Project
Consolidated Invoices For NetSuite
Industry
Finance (Compensation, Salary, and Benefits)/Tech
Platform Used
NetSuite
Company Overview
What is an appropriate salary for each of your team members? How can you measure your company’s compensation practices against others? When is it time to give a high-performing employee a raise, and what should his or her new rate be? In 2002, drugstore.com’s John Gaffney and former Microsoft executive, Joe Giordano, came together to help answer these questions. They created PayScale, a compensation data and software company that uses crowdsourcing technology to provide access to real-time market data for both employees and employers and offers a compensation management platform for organizations, small to enterprise.
On PayScale, employees can learn more about what similar peers are getting paid, while companies can determine appropriate compensation for both new hires and long-term team members.
In the modern business world, PayScale’s services are more needed and valuable than ever. As the company notes, PayScale has compiled the world’s largest database of individual salary profiles. In 2014, private equity firm Warburg-Pincus invested $100 million in PayScale to bring its combination of real-time data and on-demand software to the challenges of attracting and retaining the best talent. In 2017, PayScale announced a strategic alliance with global management consulting firm Mercer, positioning PayScale as the definitive leader in the compensation software market. In the last 15 years, PayScale has indeed become the future of compensation, using massive datasets and crowdsourcing, along with a powerful compensation management platform to deliver the data contemporary companies need.
With PayScale’s technological sophistication, emphasis on information, and burgeoning business, SCS Cloud was especially delighted to collaborate with this client.
The Challenge
After helping thousands of companies sort out their budgets and better their compensation practices, PayScale came to SCS Cloud with a financial conundrum of their own. The company’s Accounts Receivables team was sending out hundreds of Invoices on a weekly basis. To make matters more complicated, some of these also included combined transactions or included multiple transactions.
PayScale’s standard term is multi-year deals. Since the company doesn’t always bill for its services all at once, this meant that forcing out invoices on an annual basis became particularly pivotal to keeping PayScale’s accounts in order. Given the company’s diverse array of client needs, required flexibility in sending out bills, and the frequency of each invoice, which could vary based on the terms of the specific product and agreement, this invoicing process added hours of work to PayScale’s team every month. One of their biggest points of concern was having best practices in place which wouldn’t generate additional problems; customer questions, frequent calls to ask why they might be receiving invoices they’d thought they’d paid, what the bills meant, how they could tell if payment had been received, or what all of the numbers on the invoice even meant.
The goal was to provide the best customer experience!
The task at hand for SCS Cloud was two-fold. First, we needed to streamline PayScale’s Accounts Receivable and Invoicing processes to save their team time, effort, and money. Second, in doing so, we also challenged ourselves to make invoicing as simple as possible for PayScale’s users, constructing a system such that their accounts would be easy to manage with all data accessible in one glance. Thus, we would simultaneously solve PayScale’s Accounts Receivable and their clients’ Bills Payable needs.
While NetSuite’s cloud business technology suite does offer advanced eCommerce, Finance and ERP (Enterprise Resource Planning) functions, even these were not enough to handle PayScale’s invoicing issues alone. Our team of seasoned specialists had to create a custom-developed solution to suit the company’s needs and preferences. With PayScale’s thousands of accounts, wide variety of clients, technological complexity, and their customers’ convenience in mind, this was sure to be quite the programming puzzle, but fortunately, our seasoned team of specialists was prepared to tackle it.
Key Client Benefits
The SCS Cloud team began by implementing one of our outstanding bundles, Consolidated Invoices for NetSuite. This add-on integrates invoice data so that it can be efficiently accessed, adjusted, stored and sent, taking the manual labor and guesswork out of Accounts Receivable. This resolved many of PayScale’s problems, but our team went a step further, customizing the code to fit the company’s specific Accounts Receivable processes and reporting needs. Rather than combing through thousands of invoices trying to find the right one, sending out outdated bills and dealing with confused customers, PayScale’s team can now address these important invoices with just the click of a few buttons.
But don’t just take it from us! This is what PayScale’s team had to say about SCS Cloud’s work: “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. 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.” Our solution was able to maintain the comprehensive billing data PayScale’s finance team wanted without adding unnecessary information to the invoices sent to its customers.
Through our collaboration, PayScale saved its team time, optimized its operations, and enhanced client satisfaction. SCS Cloud is proud to have helped a major HR Tech company like PayScale automate and improve its accounting processes.
Is your accounting team spending too much time on Accounts Receivable? Are you mired down in invoices? SCS Cloud can help! You can find out more product information on our Consolidated Invoices for NetSuite bundle here or by reading this article Enhance Your Enterprise with Consolidated Invoices for NetSuite. Contact us today to find out more about our other services or to schedule a free consultation.