NetSuite OneWorld Enables Centro's Rapid Growth into a Leading Digital Media Powerhouse


Company

Centro

Location

Chicago, Ill.

Industry

Digital Marketing Software and Services

Applications Replaced

QuickBooks

Solutions

NetSuite OneWorld


"One of the reasons we chose NetSuite was its scalability. Initially, we had a fairly simple business model and simple transactions but as our business has grown and become more complex, NetSuite has been able to scale with us and will continue to do so." Centro

Customer Success

  • By moving from QuickBooks to NetSuite, the digital marketing software and services company has been able to reduce financial close time by 50 percent despite the continued rapid growth of its business and the ongoing increased complexity of its operations.
  • Within seven years, Centro grew from 65 employees to more than 560, while headcount in finance has only increased from five to 25 employees.
  • Gross revenue has grown 350% from $70 million to around $250 million in the seven years since Centro first went live with NetSuite. Over the same period, customer count has risen 15-fold from 300 in 2007 to around 4,500 customers.
  • Using NetSuite OneWorld, each employee involved in customer and partner billing is able to handle five times the workload they could using QuickBooks.
  • NetSuite OneWorld's customisation and reporting capabilities allowed Centro to deliver more detailed invoices and custom reporting to its customers, resulting in a sizable decrease in days sales outstanding (DSO) and Centro is now also able to easily produce custom reporting for each of its vendor partners detailing their entire transaction history, ensuring partner retention and continued engagement.
  • With NetSuite OneWorld, the company has improved accountability by ensuring it has the proper segregation of duties and has been able to customise those roles to reflect the roles of its employees, providing controls to fully support financial audits.
  • NetSuite's customised reporting allows Centro to easily segment financial statements by different dimensions including by division, by location, or by subsidiary.
  • Using a combination of NetSuite OneWorld and Adaptive Planning from NetSuite partner Adaptive Insights, Centro is able to produce different reports for different people across the company so they have the financial information that makes sense to them and aids their work.

Challenges

  • In 2007, Centro's existing QuickBooks system wasn't able to handle the growing organisation's ever-increasing business volume, forcing the company to use Excel spreadsheets for financial reporting and requiring staff to manually re-enter data.
  • With QuickBooks, couldn't get out data that was useful and meaningful both to Centro itself and to its customers and vendor partners.
  • With limited visibility into its business, Centro couldn't introduce new software and services options for its customers and had no way of successfully scaling its business.
  • With QuickBooks, there was no full audit trail in place to determine the proper segregation of duties and it created data duplication and revisions, forcing staff to figure out why numbers had changed.

Solution

  • Centro chose NetSuite because it needed a single, unified cloud-based business management suite, which could support its rapid growth and the increased complexity of its business and enable full reporting of and real-time visibility into its operations.
  • Centro uses NetSuite OneWorld for all its back-end business processes such as accounts receivables and payables, invoicing, reconciliation of vendor bills, accounting including general ledger, and financial reporting.
  • NetSuite customisation capabilities enable integrations between sales and purchases orders in NetSuite OneWorld and Centro's own homegrown front-end Media Management System (MMS).
  • The company went live on NetSuite in 2007 within three to four months working with NetSuite implementation for the initial implementation. Centro then worked with Keystone Business Services on the speedy and pain-free upgrade to NetSuite OneWorld in 2013.
  • NetSuite OneWorld facilitated Centro's first acquisition, the purchase of Canadian self-serve real-time bidding platform vendor SiteScout in November 2013, resulting in Centro growing from a single company to four legal entities, able to perform intercompany transactions with a consolidated view of the entire business.
  • By running its business on NetSuite OneWorld, Centro is well positioned to make further strategic acquisitions whether in North America or elsewhere around the globe in its goal to deliver a unified media marketing platform to marketers.

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