We migrated data from legacy systems to NetSuite ERP, enabling automated consolidated reports, intercompany transactions, and project-based profit and loss reports for improved financial efficiency.

Our client faced challenges with their legacy financial systems, using both QuickBooks and ZohoBooks. The client operated six entities on QuickBooks and three others, with an Indian branch, and a Sez and Non-Sez one on ZohoBooks.  

The main issue was that each of these sub-companies was treated as a separate entity rather than being consolidated under a single parent company in QuickBooks. For example, even though both the UK and Dubai subsidiaries were on the same platform, QuickBooks did not allow consolidated financial reports.  In ZohoBooks, the Sez and Non-Sez branches with different tax configurations were managed under the same account but as separate branches, allowing for consolidated reports. However, ZohoBooks had data validation issues, causing confusion between Sez and Non-Sez transactions. Additionally, the Indian branch was considered separate from the Sez and Non-Sez ones in ZohoBooks even though those were actually under the former one.  

These created difficulties in generating consolidated reports, handling intercompany transactions, and validating certain accounts. They had to manually create consolidated reports of their legal entities by calculating each sub-company’s profit and loss data. Preparing consolidated reports on a manual basis was very tiring and error-prone.  

Moreover, the transactions needed to be migrated to NetSuite according to the project code of each of the transactions. The client needed the ability to generate profit and loss reports based on specific project code classifications.

Our experts thoroughly studied the client’s issues and suggested a smooth approach to address them. The suggestion involved migrating their data from the legacy systems, QuickBooks and ZohoBooks, to NetSuite ERP. Our suggestions included:

The migration process came with its own challenges. The legacy data from QuickBooks and ZohoBooks was found to be inconsistent and disorganized, requiring extensive cleanup before it could be successfully migrated to NetSuite. Our team had to extract the data from the legacy systems, and then clean up and standardize this data before importing it into NetSuite.  

Our team also performed error checks and completed a trial balance to ensure no data was lost during the migration process. Typically, according to NetSuite best practices, the client handles the extraction process, which can be tedious and error prone. However, in this case, our experts managed the entire extraction, offering the client a significant advantage.  

The challenge was ensuring that the data from nine different entities was accurately mapped and migrated without compromising the integrity of the financial records.  

Additionally, the client’s need for tag-wise reporting based on specific classifications added further complexity, necessitating careful customization of the NetSuite system.

Through careful planning and execution, we successfully migrated all of the client’s financial data to NetSuite using CSV import functionality. The data cleanup process ensured that all mismatched and messy records were corrected, allowing for a smooth transition.  

By consolidating their financial operations into a single ERP system, they can now easily generate consolidated financial reports, perform intercompany transactions, and create profit and loss reports based on project classifications.

Key Achievements:

• Successful migration from QuickBooks and ZohoBooks to NetSuite ERP.  
• Eliminated the need for manual generation of consolidated financial reporting with NetSuite, improving efficiency.  
• Substantial reduction in manual work, leading to increased productivity and cost savings.  
• Enabled seamless intercompany transactions. 
• Improved data validation and security, reducing the risk of errors and inconsistencies. 
• Enhanced reporting capabilities with the ability to generate tag-wise profit and loss reports based on project codes provided by the client.  
• Enhanced financial transparency.

The implementation of NetSuite ERP has positioned our client to continue optimizing their financial processes and expand its use of automated reporting and analytics. With the enhanced data validation, security, and reporting features, the company can now focus on scaling its operations with minimal manual intervention. Future steps may include integrating additional modules within NetSuite to further enhance their digital transformation journey and improve business insights.  

If you’re looking for a revolutionary transition for your business, here’s your destination. Our expert team is ready to assist you with your queries and worries. Reach out to Jobin & Jismi now to discuss your specific requirements.