About the Client
The client provides security, networking, and storage products based on network appliances and cloud services. The company's security products include products for protection against email, web surfing, web hackers, and instant messaging threats such as spam, spyware, trojans, and viruses. The company's networking and storage products include web filtering, load balancing, application delivery controllers, message archiving, NG firewalls, backup services, and data protection.
Business Challenges: Lack of Consolidation Leading to Delay in Period Close
This organization was facing issues with consolidations and period close. They were manually collecting data from multiple systems and importing it, which resulted in delays and errors. Incorrect subscription-based billing, integration and process gaps were other issues. With our comprehensive Services, we provided an automated solution that remedied all the problems.
Financial data residing in multiple systems was the major pain point that triggered the need for merging. Furthermore, revenue allocation and recognition issues were slowing down the period close process
The company was looking for an implementation partner to handle financial, procurement, sales, and revenue process implementation for the acquired company, as well as supporting all process areas within NetSuite and Avalara bundle.
- Financial, Procurement and FAM implementation, Multi-book Accounting for EMEA (8 Entities)
- Integration with 6 different banks for payment processing
- Financial, procurement, sales, and revenue process implementation for the acquired company
Consolidation was an issue as financial data was residing in multiple systems
Delay in the period close as consolidation process took time and involved manual import
Incorrect subscription-based billing for certain SKU’s resulted in revenue leakages