Thursday, November 17, 2016

Tacoma Screw Products Expands Business with NetSuite and Channel Advisor

A family-owned distributor of fasteners, tools and construction supplies with 16 stores in the Pacific Northwest and a 50-person sales force, Tacoma Screw Products has managed to grow and thrive despite increasing competitive pressure from multi-billion dollar competitors like Fastenal, Grainger and McMaster-Carr, through some sound technology investments and business planning.

To continue to grow, Tacoma Screw knew it needed to invest in both B2C and B2B ecommerce. Three years ago, the company launched a new website on NetSuite SuiteCommerce and now ships to all 50 states, while improving the customer experience. For example, omnichannel commerce capabilities like buy online-pick up in-store have proven very popular with Tacoma Screw’s contractor customers who like to put their order in for the next day’s job and pick it up at the store on the way to the job site.

Meanwhile, NetSuite’s rich ecosystem of partners extends the companies capabilities even further. Using ChannelAdvisor Digital Marketing, Tacoma Screw drives new traffic to its website through comprehensive Google Shopping campaigns. The ChannelAdvisor SuiteApp provides seamless integration into NetSuite, allowing Tacoma Screw to streamline product and order data exchange between ChannelAdvisor and NetSuite. With ChannelAdvisor, Tacoma Screw could automatically configure and segment campaigns to increase its return on ad spend and avoid the time-consuming work of trying to manually manage campaigns.

To learn more about Tacoma Screw and its work with NetSuite, read how the company is leveraging NetSuite SuiteCommerce to extend its commerce reach and watch the video below on how Tacoma Screw leverages the NetSuite and ChannelAdvisor solutions.

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Thursday, November 10, 2016

Billing Moves from the Backroom to the Boardroom

With technology forcing companies in every industry to adopt new business models, NXTurn is giving customers a next-generation solution to win in the marketplace today and future-proof their business for change tomorrow.

NetSuite's SuiteBilling solution gives our customers the ability to manage product, service and subscription-based models within a single system. "What's happening in the cloud economy is that every company has every one of these business models now. That is the future of every company states NetSuite CEO Zach Nelson.

SuiteBilling combines billing and revenue recognition across revenue sources, greatly simplifying the process of managing multiple business models. What's more, with new revenue recognition rules taking effect all over the world, the ability to combine billing and revenue streams is taking on added importance. 

SuiteBilling gives businesses unprecedented control and flexibility over products and pricing, while enhancing the customer experience by improving transparency and focusing on value delivered vs. the cost, all while supporting the new accounting standards.

NetSuite provides a single system to manage orders from multiple sales channels, and to manage billing and revenue recognition that supports compliance with revenue recognition rules such as revenue arrangements with multiple elements (ASC 605-25) and percentage-of-completion accounting (ASC 605-35), while providing a foundation to prepare for adopting ASC 606 in the future.

Additionally, NetSuite's cloud-based architecture, with the flexible and powerful SuiteCloud development platform, enables customizations that carry forward automatically with every upgrade and provides a robust ecosystem of complementary solutions.

Benefits Include:

 

A Core Framework, allowing for internal NetSuite subscription management, project and fulfillment modules to directly leverage core billing, revenue recognition and financial elements and processes via billing accounts and charge records.
Enhanced Order to Revenue. NetSuite's superior and highly scalable order management functionality can process orders coming in from multiple channels and centralize them within one single system while advanced revenue management capabilities support multi-element arrangements.
Role-Tailored User Experiences. Billing and Revenue Work-Centers designed specifically for billing specialists and revenue accountants, respectively, streamline key workflows and help users to complete their critical business activities more quickly and easily.
Subscription Management, supporting subscription- and usage-based pricing models and rating (simple and advanced).
Unified, but Independent Approach, allowing invoicing and revenue recognition processes to work seamlessly together while meeting the specific independent needs of each process.
Rich, Customizable Customer Billing Portals, based on NetSuite's industry-leading ecommerce platform, enable companies to deepen and expand customer relationships.

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Friday, November 04, 2016

NetSuite Year-End Payroll Webinars

 

NetSuite Premier Payroll: Prepare for 2016 Year-End

Join NXTurn for this free Training Webinar, as Adrienne Baker, NetSuite Director of Payroll Operations, helps you prepare for year-end payroll activities. 

During this one-hour Webinar, you will learn how to:

Locate the 2016 Premier Payroll Year-End Guide on SuiteAnswers.
Use the 2016 Payroll Year-End Calendar to identify key dates.
Navigate the Premier Payroll Year-End Guide, concentrating on key activities via the check list.
Identify common payroll mistakes, explain the repercussions, and show you how to avoid them.
Evaluate new regulations that might require action.

