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Another successful year

As we start into our fourth full year as a NetSuite Solution Provider we reflect upon another successful year. We have helped four companies go live with NetSuite, added six new clients for whom we have delivered a range of services as well as adding to our number of NetSuite connector for google apps clients.

Financially the business has nearly doubled in terms of turnover and increased profitability. Keystone Data has employed two new members of staff and extended our relationships with third parties to deliver the increased services.

2017 should be an interesting year as Oracle Corporation start to absorb NetSuite. We are very excited to see how 2017 pans out and wish all our clients and associates a successful New Year.

Sun Branding

Sun Branding Solutions – Project Completed

Sun Branding Solutions , a subsidiary of Sun Chemicals based in Bradford Yorkshire, have gone live with NetSuite after a lot of hard work from the Keystone Data team working closely with the team from Sun Branding.

Together we have implemented NetSuite Advanced Financials and OneWorld to replace a number of different products and internally developed software and provide a common fully integrated solution and provide a number of benefits.

accounting

New Revenue Recognition Standards – IFRS 15 – should you be concerned?

The new accounting standards for revenue recognition that has been agreed by both IASB (International Accounting Standards) and the US FASB (Financial Accounting Standards Board) comes into effect 1st January 2018 applying to accounts that commence in 2018.

You may think that revenue recognition only applies to organisations delivering projects with complex contractual and payment terms. But that is no longer the case with IFRS 15. It now applies to any circumstance where the invoicing does not coincide with the delivery of goods or services, with certain pre-defined exclusions.

The exceptions are:

  • lease contracts under IAS 17;
  • insurance contracts under IFRS 4;
  • financial instruments under IFRS9, IFRS 10, IFRS 11, IAS 27 and IAS 28
  • non-monetary exchange between entities in the same line of business to facilitate sales

You may think that your organisation only provides goods rather than services, so how could is apply to you? One example is that if a product e.g. a washing machine is sold with a three-year maintenance under IFRS 15 part of the price paid should be considered as applying to the maintenance and should therefore be recognised in the accounts as and when the maintenance is delivered.

Another example could be if you sell a product which requires a deposit. At what stage are you entitled, under IFRS 15, to take that deposit to revenue? How does IFRS 15 apply to distributors with ‘sale or return’ arrangements with their customers?

For many service organisations its implications are clear (even if implementation details require a lot of consideration). Project organisations of any size are probably familiar with accounting with revenue recognition but will have to adapt their accounting from earlier ones (which will depend on a number of factors). But now many organisations that charges an annual fee for a service – software licence, maintenance, internet hosting for example – will have to take account of IFRS 15.

Is your organisation affected?

Definitely yes if your organisation currently handles revenue recognition under existing non-excluded IFRS rules you will need to change to the new standards.

Currently no if your organisation only ever supplies goods and/or services that are invoiced (or paid for) in line with the supply of the goods and/or services (and intends to restrict business to such) or only supplies the financial products excepted from IFRS 15.

All other organisations should consider their situation and discuss with their auditor and/or accountant.

When should you consider IFRS 15?

There is less than eighteen months before the standard comes into effect. Of course if your accounts run from September, October, November or December you have at least two years before you are required to implement it. Note that IASB are happy for organisations to implement IFRS 15 immediately so there is no need to wait until the last minute.

I suggest you do two things right away:

  • discuss with your accountant/auditor whether you will be affected
  • find out whether your existing accounting system effectively handles IFRS 15 (Note that NetSuite with Advanced Revenue Manager has a fully integrated module that fully supports IFRS 15)

I further suggest that anyone considering a change to the accounting system adds full integrated support for IFRS 15 to their requirements. After all, do you really want your future business plans impacted by a lack of such support?

 

Sun Branding

Sun Branding Solutions have signed up with Keystone Data and NetSuite

Sun Branding Solutions http://www.sunbrandingsolutions.com/, a subsidiary of Sun Chemicals, have chosen Keystone Data to help them implement NetSuite and streamline their administrative processes.

Sun Branding Solutions delivers services across the entire packaging launch process for your brands, from concept and creative design through to artwork, pre-press and legal sign-off. It is based in Bradford Yorkshire with subsidiaries in London and India.

NetSuite Advanced Financials and OneWorld will replace a number of different products and internally developed software to provide a common fully integrated solution and provide a number of benefits:

  • Reduced administration
  • Increased accuracy
  • Standardisation of procedures
  • Process improvement
  • Improved reporting

Keystone Data will work with Sun Branding staff to maximise the benefits from using NetSuite.

