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.







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