We are thrilled to announce the strategic partnership between Novutech and Cobase, two leaders in the realm of digital transformation and corporate banking solutions. This commercial alliance aims to redefine the future of corporate banking, by integrating Cobase's cutting-edge Bank Connector SuiteApp with Novutech's expertise in NetSuite ERP solutions.

A vision for the future

Joost Kevelam, CCO of Cobase, encapsulates the essence of this partnership: "The future of corporate banking hinges on integration and efficiency. By collaborating with Novutech, we bring this vision closer to the end-user. We simplify and streamline the world of finance teams everywhere, while ensuring the NetSuite angle is in the hands of a highly reputable partner such as Novutech."

Transforming manual processes

Cobase's Bank Connector SuiteApp for Oracle NetSuite is a game-changer. With over 15,000 integrated banks via the Cobase platform, this connector promises to transform manual processes and IT complexities. It delivers automated payment processing, enhanced compliance, centralized bank connections, and professional implementation support.

Seamless reconciliation and flexibility

The Cobase platform also offers robust reconciliation tools that allow users to match their bank transactions with corresponding entries in Oracle NetSuite. Compatibility with third-party reconciliation solutions like Zone Reconcile ensures maximum flexibility and efficiency for users.

More than just connectivity

Jan Snyers, Sales & Marketing Director at Novutech, adds, "In partnership with Cobase, we're offering an unprecedented solution for banking integration with Oracle NetSuite. Compared to our in-house developed bank connection tool, Cobase offers even more value in terms of global bank connectivity and cash management capabilities."

Check out Cobase’s Bank Connector for Oracle NetSuite.

Additional services and modular approach

Besides enabling seamless bank connectivity, Cobase also offers additional services like payment and cash management, FX dealing and hedging, Inhouse Banking, Cash Pooling, and liquidity forecasting. Their modular approach means you only pay for what you use, making it a cost-effective solution tailored to your needs.

Enhance your NetSuite business platform with the Cobase cash management toolset and embark on a journey towards simpler, more efficient corporate banking, with Novutech by your side. For further information, please reach out to Novutech or Cobase.

About Cobase: Founded in 2017, Cobase is an innovative, cloud-based provider of bank connectivity technology that enables corporates to manage their banking relationships, accounts, and transaction activity via one single interface. In doing so, the company unlocks significant operational and financial efficiencies, especially for international businesses with multiple banking counterparties across the world.

About  Novutech: Founded in 2019 and with offices in the Benelux, France and Denmark, Novutech is a rapidly growing digitalization partner to midsize companies across Europe. Created with a vision to redefine business processes, Novutech specializes in Cloud ERP solutions for scale-ups and growth companies in Software, Professional Services and Commerce. With a team of certified NetSuite business and technical consultants, Novutech is at the forefront of digital transformation, helping businesses achieve their goals in the cloud.

Nu Digitalize Vlaanderen 2023 snel dichterbij komt, hopen we dat u even enthousiast bent als wij om u te verdiepen in een wereld van innovatieve digitale oplossingen en baanbrekende ideeën. Het event is al binnen een week en we willen uw ervaring graag nóg impactvoller maken.

📅 Speciale uitnodiging: boek uw afspraak met onze experten

Wij weten dat elk bedrijf unieke uitdagingen en doelen heeft. Daarom bieden we exclusieve, individuele advies-sessies aan met onze gecertificeerde NetSuite consultants, live in onze stand tijdens Digitalize Flanders.

Dit is waarom u nú moet boeken:

🎯 Gepersonaliseerde strategie: wij helpen u om een digitale roadmap samen te stellen die specifiek rekening houdt met uw business behoeften en groeiplannen. 💡 Oplossingen met toegevoegde waarde: van CRM tot finance en reporting, ontdek acties en stappenplannen die uw business processen zullen stroomlijnen. 📈 Groeikansen: ontdek de specifieke punten waar digitale transformatie uw groei en winstgevendheid kan versterken.

Reserveer uw ticket vandaag!

