- NetSuite ERP
As a CFO, managing financial operations and ensuring the smooth running of the business can be a challenge, especially when juggling multiple disconnected systems. Before implementing NetSuite, our finance team used four separate applications, each serving different business functions but with minimal integration. This disjointed setup led to countless hours spent ensuring data consistency, manual reconciliations, and cumbersome month-end reporting processes.
In this blog, we’re diving into the transformative power of NetSuite ERP through a conversation with Dawn O’Dwyer, our CFO. We asked Dawn about the challenges she faced with our previous systems, why NetSuite was chosen, and the impact it has had on our operations. Her insights offer a first-hand look at how NetSuite can revolutionise financial management.
The Challenges of a Disconnected System
We began by asking Dawn about the issues she encountered with our old setup. She explained that managing multiple disconnected systems was a significant challenge. “Our finance team was working with four separate applications,” she shared. “Each application served different business functions, but they had minimal integration, leading to countless hours spent ensuring data consistency, manual reconciliations, and cumbersome month-end reporting processes.”
Dawn highlighted that, with more than one company under our umbrella, consolidating a group picture was a manual task. “We had to extract P&L and Balance Sheets into Excel,” she said. “Calculating key performance indicators (KPIs) like chargeable days or support case metrics required multiple data extractions and pivot tables, making the process tedious and prone to errors.”
Why We Chose NetSuite
When we asked Dawn why NetSuite was the chosen solution, she was clear: “We needed a unified system that provided a single version of the truth. The inefficiencies of our previous setup were holding us back, and NetSuite offered the integrated solution we needed.” She emphasised the importance of real-time visibility and the ability to streamline operations, which were critical factors in the decision.
It’s also worth noting that we practice what we preach. As a NetSuite Partner, implementing NetSuite in our own business was a natural fit. It met all our needs: cloud capabilities, multi-entity management, flexibility, scalability, case management, resource scheduling, project management, budgeting and forecasting, revenue recognition, and, most importantly, a single source of truth.
The Implementation Journey
We were curious about the implementation process and how it was managed. Dawn recounted the experience, noting, “Leading the move to NetSuite at the board level was both challenging and rewarding. We spent a significant amount of time mapping out our key processes to implement them effectively.”
She also highlighted the importance of keeping an eye on the outputs required. “Ensuring that the new solution delivered the efficiencies and visibility we needed for day-to-day operations and management reporting was crucial.”
The Impact of NetSuite on Our Operations
Dawn was enthusiastic when asked about the impact NetSuite has had on our operations. “One of the most significant benefits is the fully integrated system that allows us to drill down into transactions and trace them back to their origins,” she explained. “Invoicing, which used to be a manual process, is now automated, and revenue recognition rules are set up in accordance with accounting standards.”
Enhanced Financial Management and Reporting
We asked Dawn how NetSuite has improved financial management and reporting. She responded, “With NetSuite, managing and reporting on financial data has become significantly easier and more efficient. The automation of revenue routines and the availability of detailed, up-to-date financial reports have allowed us to shift our focus from preparing numbers to analysing them.”
Measurable Improvements and Key Metrics
Dawn shared that one of the most tangible benefits of NetSuite has been the ability to generate key reports and metrics effortlessly. “Every Monday morning, we review our KPIs directly from NetSuite,” she said. “Our revenue has continued to grow year on year, and we’ve been able to expand into new jurisdictions with ease.”
Improved Collaboration and Communication
When asked about the effect on collaboration and communication, Dawn noted, “NetSuite has also enhanced collaboration within the finance team and with other departments. The reduction in time spent extracting and analysing data in Excel has led to fewer errors and mistakes.”
Making the CFO Role Easier
We asked Dawn how NetSuite has impacted her role as CFO. She shared, “NetSuite has made my role considerably easier. I now have full visibility into all aspects of the business from a single system. The automation of revenue calculations and journal postings has allowed us to spend more time analysing results and less time preparing numbers.”
Continuous Improvement and Unexpected Benefits
Finally, we asked about any unexpected benefits. Dawn explained, “One of the unexpected benefits of NetSuite has been the endless opportunities for improvement and enhancement. We’ve since added several modules, including NetSuite’s Field Service Management module for resource planning and scheduling, SuitePeople for HR, NetSuite Planning and Budgeting (NSPB) for budgeting and forecasting, and as part of our board level commitment to continuous improvements, we continue to evolve and expand our use of NetSuite in the business.”
Advice for Other CFOs Considering NetSuite
We closed by asking Dawn what advice she would give to other CFOs considering NetSuite. Her advice was straightforward: “Start by identifying the outputs you need and mapping out your current processes. It’s also crucial to have a strong internal project manager and an experienced NetSuite Partner.”
NetSuite has truly transformed the way we operate, providing us with the tools and insights we need to manage our growing business effectively. As a trusted NetSuite Partner in Ireland and the UK, we understand the unique challenges CFOs face and how crucial it is to have an integrated solution that aligns with your business goals.
How OSSM Can Transform Your Finance Operations
If you’re a CFO looking to streamline your financial processes, enhance visibility, and drive efficiency, we’re here to support you. Request a NetSuite demo with us to learn more about how NetSuite can be tailored to meet your specific needs and how our expert team can assist you in implementing a solution that truly transforms your role.
Alternatively, learn more about NetSuite by downloading our brochure, where you’ll discover how NetSuite ERP enables organisations to lower IT costs, optimise accounting efficiency, and improve order management and procurement processes.
We’ll be exhibiting at this years ERP Head to Head event, where we’ll have a more detailed demonstration on Field Service Management, Manufacturing and Projects.
If you’d like to attend this demo or just come and chat to a member of our team, click below to register.
Don’t forget to use promo code OSSM20 for an early-bird discount.
About the Author
Sinéad Galligani
Sinéad has been involved in the software industry, particularly in ERP, for over 25 years. Her career has spanned various roles, including Account Management, Key Account Management, and Business Development. In 2013, she became the Marketing Manager for The Noledge Group and now serves as the Chief Marketing Officer (CMO).