folio3

Customer Success Story

Biomason

Helped achieve full compliance with DCAA regulations for their US federal government contracts and audits.

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Biomason
Biomason

Company

Biomason

Company Size

51-200

Industry

Building Materials

Region

US

NetSuite Services

SuiteSuccess Services Standard

All NetSuite Solutions and Modules

NetSuite OneWorld NetSuite Fixed Asset Management NetSuite Advanced Inventory Management NetSuite Work Orders & Assemblies DCAA SuiteApp

Application replaced

-

Customer

Biomason is a pioneering company in the construction industry, utilizing biotechnology to create sustainable and low-carbon building materials. With their innovative “biocement” technology, they grow structural cement without emitting carbon, contributing to a greener and more eco-friendly future

Summary

Folio3 successfully implemented the NetSuite SuiteSuccess Services Standard edition for Biomason, streamlining their financials, procurement, sales, and CRM operations.
Folio3 closely coordinated with DASTON for DCAA SuiteApp integration for DCAA compliance for Biomason’s US federal govt (Contract). With Folio3’s expertise, Biomason achieved efficiency, accuracy, and compliance in their day-to-day operations

The Challenge

Biomason encountered difficulties executing their day-to-day financials, procurement, sales, and CRM functions, hindering operational efficiency. Moreover, compliance with DCAA regulations for their US federal government contracts posed a significant challenge. They were seeking a solution to address these compliance requirements and optimize their processes effectively.

Solution

  • Set up and configure General Accounting Setup including COA
  • Setup Departments, Locations & Classes
  • Setup and configure Subsidiary Management
  • Setup Journal Entries (Standard, Recurring, Reversing), Printing & Issuing Checks, Fiscal Close, Bank Deposit, Advanced Financials, Revenue Management
  • Configure Fixed Assets and Standard Financial Reports
  • Set up and configure Basic Item Master (Inventory, Non-Inventory, Kits), Item Pricing (Price Levels), Unit of Measure, inventory cost, item transaction, bin locations, and work orders
  • Set up and configure vendor master, purchase order, purchase order receipt, landed cost, vendor bills, and employee master
  • Setup and configure Customer/Contact Master, Sales Orders, Sales Order Fulfillments, Customer Invoices, Customer Payments and Customer Credit Memo
  • Review different reports, provided by NetSuite out-of-the-box, including financial statements, sales reports, purchase reports, vendor payables, and customer receivables.

Result

Folio3’s successful implementation of NetSuite SuiteSuccess Services Standard edition enabled Biomason to optimize financials, procurement, sales, and CRM processes, resulting in increased operational efficiency. By integrating the Daston DCAA-On-Demand SuiteApp, Biomason achieved full compliance with DCAA regulations for their US federal government contracts, ensuring smooth audits and contract management. The partnership with Folio3 empowered Biomason with accurate financial insights, streamlined workflows, and enhanced customer relationship management, leading to significant cost savings and improved overall performance

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