Ons team is beperkt beschikbaar, en de advies-sessies worden ingepland in volgorde van reservering. 👇 Klik eenvoudig op deze link om uw consultatie te reserveren: Boek mijn consultatie Mis deze kans niet om een expert-advies te krijgen dat uw digitale strategie fundamenteel vorm kan geven En vergeet dus niet om uw gratis toegangsticket hier aan te vragen! We kijken ernaar uit om samen te bekijken hoe we uw bedrijf naar een hoger niveau kunnen tillen, tijdens Digitalize Flanders 2023!

Background

Starting a new organisation can be challenging, particularly when it comes to identifying the best technology solutions to manage financial and operational processes.

In this article, we will focus on the two most commonly used software types by businesses: Enterprise Resource Planning (ERP) and accounting solutions. These systems have unique characteristics and advantages, which can make the decision-making process difficult for many companies.

To simplify this process, we will define what is an ERP and an accounting software and explore the main differences between those two.

[caption id="attachment_4538" align="alignnone" width="773"] Overview of the main advantages by software[/caption]

Accounting Software

Accounting software is a powerful tool that primarily focuses on accounting and finance. It enables organisations to efficiently manage their financial transactions and operations, automating various financial processes, such as bookkeeping, bank reconciliation, financial statements, and more. As a result, it is mainly used by accounting and finance professionals.

With its centralised database for finance and accounting, it provides a clear view of the financial health of an organization, outputting reports that can be used to make business decisions or monitor financial performance but only based on legal and accounting reports . It may also involve exporting the data and using other tools (such as Excel) to reprocess it and build management reports on it.

Due to its more limited range of functionality and narrower scope, accounting software is often easier to use, typically offering a user-friendly interface that simplifies complex financial tasks, reduces errors, and saves time.

Understandably, the more limited range of functionality also has an impact on the cost, making accounting software more affordable. Additionally, the support required for this type of software is typically lower due to the low complexity of the system.

Or ERP ?

Enterprise Resource Planning (ERP) is a software that helps organisations manage most of their business operations and processes. It covers multiple business functions and offers a wide range of functionalities such as finance and accounting, human resources, inventory management, supply chain management, customer relationship management, among others.

One of the biggest advantages of an ERP is its ability to evolve and adapt to the growth and changes of a company. Features can be added as the organisation grows.

An ERP system provides a centralised and unified database that enables different departments and business functions to share information and collaborate more effectively. It provides real-time reporting, dashboards and analytics, allowing for effective decision-making.

In addition, an ERP system has the ability to manage international finances and accounting. It handles different tax laws, multiple currencies and exchange rates, making it easier to conduct business in different countries. This is not always the case with accounting software, which may only support one currency, lack the necessary functionality to manage complex international financial transactions and will require businesses to have accounting softwares for each country.

It also offers many possibilities in terms of customization. It is possible to precisely define the access and rights of the different users according to their role in the organisation. For example, the inventory manager will not have the same access as the CFO.
This type of system allows integration with a wide range of third-party applications, such as a CRM or a human resources management application.

It should be noted that an ERP can be expensive to purchase (licence and implementation costs) but also to maintain. In some cases, some companies hire a dedicated person to maintain the ERP system. Nevertheless, by automating many manual processes, an ERP system can help organisations save time, reduce costs, and improve their overall operational efficiency.

Conclusion

The choice between an accounting software and an ERP system depends on the unique needs and goals of your business.
An accounting software can be a more cost-effective option for smaller businesses that primarily require financial management capabilities, while an ERP system can offer more comprehensive functionality and scalability for larger businesses with more complex operations.
Ultimately, it is important to carefully evaluate the specific features and capabilities of each software solution, and to consider how they align with your business goals and growth plans. By selecting the right software for your needs, you can improve efficiency, streamline operations, and drive growth for your business.

Who is b²sense?

b²sense is an independent, full-service market research agency, specializing in integrated business-to-business (B2B) and business-to-consumer (B2C) intelligence.
They provide relevant, usable insights, enabling businesses to understand their customers, markets and competitors in order to identify fact-driven and effective business solutions and opportunities (in marketing, sales, branding, innovation, customer experience, ...) in an ever-changing environment. Located in Brussels (Belgium), b²sense uses their in-house call center and eco-system of local and global research partners to guide their clients’ projects from A to Z, delivering key insights that make their business grow.

