The Company
A West Coast-based healthcare research company that was running on QuickBooks soon began to see that the software was not scalable to meet its continuous growth and business processes needs.
Before implementing NetSuite, the company’s many initial systems included Bill.com, Point Purchases, Tally, Asset Tiger, Gusto, First Republic, and Brex.
The Challenge
The first indication that the company needed a new ERP system was that leadership couldn’t obtain timely and accurate reporting to the level, detail, and customization they required for decision-making. Additionally, they wanted to track data by department, as well as by project, and their current system of QuickBooks did have the flexibility they needed. Finally, they had issues uploading journal entries, as their current system didn’t provide the necessary power to do so.
The organization also needed more control of its business processes in case of audits. They required a system that made it more efficient for auditors to validate; they needed more data accuracy and reliability – something they did not currently get out of QuickBooks, which is not built for larger companies. They needed details for the audit trail such as who touched it, and on which day, which the more robust NetSuite can accomplish.
Another challenge the teams were experiencing was the manual process in accounting and financial operations to close the books, which was simply taking up too much time and resources. Additionally, they required seamless integration between other systems they were utilizing, which QuickBooks did not allow for. The company also required enhanced security features for its accounting processes. They also wanted to do batched reconciliation that only a robust ERP such as NetSuite could accomplish, which would make a huge difference for their accounting department.
The Solution
The business needed a more comprehensive ERP system that matched their growth. The team at Caravel created a comprehensive timeline for the deployment of NetSuite to be fully functional for the team.
Within a span of 3 months, and along with Caravel’s smart framework and methodologies, they deployed NetSuite in a single phase, with core functionality going live in month 3 and integrated to various 3rd party systems in the first phase. NetSuite modules include Record to Report and AP Invoice to Pay. Their AP platform very easily integrates with NetSuite, and because they had so much historical information, they had many reconciliation issues with QuickBooks prior to implementing NetSuite. With NetSuite, it became seamless. With the integration of their purchasing software, NetSuite also allowed an uninterrupted flow of information. The company also implemented Adaptive Planning as its planning and budgeting tool with the support of Caravel.
Adaptive models such as Personnel Planning, Driver-based Expense calculations, and custom reports were set up to help with detailed budgeting and monitoring for the Finance and Leadership team. This FP&A software is integrated into NetSuite and scheduled to update the Actuals data daily. “The Caravel team has very strong knowledge of how NetSuite operates, as well as the complex world and jargon of accounting and this made it much simpler to meet our needs. The team has a highly professional demeanor and always remains calm in the face of stress and deadlines. They are so easily accessible and always find a solution or alternatives to solutions to make sure the project succeeds,” said their VP of Finance.
To read about the significant results this healthcare company experienced post go-live, please download the full case study below.
