NetSuite Implementation
Streamlined Operations for a FinTech Company
- Industry
- Financial Technology
- Service
- NetSuite OneWorld Implementation|Cloud ERP Migration|Multi-Currency / Multi-Subsidiary Configuration|Compliance & Reporting Setup
Overview
Like many other industries, FinTech companies want to lower their operating costs and unlock new revenue streams — frequently by optimizing operations. Multiple revenue streams are a smart approach whether it’s an investment portfolio or financial services. This case study details how Sphere infused new technology into a FinTech company’s core business using NetSuite.
Pressures FinTech Companies Face
Constant Compliance Pressure
FinTech companies are continuously monitored and required to meet regulatory standards — without compromising the speed at which they ship product.
Global, Multi-Currency Operation
Operating globally in multiple currencies as the business scales puts pressure on accounting, reporting, and financial consolidation.
Visibility Across Financial Data
Leadership needs clear visibility of financial data — and most start with on-premise, home-grown solutions, QuickBooks, or Excel that can’t keep up with growth.
How We Solved It
Implementing NetSuite OneWorld as the cloud-based ERP was fundamental to the growth and efficiency that FinTech companies need to achieve scalability. NetSuite is built to support both global standards and country-specific localized requirements — so the platform fits the business as it expands rather than constraining it.
1. NetSuite OneWorld as the System of Record
Replaced fragmented on-prem and spreadsheet-based finance systems with NetSuite OneWorld — a single cloud-based ERP that scales with revenue, headcount, and entity count.
2. Multi-Language, Multi-Currency, Multi-Subsidiary
Configured NetSuite for multi-language, multi-currency, multi-subsidiary operation, so financial consolidation across operating subsidiaries became a single click instead of a quarter-end project.
3. Compliance & Process Configuration
Configured the system to support regulatory compliance and the FinTech’s specific business-process requirements — security, data protection, and country-specific localizations baked in from day one.
Key Outcomes
Always-On Compliance
With security, data protection, and built-in compliance standards, the FinTech can rest assured that regulatory requirements are met as a property of the platform.
Seamless Financial Consolidation
Multi-language, multi-company, multi-currency global solution makes financial consolidation across operating subsidiaries seamless.
Tooling That Adapts to Growth
NetSuite supports both global standards and country-specific localized requirements, so the technology adapts as the business scales.
Operational Cost Headroom
Lower operating cost from a single, well-configured ERP creates the headroom to invest in new revenue streams instead of patching legacy tooling.
The Results
With security, data protection, and the ability to meet compliance standards, this FinTech company can rest assured that by implementing NetSuite, they maintain regulatory compliance and have the proper tools in place to configure the system to support their business-process requirements. NetSuite as a multi-language, multi-company, multi-currency global solution makes financial consolidation across multiple operating subsidiaries seamless.