We are delighted to have this opportunity of working with Sun Branding Solutions We very much look forward to the project and an on-going relationship.

CAT6

What functionality enhancements are expected in NetSuite ERP release 2016.2?

NetSuite Release 2016.2 will be rolled out over the next few months. NetSuite have published plans which include the areas listed below. It is recognised that some features may not be available in the 2016.2 release timeframe.

Accounting

  • Change to Merging Accounts Quick Close Accounting Period
  • Statutory Chart of Accounts
  • Cumulative Translation Adjustment (CTA) Balance Audit Report
  • Enhancements in Advanced Revenue Management
  • Journal Entry Approval Workflow
  • Legal Name in Chart of Accounts
  • Change to Accounting Periods Feature in Accounts That Are Not OneWorld
  • Allocation Schedule Enhancement
  • Fixed Assets Management Enhancements

Employee Management

  • Management
  • Weekly Timesheets
  • Time Tracking Enhancements
  • Time Approval Enhancements

Items and Inventory Management

  • Commit Orders Scheduling
  • Replenish Location by Transfer Order
  • Withdraw by Transfer Order
  • Phantom BOM
  • Transfer Order Enhancements
  • Item Ordering Enhancements
  • In-Process Work Order and Assembly Build Editing
  • Matrix Items Name Template

Order Management

  • Fulfilment Requests
  • Location Record Enhancements
  • New Advanced Order Management Setup Page
  • New Fulfilment Workload Distribution Rule
  • Rerun Automatic Location Assignment
  • Void Payment Authorizations
  • Changes to How Charges Are Added to Some Transactions
  • Customer Hierarchy Size Limit
  • Support for FedEx Services
  • Support for ZPL Label Printing Format
  • Preview Payment Processing Profiles for Websites and Subsidiaries
  • Updated Payment-Processing Field Labels
  • Contract Renewals Enhancements
  • Automatic Chargeback Workflow Processing
  • Electronic Payments Enhancements
  • Grid Order Management Enhancements

Projects

  • Project Billing Rate Cards
  • Project Revenue Recognition
  • Project Template Enhancements
Avatu & RCB

Two new clients

During the last couple of months we have won two new NetSuite accounts: Avatu http://www.avatu.co.uk/ and RCB Cleaning Solutions http://www.rcbuk.com/.
Avatu specialise in providing advice, technology and tools to fight cyber and insider threats to IT systems. They are based in Princess Risborough in Buckinghamshire and we are helping them implement a full NetSuite business management system.
RCB Cleaning Solutions is an established professional cleaning company. They are based in Newcastle under Lyme in Staffordshire and have chosen NetSuite as their new CRM solution.

whitestores tile

White Stores signs with Keystone Data and NetSuite

We are delighted to have signed White Stores, the UK’s largest on-line garden furniture store based in Leigh-on-Sea in Essex as another NetSuite implementation project.

This project includes introducing new processes throughout the organisation, and re-implementing their web sites to be fully integrated with NetSuite.

The project has already begun and we hope to be live in another three to four months .

We are very excited to be running such a project and expanding our knowledge of using NetSuite in the Retail sector.

Eassy Composites

Easy Composites go live

Easy Composites, the Stoke-based supplier of a huge range of advanced composite materials with associated services to businesses and end users has gone live with its NetSuite implementation project.

This project included the using our JCatalogue product to re-site their website integrated with NetSuite and customisation functions.

The customization included a range of tailored user interfaces in the warehouse and customized dashboard information. Because Easy Composites supply products that fall under the Dangerous Goods Act we also included customizations to auto calculate suitable packaging for orders containing dangerous goods and auto generates highly accurate Dangerous Goods notes and Commercial Invoices.

keystonedata-reg

Three new clients

Over the last few months we have won business with three new clients.

 

Lloyd & Barnes based in Cwmbran are an insurance advisor for whom we are developing a front end to NetSuite to handle their insurance brokerage business.

 

Thames Distribution based near Reading are a distributor of electronic parts and equipment for whom we have provided a tailored link between their invoices and email.

 

Abacus Direct based in Harrogate are a manufacturer and distributor of bathroom and heating products who have appointed Keystone Data to redesign and build their websites linking them to their new NetSuite implementation.