Streamlining a Learning Platform’s Financial Operations by Integrating SuiteProjects, Revenue Management, and Salesforce
An integrated solution ensured accurate revenue tracking and seamless synchronization between a global organization’s CRM and ERP systems.
Challenges
An online learning provider with global financial operations faced a pressing need for a single source of truth, struggling with fragmented data spread across siloed systems and inflexible reports that hindered timely, effective decisions. Plus, managing processes across three geographic areas and four currencies added significant manual effort and complexity. To improve accounting and finance operations, the company needed reconciling data, ensuring accuracy, and maintaining efficiency in operations. A robust solution would need to scale quickly as the organization expanded globally.
How we helped
A comprehensive custom solution was developed to support the client’s operations across the United States, United Kingdom, and Australia, with multi-currency (AUD, GBP, USD, EUR) functionality in Salesforce. The revamped system included a robust Chart of Accounts for financial consolidations, classifications, and intercompany transactions. The company also implemented SuiteProjects for revenue recognition, aligning with key timelines and ensuring compliance with ASC 606 revenue recognition standards.
By connecting Salesforce with NetSuite, the global organization could sync an Opportunity to Orders and Programs to Projects within NetSuite. The Riveron NetSuite-Salesforce Connector was used to enable seamless integration of sales orders, invoicing, customer payments, and advance revenue management, while a CRM integration supported efficient quote and order management. And the bi-directional sync between Salesforce Programs and NetSuite Projects streamlined milestone completion tracking and revenue recognition, Invoicing, and Payments.
The team developed custom solutions to streamline key processes, including updating revenue elements and arrangements from sales orders, adding professional service fees as line items on sales orders, updating project task and milestone statuses, and adjusting amortization schedules on journal entries and bills to assist in accurate accruals and revenue recognition.
The solution design also included additional functionality to enhance operational efficiency and compliance, such as generating international tax reports, managing withholding tax, creating tax audit files, and a drag-and-drop feature for seamless document handling.
Results
The automation of customer, sales order, and project syncing to and from Salesforce (SFDC) ensured seamless data integration and eliminated manual intervention, enhancing efficiency and accuracy. The global organization was able to comply with ASC 606 revenue recognition standards through streamlined reporting and financial processes that aligned with regulatory requirements. By adopting automated processes, the organization simplified operations, reduced complexity, and enabled a more agile and scalable workflow.