Case Study: NetSuite SuiteSuccess Financials First Premium ERP Implementation for AVASK

Customer Success Story

Folio3 implemented NetSuite SuiteSuccess Financials First Premium for AVASK. The implementation enables them to efficiently manage financial operations across 18 subsidiaries with a unified chart of accounts and automated compliance.

Company

AVASK Accounting & Business Consultants Ltd

Company Size

201-500

Industry

Financial Services

Region

NetSuite Services

NetSuite SuiteSuccess Financials First Premium

All NetSuite Solutions and Modules

NetSuite OneWorld NetSuite Revenue Management

Application replaced

About Avask

Accountants and business consultants.
Serving 8,000 + e-commerce sellers.
Globally present in the UK, Europe, the USA, UAE, China, and Australia.

Avask & NetSuite

With NetSuite implementation, AVASK:

Unified chart of accounts adopted across 18 subsidiaries.
Automated, Multilingual intercompany billing.
Standardized approval workflows for customer invoices.
Recognized revenue correctly in real time based on each company’s billing and services.

Summary

AVASK achieved unified global financial management across 18 subsidiaries with automated compliance through Financials First Premium implementation.

Aimed to leverage NetSuite’s Schedule Billing operations and Invoice Sales Orders to align invoices from Sales Orders to specific sales policies relevant to AVASK.

With this implementation, they gained the ability to manage revenue recognition based on their company-specific billing cycle when their services are rendered.

AVASK also wanted to automate intercompany billing, where invoices and bills could be created in respective subsidiaries without manual intervention.

The Challenges

Unable to maintain a single Chart of Accounts across all subsidiaries while supporting unique accounting contexts.
Struggled to meet complex statutory requirements for diverse regulatory needs across multiple countries.
Lacked approval workflows for sales orders and invoice creation.
Could not automate intercompany billing with invoices and bills created in respective subsidiaries.
Had no system to manage revenue recognition based on their company-specific billing cycle.

Solution

AVASK partnered with Folio3 to implement NetSuite SuiteSuccess Financials First Premium, along with NetSuite OneWorld and NetSuite Revenue Management modules.

Our implementation purpose was to address the specific challenges faced by taxation and accounting firms, particularly in multi-subsidiary management and revenue recognition. Our solution focused on:

Accounting contexts are created and enabled for subsidiaries with a unique name and number against each chart of accounts.
Used Schedule Billing and Invoice Sales Orders to enable auto-creation of customer invoices.
Used Workflows to manage approvals when a bill is created, with email notifications to designated employees.
Set up access levels on roles to allow role-based approvals on Sales Orders.
Used NetSuite web scripting to automate billing for intercompany transactions, creating an Invoice (customer subsidiary) and Bill (Vendor Subsidiary) respectively.
Enabled French, German, Chinese, Spanish, and Dutch contexts to enable various reports, such as EEC, periodic Audit files, XAF, and VAT reports, to integrate NetSuite with Taxation authorities.
Configured Advanced revenue management functionalities to address Revenue recognition objectives.

Results

With NetSuite SuiteSuccess Financials First Premium Implementation, Folio3 helped AVASK achieve the following:

A unified chart of accounts now covers 18 subsidiaries and supports accurate consolidation and statutory compliance.
Intercompany billing now runs automatically with multi-language support and meets global compliance needs.
Customer invoices now follow standardized approval workflows with stronger financial control.
Schedule Billing now aligns with AVASK policies for recording transactions when their services are rendered.
Revenue now reflects real-time recognition tied to each company’s billing cycle and service delivery.