Consolidating data from various countries with each running different finance systems was quite time consuming; it took two to three days a month to bring all the data together and present current figures. NetSuite has made that financial consolidation problem go away, now it barely takes half an hour.”
Company at a Glance
- Headquarters
Brighton, UK
- Industry
Social Media
- Applications replaced
Quickbooks
- Solution
NetSuite OneWorld
Customer Success
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Increasing revenue
Brandwatch, a rapidly growing social media software company, has more than doubled turnover since 2013, taking annual revenues up from £8.8 million to £15.2 million one year later
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A decade of growth
Within a decade, Brandwatch has grown from 4 employees to around 400 today
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Monitor and analyse
Brandwatch helps brands like BT, Marks and Spencers and L’Oreal monitor and analyse over 80 million social media sources—including blogs, new sites, Twitter and Facebook—as a subscription-based software service to over a thousand clients worldwide
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Well managed finance department
Despite staff numbers increasing significantly, the finance team has only grown from six people to 2013 to fourteen today, thanks largely to NetSuite
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Efficient analysis of the business
All reporting is now centralised, enabling more efficient analysis of the business, without having to rely on complex Excel spreadsheets
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Easy Integration
Easy Integration with other platforms, including billing, expenses and human resources, has taken away a lot of manual work and effort
Partnering with Nolan Business Solutions helped ensure a very swift implementation and proved instrumental in getting us a more focused service and ongoing advice on best practice. It gave us the extra peace of mind for a smooth go-live and experts on call to help deal with a new system.
Challenges
International growth
After successive years of international growth, Brandwatch found itself running separate accounting systems, originally designed for small business, in three different countries
Data was inconsistent
Data was inconsistent across the business and different configurations and taxation requirements were proving difficult to manage
Didn’t have the resources
Brandwatch didn’t have the resources to develop its own systems and preferred a subscription-based financial solution that would scale as it grew, without having to pay continually for license upgrades and future fixes
Solution
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Implemented in 14 days
NetSuite OneWorld was implemented in just 14 days by Nolan Business Solutions for the automatic allocation of expenses and for managing multiple accounting systems across the UK, German and US offices
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Central record
Brandwatch uses NetSuite primarily as a general ledger and corporate ERP system to provide a central record of everything that happens in the company
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Cloud-based management
The cloud-based financial management system helps the business adjust for currency, taxation and legal compliance issues around the world, including specific sales taxation requirements in the US, as well as VAT across Europe
NetSuite means being able to scale things relatively seamlessly. It helped us get our accounting systems up and running quickly and easily. Even after acquiring a new company everything just fits together as scale is never a problem. It’s a proper enterprise system with seamless upgrades. We’re continuing to reap the rewards.
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