Background
Our client, a multi-entity organization with a lean accounting department, was struggling to manage intercompany eliminations and financial reporting across 11 separate companies. Their existing QuickBooks system lacked automation for these critical processes, leading to manual errors, delayed reporting, and significant time investment.
Solution
8020 Consulting implemented a methodical, systematic, and well-documented ERP selection and implementation process to address the client’s pain points. Our comprehensive approach focused on:
- Phase 1: Business Requirements Gathering: Thoroughly documenting the client’s needs, processes, and pain points to create a detailed Request for Information (RFI) and a structured vendor response workbook. A high-level project plan was also developed to ensure timely progress.
- Phase 2: Review of RFI Responses: Evaluating and scoring vendor responses using a weighted matrix, comparing system capabilities against the client’s prioritized requirements.
- Phase 3: System Selection: Conducting a cost-benefit analysis and objective/subjective review of vendors, leading the client to select NetSuite as their optimal solution. 8020 Consulting also supported contract negotiations and reviewed final documents for accuracy.
- Implementation: Successfully managing the 18-week NetSuite implementation project, including system configuration, data migration, reconciliation, chart of accounts consolidation, user training, and testing.
Results
8020 Consulting’s streamlined approach delivered significant results for the client:
- Efficient Selection: Completed the assessment and selection process within seven weeks, allowing for rapid decision-making.
- Successful Implementation: Implemented NetSuite on schedule, within the original 18-week timeline.
- Consolidated Chart of Accounts: Achieved an 80% reduction in the number of accounts, streamlining financial management.
- Improved Processes: Automated intercompany eliminations and financial consolidations, eliminating manual errors and delays.
- Increased Efficiency: Freed up accounting staff to focus on strategic activities by reducing manual data entry and reconciliation tasks.
Conclusion
Our methodical, systematic, and well-documented ERP selection process ensured the successful and timely implementation of NetSuite. We addressed the client’s pain points, compiled a clear ERP leader from RFI responses, played a key role in system selection, and successfully implemented NetSuite on schedule, meeting the original timeline.
