Cloud solution for Kybora in NetSuite

Client Brief

Kybora is a global advisory firm that supports biotech and pharma companies with M&A, licensing, fundraising, and strategic guidance. They help life sciences businesses grow by finding the right partners and opportunities worldwide. The client approached us to fix mismatched payment records between their old and new accounting software.

Our Endeavor

The client asked us to compare and resolve discrepancies between their invoice and payment records. They had moved from QuickBooks (a cloud-based accounting software) to NetSuite (a cloud-based ERP platform) and found that their records, especially the money customers owed them, were not matching. This was causing issues with their financial reports and delaying tax filing.

Our team worked closely with their finance team to compare payment and invoice details between QuickBooks and NetSuite. We reviewed all records of unpaid invoices called Accounts Receivable or AR (money a business is yet to receive from customers), payment histories, and how these were recorded in both systems. We then identified errors, such as incorrect opening balances, missing or wrongly applied payments, and duplicate entries.

To fix the issues, we made the necessary corrections in NetSuite. This included updating invoices, adjusting balances, and removing any incorrect records. We also ensured that the General Ledger (the main accounting record) reflected the correct financial position by matching it with data from the old system. Since NetSuite is a cloud platform, we also developed and customized reports that the client could access anytime to check income, pending payments, and overall accuracy. We made sure that all final reports in NetSuite were aligned with the old system’s data, so everything was accurate.

The client now has accurate financial data in their new system. This helped them file taxes on time and also improved the quality of their reports for future audits and financial planning.

Technology/Platform

Netsuite

Industry:

Banking & Finance