NetSuite integration slashes month-end close time and boosts processing speed fivefold
A BUSINESS solutions expert has propelled Emerald Technology to new heights of productivity by dramatically slashing processing times by 80%.
Emerald Technology, a specialist in recruitment and Employer of Record (EOR) services, was struggling under the weight of outdated financial systems that slowed down its operations and obstructed growth, hampering the speed of global expansion.
With each new subsidiary adding complexity, the business faced significant challenges in managing its finances across multiple regions, currencies, and tax regulations.
The intervention by Eureka Solutions, one of the UK’s premier Oracle NetSuite partners, changed everything. Through the implementation of NetSuite OneWorld, a cloud-based solution tailored for multinational businesses, Emerald Technology has experienced unprecedented efficiency gains.
The transformation has resulted in a 67% reduction in month-end close time, cutting the process from 18 days to just six. While financial processing speeds have increased fivefold, allowing the finance team to manage significantly higher workloads with ease.
Bank reconciliations, which once took several days, are now completed 80% faster, taking just one day; and sales and purchase invoices – previously delayed by weeks – are now registered instantaneously, enabling real-time reporting and analysis.
Mike Newton, Finance Director at Emerald Technology, praised the game-changing results: “The productivity gains have been nothing short of extraordinary.
“We’ve slashed the time spent on routine processes, allowing us to double the size of our operations without needing to grow our finance team. Eureka Solutions has delivered exactly what we needed to support our global growth strategy.”
By implementing NetSuite OneWorld, Eureka Solutions consolidated Emerald Technology’s financial operations across multiple regions, eliminating the need for separate systems for each subsidiary.
This has provided real-time consolidated reporting, allowing for a clear overview of financial health across the entire group.
The system’s automation of intercompany transactions and currency management has removed the bottlenecks caused by manual processes, driving both speed and accuracy.
Newton added: “We now have the real-time financial visibility that was previously impossible to achieve. The ability to reconcile accounts, manage payroll, and complete month-end reports in a fraction of the time has freed up our team to focus on strategy rather than admin.”
David Lindores, CEO of Eureka Solutions, said: “At Eureka Solutions, we take pride in helping businesses like Emerald Technology unlock their full potential through the right technology solutions.
“It’s been incredibly rewarding to see how these improvements have empowered Emerald Technology to double its capacity without adding to their finance team, while also giving them the real-time visibility and efficiency needed to make strategic decisions quickly.
“Our partnership is a prime example of how technology can truly transform a business.”
Eureka Solutions not only implemented the NetSuite solution but also provided bespoke development work to enhance it further. This included extending the sales order processing function to manage contracts across different territories, and automating billing processes to handle complex exchange rates and client agreements seamlessly.
As Emerald Technology looks to expand further with two new subsidiaries, Eureka Solutions will continue to support its growth, including plans to implement Besyncly – an integration tool that will link NetSuite with Emerald’s internal EOR platform, streamlining operations even further.
This partnership highlights Eureka Solutions’ critical role in enabling Emerald Technology to scale its global business while maintaining precision, speed, and efficiency at every level.
Having operated for 20 years, Eureka Solutions is widely recognised as a leader in unifying the business systems of growing organisations across a variety of different sectors, with particular strengths in tech, hospitality, non-profit, wholesale distribution, ecommerce and sport industries – www.eurekasolutions.co.uk
