Client Overview KMK: A Strategic Partner for US-Based companies using NetSuite/SAP ERP system
Client’s Challenges
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.
- 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
For U.S. Based CPA Firms Are you looking for remote staff for CPA firm?
For U.S. Based Businesses Are you struggling with accounting for your business?
At KMK, we offer comprehensive end-to-end accounting services to help your business thrive. From day-to-day bookkeeping to financial statements, our expert team has got you covered.