NetSuite Configuration Drives Better Visibility and Reporting Capabilities for Packaged Goods Client
OVERVIEW
A large producer and distributor of a sparkling beverage (Client) was rapidly expanding distribution efforts nationwide, deploying field sales managers to distribute to grocery chains, gas stations, restaurants, and cafes. They were also heavily investing in online sales via Amazon and an eCommerce storefront. Facing rapid growth, the Client had outgrown its base platform, QuickBooks. The Client required an integrated solution for tracking inventory, reporting, and accounting needs that would allow them to scale with their business. The solution? NetSuite. Bridgepoint Consulting was brought on board to assist with migration from QuickBooks to NetSuite, set up best practices, and train the Client’s team.
Due to high growth rates and limited staff, the Client had historically focused on basic financials but lacked robust data tracking, proper documentation, and reporting for management to plan for growth and expansion.
A secondary challenge for the project was primarily a cultural one. The Client focuses significantly on the personal growth and development of its employees. With this mentality, the Client embraces a promote from within culture and dedicated ambitious, yet somewhat inexperienced team members for its accounting duties. If the Client’s team were going to be successful with NetSuite, Bridgepoint Consulting would need to find a way to quickly ramp up the Client’s team to enable them to meet applicable accounting standards and GAAP compliant records.
APPROACH
Bridgepoint Consulting deployed a Controller who initiated the project with a discovery phase by interviewing key stakeholders to identify critical business information. Bridgepoint Consulting quickly understood that procuring inventory and planning the supply chain were two areas that needed addressing. With this knowledge, Bridgepoint Consulting went to work on implementing NetSuite in a way that would meet the needs of the Client’s rapidly expanding inventory tracking, distribution, and accounting needs. During the implementation period, the Client introduced its internal team members that would oversee its accounting initiatives. After assessing these team members’ skill levels, Bridgepoint Consulting created a custom accounting education plan that would allow the Client’s team to quickly advance their skillsets and adequately manage the internal accounting systems. On top of a roadmap, the program included weekly training, one-on-one sessions, and multiple workshops. To assist with the training, Bridgepoint also documented and implemented updated month-end close and auditrelated processes and reporting, allowing current team members to reference for future reporting.
RESULTS
Bridgepoint Consulting oversaw that NetSuite was correctly configured, providing visibility into procuring inventory, planning supply chain, and ensuring the Client’s team was confident in their abilities to manage processes moving forward. The Client now has the visibility and reporting capabilities that will support the business growth for years to come.