folio3

Customer Success Story

Folio3 implemented NetSuite SuiteSuccess Financials First Standard for Sterling Capital Brokers, along with Advanced Revenue Management (ARM), and Fixed Asset Management modules to support their aggressive acquisition strategy and provide scalable financial infrastructure for their group insurance brokerage operations.

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Company

Sterling Capital Brokers Ltd

Company Size

51-100

Industry

Insurance

Region

Canada

NetSuite Services

SuiteSuccess Financials First Standard

All NetSuite Solutions and Modules

NetSuite OneWorld NetSuite Advanced Revenue Management NetSuite Fixed Asset Management

Application replaced

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About Sterling Capital Brokers

  • Founded in 2014 as a human capital services and insurance brokerage firm.
  • Developed cutting-edge software for group insurance administration.
  • Integrates with customers’ HRIS and Payroll platforms to reduce administrative burden.
  • Creates cost-effective, customized insurance plans with competitive rates.

Sterling Capital Brokers & NetSuite

With NetSuite implementation, Sterling Capital Brokers:

  • Unified financial reporting across multiple Canadian subsidiaries with consolidated financials.
  • Automated electronic vendor payments with Bank Payment Integration with Bank of Montreal.
  • Implemented customer payment automation processing approximately 1,500 payments monthly.
  • Deployed Dunning Letters module to improve follow-ups and reduce overdue payment collections.

Summary

Sterling Capital Brokers operated with a custom in-house system for accounting, finance, and SCB Connect (another in-house system) managing investment plans for group insurance, with no subsidiary consolidation concept and data maintained across multiple systems requiring manual reconciliation.

Folio3 implemented NetSuite SuiteSuccess Financials First Standard with Advanced Revenue Management module, Fixed Asset Management module, Dunning Letters, and SuiteAnalytics Connect, creating a scalable financial backbone to support aggressive entity acquisition targets and IPO plans within two years while enabling automated customer payment processing.

Sterling Capital Brokers achieved consolidated financial reporting across all subsidiaries, better management of fixed assets, automated customer payments handling 1,500+ monthly payments, and significantly improved collections through the Dunning Letters module reducing overdue payment follow-up time.

The Challenges

  • Lacked concept of subsidiary consolidation with data maintained across multiple disconnected systems.
  • Required manual consolidation of financial data from legacy in-house accounting system.
  • Had no integration with banks for automated vendor or customer payment processing.
  • Needed scalable financial infrastructure to support aggressive acquisition strategy and IPO within two years.
  • Required better management and tracking of fixed assets across multiple entities.
  • Lacked automated customer payment processing capabilities for recurring insurance payments.
  • Had no systematic approach to dunning overdue payments from customers.
  • Needed migration of 2 years of financial history for comparative reporting and analysis.

Solution

Sterling Capital Brokers partnered with Folio3 to implement NetSuite SuiteSuccess Financials First Standard as the financial backbone for growth.

Our implementation purpose was to address the specific challenges faced by financial services companies, particularly in multi-subsidiary consolidation and payment automation. Our solution focused on:

  • NetSuite SuiteSuccess Financials First Standard with single parent subsidiary (Sterling) and multiple child entities.
  • NetSuite OneWorld Multi-currency configuration supporting CAD and USD with one USD bank account.
  • Advanced Revenue Management (ARM) for subscription-based insurance revenue recognition and deferred revenue tracking.
  • Fixed Assets module with depreciation tracking for accumulated and year-to-date depreciation management.
  • Dunning Letters automation for systematic overdue payment follow-ups and improved collections.
  • Electronic vendor payment automation with Bank Payment Integration for Bank of Montreal.
  • Custom customer payment automation processing approximately 1,500 payments per month.
  • SuiteAnalytics Connect for advanced financial analysis and reporting across all subsidiaries.
  • Custom segment configuration with Class repurposed for “Products” and new custom segment for “Brands”.
  • Bank Feed integration for automated bank reconciliation and transaction matching.
  • Consolidated invoicing capabilities for multi-period billing scenarios.
  • Data migration including 2 years of financial history (24 month-end trial balance journal entries) for comparative analysis.

Results

With NetSuite SuiteSuccess Financials First Standard Implementation, Folio3 helped Sterling Capital Brokers achieve the following:

  • Consolidated financial reporting now provides unified view across all Canadian subsidiaries eliminating manual consolidation.
  • Customer payment automation processes approximately 1,500 payments monthly previously managed manually.
  • Dunning Letters module significantly improved collections with systematic follow-ups reducing overdue payment timelines.
  • Fixed Assets module provides better tracking and management across multiple entities with automated depreciation.
  • Bank Payment Integration with Bank of Montreal automates electronic vendor payments streamlining AP operations.
  • Advanced Revenue Management enables proper recognition of subscription-based insurance revenue.
  • Scalable financial infrastructure now supports aggressive acquisition targets and IPO readiness within two-year timeframe.

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