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Software Application Developer Streamlines their Deferral Processing with Binary Stream
In 2008 this software developer of law enforcement, security, and intelligence applications was managing their software contracts manually alongside their Quickbooks system. With over 150 clients that had regular deferrals for various contract projects and support services, this company was struggling to keep up with their required reporting. In efforts to comply with accounting standards set for their industry they were manually managing these deferral accounts in Microsoft Excel to ensure that they were properly recognizing revenues periodically throughout the life of their contracts. This task was becoming more and more time consuming as they continued to take on more contracts.
With recent business success the company had grown and the additional strain on the accounting department lead to the search for a upgraded ERP platform from Quickbooks. After choosing Microsoft Dynamics GP as the new ERP solution, they sought to find solutions for various business workflows, including the management of their deferrals.
A Fully Integrated Solution for Microsoft Dynamics GP
After discussing their needs with their partner, the software developer found Binary Stream’s Advanced Revenue & Expense Deferrals software. This software package brought them the functionality they needed to manage their deferrals more efficiently. Working directly from their Microsoft Dynamics GP system this software also integrated with a complementary recurring billing package that would allow them to automate periodic billings.
Streamlined Deferral Processes
The Advanced Revenue & Expense Deferrals offered the software developer the ability to manage all of their deferrals directly within Microsoft Dynamics GP. Starting with deferral schedules, common contract types could be set-up and assigned to numerous accounts for deferrals. Based on these schedules mass journal entry processing would ensure that this time consuming area was automated to an extent, requiring only a review and a click of a button to post all of the journal entries for a time period.
With flexible recognition schedule options, the software developer could adapt their deferrals to recognize based on daily, weekly or monthly time periods. After the fact individual schedules could be adjusted and edited to reflect potential changes in contracts, or to fix human errors.
Ease of Reporting
With all of their data up to date and recorded in Microsoft Dynamics GP, accurate reports could be run any time. Deferrals data would be available for accurate forecasting. Snap shot inquiries within the software additionally provided an easy way for users to quickly find answers and status updates on deferral accounts.
Recurring Billing Automation
With integrations to the Recurring Billing Manager the Revenue & Expense Deferrals would significantly streamline invoice deliveries to clients. With an automated process that would create these document every month, a simple batch process to approve the invoices before sending would be all the software company needed to do.
After reviewing both the Advanced Revenue & Expense Deferrals and the Recurring Billing Manager this developer of support software decided to move forward with the project.