Businesses around the world strive to improve their organizational efficiency but struggle to create an environment that promotes efficient workflows and processes. The bottom line is if you want to inject efficiency into the lifeblood of your business, begin with the back office and update your financial management platform. In fact, Business News Daily reports that choosing the right accounting software is an essential component of your operation.
After recently implementing Accounting Seed, Avado, a professional academy that educates people and businesses through interactive learning, is swiftly improving its efficiency. Headquartered in the UK, they train individuals and provide certifications in the following fields: data literacy, HR development, and marketing. Avado builds capabilities and supports real change by offering new skills and mindsets through quality apprenticeships, qualifications, workshops, and modules. They provide a combination of proven teaching methods that incorporate online, interactive learning with both tutor peer support. Lastly, they focus on a connected learning experience that is flexible, engaging, and built around the individual learner.
Avado and Salesforce
Avado has been using the Salesforce Platform© since 2017. Similar to most companies, they’re on a relentless mission to improve their organization’s workflows and processes. Robert Ward, the Sales Optimisation & Salesforce Global Project Manager with Avado, is spearheading this campaign. He’s been with the UK company for almost three years. Avado is currently utilizing the following Salesforce applications:
Salesforce enables Avado to run their unique business their way. This includes working with many different custom integrations such as Hubspot, Asana, and Form Titan. They also implemented Bud as an Apprentice Management System for maximum training performance. Currently, Avado is in the process of implementing its new Learning Management System, Thought Industries, to their Salesforce ecosystem.
Finally, Avado implemented Asperato for payments since their business model gives students the option to make payments in installments. “We have an integration with Asperto for students who want to pay in installments. Once the billing is created, the payment record actually creates a cash receipt on the billing and therefore we have the current balance. We’ve added a huge amount of customization to an already great system to make it work in our business flow,” Ward stated about their custom integrations on Salesforce.
Avado and Accounting Seed
The ability to run business processes entirely on the cloud has proven to be very useful for all sorts of applications ranging from communication to business management. In bookkeeping, cloud accounting platforms can do wonders for businesses. An innovative, cloud-based accounting platform can improve accuracy, and departmental efficiency by 80% and make financials more accessible or collaborative. According to Finances Online, 58% of large companies utilize cloud accounting in their operations, while 78% of small to medium-sized businesses rely exclusively on cloud accounting software.
Up until August 2019 though, Avado was one of the companies on the other side of the spectrum. Before implementing Accounting Seed, Avado relied on an older desktop-based legacy accounting system. Their Microsoft Dynamics system was outdated and didn’t provide any insight into the organization.
“We came from a Dynamics system and it was very, very slow. We couldn’t see anything past the purchase order approval, and payables. It sort of got lost in the system and it caused so much frustration for people,” Ward said of their old, legacy system.
Implementation of Accounting Seed
In an effort to create better visibility into their organization’s finances, Avado began searching for a cloud-based accounting product. They came across Accounting Seed while looking for a Salesforce native accounting system. “Bringing accounting to the Salesforce Platform, and having everything on the same platform, means a lot to us. The simplicity is good, not jumping between systems is a key benefit,” Ward related.
While Accounting Seed users have the option to purchase work hours from our support team during their implementation process in order to successfully implement the platform, Avado handled the implementation internally, “We did it ourselves. We also bought some support hours from Accounting Seed. Since I’ve implemented other packages like FinancialForce, I sort of knew the landscape. We decided to do it on our own and it worked out for us. We did a lot of the back-end stuff. And Accounting Seed was there to support us just in case we got lost in anything,” Ward stated about the implementation process.
Accounting Seed Brings Streamlined Visibility and Reporting
Besides being known as a native Salesforce accounting solution, Accounting Seed delivers fast, real-time insights into the organization. Customers use tailored, real-time data through dynamic dashboards and financial reports. These are some of the features Avado was most excited about.
Avado has utilized Accounting Seed for accomplishing business goals in many ways, but they immediately noticed the enhanced financial reporting features. “From my perspective, it’s the streamlined visibility and the reporting. When we introduced the team to Accounting Seed, having that enhanced visibility that they’ve never had before was a revelation for them, basically,” Ward said.
Additionally, Accounting Seed’s reporting functionality has allowed Avado to save time when closing their books at the end of the month. Ward estimates that Accounting Seed has saved the finance department at least 40 hours during their month close compared to their previous system. On top of that, Ward discussed how much faster the accounting life cycle is now: “75% faster. Which is much higher than before. They are closing 3-4 days after month-end. And when they’ve done that, the majority of the work is done, essentially,” Ward stated.
Automation Enhances Organization
At Accounting Seed, we strive to put time back in your hands by making our software do the work for you. It’s no secret that automation enhances departmental accuracy and organizational efficiency. Whatever you can put to logic, Accounting Seed can automate.
Avado is already noticing the positive impact of Accounting Seed’s automation on their business cycle. The gains in efficiency are most noticed in three areas.
“There are three areas. Obviously, accounts receivable and accounts payable. The organization that Accounting Seed brings to these has just made everyone super more efficient. But from my perspective, from the Salesforce team, we wanted to take Accounting Seed and automate billings. Like it will automatically send the invoice for us to the billing contact. It will alert whoever needs to be alerted. It has all the bells and whistles. So for accounts receivable, we have all our billings that are all done automatically,” Ward said.
There are other automations, as well. They’ve already created automated monthly statements and automated payment receipts. More impressively, the team created automated credit control chasing. For example, when a B2C student’s account goes into default, the system will send them an email, and it will also follow up with an SMS/text message from the Salesforce Digital Engagement Platform.
Finally, they’re working on a dual-funded automation that requires several rules and internal controls to function. When a professional qualification/certification is paid partly by the student and the employer/third party, the automation process will create two billings automatically from one opportunity. Then, it will automatically send the invoice to each party, auto amortize, etc.
Avado Goes 100% Virtual after COVID
As the EMEA Region looks on past COVID-19, companies are debating whether to return to the office or remain virtual. Avado wasted no time by becoming 100% virtual during the pandemic. “Through COVID, we’ve become a virtual organization, so it’s a really big change,” Ward said.
They started by downsizing their London office and allowing all of their 450 employees to work from home. The change to virtual for Avado’s back-office wasn’t nearly as hard with their financials securely stored in the cloud. “Remote visibility was there before because it’s a remote platform. But, Accounting Seed helped us with advanced collaboration and focus,” Ward said.
Moving to virtual work, Avado remains more prepared than ever to pivot and adjust to the needs of their learners.
Avado’s use of Accounting Seed’s reporting, collaborative features, automation, and even security can be harnessed by other prospective customers. For more insight, check our featured guides on automation and accounting security. For a wider overview, please check out our buyer’s guide.
Schedule a free demo today to explore how Accounting Seed helps you manage finances your way.