Case Study - Cordance NetSuite

Cordance - NetSuite ERP Implementation




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Tech Stack

  • Oracle-NetSuite

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Introductiontitle icon

Our customer works on an 'acquire and scale' business model. It helps vertical  B2B software-as-a-service (SaaS) companies to achieve their full potential through acquisition and long-term tactical and financial guidance.

Earlier the company tracked its Financial data in a spreadsheet and other small financial tools. When the company started acquiring portfolio companies (portcos), leadership felt its current processes were inadequate for  the purpose of Financial accounting and reporting. 

Following are the challenges which our customer encountered: 

1. Standardization

In the context of customer acquisition of SaaS companies, commonly referred to as portcos, there existed a variety of business models and disparate ERP systems being utilized. This lack of a unified standard process created complexities and challenges.

2. 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.

3. Automation

Without standardized processes, manual data entry and validation became time-consuming and error-prone. Each invoice needed to be manually entered into the system, and data validation required meticulous attention to detail, leading to delays and increased chances of inaccuracies.

4. Data Integration & Reporting

Consolidating data from various sources, each using different ERP systems, posed challenges in terms of data integrity, accuracy, and timeliness. The absence of a unified standard process made it difficult to establish seamless data integration and generate comprehensive reports that provide a holistic view of the entire organization's performance.

The company was searching for an ERP implementation partner who could help them overcome the challenges related to standardization and automation. They required a partner with expertise in implementing ERP systems and a deep understanding of their specific industry and business model. Finally, they chose Closeloop because we demonstrated a comprehensive understanding of their unique requirements and presented a compelling solution that met their needs.Our team had deep domain expertise and a proven ability to understand complex business processes, enabling us to design and deliver a tailored ERP solution that aligned perfectly with their objectives.

Solutiontitle icon

Assessment and Requirements Gathering

Our team initiated the project by conducting a comprehensive assessment of Customer’s existing financial management processes and systems. We assessed their data management practices, contracting processes, invoicing procedures, and financial reporting capabilities. This helped us understand their pain points and identify areas for improvement.

Solution Architecture

  • Proposed a scalable and modular architecture for the NetSuite implementation.
  • Based on what we learned and understood through client calls and assessments, we devised a solution to use SuiteBilling for their contract process and billing operations.
  • Proposed Advance Revenue Management feature to manage complex revenue recognition requirements. 
  • Utilized NetSuite's native features and customization capabilities to meet specific requirements.

Implementationtitle icon

Managing the Financial Data of Portcos

  • Configured NetSuite to centralize and streamline financial data across all portcos.
  •  We set up a unified chart of accounts within NetSuite to maintain consistency and ease of reporting. This standardized approach ensured that financial data across all portcos was organized and categorized in a consistent manner.

Subscription Process Management

SuiteBilling is a powerful module within NetSuite that facilitates comprehensive subscription management and billing operations. We implemented SuiteBilling with the following features and configurations:

Contract Process and Billing Operations

To manage the customer's contract process and streamline billing operations, we leveraged the SuiteBilling module. We customized SuiteBilling to align with specific business requirements and contract terms.

Subscription Lifecycle Management

We configured SuiteBilling to handle the entire subscription lifecycle efficiently. This involved setting up subscription plans for different product packages, allowing the customer to offer various subscription options to their customers.

Consolidation of Multiple Charges on a Single Invoice

To simplify the billing process and improve customer experience, we implemented functionality within SuiteBilling to consolidate multiple charges onto a single invoice. This ensured that customers received clear and concise invoices, reducing confusion and simplifying the payment process.

Subscription Modification

SuiteBilling was customized to allow for easy modification of subscriptions. This included features such as upgrade or downgrade options, enabling customers to adjust their subscription plans according to their changing needs.

Proration of Billing

To ensure accurate billing, we configured SuiteBilling to handle the proration of charges. This functionality allowed for precise calculation and adjustment of charges when customers made changes to their subscription plans mid-term.

Customization for Financial Processes

In addition to the core SuiteBilling features, we provided customization and configuration to cater to the customer specific financial processes. This included appropriate revenue recognition rules, amortization schedules, revenue arrangements and plans, and other financial considerations.

Automated Invoicing and Financial Control

  • Utilized NetSuite's billing module for automated and accurate invoicing processes.
  • Implemented controls and approvals to ensure proper financial oversight and compliance.

Enhanced Financial Reporting for Subscription Revenue

  • Developed custom reports and dashboards to provide insights into subscription revenue.
  • Implemented revenue recognition rules to align with accounting standards.

QAtitle icon

The implementation of Netsuite ERP, required a robust Quality Assurance approach. Through meticulous planning, comprehensive testing, and active collaboration with stakeholders, we ensured a successful implementation of the Netsuite ERP system. Our QA efforts played a vital role in delivering a high-quality solution that met the organization's business requirements, enhanced process efficiency, and drove overall success.

Functional Testing:

Functional testing formed a crucial part of our QA efforts. We executed test cases to validate the standard Financials, R2R, O2C, and P2P processes. This involved verifying the accuracy of financial statements, performing end-to-end testing of transactional processes, and validating the integration between various modules. By conducting rigorous functional testing, we ensured that the Netsuite ERP system met the organization's specific business requirements.

Advance Revenue Management Testing:

The implementation of the Advance Revenue Management module introduced a complex set of functionalities. Our QA team focused on testing the revenue recognition process, revenue forecasting, and revenue arrangement capabilities. We designed test scenarios to cover various revenue recognition scenarios and validate the accuracy of revenue calculations. By thoroughly testing the Advance Revenue Management module, we ensured compliance with revenue recognition standards and mitigated potential financial risks.

Invoice Automation Testing:

The invoice automation module aimed to streamline the accounts payable process and improve efficiency. Our QA team conducted end-to-end testing of invoice creation, approval workflows, and payment processing. We verified the accuracy of invoice data extraction, validation of payment terms, and proper integration with financial modules. Through rigorous testing, we identified and resolved any issues, ensuring that the invoice automation system functioned smoothly and increased process efficiency.

User Acceptance Testing (UAT) Support:

As part of the QA process, we provided extensive support during the User Acceptance Testing (UAT) phase. We collaborated closely with end-users to address their queries, guide them through the testing process, and ensure that they were comfortable using the system. By actively engaging with end-users, we gathered feedback to fine-tune the system and enhance user satisfaction.

Resultstitle icon

Closeloop implemented standard Financials, R2R, O2C and P2P processes in six weeks. And in the second half of 'phase 1', Closeloop delivered the SuiteBilling module with the Advanced Revenue Recognition Module and all the required customizations to help the client manage their portcos and use the subscription process for their customer contracts and automate the invoicing process, making it much easier to use.

Now with multiple Portcos in Netsuite, Customer is able to:

  • Manage financial data of their portcos.
  • Manage Subscription Process for their customer contracts.
  • Obtain precise revenue recognition values through a streamlined process.
  • Use Automated Invoicing and have more control on different portcos financial processes.
  • Improve Financial Reporting of subscription revenue.

UXtitle icon

Take a closer look at real-world screenshots of the Cordance NetSuite implementation and the results achieved through our solutions.

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