SNAP was operating eight separate subsidiaries each running on a stand-alone instance of Microsoft Great Plains. The companies main challenge was around consolidated financial reporting across multiple currencies. To achieve consolidated reporting in eight instances of GP, SNAP was making manual elimination journal entries and combining excel reports from each GP instance on a monthly basis.
NETSUITE IMPLEMENTATION CASE STUDY
FIN-TECH
Snap Finance
SNAP doesn’t offer traditional loans. Instead, they offer a consumer lease that allows customers to finance the merchandise purchase over 12—18 months of convenient payments. SNAP helps customers with bad credit that need new tires for a car or new furniture for a growing family. They are your partner for fast and easy lease-purchase financing.
The challenge_
Solution_
Financial migration of trial balances from eight separate instances of Microsoft Great Plains, including import of historical foreign currency revaluations for each historical period. Implemented NetSuite’s Balancing Segments for GL Product Codes, to balance AP and GL transactions for Custom GL Product Code through NetSuite’s automated balancing segment functionality at month-end, saving Accounting from having to identify and fix out of balance transactions.
The Results_
01_ Consolidated financials
02_ Streamlined financial reporting processes
03_ Single system for all subsidiaries