Closeloop Technologies

Introduction

Our customer operates on an "acquire and scale" business model, providing guidance to vertical B2B SaaS companies for long-term success through acquisition. Previously, they tracked financial data in spreadsheets and small tools, but leadership found these processes inadequate when acquiring portfolio companies.

Challenges

Standardization- In the context of acquiring customers for SaaS companies (also known as portcos), various business models and ERP systems were being used. This lack of a standardized process created challenges.

Billing Solution & Complexity- Managing multiple pricing models and revenue recognition methods introduced complexity into the billing system. Configuring and maintaining different pricing models and revenue recognition rules became difficult as it required careful planning and testing to ensure accuracy and compliance. Dealing with different currencies within the portcos' operations added an additional layer of complexity.

Data Integration & Reporting- Integrating data from multiple ERP systems with varying standards challenges data accuracy, integrity, and timeliness. A unified standard process is required to establish seamless data integration and generate comprehensive reports for a holistic view of organizational performance.

Solution

Our team conducted a comprehensive assessment of the Customer's financial processes, including data management, contracting, invoicing, and financial reporting. This helped us identify pain points and areas for improvement.

Implementation

Managing the Financial Data of Portcos- NetSuite was configured to centralize and streamline financial data across all portcos. A unified chart of accounts was set up to ensure consistency and ease of reporting. This standardized approach organizes and categorizes financial data in a consistent manner.

Subscription Process Management- SuiteBilling module in NetSuite simplifies subscription management and billing.

We implemented SuiteBilling with the following features and configurations:

Contract Process and Billing Operations

To streamline billing operations and manage customer contracts, we customized the SuiteBilling module to align with specific business requirements and contract terms.

Subscription Lifecycle Management

We set up subscription plans for different product packages in SuiteBilling to efficiently handle the entire subscription lifecycle and offer various options to customers.

Customization for Financial Processes

In addition to core SuiteBilling features, we customize and configure financial processes for each customer, including revenue recognition rules, amortization schedules, revenue arrangements, plans, and other financial considerations.

Automated Invoicing and Financial Control

NetSuite's billing module is used for automated and accurate invoicing. Controls and approvals are implemented for financial oversight and compliance.

Enhanced Financial Reporting for Subscription Revenue

Created customized reports and dashboards for subscription revenue analysis, and applied revenue recognition policies to comply with accounting standards.

Results

Closeloop implemented standard financial processes in six weeks. In phase 1, they delivered SuiteBilling with revenue recognition and customizations to help manage portcos and automate invoicing.

Introduction

ITHOS Information Network provides regulatory compliance software and services for the cosmetic, personal care, and chemical industries. Their cloud-based platform integrates regulatory expertise with software tools to streamline compliance processes, product formulation assessments, regulatory report generation, and access to pertinent regulatory data.

Problem Statement

In the past, businesses seeking to enter the cosmetic industry encountered various hurdles concerning regulatory compliance, technical specifications, and adhering to industry best practices. This crucial information is essential for those involved in the development or implementation of cosmetic solutions. While a plethora of cosmetic-related information is available online, it is often scattered across multiple websites and sources, making it challenging to locate the necessary data. Additionally, identifying reliable suppliers for these products can prove to be a daunting task.

The infrastructure of IIN has multiple shortcomings such as lack of standardization, security vulnerabilities, complexity, absence of disaster recovery systems, scalability and reliability limitations, and high expenses. To address these issues, ITHOS partnered with CloseLoop to propose a new architecture hosted on AWS, with the aim of mitigating these challenges while ensuring minimal disruption during the transition.

How Closeloop assisted ITHOS in building this complex solution

With our solutions of consulting, development, testing and AWS Migration, ITHOS experienced a 30% reduction in IT costs, improved disaster recovery capabilities, gained access to new features and services, and enhanced scalability and security of sensitive financial data with Closeloop's assistance. Overall, Closeloop helped ITHOS achieve its business objectives and prepare for future growth.

