NetSuite OneWorld – Selling to the Finance Function - CuriousRubik

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OneWorld – Selling to the Finance Function

Our Mission as we Move Upmarket in ERP

To win the hearts and minds of the Finance Department . . .

Customer Experience &

Alignment

Brand Strategy

Demand Generation

Sales Engagement

Roadmap / Product

Enhancements

Partner Solutions

Implementations Success

To win the hearts and minds of the

finance department

Our Strategy Moving Forward

Key Success Factor for Strategy

Have we engaged the Controller function appropriately?

Our Mission as we Move Upmarket in ERP

To win the hearts and minds of the Finance Department . . .

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Engage with

Finance

Winning the Hearts and Minds

Understand the Unique Role of the Controller

NetSuite’sValue

Proposition for Controllers

Present NetSuite in

Context

Tools to Build Credibility

Case Study of ClearChoice

Engage with Finance

Why Does the Controller Have Power?

Situational KnowledgeWill this work for us?

Will it fit in to our culture?

Will this make the department better?

Will this add value to the company?

Influence is Created from Trust Relationship

More than any other business relationship, the CFO must trust the Controller

How is Trust Defined?

Character

Competence

Trust Can Be Shared

If I trust you, and you trust them then I will trust them because of you.

Solve the controller’s problems in such a way that lets him envision how to solve the CFO’s problems.

Understand the Unique Role of the Controller

A Day in the Life of a Controller

Why Do They Feel So Much Pressure?

Unrelenting Time

Pressure

Increased Responsibilities

Reduced

Budgets

Controller key responsibilities “Oversees the “nuts and bolts” of the finance

org.”

Maintain a strong control environment to ensure the integrity of transactions and reporting data

Preparation of Accurate and Timely Financial Statements

Accounting teams and financial processes

FP&A (in smaller organizations)

Policy and procedures

Compliance

Treasury (in smaller organizations)

Contrast to CFO responsibilities

Strategy

Forecasting

Operations

Board Relations

Risk Management

Capital Structure

Controller Focus

Integrity of data

Accurate and efficient processing of transactions

Account reconciliations

Timely closing of books

Meet reporting deadlines

Short-term cash management of the organization

Controller Concerns

Financial statements fairly represent the financial position and operations of the company

Maintain an adequate control structure and procedures for financial reporting

Efficiency and integrity of systems, processes

Multiple Reporting requirements/obligations

Compliance

Cash Flow

Accounting Team

Controller Vision

Accelerate the “close process” – Closing the books

Seamless flow of accurate, relevant, timely and meaningful data across the organization

Business advisor across the organization – Strategic Partner

Finance Department Long-Term Objectives

Strategic Business PartnerDecision Support

PlanningControl & Submission

ForecastingP/L, BS & Cash flow

Variance Reporting Departmental Analysis

Basic Reporting

Transaction Processing & Journals

Internal Controls and Security

“NetSuite Removes the pain, it is scalable and decreases risk” Rearden Commerce Controller

NetSuite’sValue Proposition for

Controllers

NetSuite Technologies Strengthen Competence

Internal Controls

Closing the books

Reporting

Audit and Regulatory Compliance

Global and Local Compliance

NetSuite Strengths – Internal Control

COSO define Internal Control as:

“ … as a process …effected by management ….designed to provide reasonable assurance regarding the achievement of objectives

in the following categories:

- Operational / Strategy

- Reliability of reporting

- Compliance

“provide thought leadership on the development of frameworks and guidance on enterprise risk management, internal controls and fraud deterrence”

NetSuite Strengths – internal controls

Five components of Internal Control

Control Environment

Risk Assessment

Control Activities

Information and Communication

Monitoring Activities

Examples of Transactional Control activities

Verifications

Reconciliations

Authorizations and Approvals

Physical Controls

Controls over standing data

Supervisory Controls

Controller Comments – Internal Controls

“Increased confidence with controls and the integrity of the data in the system” Rearden Commerce Controller

“Inventory management critical in the business and NetSuite has allowed for the management of Orders, Sales and Inventory in real time” Miche Bags Controller

“Audit Trail – is GREAT! Who performed what transaction & when” Mike Foreman, NetSuite Controller

“Netsuite Removes the pain, it is scalable and decreases risk” Rearden Commerce Controller

Controllers and our competitors talk Internal Control

Internal Controls …. Complete

Closing the books .......

Reporting

Controller – Close the books

Closing the books with NetSuite

Accelerate the monthly close process, eliminate multiple off line versions

Everything in the one system and controller controls the entire close process from within the system.

