TMW Systems Automates ASC606 + SOX Compliant Process with 360 Contract Billing for NetSuite
—Tom Flute, Accounting Manager, TMW Systems
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’ Subscription Billing module to establish more scalable and efficient processes in NetSuite and 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 360 Subscription Billing, 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 360 Subscription Billing, 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.
Products & Services
- 360 Subscription Billing
- NetSuite Process Automation
- NetSuite Advanced Revenue Management
- ASC606 Contract Revenue Compliance
- SOX Order Entry Compliance