Four barriers to recovery in the financial sector – one solution: ERP and integration as a service

Returning to a state of normality is a goal every business seeks to achieve right now and it will be the new measure by which many companies evaluate success. It’s something every business can achieve with the right support. We have worked with a number of FinTech companies for some time to help them address the challenges their businesses face; turn back the clock and removing barriers to growth was the driver, but currently, the challenge is recovery. Is the answer of utilising the knowledge of a solution provider with expertise in the sector the same in these two very different landscapes? Is now the time to move from siloed software to a cloud ERP system and Integration as a Service (IaaS)?

Implementing Oracle NetSuite OneWorld streamlines business processes, reduces costs and achieves better management for change, tackling barriers to understanding the real-time picture head-on. We’ve focused on four challenges and explain how NetSuite resolves the issues.

Financial consolidation and metrics

Finance is a business-critical function. It’s also the priority in business recovery. Financial consolidation is a huge challenge which deters many from adopting new financial management systems. Yet increase financial control becomes predictable, manageable and achievable. Financial departments need support from a system that can move them away from reconciliation activity and introduce workflow approval levels that measure staff and resources while providing full audit trails of all financial activity. NetSuite does exactly that. It accelerates financial implementation in the Cloud while offering full IT Support and resources that save financial teams valuable time.

Business systems and process integration

System compatibility is another challenge. When existing systems are heavily relied on day-to-day, it can be a risk to adopt new financial management systems that may conflict with older technology. NetSuite, with the support of Jitterbit, allows unconnected systems to work together, to speak the same language and perform synchronized business tasks. For example, SMEs may feel fully supported by financial management systems such as QuickBooks but larger companies need software that complements their size.

Furthermore, on-premise application data is limited due to human error and staff physically moving data from system to system. It’s also expensive. When the most expensive resources in a business are spending a large percentage of their time on admin – recovery could be sufficiently obstructed. BrightBridge is delivering projects to automate business’ deep reporting capability, including giving them the ability to deep dive transaction details and unlock valuable data from their legacy, specialist external and internally developed systems. Not only does this save valuable time and resource, but the financial benefits are also clear.

Compliance and regulatory reporting

The FinTech industry is governed by heavy compliance for good reason. Businesses have a responsibility to their clients to protect their data and regulatory reporting is essential. However, this brings challenges with business in multiple markets as compliance standards move from local and national to global standards – that MUST be met. NetSuite projects businesses onto a global platform for trade, transactional data and audit trails with frictionless integration. It allows them to meet globally recognised standards such as GAAP, IFRS and SOX. What’s more, it provides multi-jurisdiction tax localisation in over 100 jurisdictions with consolidated financial statements. With NetSuite, businesses have complete peace of mind that they’re compliant with every transaction, communication and audit and they have proof through reporting whenever it’s required.

Hosting is another challenge when adopting a new financial management system. Businesses need a system that’s secure, well-supported and backed by resilient management. As a cloud- platform, NetSuite provides secure hosting on the Oracle Cloud Infrastructure and support through BrightBridge Solutions and trusted partners.

Ability to adapt (and scale) quickly

Lead finance systems, like NetSuite, boost business and drive change and growth by enhancing access to customer data, allowing businesses to better understand their customers and provide the services desired. Company growth is not the priority for many at the moment, but in the context of implementing smart infrastructure, it’s crucial to remember that any system should support a business’ goals for a number of years to come as well as serve today’s needs. Decision-making is heightened with NetSuite as businesses can analyse data – in real-time – to focus on product or service modifications and scalability. OpenPayd, for example, approached BrightBridge when it required a single business entity in NetSuite and, four years on, the financial technology company whose mission is ‘to open up banking and payments for business globally, through a modular platform’ operates in 37 countries. The bespoke dashboards we created for OpenPayd within NetSuite have allowed the company to translate data into meaningful insight, and as the company has grown, the system has seamlessly expanded too. Switch it around and it’s a no brainer; if a business’ system or systems don’t support rigorous financial accounting controls, compliance and transparent real-time financial reporting across multiple subsidiaries, currencies, languages and tax jurisdictions, how is that firm going to adjust to the world around them or scale successfully?

Why should businesses implement a new system?

Adopting a new financial management system can eradicate many of the challenges to business recovery almost instantly. It allows businesses to simplify and automate processes, reduce pressure on internal resources, and consolidate management, compliance and reporting. Quite simply, NetSuite gives you the 360 view you need. Any business that provides finance as a service should consider how NetSuite combats the challenges obstructing recovery and contact us to discuss the benefits of financial control that this sophisticated system can achieve.