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NewVoiceMedia provides telephony integration solutions which revolutionize the way organizations connect with their customers globally, enabling them to sell more, serve better and grow faster. ContactWorld, a Cloud communications platform with 99.999% platform availability, is similar to the business models of Amazon, Google and Salesforce®. NewVoiceMedia customers benefit from enterprise-class communications and contact centre functionality, at a fraction of the cost of traditional systems.

Products in Use: FinancialForce AccountingFinancialForce Revenue ManagementFinancialForce Revenue RecognitionFinancialForce PSA

Company size: Medium

Previous system: Sage; Midas for Billing

Location: Basingstoke, UK

Industry: Telecommunications

AppExchange Rating: AppExchange rating 5 stars
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It is already helping us to think differently about how we do things as a business and we are confident that as we continue to invest in the platform, we will further enhance the insights that we have to drive further business success.

Guy Sochovsky, CFO

Business Issues

  • Reporting took 3+ weeks and period close was an extended process with data being pulled from 3 separate systems– Salesforce, Sage and Midas via Excel spreadsheets
  • Billing data had to be manually exported from Midas and then manually imported into Sage leaving room for error
  • Disparate systems meant inefficient processes for staff with multiple customer records to maintain, multiple log-ins, and an inability to access financials remotely
  • Business model moved from a single product, single geography model to a multi country, multi currency and multi product model; needed a more sophisticated financial system that could deal with the new complexity
  • Revenue Recognition: two sets of journals were created in Sage and exported to Excel–current month (past revenue) and deferred (new revenue). Plus monthly billing run took two days

Implementing FinancialForce Accounting has been part of a change management process which we are still rolling out and has been a key decision in helping us move towards our vision of having data across CPQ, Salesforce, FinancialForce and our billing environment, all pulling from a single point of truth.

Guy Sochovsky, CFO

Benefits & Results

  • Reporting information across regions now available in one place with ability to drill down into each transaction
  • Can handle multiple dimensions and multiple currencies with consolidation within the system
  • FinancialForce Accounting has allowed reporting via 4 dimensions instead of the 2 they had in Sage
  • Generating reports is now quick and easy with no manual manipulation required to get at figures
  • Group can see how revenue is broken down by customer and other data points resulting in accurate revenue forecasts
  • Standardized reports can be accessed quickly and allows all areas of the business to report accurate numbers and have one version of the truth
  • Instant case creation from invoices has improved customer service. Link at bottom of invoices automatically generates a case in Salesforce which is then monitored and assigned to Sales if relevant. This has streamlined case handling and given better visibility into customer status

Metrics

  • Recognizing monthly revenue now done at the click of a button saving 1 1⁄2 days in data processing and allowing staff to focus on validation checks
  • Month end close now 1-2 days faster with information held in one system