COOPER Software, the Scots software ERP and business intelligence (BI) consultancy, has announced today that it has implemented the NetSuite OneWorld enterprise-class cloud financial solution at Calastone.
Begins a spokesperson: “Calastone provide the global fund transaction network for fund management and were recently ranked in the top 50 of The Sunday Times Hiscox Tech Track 100. The project enabled Calastone to manage key business data and financial processes in a single unified and easily-accessible cloud financial management system.
“With NetSuite OneWorld, Calastone is now able to run financial consolidation across four business subsidiaries in the UK and Hong Kong, multi-currency financials including Australian dollar, British pound, Euro, Hong Kong dollar and US dollar, and multi-country tax compliance while gaining a real-time view into the financials.
“Prior to the implementation, Calastone’s staff manually recorded and presented financial data, which had to be copied from one of the company’s four financial systems to another system.
“Due to the complexity of the data being transferred and double data entry, there was a risk of introducing potential keying errors and inaccuracies during the copying process.
“In order to support the continued growth of the company, Calastone identified the need to consolidate its four disparate financial systems into one unified cloud system. The new system was needed to empower staff, giving them system access from any location and allowing them to share up-to-the-minute information across multiple subsidiaries across different business divisions in the UK and Hong Kong.
“The aim was to ensure that Calastone could accurately forecast and report profit and loss, cash flow and budget sheets across its entire business. Furthermore, the system also would need to be extremely user-friendly as well as flexible so it could be used by company staff at all levels.”
Eddie Richards, finance director at Calastone, said: “We chose Cooper Software because of their experience in implementing ERP systems and its expertise of NetSuite cloud ERP implementations.
“We were sold on their implementation methodology which gave us the confidence that we would deliver on time, on budget and with all the functionality we required.
“With Cooper Software we chose the NetSuite solution because it was the best all-round cloud solution and matched our needs perfectly in terms of features, usability and reporting.”
With Cooper Software’s implementation and configuration of NetSuite OneWorld, Calastone has gained a system that provides them with benefits that include:
- Real-time financial consolidation. Calastone now has consolidated charts of accounts enabling employees to raise inter-company journals and invoices, income statement and balance sheets which are consolidated and non-consolidated into each subsidiary’s currency.
- Multi-subsidiary, multi-currency support. As well as gaining a consolidated view of its entire operations, Calastone can drill down into the performance of individual subsidiaries and is also able to support multiple currencies including the Australian dollar, British pound, Euro, Hong Kong dollar and US dollar.
- Instant data access anytime, anywhere. For the first time, Calastone employees have been able to access real-time information from both their desktop and their mobile devices when they are on the move.
- Improved efficiency. Calastone’s key business data is now stored on one, easily accessible central cloud platform, NetSuite OneWorld, eliminating the inefficient management of information across four disparate finance systems.
Frank Cooper, founder and managing director at Cooper Software, said: “Cooper Software has provided Calastone with and implemented NetSuite OneWorld, a cloud-based platform that delivers real-time visibility into the financial performance of the entire organisation for all employees to access where and when they need it.
“Calastone are already seeing savings in finance administration time upwards of 50 per cent since implementation and expects a return on investment (ROI) in under six months.”
The spokesperson continued: “Using Cooper Software’s established and proven methodologies and five-step process – Kick off/initiation, process and set up, solution workshops, end-user training and go-live/support – the NetSuite OneWorld project for Calastone was delivered smoothly.
“Further delivery efficiencies were achieved using off-the-shelf utilities and tools to expedite manual project tasks such as data migration, data cleansing and creating reports and queries.”
Mark Woodhams, EMEA MD of NetSuite, commented: “This project is another compelling example of why global businesses are choosing NetSuite’s flexible, agile and scalable cloud solution to support their multi-currency, multi-language and multi-tax requirements.
“Global businesses also benefit from the real-time visibility into their operations that NetSuite provides with anywhere, anytime access that gives them a complete picture of business performance around the world. Working with industry experts like Cooper Software helps to ensure their success.”
About Cooper Software
Cooper Software is a leading mid-market technology consultancy delivering successful business change programmes to its clients. As a systems integration specialist, Cooper Software focuses on making its clients’ business systems work harder for them.
Whether that’s fitting an ERP system to meet unique business processes, enhancing systems with bespoke applications, or providing round-the-clock support using specifically developed skills, tools and utilities, Cooper Software has the breadth and depth of technical knowledge to make it work.
Cooper Software is an IFS Business Partner, and a Qlik and NetSuite Solution Provider and, since being founded in 2005, it has grown to become one of Europe’s largest independent providers of products, consulting services and support for ERP and Business Discovery Solutions.
Cooper Software has provided over 250 enterprise and BI solutions for clients all over the world.
Cooper Software is headquartered in Fife, Scotland, with additional offices in Manchester.
For more information on Cooper Software, please visit www.coopersoftware.co.uk.
Calastone is the global fund transaction network. More than 780 customers in 23 domiciles are processing domestic and cross-border transactions across Calastone’s multi-award winning transaction network, benefiting from the cost and risk reduction opportunities transaction automation can offer.
Calastone helps distributors, platforms, fund managers, third-party administrators, custodians and pension fund administrators reduce their risks and costs of fund processing by removing all the technical barriers to the automation of fund transactions.
Calastone is part of Fintech50 and European Fintech, ranked in the top 50 of The Sunday Times Hiscox Tech Track 100, and is one of the UK Government Tech City Future Fifty companies, recognised for high growth and transforming industries.
For more information about Calastone, please visit www.calastone.com
Today, approximately 24,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud.
Since its inception in 1998, NetSuite Inc. has established itself as the leading provider of enterprise-class cloud financials/ERP, CRM and omnichannel software suites for mid-sized organisations, large enterprises and divisions of large enterprise seeking to update their antiquated client/server ERP and other systems.
NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
For more information about NetSuite, please visit www.netsuite.co.uk.
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