Objective Corporation Transforms Global Finance Operations with NetSuite OneWorld

"NetSuite OneWorld not only meets our current needs, but gives us the scalability to seamlessly add products and solutions as required in the future." Objective Corporation

Company at a Glance

Location:
Sydney, Australia
Industry:
Content, collaboration and information sharing solutions for the public sector and regulated industries
Applications Replaced:
MYOB in Asia Pacific, Sage in United Kingdom and Excel spreadsheets

Solutions

NetSuite OneWorld

Customer Success:

  • Objective gained complete global visibility across 7 subsidiaries, with real-time financial reporting and consolidation across Australia, New Zealand, Singapore, the UK and US.
  • NetSuite OneWorld multi-currency conversion capabilities automate transactions across multiple countries.
  • Monthly financial close accelerated 3x compared to previous Excel-based manual processes.
  • Reporting cycles reduced from 15 to 5 days, enabling better business visibility and productivity.
  • Objective improved its data integrity and reliability, significantly reducing manual errors.
  • Finance team is focused on adding value to the business rather than manipulating data across disparate and incompatible applications.
  • Eliminated extended working hours for finance team during financial reporting periods, improving staff morale.
  • Reporting flexibility gives the ability to run reports over bespoke multi-year time frames.

Challenges:

  • Objective lacked a consolidated view of worldwide operations as all worldwide offices ran different accounting systems, limiting global financial transparency and leading to multi-currency reporting issues.
  • On-premise solution in UK provided limited visibility and access for Australian head office.
  • Manual end-of-month consolidation was slow, inflexible and prone to error.
  • Key business information had to be accessed from multiple sources, delaying financial and management reporting.
  • Finance team wasted time on data retrieval and compilation, rather than adding analysis and insights.
  • Peak financial reporting periods necessitated extremely long hours for finance staff.

Solution:

  • NetSuite provides a comprehensive business management system, including global financials, invoicing, accounts payable, expenses and bank payment runs.
  • Automated multi-currency conversions and local country tax compliance supports growth and efficiency of global business operations.
  • Objective has new ability to seamlessly add additional processes and applications when appropriate for expanding the business; soon to roll out NetSuite payroll solution.
  • Anytime and anywhere access to the NetSuite cloud allows staff to work remotely with single sign on.