Leading Fortune 150 Energy Company:
Using NetSuite to Manage International Finance & Accounting Function
To support international growth, a Fortune 150 company that works in every stage of the energy business selected NetSuite OneWorld to manage their international subsidiaries’ finance and accounting function.The company engaged Abaci to be their NetSuite Implementation Partner to lead the design, development, training and deployment of the NetSuite solution
In order to accommodate the company’s rapid expansion into international markets, including operations in Europe, Japan, and Latin America, ABACI leveraged a multi-phased deployment approach that allowed the company to stand up multiple international subsidiaries in phased 3 to 6 month deployments over an 18-month period. Additionally, the NetSuite solution was integrated to the corporate legacy ERP application in order to support a 5-day accounting close schedule. ABACI designed and developed an automated solution to interface financial activity and master data between NetSuite and the corporate legacy ERP application.
The NetSuite solution implemented by ABACI handles the company’s international operations of Financial Management and Reporting, International Tax Reporting, Procure-to-Pay, Invoice-to-Cash, and Treasury/Cash Management. Key NetSuite features enabled and configured included multi-book accounting, multi-currency (ensuring currency revaluations and translations are synced between NetSuite and the corporate legacy ERP), automated integration through SuiteScript, workflow routing and approval, complex subsidiary hierarchy changes and related inter-company processing, and SuiteSegments.
As a direct result of this implemented solution, users were able to easily run country-specific GAAP reports using the multi-book accounting feature. This streamlined the local reporting requirements and minimized manual adjustments to financial statements. Also, by creating a nimble two-tier ERP integration, ABACI automated the period close process and reduced the hours spent on manual adjustments. By leveraging ABACI’s extensive systems integration and NetSuite experience, the company was able to rapidly deploy a flexible and scalable finance and accounting solution that allowed them to efficiently and effectively run the business operations of their international subsidiaries.