issues. Rachel presented a finance function that was cleaner than any Series B auditor had seen at that stage.
The close is now four days. The revenue recognition model is automated and documented. The two accountants who spent half their working lives on close now own strategic finance projects instead.
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