TMW Systems Automates ASC606 + SOX Compliant Process with 360 Contract Billing for NetSuite

“360 Cloud Solutions’ Contract Billing product is way more efficient than our previous recurring billing system, plus we can now easily analyze and drill into contract elements on the fly”

Tom Flute, Accounting Manager, TMW Systems

Client Success Story

Business Challenge

Since TMW’s customers sign long term contracts that require recurring billing, they reached out to 360 Cloud Solutions for assistance automating and streamlining their order to cash process, while maintaining ASC606 compliance for their deferred contract revenue.

They needed a solution like 360 Cloud Solutions’ Contract Billing module to establish more scalable and efficient processes in NetSuite.  Process automation to achieve higher efficiency focused around eliminating manual clicks and page loads.  TMW also needed to make sure that controls were in place to ensure SOX compliance for their order to cash process workflow.

Solution Implemented & Client Benefits

By implementing 360CB, they automated synchronization between Revenue and Billing, pro-ration for partial billing periods, and creation of consolidated recurring invoices for their customers.  Through customization of NetSuite and 360CB, they also put subscription pricing controls in place and enhanced the flexibility and presentation of their customer invoices.  Utilizing collaborative project plans and design/testing documentation with 360, TMW was able to move quickly and gain necessary approvals from their ASC606/SOX compliance teams within their go live time frame.

TMW now has a master contract database within their ERP/Accounting system which allows them to easily manage these as changes and renewals occur.  They can also pull contract data into their customer, transaction, and financial reports to identify trends and analyze for business intelligence as needed.

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Accomplishments

360 Contract Billing for NetSuite
NetSuite Process Automation
NetSuite Advanced Revenue Management
ASC606 Contract Revenue Compliance
SOX Order Entry Compliance

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