NetSuite Helps Athlete Management Agency Cut Billing Reconciliation Time by 50%

"With NetSuite, our contracts and processes are linked, making it much easier to see what we keep and what we remit. We can create a bill off of a contract, and when we collect payment, the system automatically knows what we need to pass on to the athlete, and generates a payable."

—Wasserman Media Group

Results:

Financial reconciliation is now 50% faster and fully accurate
Commissions are calculated quickly, payouts to athletes and employees are on time
Streamlined billings ensure that sponsors pay on time and process expenses fast — at an average of 10 minutes per report
Upper management now accesses all financial information in one place, in real-time.

Challenges:

Leader in sports management marketing had inefficient accounting that couldn't keep up with fast growth in athlete management
Slowdowns occurred in client and employee payments, damaging relationships
Disparate AR, AP processes and separate instances risked errors in expense reimbursements, agency commissions.

Solution:

Company replaced Microsoft Great Plains with NetSuite; later upgraded to NetSuite OneWorld — migrating many subs into one rolled-up parent account
End-to-end business processes now integrated and visible to management
Financial, sales, expense, and commissions reports automatically emailed to managers, or are available as needed
Easy to research transactions, track financial transactions by projects, departments, and athletes — reporting on the specific financial results.