Venture Technologies - Accounting

Venture Technologies, Inc. is a premier IT Solutions Provider. Venture specializes in Cisco systems, EMC, VMware and other manufacturers that provide high-end network solutions to their customers. They pride themselves on meeting the demanding needs of a changing technology landscape and delivering an unmatched level of customer support.

Business Issues

  • Combo of Sage and Excel, with no CRM integration had the IT team struggling to connect the data which compromised customer service levels
  • Lack of a single cloud platform caused problems across the entire organization: inconsistencies with the data, manual re-entry, errors, and most frustrating - lack of data visibility
  • Outdated technical architecture was getting in the way of executing on the company vision and what they wanted to achieve for their customers
  • Traditional ERP tools made it very difficult to be agile and respond to the market
Utilizing the combination of CRM and ERP together we're now engaged in ways that we never were before in support of our customers.

Benefits & Results

  • Using cloud for Financials made perfect sense with Salesforce CRM already implemented. Team bringing multiple databases into one, streamlining data gathering and putting an end to rekeying and manual entry
  • FinancialForce Accounting is foundational to Venture’s ERP strategy - allows information about profitability and the current state of affairs into other operational functions within FinancialForce ERP, such as Services and Quoting
  • Financial data connected to CRM creates new opportunities to connect teams with access to data that didn't exist before. Teams collaborate more and operate at a much higher rate of speed across organization
  • Linking functions together allows finance to relate field expenses to the overall big picture and maintain tighter cost control on field teams
  • One cloud, one database brings front office, back office data and customer data together creating one office. Customer issues now easier to identify and quickly solve
  • Invoicing processes now faster and accurate, speeding up collection cycle and improving cash flow
  • Visibility into over-90 day agings allows team to take more proactive corrective action with stale accounts
  • FinancialForce Revenue Management brings a preview into the rev rec processes before any adjustments, then automated journal entries are posted with a click of a button - big month-end close enhancement
  • Staying ahead in a tight competitive market. FinancialForce provides a platform to better forecast, not just internally but to alert vendors of future needs/orders
  • With accounting on the Salesforce platform every customer interaction is held in a central repository giving the finance team has the power to better serve the customer
  • FinancialForce takes an inherently rigid, standards-driven practice and let’s finance teams work creatively within those constraints - accounting and finance has become a more fun and dynamic process
  • Team now spends less time ensuring that the debits and credits are right and spends more time making things easier for our internal and external consumers of data. Job satisfaction!
One of the things that I'm most excited about utilizing FinancialForce is, we're taking a platform for accounting and transforming that into a customer engagement platform. Something that we wouldn't have imagined possible before. RJ Smith, VP Finance

Metrics

  • What’s the big value in connecting Finance to CRM and other ERP functions? Maintaining 15% year over year growth, while at the same time reducing overhead costs related to finance and accounting by 30%. That’s ROI!

Just a friendly reminder
on Rev Rec ASC 606/IFRS 15

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