Client: Excelitas
Solution: RevStream
Industry: Advanced Industries
Challenges: Revenue automation, revenue recognition compliance
Reduced revenue recognition accounting from 6-8 weeks to near real-time.
Aligned to the wider finance transformation and digitalization process underway at the company
Supported the company’s desire to scale through organic growth and M&A
Shifted finance from a manual, error-prone process to full automation
Reduced the risk associated with having only a select number of people understand the process.
Flexibility to evolve the solution with business growth.
With RevStream, I have a high degree of confidence and pride in our ability to meet all the high-level objectives which our CFO has assigned to us – including meeting requirements around velocity, scalability, and productivity. We couldn’t do that unless we had the right tool.
CIO, Excelitas
With the dual goals of scaling through acquisition and broadly enabling finance transformation with digital technology, automating revenue recognition was key.
Using Excel required 6-8 weeks to generate revenue recognition calculations, which was unsustainable under ASC 606 and incorporating acquired companies was complex and error prone.
After a vendor selection process, RevStream was selected.
Key solution differentiators included the flexibility to evolve the solution with business growth and the ability to address upstream data quality issues within the solution. RevStream will also allow Excelitas to spend less time questioning and fixing data and more time supporting the business.
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