Supply Chain Visibility and Security Company Eases Global Compliance Challenges via NetSuite and Latam Ready Implementation & Standardization

Before Bridgepoint:

• Fragmented financial reporting processes
• Compliance challenges
• Lack of in-house resources and expertise

After Bridgepoint:

• Comprehensive NetSuite solution
• Streamlined compliance with laws & regulations
• Enhanced capabilities due to user training

Project Overview

A global in-transit supply chain visibility and security company aimed to standardize its ERP system for a Mexico-based subsidiary by implementing NetSuite. In addition, they were interested in using the LatamReady NetSuite application to ensure full compliance with local tax regulations.

Business Challenge

Because of using disparate accounting systems, the financial reporting processes were disjointed between global locations, causing the accounting team to manually record the Trial Balance in NetSuite at month-end. The organization needed all subsidiaries to operate on the same ERP system to ensure consistency, efficiency, and standardization.

However, the existing accounting team lacked the bandwidth and expertise to manage the new implementation and provide necessary training in Spanish. Additionally, while a third-party consulting firm was brought in to handle the LatamReady NetSuite application for tax compliance, they only offered training on the LatamReady functionality, leaving a significant gap in knowledge for the subsidiary’s staff on how to use the native NetSuite features.

Approach

To address these challenges, Bridgepoint’s FiT for NetSuite worked closely with the client to align on needs and goals, providing all communication and documentation in Spanish.

Next, we executed the following solutions:

• Project Management: Our FiT consultants closely managed the implementation of LatamReady, attending all meetings between the client and the LatamReady team to ensure the project stayed on track.
• Data Review: The team reviewed and validated master data provided by the client, including the Chart of Accounts, customers, vendors, and items, ensuring accurate and efficient data migration into NetSuite.
• Training: Identifying a critical gap in the training provided by the third-party firm, our team developed a comprehensive training plan. This plan included creating written instructions with screenshots in Spanish, providing virtual training sessions via Microsoft Teams, and recording these sessions for future reference. The training covered all necessary NetSuite modules, such as Accounts Payable, Accounts Receivable, General Ledger, Reporting, and Bank Reconciliation.
• Data Migration: Bridgepoint was responsible for loading open transactions at go live, including purchase orders, invoices, and sales orders into NetSuite. We also loaded fixed assets, ensured the fixed asset subledger tied to the balance sheet, entered opening inventory quantities and balances with costing changes, set up amortization schedules for open prepaids, and updated existing approval workflows to include the Mexico team.
• Ongoing Support: We provided continuous support throughout the project, holding weekly meetings with the client to provide status updates, guidance on master data templates needed by the LatamReady team, and additional training sessions to address any questions or issues that arose.

Results

Through Bridgepoint’s FiT for NetSuite team, the Mexico subsidiary successfully transitioned to the NetSuite ERP system, aligning it with the rest of the organization.

The project was completed on time, with the Mexico subsidiary fully operational within the NetSuite environment, contributing to the overall success of the organization’s ERP standardization initiative.

The client also saw several additional benefits:

• Standardization: All subsidiaries operate within the same ERP system, enhancing consistency and standardization across the company’s global operations.
• Improved Compliance: With the integration of the LatamReady NetSuite application, the Mexico subsidiary met all local tax compliance requirements.
• Enhanced Training and Support: The Mexico team received detailed training and support in their native language, leading to a smoother transition and greater confidence in using the new system.
• Seamless Data Migration: The transition of financial data, including open transactions, fixed assets, and inventory balances, was completed without issue, ensuring that the subsidiary’s financial reporting was accurate from day one.

Services Provided