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Case Study
The national business advisory firm implemented Strongbox in 2021 and is seeing a massive impact on efficiency across their Transaction Services team.
Coleman Scholz
Manager, Transaction Services at Riveron
THE STORY
National Business Advisory Firm
Riveron is a national business advisory firm specializing in accounting, finance, technology, and operations. With a broad range of functional and industry expertise, they partner with their clients to implement solutions across the transaction and business lifecycle.
Coleman Scholz is a manager for the Transaction Services practice, which focuses on transaction life cycle consulting.
THE GOAL
"Impactful, Timely Analysis"
Coleman and his colleagues are a critical piece to their clients’ investment and acquisition decisions.
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The team is tasked with leveraging their accounting and industry expertise to dive into company’s financials and provide a clear picture on financial performance and the quality of the data being relied upon for decision-making.
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One of the reasons clients turn to Riveron is speed. Deal timelines move fast, requiring them to provide impactful, timely analysis on every project.
THE OPPORTUNITY
Improving Efficiencies to Deliver Deeper Analysis
Coleman and his team observed they had an opportunity to improve their efficiency on projects while continuing to deliver high quality service to their clients. "Internally, one of our largest pain points in deal execution is data aggregation/extraction and data processing," Coleman noted. "We observed that multiple hours are spent on the front-end of each deal performing mundane, data-related tasks."
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To address this pain point, Coleman's team adopted Strongbox and were able to quickly reap the benefits: "Fortunately, Strongbox is easy-to-use, and the impact we saw on our work was nearly immediate."
THE RESULTS
Hours Saved on Every Project
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Coleman and his team are saving multiple hours of deal preparation time on every project with Strongbox. Using Strongbox reduces prep time and the request list size, resulting ultimately in a reduced overall deal time for their clients.
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"Strongbox lets us click a button and the data comes out already aggregated and in a pretty, easy-to-work-with format. That really helps us. It's multiple hours of mundane Excel work that we can forgo now because we have Strongbox."
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For some clients, they provide the Strongbox output directly to the clients so they can also do their own analysis. "It's been a benefit to let our clients have the Strongbox output so they can do whatever analysis they want with the same data in the same format we're doing our work. It creates a lot of compatibility and less room for error since we're all working from the same data."
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The result is clear: Strongbox helps Coleman's team achieve their goal of client satisfaction with impactful, timely analysis.
THE OUTPUT
Most Used Strongbox Data
AR & AP agings
Monthly trial balance
Revenue by customer
Purchases by vendor
General ledger details
THE FUTURE
Growing Together
Riveron plans to continue growing its use of Strongbox. The addition of ERP systems like Netsuite, Dynamics, and Great Plains will allow Riveron to utilize Strongbox more widely within the Transaction Services practice.
