From the initial discussions through to ongoing support, Nolan Business Solutions have been professional and honest in their approach to this project."
- Headquarters
Sydney, Australia
- Industry
Graphic Design
- Product
Advanced Bank Reconciliation and Statement Direct
Helping Canva with solutions to simplify their accounting processes
Canva is a graphic-design tool website, founded in 2012. It uses drag-and-drop format and provides access to over a million photographs, graphics, and fonts and is used by both non-desginers as well as professionals. Headquartered in Sydney, Canva employs over 200 staff and is currently valued at $1 billion.
Find out how Nolan Business Solutions' in-house developed Advanced Bank Reconciliation (ABR) and Statement Direct applications were able to assist the Canva finance team with a solution to help with matching their bank transactions within NetSuite.
The Challenge
Canva started using NetSuite in January 2018 to simplify their core financial processes and provide a single solution in the cloud. Operating multiple bank accounts across multiple companies within Canva, there was a requirement to automate as much of the process as possible.
This included:
- Automated download of bank statements
- Creation of rules to auto-match transactions in NetSuite to transactions on the bank statement
- The ability to generate transactions such as Direct Debits in NetSuite directly from the bank statement
- Clear visibility of their cash position to the finance team
Canva was also looking for support for their multiple banks in multiple currencies and countries.
The Solution
Canva extensively assessed the market for suitable products to assist with their accounting requirements and identified Nolan Business Solutions' Advanced Bank Reconciliation (ABR) and Statement Direct as being the best fit.
Advanced Bank Reconciliation (ABR) and Statement Direct were designed and built in-house by Nolan Business Solutions and is an intuitive tool that allows users to automatically match bank transactions within NetSuite.
It also allows:
- Flexibility with different bank formats to quickly change reconciliation rules
- Automatic transaction matching; ensures an accurate and in-depth audit trail is created
- Full reporting capabilities
David Anderson (NetSuite Consultant at Nolan Business Solutions) implemented Advanced Bank Reconciliation (ABR) and Statement Direct, along with Vicky Griffith (Account Manager at Nolan Business Solutions) who managed the project.
The Outcome
Introducing Advanced Bank Reconciliation (ABR) and Statement Direct has enabled Canva to speed up their month end bank reconciliation process which allows their finance team to now focus their attention on other important tasks. Also, as soon as the reconciliation is complete, the team now have an accurate and real-time view of their cash position, allowing for finance decisions to be made more efficiently.
