Project Accounting Software | Media ERP | BDO IT Solutions
Technology, Media and Telecommunications Operations can be Chaotic; How Can You Get Organized?
Technology, Media and Telecommunications (TMT) represents a broad array of disciplines that share important commonalities. One of the most pressing issues facing those in the TMT space today is keeping everything under control. With multiple disparate systems spun up by different departments and a lack of integration between sales, billing and client service, meeting customer expectations and managing your financials is complicated. What’s more, you don’t have an accurate view of your organization, and generating reports to help you make decisions is something you can only imagine. Your business is always evolving and competition changes every day. Full business visibility is a necessity in your industry and you’re unable to obtain it.
You need a technology and media ERP or CRM solution that can not only help manage the distinct intricacies and complex financials of your business, but that can keep up with the innovations of your industry. You can’t afford to be stifled by disparate systems that don’t communicate; you need to get your business aligned.
Whitepaper: Innovation Implications for High Tech & Electronics Manufacturers
For nearly 50 years, high tech and electronics (HT&E) manufacturers have competed on their ability to innovate and respond to exponentialDownload
Complex Revenue Streams
In TMT, recognizing revenue is a complicated practice. And although of the utmost importance, trying to reconcile revenue from various streams, including product sales, subscription sales, professional services, annual support contracts, volume based sales, and flat rate service agreements is no simple task. This isn’t your straight forward receivables function; and what’s more, these streams are often managed differently, and may be multi-currency. Add to this complexity the issues of regional taxation, and proper accounting requires a sophisticated set of functionalities.
You not only need a system for handling various billing types, but also for managing pricing options within each line of business. You can’t ignore the difficulties you face with revenue recognition, especially when you consider annual and recurrent payments. Your solution must have the capacity to offer configurable pricing based on customer, region, product, volume and pricing discounts, and in some circumstances you’ll also require reconciliation for multiple currencies.
“ BDO understands our business and really knows how we function, and that was very helpful when we implemented Prophix software. ”Tracey Strong at Veridian Connections —
Financial, Regulatory and Business Reporting
In your line of business, accurate and efficient reporting is of the greatest importance. You need to keep pace to remain competitive and compliant with international regulations. You need to answer to stakeholders with up to date information, and you need the ability to provide reporting that reflects the state of your business today, which often isn’t the state of your business last week. To make decisions about managing your risks, moving forward with new innovations, or how to raise capital for your next endeavor, you also need business insights.
You need a project accounting software solution with fluid reporting capabilities that’s flexible and integrated, so you can eliminate manual processes that are often fraught with error.
The world of technology, media and telecommunications is unique. While most companies focus on refining the way they do business in order to improve their overall performance, that’s not enough for those in TMT. With a TMT organization, it isn’t just about improving your business processes; it’s about a constant need to evaluate what you’re doing, how you’re doing it, and what technology changes need to be implemented to maximize your impact on the market. Further, your products and services change more rapidly than in any other industry, and that means whether they are enhanced, redeveloped, or made completely obsolete, you need the agility to stay viable.
You need to keep up with these changes; and what’s more, you need a software solution that is agile enough to adapt quickly and robust enough to do so while also managing your day-to-day business.
Case Study: Pelmorex
Pelmorex is the parent company of The Weather Network, a leader in the weather business in Canada along with its French counterpart, MeteoMedia. ThisDownload
We Can Help You Organize and Progress
BDO IT Solutions can help you work toward your strategic objectives while maintaining your operational ones, and can provide you with a technology and media ERP solution that enables you to do better business.
A solution from BDO designed for technology, media and telecommunications businesses can help you:
Develop Front End Alignment:
Integrate your sales solution with your financial system and allow for better operational visibility while reducing errors, improving client services and simplifying your accounting procedures.
Control complex billing requirements and manage all forms of payments including subscription, recurring, flat fee, products and services with a single project accounting software system designed to effectively account for all billing types.
Enhance Revenue Recognition:
Use your financial solution to help you determine when and how to recognize revenue for varying revenue streams. Manage licenses, contracts, software, subscription, installation and other revenue sources so you can recognize them according to standard GAAP.
Manage Sales Compensation:
Pay sales staff when revenue is recognized, ensure their commissions meet actual sales accrued and effectively compensate on recurring revenue.
Handle Your Multi’s:
Use a single, integrated system that is designed to consolidate and reconcile your accounts and handle multi-currency, multi-region, multi-language, multi-taxation and multi-revenue streams.
Enjoy Business Intelligence:
Employ corporate performance management and business intelligence capabilities that allow you to make more informed decisions, understand your metrics, and analyze business impacts using flexible data views, graphical key performance indicators and rich drill-down capabilities.
Increase cash flow and identify opportunities to allocate funds to research and development with improved operational efficiency and streamlined processes. Gain better access to capital and help get your products to market first, to fuel your growth.
Gain better access to real-time information, and an ability to track and control everything in one centralized place, enabling you to more easily meet regulatory standards, manage taxation, provide accurate accounting and proper financial records, and evaluate different parts of your business.
BDO IT Solutions can eliminate the complications your business experiences as a result of disparate systems that don’t communicate with each other. Integrate your business management, operations and accounting functionality into one system that helps you manage everything from front to back end. Enjoy increased stability, reduced chaos and better overall management and decision making.
Gillian has over 20 years of experience with the implementation of ERP and CRM software systems for mid-market and enterprise organizations. With her BComm and CGA designations, Gillian provides a dynamic combination of operational business process and financial fundamentals to provide customers with overall integrated solutions to resolve their business issues.
Ask Gillian a Question or Call (905) 946-2500
12 Steps to Software Implementation Success | Step Twelve: Project Management
12 Steps to Software Implementation Success | Step Eleven: Deployment
12 Steps to Software Implementation Success | Step Ten: Data Conversion
12 Steps to Software Implementation Success | Step Nine: Testing
12 Steps to Software Implementation Success | Step Eight: Training
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