After Shakeup, Quicken Hits the Ground Running with NetSuite
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I think what makes us unique is a real laser focus on customers: what do they need, what do they want. Quicken is a tool that people use to help manage their financial lives.
Our mission is to help people lead healthy financial lives. You can understand where all of your assets are, where you're spending all your money and how to plan a budget at a plan for retirement. Quicken as a product dates all the way back to 1984 and when Intuit was founded.
In 2015 Intuit decided to divest three of their businesses demand force, quick pace and Quicken. It was a very chaotic time. We didn't know where we were going to land. We had to be prepared to move very quickly. We had to have a payroll and benefits immediately. We needed to have an ERP system that would scale with us.
We have millions of transactions a year we sell through retail channels and through direct channels. We have multiple different products from multiple different years so it's very complex.
Quicken is a multinational company so we definitely needed to have a multi-national, multi-currency solution. I was familiar with a wide variety of ERP systems everything from SAP, JD Edwards even Salomon, Macola, Epicor as well as NetSuite. And in my mind there was no doubt I would go with NetSuite.
Our vision was to become an independent standalone company and that was achieved by moving the NetSuite. It was nice to have one less thing to worry about. I also knew that it can be implemented quickly so while there was so much going on with transitioning the business from Intuit, it was a relief to know that NetSuite could handle the systems we have things like dashboards, so we got the information that we need.
NetSuite has made it very easy for us to value our inventory, know where it's located so it makes it very easy to manage all of this inventory which is spread up across the United States. We still sell through retail partners and retail partners for plier boxes on the shelves so we're using it on the procure-to-pay side. We’re using it on the order to cash side. We're using it within the accounting department for the GL and we're also using it more broadly throughout the organization as we move to the subscription model.
We know that the metrics we measure will be changing and we also know that NetSuite is a system that's well-suited for software companies like us. We can do the revenue recognition. We don't have to hire a bunch of people to track. Here's the subscription for this person. NetSuite will track all of that for us automatically: how to recognize the revenue, when the contracts will expire and makes it really easy for us to add literally millions of customers which is what we do every year.
It's definitely something I don't worry about which is I think it just works. The executives are able to understand the complete business picture quickly and easily through NetSuite and as the business changes and as we grow we know that we can we have that system in place. We're just scratching the surface of the functionality that NetSuite offers. There's no constraints with NetSuite to prevent us from scaling and growing this larger.
Schedule Your Free Consultation
I think what makes us unique is a real laser focus on customers: what do they need, what do they want. Quicken is a tool that people use to help manage their financial lives.
Our mission is to help people lead healthy financial lives. You can understand where all of your assets are, where you're spending all your money and how to plan a budget at a plan for retirement. Quicken as a product dates all the way back to 1984 and when Intuit was founded.
In 2015 Intuit decided to divest three of their businesses demand force, quick pace and Quicken. It was a very chaotic time. We didn't know where we were going to land. We had to be prepared to move very quickly. We had to have a payroll and benefits immediately. We needed to have an ERP system that would scale with us.
We have millions of transactions a year we sell through retail channels and through direct channels. We have multiple different products from multiple different years so it's very complex.
Quicken is a multinational company so we definitely needed to have a multi-national, multi-currency solution. I was familiar with a wide variety of ERP systems everything from SAP, JD Edwards even Salomon, Macola, Epicor as well as NetSuite. And in my mind there was no doubt I would go with NetSuite.
Our vision was to become an independent standalone company and that was achieved by moving the NetSuite. It was nice to have one less thing to worry about. I also knew that it can be implemented quickly so while there was so much going on with transitioning the business from Intuit, it was a relief to know that NetSuite could handle the systems we have things like dashboards, so we got the information that we need.
NetSuite has made it very easy for us to value our inventory, know where it's located so it makes it very easy to manage all of this inventory which is spread up across the United States. We still sell through retail partners and retail partners for plier boxes on the shelves so we're using it on the procure-to-pay side. We’re using it on the order to cash side. We're using it within the accounting department for the GL and we're also using it more broadly throughout the organization as we move to the subscription model.
We know that the metrics we measure will be changing and we also know that NetSuite is a system that's well-suited for software companies like us. We can do the revenue recognition. We don't have to hire a bunch of people to track. Here's the subscription for this person. NetSuite will track all of that for us automatically: how to recognize the revenue, when the contracts will expire and makes it really easy for us to add literally millions of customers which is what we do every year.
It's definitely something I don't worry about which is I think it just works. The executives are able to understand the complete business picture quickly and easily through NetSuite and as the business changes and as we grow we know that we can we have that system in place. We're just scratching the surface of the functionality that NetSuite offers. There's no constraints with NetSuite to prevent us from scaling and growing this larger.