The reason for change

With an important number of projects at hand, b²sense needed a project management tool in order to work more efficiently. Using a cloud ERP like NetSuite gave the team at b²sense the opportunity to gather all their projects, employees, customers as well as vendors, and store them in a central hub, thus guaranteeing one version of the truth. Also, this way, the invoicing and billing processes could be centralized in one unified system. 

Besides these streamlined processes and unified data, b²sense defined key performance indicators in their NetSuite instance, to measure the business results of the company automatically and in real time.

Why choosing NetSuite?

b²sense selected NetSuite as their ERP solution for the following reasons:

• A cloud-based ERP system implemented locally but capable to be deployed globally. 
• A unified and integrated platform to run all business processes to replace the vast quantity of spreadsheets used to manage the business
• Scales with the projected growth of the business, in numbers and in complexity.
• Reduces the use of Excel and the manual, time consuming processes that existed before
• One source of truth, no disparate data in different sheets and folders
• NetSuite provides powerful financial reporting and  drilldown from the project to the general ledger entry.

About the NetSuite implementation

NetSuite was selected by b²sense as an out-of-the-box solution, with a fast-track implementation of standard core finance, procurement and sales capabilities. In just 2 and a half months, the core ERP functionalities were live and started giving return on investment to the business already. In addition to that, the Project Management automation was implemented, which included a set of custom fields, subtabs and automations (via workflows and scripts) to enhance the standard functionality, as well as key performance indicators to keep track of their project performance and overall financial health.

Training was given to key users in order to facilitate a fast adoption of the system by b²sense's team, which was successfully accomplished as b²sense stakeholders were able to quickly take ownership of their NetSuite environment and enjoy the benefits immediately upon go live.

Key takeaway

Having outgrown their IT landscape, consisting mainly of a widely spread potpourri of spreadsheets, often with built-in errors and never completely up to date, b²sense implemented NetSuite cloud ERP with the help of Novutech in only 2,5 months, to fully automate their project-oriented business. The built-in KPIs and reporting dashboards ensure full control of the daily business performance.

Do you want to know more about our expertise and how we run successful global NetSuite implementations? Contact Us

Background

Kyriba is a global leader in treasury finance solutions. Kyriba’s SaaS platform enables CFOs and finance teams to optimize their corporate treasury functions by delivering fully integrated cash, treasury, payment, risk management and supply chain finance solutions. NetSuite ERP customers will enjoy maximum benefits when using a 100% integrated NetSuite-Kyriba solution to deliver Proactive Treasury Management.

The NetSuite Bridge Kyriba is a bundle package that brings automated & bi-directional data exchanges between Kyriba and NetSuite for payments, cash management, cash accounting and GL reconciliation.

It allows users to avoid redundant actions on both tools and makes managing treasury easier for companies using NetSuite and Kyriba. The entire set of functionalities is provided in separate bundles (5), so it’s possible to use only part of them, and use web services.

We will focus on what Kyriba Payment Manager brings and how we can adapt it to our customer’s requirements.

[caption id="attachment_4471" align="alignnone" width="857"] All workflows provided by the NSB. Flows from the Kyriba Payment Manager are in blue[/caption]

Kyriba Payment Manager

[caption id="attachment_4475" align="alignnone" width="666"] Payment Manager data flows between NetSuite and Kyriba with the NSB[/caption]

The Kyriba Payment Manager works with a Saved Search in NetSuite: all new payment records will appear in a Saved Search which will be transferred to Kyriba automatically at regular intervals through a Web Service. All payments transferred to Kyriba will be flagged as “Exported To Kyriba As Payment”.

Bank details sent to Kyriba are specific to NSB: the bundle adds multiple new fields on the Vendor (Supplier) form to store bank details which will be used by Kyriba to execute payments.

