[PIAS] Customer testimonial - Global financial harmony thanks to NetSuite

About [PIAS]

[PIAS], short for "Play It Again, Sam," a nod to the famous line from Casablanca, is an independent Belgian record label founded in 1982 in Brussels by Kenny Gates and Michel Lambot. From its inception, [PIAS] has supported and promoted artists globally through a passionate international network of music lovers. Over the years, the company has expanded its reach by opening subsidiaries in various countries. This client testimonial delves into the history of [PIAS] and its successful partnership with Novutech.

Integration of NetSuite at [PIAS]

Initially focused on distributing records from independent labels in Belgium, [PIAS] has broadened its footprint over time by opening subsidiaries across multiple continents and acquiring key labels, such as the classical music label Harmonia Mundi. To support and manage its growth, [PIAS] needed to streamline its financial operations, standardize its accounting processes, and harmonize its systems. Thus, the company naturally turned to NetSuite as its ERP solution.

Objectives and achievements with NetSuite

The primary goal for [PIAS] with NetSuite was to centralize the financial management of its numerous subsidiaries. With NetSuite, [PIAS] now manages about 30 subsidiaries, involving more than 35 users from the financial department. The use of the tool has lead to standardized accounting processes, thereby facilitating the consolidation of financial data. Notably, NetSuite's adaptability in managing multiple legislations and currencies has been invaluable. [PIAS] has also digitized all its accounting processes, eliminating paper archives entirely with everything now hosted digitally within NetSuite.The second objective was to integrate solutions to better address complexities related to data volume, automation, and integration with external tools. Complexities arise from the need to record artist royalties revenues and expenses in the subsidiaries where these contracts are signed, involving many inter-subsidiary costs and revenue recharges. Various solutions and automations have been implemented, including multiple segmentations, workflows for recharging with mirroring intercompany invoices, and self-billing for automatic creation of supplier invoices.

Smart optimization in the purchasing process

[PIAS] has deliberately chosen to systematically use purchase items rather than simply posting on general ledger accounts when entering purchases, from the initial issuing of purchase orders down to the processing of vendor bills. This strategy has enabled effective expense management while enhancing overall understanding within the teams. The approach was primarily chosen to facilitate intercompany re-invoicing and mirroring of intercompany invoices during intercompany recharges, as NetSuite intelligently uses revenue or expense accounts related to items, representing a significant flow in [PIAS]'s operations.

Other custom solutions added

• Novutech's dunning solution
• Use of Novutech's tool to generate structured payment references;
• Implementation of customized sales orders to meet specific business requirements, ensuring precise and effective sales tracking and reporting;
• Use of ZoneReconcile for automated processing of bank statements;
• Development and integration of a customized purchase order approval workflow, thereby optimizing internal processes.

Future Objectives

Some of the objectives for the future are: continue to harmonize processes across various subsidiaries, extend the use of the payment module, integrate a bank reconciliation tool, and develop or integrate new tools for business analytics.

Conclusion

Thanks to NetSuite, [PIAS] has achieved global financial harmony, unifying operations across its many subsidiaries. The company has overcome complex challenges related to royalty management and optimized its financial processes. [PIAS] continues to evolve, even considering stock management in the near future. This client testimonial illustrates the power of NetSuite in transforming and optimizing financial operations for international companies like [PIAS].

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About Novutech:“Novutech has been a trusted partner to [PIAS] since the beginning of our NetSuite journey. We have relied on their expertise and product knowledge, as well as their professionalism. Furthermore, Novutech's team is always available and attentive to our needs. Novutech is a reliable partner without whom the tool we use today would not be as effective and efficient. Thank you Novutech!” Nicolas De Bie, Finance Director [PIAS]About NetSuite:“NetSuite is the ideal solution to meet the needs of an international company like [PIAS]: integration of subsidiaries across different continents (Europe, UK, USA, Australia) and multi-currency management (EUR/USD/GBP/AUD), numerous analytical axes to facilitate reporting, and ease of consolidation thanks to the intercompany automation features. NetSuite offers a comprehensive solution that can be easily tailored to our specific needs. Besides allowing the [PIAS] group to unify the systems used in the many subsidiaries of our group, NetSuite has enabled us to entirely digitize our accounting and financial processes.” Nicolas De Bie, Finance Director [PIAS]