How Riskified (NYSE: RSKD) Runs a Public Close on Numeric

In 2021, Omri Modiano, Controller and Head of Global Bookkeeping at Riskified (NYSE: RSKD), had hoped that their newly implemented close tool would help them maintain compliance and structure as a public company.

But aside from a solid checklist, that tool had little else to offer. What Riskified really needed was sophisticated automation, analytics, and reporting capabilities—a checklist was mere table stakes.

Modiano wondered: would the close always be such a burden? Or could some solution out there provide enough relief and rigor to his team that closing could feel and look more like an enjoyable sprint than a constant chore?

When Needs Outgrow Solutions

When Omri joined Riskified nearly 8 years ago, the fraud prevention and chargeback guarantee provider had just 160 employees. Today, functioning as a public company, the stakes for accurate, timely financial reporting have never been higher.

As the company evolved, so did their reporting requirements. Riskified needed to analyze financials across a three-layer structure: account, department, and sub-account/class. Their existing platform couldn't deliver this level of granularity without implementing additional NetSuite add-ons—a workaround the team didn't want to pursue.

The limitations extended beyond reporting structure. The team found themselves constrained by what their current tool could offer, particularly around AI capabilities and workflow automation.

Around a year and a half ago, as AI solutions began transforming accounting, Omri started looking for something better. That's when he discovered Numeric.

Demo = Reality

From the first demo, the difference was immediate. The reconciliation tab alone revealed capabilities Omri had never seen. Instead of just seeing a balance amount matched to a Google Drive file, Numeric displayed the entire breakdown of transactions. "I saw that for the first time, it was amazing. And then he showed me something even more amazing—it just pivoted all the transactions by vendor, by department."

For a team that had been downloading data and manually creating pivots in Excel, this was revolutionary. "Now I don't need to download Excels anymore, I don't need to do everything manually. It's just one click away, and I can change the pivot immediately, I can see all the transactions, I can even click directly to NetSuite."

But Omri remained skeptical—until implementation. "When I see a company or a tool for the first time, I'm always skeptical. In the demo, everything is always perfect," he explains. "I was so surprised by you guys, because everything I saw was real.”

The Analytics Suite: Beyond Checklist Management

For Riskified, Numeric's reporting capabilities became the foundation of their entire close process—and the primary reason they made the switch.

"I think you guys created the best (reporting) tool ever," Omri says about the reporting functionality. "I can do whatever I want, basically. I can create a balance sheet, income statement, it could be month over month, quarter over quarter. The flexibility is just off the charts."

This flexibility proved especially valuable for a public company navigating SOX compliance requirements. As Omri explains, "Once you're a public company, we have so many SOX compliance rules. I have so many regulations on my role in NetSuite, so I can't create reports as easily in NetSuite’s report builder. In Numeric, I can build whatever I want with the same data, which is great."

The team has created numerous custom reports for their four-entity structure, enabling self-service across the organization. One example perfectly illustrates the efficiency gains: "I have someone from the RevShare team who, every quarter, was asking me, what were the numbers for RevShare this quarter. I created a report, I gave her the link, and now, she doesn't need me anymore."

But reporting isn't just a standalone feature—it's intrinsically connected to flux analysis. "Flux analysis starts from the reporting, so they go together," Omri notes. "Once you create a report, you can make it a recurring one, and then run flux analysis from it as well."

Flux Analysis: From 3 Days to 1 Day

The transformation in Riskified's flux analysis process has been dramatic. Before Numeric, Omri's workflow was entirely manual: "I always downloaded the files and the reports from NetSuite, and then I did VLOOKUPs and pivots and stuff, and then I forwarded everything to my team. And then, a day later, I had to download everything again, do pivots again, VLOOKUP, and everything, and send it again to my team, because the numbers change all the time."

With Numeric, the platform updates live, eliminating the constant download-pivot-distribute cycle. Small features—like the warning indicator that flags when numbers have changed—make a massive difference in catching updates in real-time.

The AI-powered flux analysis has been equally transformative. "Sometimes the answers are great exactly as we receive them. If not, then it's still a very, very good head start for the answer."

The results speak for themselves: flux analysis that previously took 3 days now takes 1 day—a 67% reduction.

Automating Reconciliations with Ease

Beyond reporting and flux analysis, Numeric has delivered value across Riskified's entire close process.

Reconciliations have become significantly more robust. Numeric automatically adds new balance sheet accounts as they're created in NetSuite. "Once there's a new account, you just immediately can see it," Omri notes. This is critical for a public company that must reconcile 100% of balance sheet accounts for SOX compliance.

The visual indicators matter too. Green and red lights immediately show reconciliation status, and the platform sends notifications when numbers change and accounts need re-reconciliation. With materiality thresholds configured, much of the process runs automatically.

Even small features make a difference. Omri's feedback led to the creation of saved views, which now allow him to create custom tabs for each of his team members, eliminating the need for everyone to set up filters manually. Journal entry ID linking connects NetSuite tasks directly to Numeric. "It's small, but it's so smart," Omri observes.

Advice to Public Companies? “Go For It”

For public companies evaluating Numeric, Omri's advice is unequivocal: "Go for it."

The time savings have been substantial, but the impact goes deeper than efficiency. "If I have less things to take care of, or to worry about, because I just closed the month perfectly with Numeric, I can be more focused on the things I need now for the public numbers, for when we publish our numbers."

The SOX compliance benefits are built into the platform. Automatic reconciliation additions, real-time change notifications, and comprehensive reporting capabilities all support the rigor required of public company accounting.

But perhaps the most telling transformation is cultural. "My team is better, my life is better, our closing is much better," Omri reflects. "We're more focused on the most important thing, which is the analysis itself."

The shift from process work to analytical work has fundamentally changed how the team experiences month-end close. What was once a burden has become something they approach with confidence and even enthusiasm.

Looking Ahead

When asked to describe Numeric in a few words, Omri doesn't hesitate: "The future of close management. I think it's not just the future, it's also the present."

For companies evaluating close management tools, Omri's perspective is clear: checklists are table stakes. What distinguishes a truly powerful platform is its analytics capabilities—the reporting and flux analysis that enable teams to spend time on answers rather than process.

For a public company that demands accuracy, efficiency, and compliance, Numeric has delivered on all fronts—transforming close from a burden into something far more valuable: a process the team can approach with confidence, capability, and even enjoyment.