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Fusion Risk Management, Inc. is the industry's most innovative risk management solutions and services provider founded by industry leaders with the vision that risk management and contingency planning must become substantially more effective, efficient, and economical.

Products in Use: FinancialForce Accounting; FinancialForce Billing; FinancialForce Revenue Recognition; FinancialForce PSA

Company size: Small

Previous system: Microsoft Excel; SaaS Bookkeeping System

Location: Illinois, US

Industry: Professional Services

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

Business Issues

  • 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