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Client Overview KMK: A Strategic Partner for US-Based companies using NetSuite/SAP ERP system

KMK has been working with more than 75 clients who are using sophisticated ERP solutions like NetSuite or SAP. In the recent few years, KMK is onboarding a lot of clients who are growing out of Quick Books and moving into NetSuite. This case study is of 1 such client from Philadelphia from CPG (Consumer Packaged Goods) industry. The client is a heavily funded company from some of the renowned investors of US. The client was using QuickBooks online and migrated to NetSuite in 2020.

Client’s Challenges

After migrating from QuickBooks online to NetSuite, the company faced some severe challenges in their accounting and finance department as below:

Performance issues

No efficient use of NetSuite

Struggling for reporting

Spending exorbitant costs

Meeting client demands

Employee turnover related issues.

Our Solution

KMK team worked with the CFO over there very closely. KMK team used to be available till 2PM EST and used to collaborate with the CFO on a daily basis over Zoom meetings. KMK also introduced an India based outsourced NetSuite technical team to the client. The client gave a go ahead to replace the NetSuite ACS team with the India based technical team. This way KMK team acted as a functional consultant and worked with the NetSuite technical team to develop all customizations required within NetSuite at 50% cost as compared to the NetSuite ACS team.

KMK worked with the company and assessed the lacunas in the processes and came up with a process map for order to cash and procure to pay processes. KMK formed up a team of 3 individuals including 2 senior accountants and 1 junior accountant. KMK designed the processes in such a way that the team of 3 individuals could take over the following functions completely:
  • Purchase order creation
  • Entering vendor bills
  • Closing purchase orders and recording item receipts
  • Creating sales orders
  • Creating item fulfillments and recording sales invoices
  • End to end accounts payable and accounts receivable management
  • Month end bank and credit card reconciliations
  • Month end inventory reconciliations
  • Cap table management
  • Timely Month end closings
  • Creating saved search reports for producing customized reporting like – Item wise GP analysis, burn rate analysis, flux analysis, charge back calculations and many more!

Synergies Created

The partnership between company and KMK was very successful, with several synergies created:

Efficient use of NetSuite:

The company was able to use NetSuite to its optimum potential and get maximum value out of it.

Automations:

KMK team was able to develop automations in certain processes like – automatic vendor remittance issuance, automatic customer and vendor creation within NetSuite, automatic payroll entries, creation of sales orders and purchase orders using bulk import feature.

Cost efficiencies:

The company was able to reduce the cost of their accounting and finance department by over 50% and still got better quality services.

Improved financial reporting:

The company now got real time visibility of the financial position of the company. The closings were being done on a regular basis by every 10th of the subsequent month.

Reduced compliance risk:

KMK team helped the client to stay compliant with state and federal compliances like sales tax, franchise taxes, payroll and federal taxes.

All-in-one Accounting Solutions Incredibly
Accurate Work

Experience the peace of mind that comes with incredibly accurate work from KMK. Our team of professional accountants ensures that your financial records are accurate, reliable, and compliant with all relevant regulations. With KMK, you can trust that your financials are in good hands, leaving you free to focus on growing your business. Contact us today to see how we can help streamline your accounting and improve your bottom line.

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