Moulding Complete Business Solution through Netsuite Software

Users are familiar, so the screens feel very comfortable and intuitive. Desk operatives experienced in their work quickly become at ease using NetSuite, as the screens approach the processes and data in a very straight forward, easy to understand fashion. To ease the overall process we use the “classic” menu for all security roles so that the entire company can communicate about NetSuite and share learning’s easily.

Besides what can be gleaned from the NetSuite website and overview documents, other aspects of working with NetSuite that have been and continue to be very important to us are worth sharing.

NetSuite has a strong eco-system of partners around the world. In addition to worldwide functionality, we required worldwide support. Localization partners are in use in China and France today. Our training materials have been translated to native language and the majority of our training conducted by these in-country partners.

Our partners have also assisted us in meeting the statutory reporting requirements of some countries. Previously this reporting required significant manual, Excel based effort. Even with that we many times did not adequately meet some country requirements. With NetSuite’s multi-book accounting at the heart of our solution we can easily address these requirements.

The ability to customize NetSuite has been very important. Beyond custom forms and the addition of custom fields, we make use of custom records and scripting in many cases to store business information and streamline business functions. The ability to integrate scripting with data moving in and out of NetSuite via web-services is very powerful. As NetSuite continues to upgrade the software, their architecture allows our customizations and personalization’s to the software to stay in place rather than create upgrade issues and massive rework as is more the norm with most software packages.

By creating standard reporting that each country can use, the income statements and balance sheets that were one the products of countless Excel spreadsheets around the world can now be accomplished within NetSuite. A centralized global reporting team creates standard financial statement line layouts and reporting so that most users have no need to develop that expertise. As well, we have layered in NetSuite Financial Planning for use in our global HQ to enhance our consolidations process, budgeting and planning process, and overall reporting.

By ensuring that NetSuite is a comprehensive point of global financial record and reporting, we have rid ourselves of the “Excel hell” previously experienced.

Of course, any effort like this has its challenges. Moving to one chart of accounts and combining customer and vendor files requires significant analytical and basic grunge work to complete. Minimizing the use of Excel and creating an automated reporting environment requires significant change management. Our business, like all businesses, has its complexities to work through. A roll out of a global system is not a trivial matter, but can be well worth the effort.

From a CFO perspective the major benefit is immediate visibility to information. A fleet of people around the world preparing financial reports or simple aging schedules of payables and receivables to attach to emails is no longer required. Our working capital management has improved substantially. With a global system of record and uniform business processes we now can explore how to capture more efficiencies and improvements in quality in our work. Being able to measure our business on a timely basis allows us to better manage and improve our operating performance. NetSuite has been the foundation and enabling technology to our efforts.