[caption id="attachment_4479" align="alignnone" width="1024"] Kyriba fields tab added by the NSB on Vendor’s page[/caption]

When we install these bundles for customers, we often also provide customization to adapt the utilization of Kyriba fields to our customers’ requirements. More specifically, we create a script to automatically fill out the Kyriba custom fields. That way, we keep the process as required for the customer while still guaranteeing the functionality of the NSB.

For example, the most requested customization is the possibility to have multiple bank details for one vendor, by adding new details without replacing the previous value. This is not possible with standard Kyriba tabs brought by the bundle. 

We had different cases for which we had this request, so we adapted the solution to the customer : 

• In a first case, we used standard EFT Bill Payments from the “NetSuite Electronic Bank Payments“ module. The customer needed an approval workflow for bank details before payments can be generated. We adapted the solution to fit the customer’s process by copying the bank details in the Kyriba fields only after bank details are validated, to ensure a payment can only be made to approved accounts.

[caption id="attachment_4483" align="alignnone" width="702"] Example of Bank details approval Workflow[/caption]

• In another case we extended an already existing Custom Record used for bank details with a similar validation process. We created a script to comply with the customer’s request:
  
  In order to comply with the need of our customer, a script was applied to this custom record that copies the Bank Details flagged as “Default“ onto the Kyriba fields, and removes the “Default“ checkmark on any other existing Bank Details for this vendor, to make sure there’s only one Default set of Bank Details per vendor.
  
  Also, as requested by our customer, the Bank Details flagged as “Do Not Use“ or “Hold“ will not be copied in the Kyriba fields and should they be used in Kyriba as default, then they will be removed by the script.

Conclusion

The solution provided by NetSuite Bridge Kyriba drives business performance and ROI by optimizing key financial processes related to cash and risk management, payments, real-time fraud prevention, and more.

In addition, Novutech can help to further adapt the solution to the customer’s specific needs by means of custom scripts and/or workflows. Regardless whether this is part of a new NetSuite implementation or on top of an existing, long time implemented ERP environment, we have the knowledge and the tools readily available.

For more information, see also:

• https://developer.kyriba.com/marketplace/details/kyriba-packaged-integrations-for-netsuite
• https://www.suiteapp.com/Kyriba-Proactive-Treasury-Management

Background

Back in 2015, I began my studies in Namur, Belgium at the Hotel Management school with the aim of pursuing a career in the hospitality sector. In 2019, I completed my studies and secured a job as a cost controller. However, my plans were disrupted when the Covid-19 pandemic hit and the hospitality sector came to a complete standstill.

Realizing that the situation would not improve within a few weeks, I took it upon myself to take charge and bounce back. I made the decision to turn my passion for computer science and software development into my future profession.

Thus, I embarked on the LeWagon adventure (Batch #700) and successfully graduated in September 2021. Following that, I joined School19 in Brussels, a subsidiary of the renowned School42. I transitioned from one freelance mission to another until I came across Novutech.

Why Novutech?

Novutech was the hidden gem I had been searching for. In April 2022, I had my first contact with the people at Novutech. Given my somewhat unconventional background, finding a company that prioritizes the development of its young talents was exactly what I had been looking for. I aimed to enhance my skills, and Novutech's vision, which emphasized excellence and employee growth, aligned perfectly with my expectations.

After a series of interviews, I started my journey at Novutech on August 1st, 2022. I quickly realized I had made the right choice as I felt at ease with the team and had a positive initial experience with my new colleagues. I was introduced to my buddy and mentor, and a new challenge was presented to me, which I eagerly embraced.

One year later, I have no regrets. Choosing Novutech has been the correct decision!

Novutech’s Journey

Since joining Novutech as a junior Technical Analyst in August 2022, I have been responsible for managing day-to-day issues that our customers encounter on NetSuite. I ensure that I am available to solve problems and provide reassurance to users facing difficulties. Additionally, I work on larger projects such as data integration through iPaaS (integration platform as a service) and optimizing user experiences in NetSuite by creating scripts for automating tasks.

Every day brings new cases, new scripts, and new challenges. I assist customers with their problems, optimize their NetSuite solutions, and maintain regular communication with them to ensure their experience is flawless.

Today, I am fortunate to work on complex and diverse topics, always supported by my mentor Jeremy and the rest of my colleagues. I eagerly anticipate the upcoming challenges that await me at Novutech!

