60 Decibels provides tech-enabled measurement in 32 languages across 70+ countries. In the course of around 1500 projects, they have served organizations ranging from the CDC and Unilever to Acumen and the Soros Economic Development Fund.
We sat down with Einar Pedersen, Chief Financial Officer, to discuss 60 Decibels’ recent transformation.
What are 60 Decibels’ goals? Where do you envision yourself in a few years?
60 Decibels have significant growth targets and are in the process of closing our Series A fundraiser.
We aim to become the industry leader in impact measurement and comparability services. Growth targets are 30-40% annually over the next 5-year period.
What was your previous finance system, and how did it hinder those goals?
We used Xero, and we had significant challenges with multi-company and multi-currency accounting, and the consolidation process was extremely time-consuming and full of risk of human error.
Additionally, if we needed to make any changes after soft-close, we were forced to perform the same time-consuming consolidation process again.
What attracted you to Xledger? What ultimately led you to choose us?
We looked at the market for mid-range ERP software and found that there is a massive gap. There is very little between accounting systems for small businesses (Xero, Quickbooks) and too-large accounting systems with price points our business cannot justify.
The original recommendation was from two former colleagues in Norway who have both successfully implemented Xledger and spoke warmly of the solution.
How has Xledger empowered your goals?
There is no doubt that Xledger has streamlined our closing and financial reporting process. We close monthly on day 5, something which would not have been remotely achievable with Xero.
With Xero, we typically closed between the 15th and 20th, and it was a challenge and full of risk.
What part of Xledger has been most valuable for you as a team?
The ability to access global financial data in a single system, whether it would be for financial analysis or consolidated financial reporting—the multi-company and multi-currency features have been very valuable.