NetSuite OneWorld Ideal for Virgin Money's Business Model

"NetSuite OneWorld has the multi-company capabilities and Web-based nature that make it ideal for our business requirements. We're far more efficient than we were before. And that's important because if we can do all of our processes better and more cost-effectively, we can pass the savings on to customers."

—Virgin Money Australia



Results:

  • Significant savings compared to other solutions — due to NetSuite's SaaS model, avoiding need for expensive servers and hardware
  • More efficient processes (bank reconciliation, expense payment, and purchase orders) enabling cost savings that can be passed along to customers
  • Room to grow: New product lines quickly incorporated into the system, as are new users, and subsidiaries.

Challenges:

  • Needed to bring outsourced accounting function in-house, while enabling more robust reporting and more efficient financial processes
  • Entering transactions manually into the accounting software slowed things down
  • New platform had to be flexible enough to integrate new product lines, users, and subsidiaries — while not requiring large capital expense outlays.

Solution:

  • NetSuite OneWorld ideal for Virgin Money's business model, where different product groups — such as its superannuation arm — are structured as separate subsidiaries but need to be consolidated into the main business
  • All financial functions brought in-house
  • NetSuite automates Virgin Money's accounting processes.







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