To support JMP on our journey of separating from SAS, the Finance team has grown quickly over the past year. As an organization, we strive to share the “Why?” even if it sounds like complex Finance lingo.
In this new series "Financial Literacy 101", we aim to explain basic financial topics in a way that is beneficial to all.
So, we have been live in JMP First systems for over 6 months! And the full US go-live was a little over one month ago! While this is very exciting, there are also a lot of questions and new situations popping up as we onboard new customers into the JMP First systems. JMP Finance thought this would be a good time to go over some Invoicing FAQs that we have been receiving over the past couple of months.
As a reminder, JMP First systems are currently only handling NEW customers in specific countries (Germany, Austria, United States, Switzerland, Denmark, and Singapore as of the date of this post). JMP First upgrades on SAS contracts, E-Comm linked to JMP First, and Rest of World Invoicing will be going live later in 2023. Renewals/Transition from SAS contracts will occur as we wrap up 2023 and into 2024. As a side note, if you are changing the way you invoice (say from E-Comm to CPQ), this is not a NEW customer, and you should continue to go through the BAU SAS process.
Lastly, we want you to know that we completely understand that during this transition where some CPQ customers are on SAS systems and some are on JMP systems, there is confusion, and we are happy to field any questions you have – don't be afraid – no question is too small! Write us at AccountsReceivable@jmp.com.
What is QTC or Q2C?
It stands for Quote to Cash, which refers to the sales cycle from quoting a customer to applying cash payments against invoices.
This diagram shows how our processes should flow for New Customers:
So, what information do I need before pushing my opportunity to Business Operations for Sales Order creation and Fulfillment?
JMP First systems and processes have been created to ensure that all information is correct up front so that as the deal flows from Salesforce and into NetSuite for invoicing, it is as seamless as possible (of course there are kinks along the way, but we continue to strive for this result!). Having the customer’s information accurate before the opportunity is pushed through creates a process where customers can be invoiced in real time (in most cases!). It also reduces back and forth via Salesforce Chatter and email, where updates can fall through the cracks, and mistakes are made.
US Customers: CCI Form, Purchase Order Number, Tax Exemption status with certificate if necessary
Non-US Customers: Relevant customer contact information for both shipping and billing; Purchase Order Number
REMINDER: If working in JMP First accounts and systems, NEVER send SAS Wire and W-9 Information as the contract is between the customer and JMP LLC.
So, can I send out Banking Information? And which wire instructions should I send? What if a customer needs confirmation of these instructions?
Yes, but for JMP First CPQ customers only.
- US and Singapore customers should receive the USD Instructions (can remit payment in their invoiced currency USD, SGD)
- Germany, Austria, Switzerland, and Denmark customers should receive the EUR Instructions (can remit payment in their invoiced currency CHF, DKK, EUR)
If they need confirmation of the instructions, please go to Danny Bass and Ambika Bhartia in Business Operations.
Can I also send out W-9 Forms?
Yes, but for JMP First CPQ customers, it must be the JMP form and not the SAS document. W9 forms are only needed for US customers.
What if I receive a Due Diligence Questionnaire (DDQ) Request?
Nothing changes here. Please send to Danny Bass and Ambika Bhartia in Business Operations to fill out any forms and send additional documentation; they will also add legal disclaimer language to these forms
My new customer wants to pay through an EDI Portal, like Ariba. Can they do this?
Yes, but only if their revenue total is >$100,000 USD each year. Otherwise, they will need to go through the Store or the CPQ Invoicing Process. Renewal customers will be handled differently, and this is TBD when we move closer to the go-live for renewals/transition.
Ok, but what if they just want to create a vendor profile for JMP LLC in their vendor/portal systems without using the payment features?
That’s fine. Please send the initial request to AccountsReceivable@jmp.com.
What about tax-exemption?
This needs to be determined up-front, before the opportunity passes down to Business Operations for Sales Order creation. So, if you are not clear, make sure you ask during the Customer Contact Information part of the process.
To be tax-exempt, they can provide a valid tax-exempt certificate to the sales rep. The sales rep should create a tax-exempt certificate record in Salesforce, attach the documentation provided, and then Finance will determine the validity of the certificate. Once deemed valid, the order will be marked as tax-exempt.
You can see the full instructions for uploading the certificate into Salesforce here: Create and Upload Tax Exemption Certificate | Salesforce
How do I contact JMP’s Invoicing/Accounts Receivable group?
You can write to JMP Accounts Receivable, or AccountsReceivable@jmp.com.
JMP Finance Confluence page
We have finalized our brand-new Confluence page, JMP Finance - Confluence (atlassian.net) which is filled with helpful information including FAQ’s, common forms, Finance 101 blogs, who to contact and when, and financial results pertaining to bonus payouts.
We are excited to roll this out as we believe it will be very beneficial for all of us as we forge ahead into Rest of World invoicing and beyond!
