Custom NetSuite Optimization Transforms Financial Operations for Leading Beauty CPG Company

Before Bridgepoint:

• Lack of in-house expertise and resources
• Inefficient financial and operational processes
• Urgent need for a tailored NetSuite solution

After Bridgepoint:

• Comprehensive and customized NetSuite implementation
• Real-time control and visibility over key financial metrics
• Significant time savings
• New avenues for growth and operational efficiency

Project Overview

A leading privately owned company the beauty industry, specializing in consumer-packaged goods (CPG), faced significant challenges in optimizing its financial and operational processes. Lacking a dedicated NetSuite Administrator and an established IT department, the client engaged Bridgepoint for expert assistance in optimizing NetSuite and Celigo for their Shopify integration.

Business Challenge

The company struggled with a critical shortage of technical skills and internal resources, compounded by a lack of in-depth NetSuite knowledge. These gaps hindered their ability to enhance NetSuite effectively and streamline key business processes crucial for scaling operations.

Approach

Collaborating closely with the client’s finance team, Bridgepoint’s FIT consultants developed and executed a tailored solution including:

• Global Integration: Integration of a new foreign subsidiary into NetSuite, empowering the finance team to manage intercompany transactions with ease using Consolidation Reporting.
• Fixed Asset Management: Recognizing the need for robust asset management, we implemented NetAsset, a Fixed Asset Management software, and provided comprehensive training for the finance staff.
• Shopify Integration Enhancement: A thorough assessment of the existing Shopify-to-NetSuite integration was conducted, identifying critical areas for improvement. This led to enhanced data accuracy and more reliable General Ledger impacts.
• Landed Cost Optimization: Restructure of the methodology for calculating landed costs. By creating new cost categories and templates, we improved the accuracy of raw material valuation and capitalized purchasing department costs directly into inventory.

Results

Bridgepoint’s tailored solutions empowered the client to achieve unprecedented efficiency and unlock new growth opportunities through its optimized financial operations.

• Enhanced AP Process: The client experienced a dramatic reduction in time spent on Accounts Payable calculations, allowing for more efficient financial operations.
• Increased Financial Visibility: The new system provided real-time visibility into financial and operational data, providing the CFO with critical insights, including over and under-absorption in the General Ledger.
• Optimized Cash Disbursement: We streamlined the cash disbursement process by introducing a NetSuite bank plugin, integrating with a major multinational finance company to ensure smooth and efficient transactions.

Services Provided