Non-profit Organization Transforms Financial Reporting Efficiency via NetSuite Enhancement & Rework

Before Bridgepoint:

• Fragmented financial reporting processes
• Lack of in-house resources and expertise
• Outdated accounting processes 
• Misconfigured NetSuite instance 

After Bridgepoint:

• Streamlined finance & accounting processes 
• Accurate financial statements 
• Efficient budgeting & forecasting 
• Comprehensive NetSuite solution 
• Significant time savings 

Project Overview

A non-profit organization dedicated to fostering startup growth needed to improve the accuracy of financial data and streamline reporting processes. Lacking in-house expertise and a dedicated NetSuite resource, the client engaged Bridgepoint to help optimize their NetSuite configuration and resolve integration issues. 

Bridgepoint’s NetSuite team was selected by the client due to our specialized approach, which combines deep NetSuite knowledge with accounting expertise. 

Business Challenge

The company faced significant challenges surrounding time-consuming processes for revenue and expenditure tracking. In addition, an outdated Accounts Payable (AP) tool failed to sync correctly with NetSuite, resulting in expense tracking inaccuracies.  

The client also had a lean accounting team, making it difficult to identify the correct source of truth for expenses between NetSuite and the AP software – which, in turn, rendered the client unable to develop accurate financial reports. 

Approach

Working closely with the client, our consultants began with an assessment of the existing NetSuite configuration and financial environment to identify issues and areas for improvement, including Chart of Accounts (COA) updates and bank reconciliation issues. 

Next, we reviewed our findings with the client and developed a plan to improve financial statement accuracy and systems integration. 

We then executed and implemented the following solutions: 

• Chart of Accounts Improvement: Updated and optimized the COA to enhance financial reporting. 

• AP Software Sync: Corrected the AP software integration with NetSuite to ensure accurate expense tracking. 

• Bank Reconciliation: Improved bank reconciliation processes for better accuracy. 

• Native NetSuite Transactions: Shifted from manual journal entries to utilizing native NetSuite transactions (e.g. Cash Donations). 

• Training: Provided training to the client’s team on the updated processes and new features implemented in NetSuite. 

Results

The client’s streamlined NetSuite configuration provided better reporting and budgeting capabilities, enhancing their ability to manage resources effectively and engage with donors and stakeholders. 

Bridgepoint’s team also helped the client eliminate the need for manual data manipulation and resolve integration issues, leading to streamlined AP processes and significant time savings. 

Services Provided