Introduction
Financial Efficiency with Technology is a crucial aspect of modern business operations. Companies are constantly seeking ways to streamline their processes and reduce manual efforts in order to achieve greater efficiency and productivity. One company that has successfully leveraged technology to optimize their financial operations is ZoomInfo. ZoomInfo specializes in sales and marketing analytics, providing businesses with valuable insights to enhance their sales strategies.
However, after their merger with Discover.org, ZoomInfo faced significant challenges. The merger resulted in a massive increase in the number of orders processed per month, putting a strain on their manual order to cash flow process. To address this issue, ZoomInfo turned to Dave Witte, the Director of Finance Systems, who is an expert in automating the order to cash flow.
In this section, we will delve into the importance of financial efficiency with technology, provide an overview of ZoomInfo’s role in sales and marketing analytics, discuss the challenges they faced after the merger, and introduce Dave Witte as the expert who successfully automated their order to cash flow.
Step 1: Automate Sales Force Opportunities to Netsuite Sales Orders
After the merger with Discover.org, ZoomInfo faced significant challenges in processing orders. The sudden increase in the number of orders processed per month put a strain on their manual order to cash flow process. To maintain financial close efficiency, it was crucial for ZoomInfo to automate the process quickly.
After careful consideration, ZoomInfo selected Seligo as their integration platform of choice. They chose Seligo because of its exceptional time to value, which met their need for an immediate solution. The implementation of Seligo successfully automated the processing of sales order transactions, providing ZoomInfo with a streamlined and efficient system.
The benefits of automating the sales force opportunities to Netsuite sales orders were tremendous. ZoomInfo experienced significant time and cost savings. With automation, they were able to process almost 30,000 sales order transactions in less than a year, saving them an estimated two and a half years of data entry. The process that once took 10 minutes per transaction was now fully automated, allowing the team to focus on more valuable tasks.
Automating the order to cash flow process not only improved financial efficiency but also enhanced data integrity. By reducing manual data entry, ZoomInfo minimized the risk of errors and improved the accuracy of their financial systems. Additionally, the automated system scaled effortlessly with ZoomInfo’s rapid growth, ensuring continued efficiency as the company expanded.
In conclusion, automating sales force opportunities to Netsuite sales orders was a critical step for ZoomInfo to maximize their financial efficiency with technology. The implementation of Seligo provided them with a time-effective and cost-effective solution, resulting in significant time and cost savings. By streamlining their order to cash flow process, ZoomInfo was able to maintain financial close efficiency and support their rapid growth.
Step 2: Automate Billing Process
Automating the billing process is a crucial step in maximizing financial efficiency with technology. ZoomInfo successfully achieved this by leveraging Netsuite’s out-of-the-box functionality to automate their billing process.
By using Netsuite, ZoomInfo was able to realize several benefits. First, they were able to achieve real-time invoicing, allowing them to bill their customers quickly and efficiently. This resulted in faster cash collection, improving their overall cash flow.
Another advantage of automating billing using Netsuite was the ability to scale without the need for customizations. Netsuite’s standard functionality was able to handle the rapid growth of ZoomInfo, ensuring that their billing process remained efficient even as the company expanded.
ZoomInfo’s success with automating their billing process is evident in their ability to process 140,000 customer invoices using Netsuite’s features. This achievement not only demonstrates the scalability of Netsuite but also highlights the efficiency gains and reduced data entry for the accounting department.
By automating their billing process, ZoomInfo was able to streamline their financial operations, improve data integrity, and save time and resources for their accounting team. This automation played a crucial role in maximizing their financial efficiency with technology.
Step 3: Automate Collections
Implementing Stripe.com and SuiteSync has allowed ZoomInfo to automate their collections process, resulting in faster cash collection and real-time visibility into collections.
One of the key features of automation is the introduction of a payment link on customer invoices. This payment link allows customers to easily make online payments, improving the efficiency of the collections process. With a simple click, customers can access their personalized customer portal, where they can pay their invoices using either a credit card or a bank transfer.
The benefits of automating collections using Stripe.com and SuiteSync are significant. ZoomInfo has experienced a significant improvement in cash collection, especially during the COVID-19 pandemic. By providing customers with an easy online payment option, ZoomInfo has been able to collect cash quickly and efficiently.
In addition to faster cash collection, automation has also enhanced data integrity. By reducing manual data entry, ZoomInfo has minimized the risk of errors and improved the accuracy of their financial systems. The integration between Stripe.com, SuiteSync, and Netsuite has allowed for real-time updates, ensuring that the collections process is always up-to-date.
Furthermore, ZoomInfo utilizes Netsuite’s statement and dunning processes to send reminders to overdue customers. This automated system helps to streamline the collections process and ensures that customers are promptly notified of their outstanding payments.
Overall, the automation of collections has been a game-changer for ZoomInfo. They have seen significant improvements in cash collection, data integrity, and overall efficiency. By leveraging technology and integrating different platforms, ZoomInfo has maximized their financial efficiency and achieved greater productivity in their collections process.
Step 4: Integrate Payments and Payment Payout Reconciliation
The final phase of ZoomInfo’s financial automation journey is the integration of payments and payment payout reconciliation. This step involves automating the processing of wire transfers, ACH, and check payments using Seligo’s Cash Application Manager and integrating it with their existing financial systems.
