Achieving accounting efficiency gains through tool and process implementation

The company had no accounting expertise whatsoever. The external accounting firm lacked guidance from the company. There was no procedure for preparing monthly financial statements. Supplier invoices were incomplete. There was no inventory management. The accounts payable process was not functioning properly. The documentation for deferred revenue from previous years was incomplete.

Implementation of NetSuite as the central accounting and reporting tool. Implementation of automation for supplier invoices using an external tool. Improved collaboration with an external accounting firm. Definition of a company-wide purchasing process. Development of invoicing and travel expense policies. Takeover of accounting functions from the tax advisor through the implementation of NetSuite. Introduction of a monthly closing process with a strict schedule and checklist. Reconciliation of accrued liabilities for previous years.

With NetSuite as a scalable accounting and reporting platform, the foundation for efficient growth was laid. Investor reports are now prepared twice as fast. Purchasing policies and an invoice processing tool have reduced the number of missing invoices by 60%. The quality of monthly financial statements and satisfaction among other departments have improved thanks to clearly defined processes.