Want to join us? check our open positions:  https://novutech.com/about/#career

Who is Vinventions ?

We are pleased to present Vinventions. Vinventions is a manufacturer and distributor of corking solutions for the wine market company based in Belgium. They provide complete wine closure solutions. Vinventions has a global presence with seven world-class production sites located in the United States, Belgium, Italy, Argentina, China, France, and South Africa. The company generates an estimated annual revenue of $15 million. The company employs approximately 190 people.

 

 

Why NetSuite ?

Vinventions consists of more than 190 employees divided in 7 offices located in different countries. This organization leads them to use NetSuite, which is the perfect fit to support the operations of global and fast growing companies.

Moreover they have chosen NetSuite for its financials modules but also for its advanced functionalities available, such as:

• Inventory Management
• Demand Planning
• Manufacturing
• Integration with third party systems

They have been using NetSuite since 2021 and they currently have more than 50 NetSuite users!

About the relationship with Novutech

After an implementation during COVID (full remotely) with a US partner, Vinventions realized they needed a local partner in Belgium. They started working with Novutech in July 2021. Since then, Novutech supports Vinventions on day to day requests but also on new functionalities to be implemented. Novutech also supports Vinventions with the integration of NetSuite and other systems.

“The relationship we have with Novutech is very positive.”

“Novutech’s strengths are really expertise and proximity. They are growing, they have offices in other countries which interests us a lot since we are present around the world.”

Sébastien Charlier – IT Director

Do you want to know more about our expertise and how we run successful global NetSuite implementations? Contact us!

Background

I started my studies in 2017 at the economics section of the University of Rennes 1. During my bachelor years I had the opportunity to learn how the forces that drive markets operate and how to interpret economic situations, but I was much more interested in cost management and solving practical business cases and management.  So for my Masters Degree I went to the IAE Saint-Etienne Business school and majored in Management Control. My Masters curriculum was oriented towards the management of informational systems, which gave me an opportunity to be introduced to the world of ERPs and the stakes of ERP Projects in corporate management at a very early stage.  My previous internships in accounting departments also allowed me to familiarize myself on an operational level with ERP softwares. I also had the opportunity of being involved in an ERP migration on the customer side, since my employer decided to switch systems during my internship. For these various reasons I decided to orient my career path towards this growing sector.

Why Novutech?

Being freshly graduated, finding my first job was challenging given the fact that the markets were still recovering, so I went through several interviews and recruitment processes. However very few felt as straightforward and enriching as the process I went through when I joined Novutech.  I was looking for a challenging environment that I could grow and hone my skills in, so that they can be put to good use. The workplace environment was also very important to me, it’s crucial in a project oriented job to be well surrounded so that we can all learn and benefit from each other’s experiences given the scope of such projects. And from what I gathered through the various contacts with the company, all of these requirements were met, and more. I was glad that I set my choice on Novutech, given how its « Team first » and « Transparency » values are really present at all levels of the company’s operation.

Novutech’s Journey

As a Business Analyst, my role is to assist and accompany the customer on the functional aspect of their use or adoption of Netsuite. This is done either through training sessions and design workshops, configuring the software to tailor it to the customer’s needs, solving problems that arise during day to day use… At the start the various missions we’re expected to fulfill can seem overwhelming due to the wide range of possibilities offered by NetSuite and the scope of the average project. However, thanks to the efforts of my colleagues, and the knowledge base and onboarding methodology provided by Novutech, I was able to quickly adapt and become autonomous. I’m glad I was able to grow as much as I did in this first year spent at Novutech, thanks to the variety of the subjects I was able to complete and assist on. The continuity of trainings at Novutech is also helpful, since we regularly have internal and external training sessions aiming to stay up to date with the latest additions in NetSuite, but also in more general fields such as the accounting training sessions we attend, and the OKR initiatives that allow us to drive and contribute to various non operational goals that are important to us.  So it has been a very enriching first year that I spent at Novutech, and I'm looking forward to many more. Want to join us? check our open positions:  https://novutech.com/about/#career