Case Study

An innovative new take on
Billing Engine and Invoicing

Building a new financial management system is a sophisticated process

Present predicament of the company

Record-keeping providers sign various contractual agreements with prospective organizations for management and execution. A service fee is billed following specific criteria such as employee count, market value, fee tiers, and the like to keep the rate competitive.

  • Need for transparency on key areas like fee payment by clients, service value costs, and details of products invested in individual retirement portfolios.
  • A requirement of a distribution channel for dividing payments among advisors, third-party administrators, and various vendors.
  • Possible breach of contract libel lawsuits by the clients.

Our uneven path during implementation

Creating a platform from scratch takes time and is labor intensive.

Issues

  • The scrupulous task of reducing the time from a couple of weeks to days for fee calculation and invoice generation was very difficult.
  • Keeping in mind that the new system should work with minimal human interaction possible.
  • Choosing the right technologies for implementation was not easy.
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How diligent analysis and creative effort lead us to a groundbreaking solution

Our modern solution involved a horizontally scalable process and with an industry best developmental team.

Software Tools utilized
  • Agile Methodology
  • .NET Framework
  • Azure DevOps Services
Technologies implemented
  • Multi-tenant cloud architecture
  • ACH (Automated Clearing House) for payments
  • Integration of third-Party accounting systems
  • Ledger and report production
  • Per-minute Invoice generation.
Perks unique to our solution
  • Configured the billing rule-engine to connect with various sub-systems for getting real-time quotes and calculating fees.
  • Invoices and statements were produced based on a schedule by the inbuilt invoicing engine.
  • Ledger entries and reports were created by the system and integrated with third-party accounting systems.
  • Automated collection of payments using ACH.
  • Ability to calculate thousands of payment configurations and generate hundreds of invoices per minute.

Our eternally impactful outcome

  • The horizontally scalable process helped in calculating numerous fee configurations and generated hundreds of invoices per minute.
  • The new system aided in reducing the painstaking task of calculating fees and creating an invoice from weeks to a couple of days
  • without manual intervention.
  • Our solution also helps record-keeping companies plan and sell assets when the need arises.
  • The platform is also enabled to receive payments flexibly
Our assurance for the long term assistance

Since the new platform is uniquely original. we ensure our collaboration is futureproofed. With moving variables like the changing business scene, capitals, and economic spurts. Our company intends to provide flexible support to bolster the platform to accommodate all arising requirements.

United States

2140 Peralta Blvd. Suite #213 C, Fremont, CA 94536,
1-800-606-9130

Trivandrum, India

Founding Minds Software, Thejaswini Building, Technopark, Trivandrum, Kerala +91 471 4012200

Kochi, India

Founding Minds Software, Athulya Building, Infopark, Kochi, Kerala +91 484 4042200

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