Customer Success Story

ingenius

Facilitated financial reporting, simplified procurement and sales processes, and strengthened inventory management.

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Ingenius

Company

ingenius

Company Size

201-500

Location

New Haven, CT

Service Used

ERP Implementation

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Customer

InGenius Prep is a company that provides admissions counseling to students globally. It was founded by former admissions officers from top schools at Yale University. Today, the company has a team of over 150 experts who aim to make students shine in admissions by highlighting personal qualities and academic excellence.

Summary

InGenius Prep partnered with Folio3 to implement NetSuite ERP. This initiative aimed to enhance operational efficiencies through improved financial reporting, procurement processes, sales order management, and integration with existing CRM systems, in order to solve the challenges faced by InGenius Pep.

The Challenge

InGenius Prep faced several challenges, including inefficiencies in financial reporting, the requirement for improved procurement processes, and integration between its sales and CRM systems. To address these challenges, InGenius Prep needed an ERP system to help it grow, refine data, and ease the decision-making process.

Solution

  • Set up general accounting, including a chart of accounts, departments, locations, classes, subsidiary management, monthly accounting periods, journal entries, issuing checks, fiscal close, bank deposits, and bank feeds.
  • Setup of advanced financial features, revenue management, and integration of NetSuite SuiteAnalytics Warehouse.
  • Set up basic item master for inventory and non-inventory items, manage item pricing, price levels, tier pricing, and unit of measure.
  • Set up vendor masters, purchase orders, item receipts, bills, payments, returns, credits, prepayments, and standard purchasing reports.
  • Configuring NetSuite to support HubSpot Payments and ensuring CRM data flow from HubSpot to NetSuite.
  • Handling vendor and customer transactions with reports on aging, payment histories, open invoices and bills, profitability, and expense management.
  • Set up customer/contact master, quotes, sales orders, item fulfillments, invoices, payments, returns, item receipts, credit memos, basic CRM with HubSpot, and support management.
  • Review of NetSuite's financial statements and reports, such as income statements, balance sheets, cash flows, ledgers, trial balances, transaction details, and sales and purchase reports.

Result

Folio3 deployed NetSuite ERP for InGenius Prep, enhancing functionalities across financial reporting, procurement, inventory management, and customer service. The new system has facilitated financial reporting, simplified procurement and sales processes, and strengthened inventory management.

Additionally, integration with HubSpot has improved the effectiveness of marketing and sales strategies, leading to better customer engagement and satisfaction. This comprehensive approach has boosted operational efficiency, enabling InGenius Prep to scale and grow strategically.

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