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Next Step
Next Step infuses behavioral science into business marketing, influencing customers hidden decision-making processes.
What was the problem?
Like many companies, Next Step had challenges with making proper accruals for its client work. The reason being is that accrual calculation were not being measured against the contract value, so there wasn’t a reconciliation on accrual amounts relative to the value of the contract. There was a manual process but naturally, manual processes are prone to error and even the best bookkeepers will miss things.
Tying Contract Management System to Revenue Recognition
What did we do?
We replaced the accrual system with automation tied directly to NextStep’s CRM (Salesforce). We created a system where monthly accrual estimates are made in Salesforce followed by an entry that is automatically generated directly into QuickBooks. We created a single source of truth, which is their CRM system, and built automation that takes information and automates revenue recognition in the general ledger.
Today’s result
The result is threefold. First, a ton of time is saved because there’s no need for manual reconciliations. Secondly, their books are now closed faster. And third, the CEO has confidence that their accrual is an accurate reflection of revenue as measured against the actual contract terms.
