Consulting
Trinity
NetDynamic's custom solution for virtual invoice and payment distribution streamlines Trinity's business operations.
- Employees
- 201-500
- Location
- Waltham, MA
- Systems Replaced
- Salesforce, Intacct, SAP Business One, MS Dynamics 365, MS Dynamics GP
- NetSuite Product
- Advanced Revenue Recognition Module
Company Overview
Trinity provides evidence-based solutions for biotech and pharmaceutical companies and has been a trusted strategic partner in the industry space for over 20 years. Their product and service offerings include industry-leading advisory and technology solutions based on research and data-driven analytics.
The Challenge
Trinity encountered a major challenge in consolidating invoices from different subsidiaries based in different countries for the same customer. Their customers would undertake business with different subsidiaries but required only one consolidated invoice representing invoices from all subsidiaries. A custom solution to consolidate invoices and subsequently manage payment was needed. The capacity to operate in multiple currencies and comply with international tax legislation was also key. Additionally, they needed a cloud-based solution that would help resolve the issue.
The Solution
NetDynamic's Consolidated Invoicing & Payments solution enabled the Trinity team to generate a virtual invoice that would consolidate all the different invoices a customer would have for the different subsidiaries. A custom solution for payment distribution was also developed that allowed the primary subsidiary to collect the payment in total and distribute the funds to individual subsidiaries. Individual invoices would now be paid off in full or partially and the corresponding 'due to' and 'due from' entries were made. The solution implemented grows dynamically with the company to handle additional subsidiaries and currencies.
The Results
At NetDynamic, we delivered all of the client's requirements within the timeline and budget. Operational efficiency was dramatically enhanced, enabling faster and simpler generation of consolidated invoices as well as reduced processing time of complicated payment applications. The solution emerged as a major time and money saver for Trinity Life Sciences, treading beyond their erstwhile tedious and manual invoicing and payment processes. The NetDynamic Consolidated Invoicing and Payments solution helped enhance their productivity by over 80%. NetDynamic's exclusive product pack helped automate their invoicing and payments processes and drastically simplified their financial operations, promoting overall efficiency and growth.
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