Flexible to meet the multiple and changing reporting needs

Automates consolidation of all entities with automatic conversion of foreign currencies

Real time access that delivers relevant current information to dept. heads directly to their dashboards

Analytical review and variance analysis

Period close controls

Greater Visibility and Transparency across organization

Controller – Closing the Books

“Period Close Checklist” Enables Controller to Control the Close Process

Controller Comments – Closing books

“Switched from Quickbooks and significantly accelerated Close to 5 regular business days” Rearden Commerce Controller

“Rapidly growing and evolving business. Information is critical. Already has accelerated the close process by 65%” Miche Bags Controller

“NetSuite Consolidation functionality powerful. Rely on the Audit trail functionality when determining what has changed during the close process. Prior to NetSuite we downloaded information into excel and consolidated off line. Numbers frequently changing so data was out of date before consolidation complete.” Rearden Commerce Controller

“One system and seamless, Reconciling is easy” Mike Foreman, NetSuite Controller

Key Takeaway

Closing the books ....... Complete

Reporting ……

Reporting

It’s EASY

NetSuite becomes the reporting source of record

Real Time -“one version of the truth”

Eliminate off-line reporting pain

Access Controls

Robust and flexible COA and Segmental Structure

Demo to controller saved search and can still export to excel

Controller Comments - Reporting

“We can build reports that we were never able to build before. This really changed things for us” Miche Bags Controller

“Cultural move away from excel … Now If the data is not coming from NetSuite then it lacks credibility” Gawker Media Controller

“Significantly more robust then prior reporting” Rearden Commerce – Controller

Now our reporting structures allow people across the organization access information that is critical to them but deny access to non relevant information.” Miche Bags Controller

Reporting ....... Complete

Audit …….

Controller and Audit using NetSuite

Virtual Audit - Auditors can be given “tailored” inquiry access – work remotely review documentation online

Auditors Offsite = REDUCED COSTS

Increased Transparency and Seamless (one integrated System)

SSAE 16 (Audit/Certification of “NetSuite Software” that Auditors rely on – E.G. Data warehouse Security, Code, ETC.)

Auditors easily review control environment by reviewing roles, permissions and restrictions, audit tool and system notes tracks all transactions and changes in system

System generated supporting schedules

Perfect for Interim Audits

Reporting ....... Complete

Audit ……. Complete

Global and Local Compliance …..

Summary: Managing Tax & Compliance

– Controller Focus Recap: Integrity, Accuracy, Timely – Trust

– Actively seeking to reduce / avoid ‘risk’

– Tax & Compliance burden increasing Globally

– Traditional ERP solutions cause Compliance Challenges

– Transparency, Systems, Process, Controls

– Ability to meet Tax & Compliance needs absolutely a driver (and consideration) for a new ERP system from Controller’s perspective

Sarbanes Oxley Act

“Senior Accounting Officer”

increased "mutual

cooperation"

between authoritie

more sophisticated audits

more aggressive

tax authoritie

pace & quantum

of tax changes

Complexity & Cost of

Reporting Obligations

Controller’s Focus: Common Questions

– What Countries does NetSuite support for Local Tax & Compliance?– NetSuite provides the broadest and deepest pre-configured Tax & Compliance solution of

any ERP vendor

– We are deployed in over 110 countries

– We have 51 countries available ‘out-of-the-cloud’

– Local partner engagement required for Brazil, China, Israel & Russia (MSA + License)

– Is NetSuite certified in those Countries?– We are certified in those countries where it is mandatory for the SW vendor

– We work with customers and local partners to achieve certification in other countries

– Does NetSuite support eFiling?– We support eFiling where it is mandatory

– We are proactively adding additional countries ahead of local government schedules

– How do I Audit / Verify our Tax Reports?

– Full Drill-down from Summary Tax Report to underlying Transaction Detail

– Confidence provided by Single System / Audit Trail / System Notes / Etc.

Note: More content is currently available on Sales Tools. Deeper training of global taxation will be provided on an ongoing basis.

Tax Reporting - Supported Countries

01 Australia 18 India* 35 Russia*

02 Argentina* 19 Indonesia 36 Serbia

03 Austria 20 Ireland 37 Singapore

04 Belgium 21 Israel* 38 Slovakia

05 Brazil* 22 Italy 39 Slovenia

06 Bulgaria 23 Japan 40 South Africa

07 Canada 24 Kenya 41 South Korea

08 Chile 25 Mexico 42 Spain

09 China* 26 Netherlands 43 Sweden

10 Columbia 27 New Zealand 44 Switzerland

11 Costa Rica* 28 Norway 45 Taiwan

12 Cyprus 29 Panama* 46 Turkey

13 Czech Republic 30 Peru 47 Thailand

14 Denmark 31 Philippines 48 Uruguay

15 Finland 32 Poland 49 UK

16 France 33 Portugal 50 Ukraine

17 Germany 34 Romania 51 USA

* NetSuite Partner solution

Countries in green = Online filing ready

Audit Transparency – Blow Their Minds!

