Project Highlights

• Achieved an 80% Reduction in Accounts: Simplified the client’s chart of accounts, reducing complexity and enhancing financial reporting.

• Migrated 13 Months of Historical Data: Ensured continuity and accuracy by mapping, importing, and reconciling a full year’s worth of data.

• Completed ERP Selection in Under 7 Weeks: Delivered a clear path to NetSuite selection using a structured three-phase process.

• Implemented NetSuite in 18 Weeks: Deployed the ERP system with a streamlined, structured approach that improved efficiency and accuracy in financial management.

Background

Our client, with a small accounting department and no IT support, needed a Project Manager to lead their ERP system assessment, selection, and implementation. Their existing QuickBooks system could not auto-eliminate intercompany entries across 11 entities, creating error-prone, manual processes. Furthermore, financial statements required multiple rounds of manual updates due to the late arrival of K-1 and other tax documents, sometimes 10 months after year-end, resulting in duplicative and time-consuming efforts.

Solution

Using 8020 Consulting’s methodical and well-documented ERP selection process, we guided the client through selecting a new ERP system and managed the implementation. Our approach ensured the client could save internal bandwidth and benefit from a seamless implementation.

The assessment and selection were completed in under seven weeks, broken down into four structured phases:

• Phase 1: Business Requirements Gathering
  We gathered and documented business requirements, created an RFI (Request for Information), and developed an RFI Vendor Response Workbook that captured current and future state requirements, with sections for vendor comments. We also created a high-level project plan to track progress, ensuring the project remained on schedule and aligned with the client’s objectives.

• Phase 2: RFI Review
  We evaluated RFI responses from vendors, scoring them using the RFI Vendor Response Workbook, and consolidated results into an ERP Selection & Scoring Matrix. This tool weighted scores based on categorical importance, enabling a side-by-side comparison of systems to determine the best fit.

• Phase 3: System Selection
  We performed a cost-benefit analysis, listing objective and subjective pros and cons, which led the client to identify NetSuite as the optimal solution. We participated in pricing negotiations and reviewed the final Statement of Work (SOW) and Deferred Payment Plan for completeness and accuracy before signature.

• Implementation
  The implementation phase was a key component of this project, completed successfully within 18 weeks. Our comprehensive approach included:

  1. Process Walkthroughs: We scheduled and participated in detailed walkthroughs covering core areas, such as Record to Report, Procure to Pay, Investment Solution & Grant fields, and Order to Cash, ensuring alignment with the client’s needs.
  2. User Acceptance Testing (UAT) and Training: We coordinated and participated in UAT to validate system performance and led multiple training sessions with end-users to facilitate adoption. Additionally, we created a library of online training modules for ongoing learning.
  3. Data Mapping and Reconciliation: We consolidated the client’s chart of accounts, achieving an 80% reduction in accounts, and mapped, imported, and reconciled 13 months of historical data to ensure data continuity and accuracy.
  4. Customization and Segmentation: NetSuite was tailored to fit the client’s entity structure, allowing for more detailed financial tracking and streamlined reporting.

Throughout implementation, we provided ongoing project management to track milestones, address risks, and resolve issues, ensuring the project’s success within scope and timeline.

Results

8020 Consulting’s structured ERP selection process and detailed implementation plan resulted in a successful NetSuite deployment. Key outcomes included:

• Preparation and distribution of the RFI and Vendor Response Workbook within the first three weeks, allowing the client to sign the SOW in under seven weeks.
• An 80% reduction in chart of accounts, streamlining reporting and minimizing redundancies.
• Migration and reconciliation of 13 months of historical data, enabling accurate and comprehensive financial reporting from day one.
• An efficient, 18-week implementation, completed on schedule and tailored to meet the client’s financial management needs.

Ready to streamline your financial operations and achieve similar results? Book a meeting with us today to discuss how we can help your business optimize its ERP strategy and implementation.

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