Accounting Seed Implementation for an Education Company
About The Company:
Our client is a rapidly growing education industry and a trusted international internship program provider for over 100 leading universities worldwide. The organization offers international internships across various career fields, including architecture, business, fashion, law, social work, psychology, journalism, engineering, and more. They also provide virtual/remote internships, enabling students to gain invaluable professional experience. The client has established partnerships with prestigious organizations and businesses worldwide, ranging from large to small and medium-sized enterprises (SMEs) and entrepreneurial startups.
The client faced several challenges related to their accounting processes and systems, such as:
Cumbersome Accounting Processes: The client used multiple AppExchange products within Salesforce to manage their accounting system, payment processing, and banking information. However, many of their accounting processes were still manual, leading to inefficiencies and potential errors.
Automation Requirements: They needed to automate their accounting process, particularly in closing and posting opportunities-related deposits. The client required a solution that could integrate seamlessly with this managed package.
Credit Memo Management: One specific challenge was automating the creation and management of credit memos, a critical aspect of their accounting process. They needed a solution to streamline this process and ensure accuracy.
To address these challenges, our team of Salesforce consultants and solutions developers took the following approach:
Objective Analysis: We thoroughly analyzed the client's goals and requirements for automating their accounting processes. Our developers deeply understood the existing flow of the client's accounting processes, including payment management, invoicing, and billing methods. Based on this understanding, they implemented customized business logic to achieve the required automation.
Accounting Seed Implementation: We implemented accounting seed in a sandbox environment. We installed the ‘Accounting Seed: Accounting on Salesforce’ managed package for this. Following accepting the license agreement and granting necessary permissions, we seamlessly concluded the installation process.
Fields and objects mapping: Finally, we conducted the required mapping of objects and fields to ensure that our solution was seamlessly integrated with it. This included automating invoicing, billing, payment, credit memos, and revenue amortization tasks while maintaining proper debit and credit GL account records.
The implementation of the Accounting Seed solution delivered several key benefits to our client:
Centralized Automation: The new solution centralized and automated many aspects of their accounting processes, reducing the need for manual intervention. This significantly decreased the potential for errors and increased overall efficiency.
Standardized Processes: The system enabled the client to capture data at the source and standardize their accounting processes, ensuring that all team members followed best practices consistently.
Flexibility and Continuous Improvement: With the automated system in place, the client gained the flexibility to change and improve processes continuously without the need for extensive retraining. The system itself drove these process improvements.