How do FP&A tools like Mosaic and Pry position themselves against Bookkeeping infrastructure tools Xero and Quickbooks?

There are two things. 

One, it is a source of additional information to whatever you have in Salesforce or in your CRM, so you get a more complete view of the customers and prospects.

Two, for HR, it gives you a complete view of spend, whether that's reported on a per-person basis or whether it’s showing up in your accounting systems.

I think it's most notable because QuickBooks and Xero are designed to structure data for accounting specifically, so that's about expense management. It's about data categorization.

The power of FP&A, again, and why it's been an exciting category for previous players and now for companies like Mosaic, is because you actually want to take all that data and present it in such a way that businesses can predict their revenue, predict their hiring, and really make use of that data.

If you are a particularly savvy investor, you might also be backing a new version of QuickBooks, a new version of Xero, or a new version of NetSuite, because there's an opportunity there to go change those systems so that they can be aware of the Stripes of the world, the Salesforces of the world, all the data that's coming into those systems and ultimately work more efficiently from an accounting point of view. But that's a whole different set of businesses.