About the client
The client provides custom cybersecurity solutions. They replicate threat actor tactics to strengthen defenses and detect advanced threats for organizations. Additionally, to prevent breaches by countering adversary strategies, they assist organizations with program development, training, assessments, and support.
Client challenges
The client currently uses numerous non-streamlined manual processes that, due to staffing limitations, hinder their ability to support projected business growth. Additionally, these processes cause delays in the overall invoicing and payment collection process. They needed to implement a centralized billing system capable of managing intricate pricing models autonomously, and they aimed to boost revenue recognition via Salesforce.
Solution
LevelShift experts automated invoice generation, payment processing, and allocation, including handling foreign currencies and ensuring seamless integration with NetSuite (via Workado) and Avalara Tax Engine.
We have streamlined revenue management through the following:
- Automated AR aging for posted invoices.
- Installation and setup of Finance Logging and Connector.
- Provided the ability to view GL impacts (Credit/Debit and affected accounts) directly from the Invoice and Payment records via a Related List.
- Created and summarized Financial Transaction records into comprehensive reports.
- Ensuring all listed products are set up to recognize 100% revenue at the time of invoice posting.
- Enabled the creation and management of finance periods, including opening and closing periods, a billing finance book to store all financial transactions, and the ability to view one-year and multi-year BHE revenue distributed over the subscription term in a revenue schedule.
Benefits
- Integrating Salesforce CPQ and Salesforce Billing with the client’s NetSuite ERP resulted in an improvement of 65% reduction in manual effort for invoicing and revenue reconciliation tasks.
- Automation of AR aging empowered the client to monitor outstanding payments. This real-time visibility translated to a 55% improvement in cash flow management.
- The ability to summarize Financial Transaction records into comprehensive reports provided the client with crucial insights into their financial performance and facilitated data-driven strategic planning.