Integration has been great. Visibility across the organization saves sending Excel sheets around. We now have the info we need to change the way projects are managed.
David Nolan, President & CEO
- Revenue Recognition challenging and time consuming (% complete for fixed fee projects and equal split for software revenue)
- Unable to scale business using existing system
- 3 – 4 days per month needed to ensure precision of recognized revenue before providing Accountant with Excel workbook
- Periodically had to adjust realized bill rate so didn’t over recognize revenue and then check projects matched recognized amount. The under lying excel system was T&M based, so the customer had to simulate most of revenue rec which was fixed fee
- Single point of knowledge in the business
Benefits & Results
- Through integration of finance, project management and revenue recognition systems, it now takes less than 10 mins per month to recognize revenue
- Use of templates in FinancialForce forced review of business model for revenue recognition
- Data is more accurate as manual intervention no longer required
- Business is more efficient and productive
- More granular tracking of projects - estimated time to complete and other milestones can now be used.
- Project visibility across the company means Excel spreadsheets are not being sent between departments
- Customer expense rebills and employee reimbursement is now much more efficient and accurate
- Hard close reduced from 30-40 days to 10 days - up to 75% in time savings