Currently, ZoomInfo manually enters payments into their system, which is time-consuming and prone to errors. By automating this process, they can eliminate manual entry and ensure accurate and timely processing of payments.
By integrating payment processing with Seligo’s Cash Application Manager, ZoomInfo can streamline their cash application process and achieve complete automation for payment transactions. This integration allows for real-time reconciliation of payments, ensuring that all transactions are accounted for and properly recorded.
The benefits of complete automation in payment processing and payout reconciliation are significant. It saves time and resources by eliminating manual data entry and reduces the risk of errors in financial systems. The streamlined process also improves data integrity and provides better visibility into cash flow.
ZoomInfo has previously experienced success with the implementation of Seligo’s Cash Application Manager in automating their sales order processing and billing. With this proven track record, they are confident that integrating payments and payment payout reconciliation will further improve their financial efficiency.
In conclusion, integrating payments and payment payout reconciliation is a crucial step for ZoomInfo to maximize their financial efficiency with technology. It eliminates manual entry, improves data integrity, and provides better visibility into cash flow. With the success of previous automation implementations, ZoomInfo is well-positioned to further optimize their cash application process and continue supporting their rapid growth.
Step 5: Integrating Financials with Salesforce
Integrating financial data with Salesforce is of utmost importance for the sales team at ZoomInfo. By integrating financials with Salesforce, the sales team gains access to valuable financial intelligence and visibility.
ZoomInfo chose to use Seligo’s pre-built flows to push Netsuite account and opportunity financial status to Salesforce. This integration enables the sales team to have real-time information on the financial status of their accounts and opportunities, allowing them to make more informed decisions and tailor their sales strategies accordingly.
The benefits of providing the sales team with financial intelligence and visibility are significant. It allows them to have a better understanding of their customers’ financial health, identify cross-selling and upselling opportunities, and negotiate deals based on accurate financial information.
Implementing this integration is easy with Seligo’s pre-built flows. The implementation process is quick, and the time to value is accelerated, meaning that ZoomInfo was able to see the benefits of integrating financials with Salesforce in a short amount of time.
The successful implementation of integrating financials with Salesforce has provided full visibility for both the sales and accounting management teams at ZoomInfo. This visibility allows for better collaboration between the two teams, resulting in improved financial efficiency and growth for the company.
In conclusion, integrating financials with Salesforce is a crucial step in maximizing financial efficiency with technology. ZoomInfo’s successful implementation of this integration using Seligo’s pre-built flows has provided the sales team with valuable financial intelligence and visibility, resulting in improved sales strategies and overall growth for the company.
Conclusion
In conclusion, ZoomInfo has successfully maximized their financial efficiency with technology by implementing various automation processes. By automating the sales force opportunities to Netsuite sales orders, ZoomInfo was able to streamline their order-to-cash process and achieve significant time and cost savings. The integration of Netsuite’s out-of-the-box functionality enabled them to automate the billing process and improve cash collection, resulting in faster revenue recognition and improved cash flow. Additionally, the automation of collections using Stripe.com and SuiteSync allowed ZoomInfo to collect cash quickly, enhance data integrity, and streamline the collections process.
Furthermore, by integrating payments and payment payout reconciliation, ZoomInfo was able to automate payment transactions and improve cash application, resulting in better visibility into cash flow and increased efficiency for their accounting team. Lastly, the integration of financials with Salesforce provided their sales team with valuable financial intelligence and visibility, enabling them to make informed decisions and tailor their sales strategies accordingly.
Throughout the automation journey, ZoomInfo emphasized the importance of keeping processes simple and avoiding overcomplication. They utilized out-of-the-box functionality in software integrations to minimize customization and ensure scalability. Instead of customizing software, they recommended modifying processes to achieve desired outcomes.
Overall, ZoomInfo’s fintech stack, combined with their minimal staff, has proven to be successful and scalable in maximizing financial efficiency. By leveraging technology and automation, ZoomInfo has been able to streamline their financial operations, improve data integrity, save time and resources, and support their rapid growth.
FAQ
Here are some frequently asked questions about maximizing financial efficiency with technology:
How can I manage subscription billings and keep personal financial data hidden?
Using a platform like Netsuite, you can store credit card information securely and automatically process billings for subscriptions. Netsuite ensures PCI DSS compliance, protecting personal financial data from unauthorized access.
Should sales and account management be involved in past due collections?
Yes, involving sales and account management in past due collections can be beneficial. By providing them with visibility into account financial status and overdue payments, they can proactively reach out to customers and address any issues, improving the collections process.
How can I step into trusting automation for contract review?
To step into trusting automation for contract review, you can implement a review process where contracts are automatically pushed from Salesforce to Netsuite for accounting review. By establishing clear approval processes and ensuring data integrity, you can build trust in the automated contract review process.
What are the differences between Netsuite and Quickbooks for different company sizes?
The choice between Netsuite and Quickbooks depends on the complexity of your business and transaction volume. Quickbooks is suitable for small businesses with simpler financial needs, while Netsuite is more appropriate for larger companies with more complex financial operations and higher transaction volumes.