Cofficient Optimised NetSuite for Modulr’s Embedded Payment Infrastructure

The Client

Modulr is a FinTech company that provides embedded payment infrastructure for businesses. Authorised under EMI and FCA they provide payment as a service platform.

The Challenge

Already a NetSuite user, Modulr looked to Cofficient to optimise the use of their NetSuite solution, rectifying and improving existing deployed functionality, together with the implementation of appropriate other NetSuite capabilities to improve the system as a whole.

Confidence in the use of NetSuite was low, and Cofficient decided that the best approach was to provide immediate and weekly on-site support to assist with users’ immediate needs. This included immediate fixes, identification, and prioritisation of improvement initiatives. As user adoption confidence improved, cofficient support moved to a more generic support model with general case management and engaging in business improvement initiatives.

The Solution

We provided immediate and weekly on-site support to assist with users’ immediate needs. This included immediate fixes and identification and prioritisation of improvement initiatives. As user adoption confidence improved, Cofficient support moved to a more generic support model with general case management and engaging in business improvement initiatives.

Key technical work included:

 

• Support update of record to reporting with mass update of chart of accounts, business objects and reporting
• Overhaul Accounts Payable processes including reimplementation of approvals and vendor bill processing
• Treasury management process improvement both for bank reconciliation and electronic bank payment processing
• Review, adaptation and training on intercompany management processes
• Review of billing operations including use of NetSuite Billing features
• Review and assistance on compliance with VAT reporting
• General end user training and system adoption

 

The Results

Cofficient transformed financial technology company Modulr Finance’s NetSuite implementation into a more effective deployment, making improvements in treasury management, reporting, intercompany processes and tax on UK and overseas operations, all resulting in substantially greater business visibility and control.

Modulr now operates with improved confidence in its NetSuite system.

The chart of accounts and business objects underwent mass updates. Reporting structures now provide the visibility the business requires.

Accounts Payable processes work efficiently. Approvals and vendor bill processing operate through reimplemented workflows that match business requirements.

Treasury management processes improved substantially. Bank reconciliation and electronic bank payment processing now function effectively for a payment infrastructure business where these operations are critical.

Intercompany management processes received review, adaptation and training. Teams now understand and operate these processes correctly.

Billing operations make proper use of NetSuite Billing features. The business can bill customers efficiently using the platform capabilities designed for this purpose.

VAT reporting maintains compliance. The business operates across UK and overseas with proper tax controls.

User adoption improved through general end-user training and system adoption support. Teams now use the system with confidence rather than uncertainty.

Cofficient took an existing NetSuite implementation that was underperforming and transformed it through immediate support, systematic improvement and focused training.

The result is a FinTech payment platform business with substantially greater business visibility and control through the effective use of its NetSuite system.

Cristina Buckingham, Director of Financial Control said:
“Once again, Cofficient has proven their strong hands-on partnering capability to not only improve user adoption but also advise on NetSuite capabilities to address  business-critical operations.”