Strengthening its market positioning, Edifecs' new NetSuite instance and Salesforce optimization eliminated manual revenue rectification through Advanced Revenue Management and Multi-Book Accounting, enhanced automation, and supported a valuable exit via acquisition.
Challenge
Edifecs, a healthcare technology company, had been relying on an outdated NetSuite instance for over a decade, operating with the legacy Revenue Recognition module that lacked support for allocations and multi-book accounting. As a result, significant volumes of outdated and incorrect data made financial reporting cumbersome and unreliable, requiring manual revenue adjustments to ensure accuracy. Additionally, the system was not optimized to align with the company's evolving processes, leading to excessive workarounds and a lack of clear standard operating procedures. Further complicating operations, the Salesforce environment was poorly built and lacked a seamless workflow between systems, and the company also lacked an efficient PSA solution to manage time and expense tracking effectively.
How We Helped
To streamline revenue management and enhance business operations, Riveron migrated Edifecs to a new NetSuite instance, eliminating inefficiencies from the legacy system. Working in close collaboration with the company, our experts designed custom solutions tailored across four key areas:
- Multi-Book Revenue Recognition – Designed and implemented problem specific solutions to support complex multi-book accounting, ensuring accurate revenue recognition and compliance.
- Automated Invoice Emails – Enabled automated invoicing with customized email templates, allowing invoices to be sent seamlessly to multiple recipients based on the sale type.
- A New PSA Solution with OpenAir: To allow for data integrity and hygiene, Riveron led the deployment of OpenAir optimization of professional services processes and enforce alignment with core downstream processes: billing, revenue recognition and reporting.
- Salesforce Optimization: Alongside the NetSuite transformation, Riveron led a Salesforce optimization effort to eliminate manual workflows and improve integration across systems. The team redesigned the renewal and quoting process in Salesforce to replace outdated customed coded solutions, implemented a scalable quoting solution, and prepared the platform for future NetSuite integration. Through these enhancements, the company significantly improved financial accuracy, reduced manual efforts, and optimized its customer communication process.
Hear what our clients are saying
"I can't say enough about the team's work on the Edifecs installs. The Riveron team has really shined with a team that needs much more help and guidance than our previous experience (at other businesses). I also got great feedback from the team on the collaboration. I so appreciate the focus on keeping me in the loop and the team leaning in to ensure success. I am 100% a Riveron advocate and really want to call out the team and the overall professional approach on our projects. Thanks!"
Stephen Ayers, Chief Financial Officer
Results
By migrating to a new NetSuite instance and implementing revenue recognition automation, the company achieved 90-95% data accuracy, a significant improvement from the previous system, where 50-75% of entries required manual adjustments to accurately calculate EBITDA.
The healthcare technology company also strengthened its financial compliance and reporting. The company's legacy system had not been aligned with ASC 606 standards, leading to material weaknesses identified in a prior year audit, and this initiative successfully remediated those weaknesses.
By enhancing the Salesforce architecture, the technology better aligned with sales and financial operations, ensuring accurate contract and opportunity data while supporting company growth and acquisitions. The transition also streamlined the company's professional services processes, improving the use of OpenAir within the new NetSuite solution. The new solution sets a great foundation for further automation, and, overall, the company's financial and operational workflows have been significantly enhanced.
These upgrades helped enable a more unified, automated tech stack—the key to scalable operations and a successful acquisition. The efforts positioned the private equity backed company for an exit via M&A, which Edifecs was able to achieve through its $3B+ acquisition by Cotiviti, which is backed by private equity sponsors KKR and Veritas. Axios reported the deal value.
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