 

Who Should Attend: NetSuite Payroll Managers and Administrators 

Date Time Time Zone Register
November 17 11:00 a.m. – 12:00 p.m. Eastern Standard Time Register Now
November 18 11:00 a.m. – 12:00 p.m. Pacific Standard Time Register Now


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Wednesday, November 02, 2016

NXTurn unveils next wave of global capabilities for Netsuite OpenAir—empowering best in class professional services operations

  

Improved User Experience, Real-Time Business Insights, Efficient Resource Utilization & International Capabilities Enable Global Growth 

NXTurn announces the latest Professional Services Automation (PSA) enhancements to NetSuite OpenAir, featuring new flexible international functionality to help global professional services organizations easily expand into new regions. Advances include intuitive and intelligent reporting, powerful budgeting, and an enhanced user experience. This new release is a huge step forward for Professional Services Automation, bringing unprecedented benefits to professional services organizations of all kinds, enabling them to optimize resource capacity, maximize profitability, and arming them with robust and flexible international capabilities to get operations up and running quickly in new markets. Key features for international services businesses in the latest enhancement include:

  • This can be integrated with any ERP and CRM instances that are already in place in these companies, or as a module of the overall NetSuite solution.
  • A new performance console that introduces a rules engine and algorithm for automatically adjusting auto-billing and auto-revenue recognition settings on completed projects.
  • Greater foreign exchange currency decimal precision, allowing customers to more easily integrate with other ERP systems when billing or recognizing revenue in foreign currencies.
  • New project accounting functionality around advanced revenue recognition, including the Balanced Income vs. Forecast (IvF) rule, a key requirement for some of the most advanced global and international customers, allowing for forecasted and actual revenue amounts to be rebalanced automatically each fiscal period to ensure the most accurate method of recognizing project based revenue.

Intuitive and Intelligent Reporting 

NetSuite OpenAir allows us to give our customers real-time visibility into the organization to maximize resources and adapt to business changes. The new reporting capabilities feature an intuitive, user-friendly and flexible interface that leverages an intelligent algorithm that ranks data across key criteria. Powerful Advanced BudgetingThe new Advanced Budgeting module supports both cost-based and billing-based budgets with an efficient budget grid to allow for simple and quick financial entry. The enhancements include new budgeting functionality in a simple-to-use interface, featuring:

  • Workflow controls, giving finance leaders the control to approve and lock down figures, which can dramatically improving confidence in the data.
  • Configurable cost categories, allowing teams to enter cost categories that are unique to their industry and business (e.g. buying servers for a software company, outsourcing creative work or a prototype for an advertising agency) in a single repository.
  • Automated expense and time/labor entries, dramatically simplifying one of the most cumbersome services processes.

Enhanced User InterfaceWith the latest release, NetSuite OpenAir has again improved the user experience, allowing business users to work faster and get the job done more efficiently. The updated QuickView capability provides key data on projects and people without the need to search or click through multiple tabs or applications. This can enable faster, better decision making as important underlying information is pushed to users with the appropriate context.   


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Thursday, October 27, 2016

Wholesale Distribution Evolution - Strategy to Meet the Challenges of Today's Disruptive Times

  

NXTurn delivers a unified and phased pathway for our customers to succeed and scale their business. Our team has worked with hundreds of wholesale distribution deployments. Greater visibility, lower inventory costs, stronger financials and improved customer service – these are the kinds of metrics wholesale distributors seek as they strive to improve business performance. 

NXTurn has found that a growing number of wholesale distributors have improved these metrics and more by moving to cloud-based, integrated ERP platforms that also span CRM, supply chain management, project management, and business intelligence. 

Download the report: Leading a Pathway to Success for Wholesale Distribution Wholesale Distribution 

Download Report 

 

 

Learn more about how NXTurn delivers transformative results and discover how distributors running NetSuite reported KPI improvements in five main categories:

Business Visibility

  • Integrating disparate business systems increases visibility into data and business processes. Based on a recent study by SL Associates, distributors on NetSuite’s integrated platform found that their overall visibility into business performance and operations rose between 50 and 80 percent, according to the research.

Financial Management

  • This is a big category that includes the following KPIs: collection time for accounts receivables, revenue performance, gross margin performance, time to close financial books, days sales outstanding and accounting staff productivity.

Inventory Management

  • Inventory management is critical to the success of a distributor and includes inventory costs, obsolete inventory carrying costs, fulfillment rates and back orders, and planning cycle times. All of these relate directly to a distributor’s ability to see and respond to supply chain orders, inventory, and customer orders.

Customer Management

  • Shipping and fulfillment that the greatest impact on customer satisfaction since it’s the one measure that every customer experiences. So reducing those KPIs translates into happier customers overall, and of course more sales and lower costs to the distributor.

IT Management

  • IT costs were the biggest savings, no surprise with a service with as much overhead as ERP. Distributors who moved to NetSuite’s cloud software reduce the cost of hardware and software upgrades. 
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