How To Incorporate in Sales Discussions– Identify Country Footprint & Dominant/Influential Subsidiaries

– Cross-Reference with Portal, Country Matrix & Sales Tools Materials

– Learn (and Use) the Lingo in Discussions and Demos

– Help the Local/Regional Controller (FD) check the box

– E.g. For Germany reference MWst, Ust, GDPdU, Elster

– Leverage discovery of existing systems to represent NetSuite as a superior tool for addressing Tax & Compliance challenges

– Proactively seek assistance where International markets are involved

– The right accent / location is more important than you think

– Partner Engagement boosts credibility & may be necessary

– Be confident – our approach and solution is better than any competitor and way ahead of what they have today

Present NetSuite In Context

Engineer a Vision

Controller’s Want to Add Value

Basic Reporting

Transaction Processing & Journals

Internal Controls and Security

Without the core, there is no value

There are unlimited opportunities to close gaps in value

NetSuite is the tool that can support the entire pyramid

Everything Impacts the Financials

Frame Non-Financial Aspects to Value

Sales Force

Automation

Improved

Transaction

Processing

Case Manage

Days Sales

Outstanding

Role Security

/ Dashboarding

Self Service Reporti

The Opportunity Gap

NetSuite can Extend Finance’s Influence and

Leadership

When there are Common Facts Communication Improves

Communication Effectiveness

Tools to Build Credibility

Tools for Selling to the Controller

We’re Tools, but not that kind of Tool

SLIDE DECKS

Demo Sets & Scripts

Education Tracks

Diagnostic Packets

Accounting Use Cases

Scripts

Customer References

A Case StudyClearChoice Dental Implants

Who is ClearChoice?

Where did we need

improvement?

What happened?

How does this apply to you?

Why stay awake for 10 minutes?

Actual Photo of Me Before Great Plains

Why am I Here?

True Believer

Who is ClearChoice?

What was driving our decision?

500+ employees

32 centers

92 instances of Great Plains

20072008

20092010

20112012

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

$160,000,000

$180,000,000

$200,000,000

Annual Sales by Year

Where did we need

improvement?

ClearChoice’s Reasons for Change

Simple Reporting

Transaction Processing & Journal Entries

Security & Internal Controls

Average for industry

No Trust

Variance Reporting Departmental AnalysisV

Minimal variance reporting

No influence

Strategic Business PartnerDecision Support No leadershipNo value added

insight

The Call to Action

Doctors worried about accounting and not patient care

A private equity merger held up because of the diagnosis

No TrustNo Influence

No Leadership

What happened?

The Cure Resolved the Symptoms

Cloud technology

provided key transparency to investors

Closing reduced 80% to three days

Actionable business

intelligence provided to

By golly, Jim, I'm beginning to think I can cure a rainy day!

Our Private Equity Merger Was Complete

“If we’d put NetSuite in 6 months earlier, doing the deal with Catterton would

have been so much easier”.

Jeff Adams, CFO

We Moved Up the Food Chain of Value

Simple Reporting

Examples of Added Value

• 2013 departmental budgets

• Procurement against budget

• Marketing spend analysis

• Implant rebate recovery

• Weekly cash flow reporting

• 13 week cash forecast

• Bank covenants• New line approved

Confidence of our bankers

Private Equity reporting

Departmental planning/control

Understanding our cost structure

How Does This Apply to You?

ENGAGED EARLY

Chief Finance OfficerVP FinanceControllerDirector of Accounting

Connected Benefits to Emotional Drivers

Drill Down Availability Trust

Simple Reporting

We used to argue about if the numbers were right.

Now we argue about what the numbers mean!

Benefits when put in Context are Powerful

Customizable One Source

of Truth

Data Driven Flexible

ReportingInfluence

Department heads came to us for help designing budgets and improving operations

Fast Close Actionable Insight Leadership

Data Driven Strategy

The Takeaways from Our Presentation

Engage Early

Understand the Controller’s Needs

Take Advantage of our Role

Thank You!

Albert Ryan, Chris Miller & Craig Sullivan

www.curiousrubik.com@curiousrubik

NetSuite OneWorld – Selling to the Finance Function - CuriousRubik

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