Increased efficiency in accounting through the implementation of tools and processes
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Interim Head of Accounting, responsible for the implementation of NetSuite in Germany and the USA
Use cases
Increasing efficiency in accounting
Takeover of accounting from the tax consultant
Implementation of NetSuite in Germany
Establishment of guidelines and processes relating to accounting in the company
Support with the foundation of the new French subsidiary
"torq.partners has massively increased our efficiency in accounting and significantly reduced the error rate. I can only warmly recommend working with torq.partners."
Ruben Faust
Interim Vice President Finance
Challenges
The company had no accounting knowledge whatsoever.
The external accounting firm lacked guidance from the company.
There was no procedure for the month-end closing.
The supplier invoices were incomplete.
There was no inventory management.
The outgoing invoice process did not work properly.
The documentation of deferred income for previous years was incomplete.
Solution
Introduction of NetSuite as a central accounting and reporting tool.
Introduction of automation via an external tool for supplier invoices.
Improved cooperation with external accounting firm.
Definition of a company-wide purchasing process.
Preparation of invoice and travel expense guidelines.
Takeover of accounting from the tax consultant by implementing NetSuite.
Introduction of a monthly closing process with a strict schedule and checklist.
Reconciliation of deferred income for previous years.
Impact
The introduction of NetSuite as a scalable accounting and reporting platform laid the foundation for efficient exponential growth of the company.
The introduction of monthly closing means that investors receive the reports twice as quickly as before.
By implementing the purchasing guidelines and a tool for receiving invoices from suppliers, the number of missing invoices was reduced by 60%.
The satisfaction of other departments with the accounting team was increased through clear processes.
The quality of the monthly financial statements has been significantly improved.
