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Backend Developer

Finance system implementation for software company

Provided end-to-end business analysis

Duration: 12 months

Business challenges

Our client operated 3 standalone financial systems for core accounting, revenue management and invoicing, and FP&A purposes. The systems were built on independent databases leading to disparate data and processes.

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  • The core system was no longer fit for purpose as it required manual data intervention and Excel workings to perform period end controls causing long accounting cycles. The system was not compliant with IFRS and other regulatory standards.

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  • The customer billing and revenue management system lacked capabilities to track revenue against required dimensions, at transaction level, or by currency. Data linkage problems caused order and billing referencing and manual data reconciliation processes.​​

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  • The financial planning & analytic system's reporting capabilities were limited due to its data reliance on the previous two systems and led to Excel based reporting taking up extra workload.​

Business transformation objectives

The goal was to replace the core accounting system entirely and integrate disparate systems' financial data into a modern financial system (NetSuite).​

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The expected outcomes of these changes were:

  • Multi-currency transaction processing and accounting.

  • Effective cost and revenue management both at consolidated, product group, and line level.

  • Integrated, automated data solutions and workflows (data entry, reconciliation, and posting).

  • Advanced and timely reporting capabilities across business areas meeting strategic and IFRS requirements.

  • Out of the box finance operational processes where possible.​

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What we did

We did project end-to-end (discovery to delivery stage) business analysis.

 

At discovery stage we analysed 3 systems (including SalesForce) tracking customer to account data flow and cross-operational processes. We identified various system configuration and data linking problems in the subscription charging and billing system.

 

At planning and design stage, we supported vendor selection by reviewing contractual document and assessing new system capabilities on critical business processes and carried out project scoping activities focusing on D2B and O2C workstreams. We mapped out data flows and processes, documented transfer pricing and IFRS reporting data requirements to meet future compliance needs and provided guidance on Chart of Accounts design and upstream system integration (automation efforts).

 

We supported project steering, planning and governance activities by monitoring plans are feasible from a design and requirement point of view, and capturing decisions and action points.

 

At implementation stage, we worked closely with NetSuite delivery team to configure and customise front-end solutions (user interface, data entry forms and reporting templates, system roles & responsibilities), and liaised between the technical and business teams ensuring that requirements were understood and interpreted the right ways, the correct system capabilities were built and properly utilised.

Results

We clarified complex customer-revenue data linking problems and business cases which helped our client identify strategic values and cost and time saving opportunities.

 

Extending centralised master data model with additional reporting dimensions enabled to report by department, sales office, geographies, product line and currency etc., which was a big win to our client.

 

Workflow automation saved significant costs and improved period-end closing turnaround time by 50%.

 

Working behind scenes providing timely and clarified information helped removing project delivery roadblocks and keeping it on track and be finished on time and meeting expectations.

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