Closeloop was an indispensable assistant in building a successful IIN solution that has been in production for years with commendable performance.

Introduction

eRezLife's platform offers higher education institutions intuitive, cloud-based software that revolutionizes how they manage student affairs, campus life, and residential operations. By centralizing documentation, eliminating manual processes, integrating existing systems, and providing data-rich assessments, eRezLife empowers institutions to enhance the student experience and decision-making process.

Erezlife - A SAAS

This comprehensive solution has gained widespread acceptance in the US and Canada with a growing number of partners expressing interest. eRezLife's SAAS-based architecture enables generating a new application for new partners with just a single click, ready in minutes. The setup ensures exceptional performance, resulting in a large and satisfied customer base.

Solution

We gather requirements from stakeholders and create a roadmap for eRezLife. Our team of developers and testers collaborate closely and adhere to agile methodology to ensure successful product delivery. We contribute to product management, architecture, R&D, feature development, bug fixes, code reviews, code versioning, and quality assurance.

• Product Management & Scrum Ceremonies
• Product Architecture Solutions
• Spike - R&D to identify challenges and risks in upcoming development
• Feature Development
• Bug Fixes and Maintenance
• Code Reviews & Code Versioning
• Quality Assurance

Our dedication and expertise ensure successful development and maintenance of eRezLife, meeting client and stakeholder needs.

Product Architecture​ Solution

The eRezLife team creates clean architecture solutions to enhance product usability, reliability, and performance. Each new customer receives a separate subdomain, such as abc.erezlife.com, with dedicated databases, code sets, and configurations to ensure smooth deployment. To manage infrastructure efficiently on AWS, we use Infrastructure as Code (IaC) using Terraform and Ansible Playbooks, along with the latest CI/CD techniques. eRezLife's resident life feature relies on a robust collaboration service between peers and residence managers, achieved through message broking. We leverage AWS SQS for effective message broking. For report generation, eRezLife utilizes AWS Lambda functions, enabling swift and efficient reporting. These well-thought-out architectural decisions ensure that eRezLife stands as a stable, secure, and reliable product that meets the needs and expectations of our customers.

Introduction

The client is a top US recruitment agency that provides HR solutions for employers and employees. However, the majority of existing recruitment options are failing to efficiently find qualified candidates, resulting in wasted time and money. Ajna will revolutionize the industry by eliminating bias, ensuring compliance, reducing attrition, streamlining hiring processes, and maximizing business value while saving time for all parties involved.

Challenges

Our primary objective was to create a machine learning-based matching algorithm that provides precise results within seconds. Moreover, we had to design an automated interview scheduling process to save valuable time for both employees and employers. Lastly, we had to construct a payroll and reporting module that displays multiple reports based on diverse criteria, serving the needs of job managers and recruiters alike.

Solution

To solve recruitment challenges, we created Ajna, a cutting-edge SAAS platform catering to employers, job seekers, and recruitment agencies. It offers modern technology, advanced search engines, and superior services to simplify the recruitment process. Ajna's search engine utilizes a machine learning-based matching algorithm, considering various parameters such as job type, proximity, compensation, employment type, experience, job titles, requirements, and duties. The platform also features an automated scheduling tool, real-time communication, and two-way profile transparency, contributing to increased acceptance of job offers.To address these challenges, we have developed Ajna, a cutting-edge SAAS platform and the industry's first bias-free external and internal recruiting solution.

Ajna caters to employers, job seekers, and recruitment agencies. For employers seeking the most qualified candidates, it offers modern technology, advanced search engines, and superior services to simplify the recruitment process. For individuals exploring new job opportunities or career paths, Ajna helps them discover suitable options.

Result

Our web-based SAAS Recruitment software and iOS app deliver exceptional staffing and employment experiences for clients and candidates across various industries. Our system provides comprehensive office staffing and payroll services nationwide. We differentiate ourselves by promoting equitable hiring practices through gated profiles, bias-free job descriptions, and profile-building tools.