InteGreat Solutions, LLC provides assistance to portfolio companies when they are merging to ensure all systems are merged seamlessly for the success of the business and the Private Equity company’s investment.

Case Study: Streamlining Vendor and Client Invoicing with NetSuite Integration

Background

After a small company was acquired by a mid-size company, it was necessary to merge and streamline vendor and client invoicing systems, as well as automate the payroll process. The project involved migrating from QuickBooks to NetSuite, integrating banking systems into NetSuite, and transitioning from a PEO to an in-house payroll system.

Challenges

The project faced several challenges, including aligning cash and accrual basis accounting methods and handling differences in tech stacks. Benefits deductions varied significantly, and it was crucial to align deductions and billing within a short timeframe. Payroll performance remained unchanged, but data integration needed to be updated. The project also required setting up subsidiaries, implementing Versapay for client invoicing, and spearheading technological transitions for seamless employee and client experiences. The creation of SOPs and a centralized holding location for billing were necessary to streamline changing processes.

Solutions

To address these challenges, the team was mindful of avoiding redundancy and inefficiencies that could arise from various timeline dates. Instead of hard cutovers, the systems ran parallel for a period to adopt changes faster and gain buy-in. Key players were identified, and individuals who did not need to be involved were maneuvered out of the process.

The team frequently faced blind spots and observed QuickBooks almost daily to quickly identify concerns and circumvent issues. Instead of waiting for information from the other party, they proactively handled challenges. To avoid overwhelming the team with meetings, they found a compromise by using phone calls instead of Teams meetings, making the other party more receptive.

Due diligence was crucial, requiring historical information for compliance. The messy location of contracts was addressed by defining updates, setting a repository location, and setting clear expectations.

Results

By understanding the audience, the team effectively communicated and implemented solutions. Although some communications were initially viewed as heavy-handed, the approach proved successful. By the end of the second month, parallel billing was used to compare processes between QuickBooks and Netsuite. Billing through Netsuite was streamlined, and backend duties and automation were assisted, taking tasks off others' plates. Steps for clean billing were defined without overburdening key players.

By the second month post acquisition, the company was fully integrated into NetSuite. After another two weeks, all banking institutions were set up and directly fed into the company's instance of NetSuite. The previous banking institution was wound down by the third month, including concluding all communications to vendors and clients for the successful changes.

Conclusion

The company was able to successfully merge and streamline vendor and client invoicing systems, automated payroll, and integrated banking systems into NetSuite. The project was completed within a remarkably fast timeline, demonstrating the team's ability to adapt, manage challenges, and deliver efficient solutions. The comprehensive approach ensured a seamless transition, benefiting the organization and its stakeholders.