Challenge
The accounts receivable (AR) team at PayScale, a compensation software and data company, was sending out hundreds of invoices weekly, some of which included or combined multiple transactions. Because the company didn’t always bill for services all at once (its standard term was multi-year deals), sending invoices annually became a new critical capability to keep accounts in order.
The diverse array of customer needs, frequency of invoices, and required billing flexibility added more complexity to the invoicing process, leading to hours of manual work for the AR team each month. Additionally, there wasn’t a defined set of best practices and processes for handling customer questions about invoicing.
A new system with supporting redesigned workflows was needed.
How We Helped
A team of finance and systems specialists at CrossCountry Consulting was brought in to streamline AR processes and design a system that would make accounts easy to manage for users and customers.
While NetSuite’s cloud business technology suite offered advanced eCommerce, Finance, and ERP functions, additional customizations were leveraged to address the scope of the invoicing challenges. This work included the implementation of a bundle, Consolidated Invoices for NetSuite, and custom-developed solutions built for the company’s specific needs and preferences.
The add-on integrated invoice data so that it could be efficiently accessed, adjusted, stored, and sent automatically, removing manual labor and guesswork from AR. Rather than combing through thousands of invoices to find the right one, the company could now locate and send priority invoices with a few simple clicks. This resolved an issue of outdated bills and confused customers inquiring about discrepancies.
Results
“The consolidated invoice feature has improved our billing process by allowing us to quickly create a detailed record of customer billings on the backend and, at the same time, provide a straightforward invoice to our clients,” the company’s finance lead said. “By being able to provide a more straightforward invoice, we can devote less time to explaining invoices to individual clients, which in turn improves the efficiency of our collection process and ultimately the customer’s experience.”
Maintaining the company’s comprehensive billing data without adding unnecessary information to invoices was a delicate balance. The finance team gained the ability to distinguish the right information they needed quickly and meet the demands of customers for a better overall experience. This resulted in significant time savings, streamlined operations, and enhanced client satisfaction.