NetSuite Helps Market Researcher Reduce Accounting Time for Cash Flow Analysis by 18 Hours per Week

"NetSuite helped us consolidate our financials and CRM, and that led to a significant reduction in the hours we were spending on accounting. But it also let us redirect our time to better, more strategic projects like forecasting our cash flow and profitability — critical for a services-based business."

—Jonathan Hilland, CEO, Mindwave

Results:

Reduced accounting time for cash flow analysis by 18 hours per week; added ability to forecast cash flow up to 6 months in advance
Reduced accounting time for monthly financial closings by 8 hours per month
Saving $50,000 yearly over extra staffing that would be required without NetSuite
Workflow automation expediting project mgmt., expense reporting and purchase-order processes
Profitability analysis helps Mindwave direct sales efforts to most profitable projects.

Challenges:

Needed to improve financial forecasting and business performance
Fragmented systems and spreadsheets ruled out timely, accurate financial reporting
Cyclical, ad hoc sales efforts required full-time processes, including monitoring new-proposals pipeline to evaluate best prospects for profitability.

Solution:

Replaced QuickBooks and Salesforce.com with NetSuite
Selected NetSuite over Sage MAS 90, Microsoft Dynamics (Great Plains), and QuickBooks Enterprise
NetSuite partner Celigo added customized cash flow modeling and advanced P&L analysis modules
Dashboards help drill for real-time detail on new-business proposals and current projects.