[ad_1]
A dentist smiling with a happy, smiling patient.
AUSTIN, TX, UNITED STATES, Nov. 1, 2021 /EINPresswire.com/ – SmileMD is a rapidly growing provider of dental sedation services for young patients. The company started in Ohio and expanded into Kentucky with the aim of entering new US markets to meet the market’s needs for safe on-site anesthesia services for the dental office.
The company is currently in its fifth year of fiscal year and recently closed a Series A financing round to support its ambitious growth targets. During this expansion phase it became clear that SmileMD needed a robust solution to streamline their business and accounting processes.
SmileMD used several software programs for accounting, inventory management, purchasing and customer relationship management (CRM). Information was not exchanged between software applications and the company lacked visibility into business performance, which posed a variety of challenges during this initial start-up phase.
It became clear that the company needed to combine its business and accounting processes into one robust solution. After researching several solutions, the answer was the best Oracle NetSuite ERP solution. Our team at Finlyte has partnered with SmileMD to provide expert NetSuite ERP implementation services.
๐๐๐๐ถ๐ป๐ฒ๐๐ ๐๐ต๐ฎ๐น๐น๐ฒ๐ป๐ด๐ฒ๐ ๐ง๐ต๐ฎ๐ ๐ก๐ฒ๐ฒ๐ฑ๐ฒ๐ฑ ๐๐ผ ๐๐ฒ ๐๐ฑ๐ฑ๐ฟ๐ฒ๐๐๐ฒ๐ฑ
SmileMD was growing so fast that their existing systems and software couldn’t keep up. They had to stabilize the business and accounting processes so that they could use the new financial resources for the strategic growth of the company. There were specific issues that needed to be addressed:
โข A lack of transparency exposed the company to wasted, missing, or damaged inventory
โข Could only estimate inventory usage and had no insight into where everything was going
โข Required to bring data together to support strategic planning for future growth
โข Valuable business information was not shared through the software platforms
โข Unable to drill down to monitor cash flow in and out of the company
The NetSuite ERP platform has met these challenges to provide SmileMD with the stability it needs to streamline important processes, make performance transparent and prepare the company for the next phase of growth.
๐ ๐ฎ๐
๐ถ๐บ๐ถ๐๐ถ๐ป๐ด ๐๐ฟ๐ผ๐๐๐ต ๐ฃ๐ผ๐๐ฒ๐ป๐๐ถ๐ฎ๐น ๐ง๐ต๐ฟ๐ผ๐๐ด๐ต ๐ก๐ฒ๐๐ฆ๐๐ถ๐๐ฒ ๐๐ฅ๐ฃ ๐ฎ๐ป๐ฑ ๐๐ถ๐ป๐น๐๐๐ฒ
The Oracle NetSuite team recommended that we implement the NetSuite ERP solution for SmileMD, as we use our expertise to support growth companies in their initial phase.
During the implementation project, our goal was not only to address SmileMD’s key challenges, but to position them for long-term growth as they expand from operating in two US states to potentially dozens of states.
Our team of implementation experts has adapted the NetSuite ERP platform for SmileMD to your individual requirements:
โข Consistent accounting and business data in one central location
โข Establish a more detailed ledger to accommodate the growing operational reality
โข Immediate visibility so SmileMD can understand inventory usage
โข Allows SmileMD to set up KPIs to track usage and costs by patient and location
โข Using smart templates that worked for previous healthcare companies
โข Implemented the appropriate fixes without negatively affecting other aspects
โข helped build a foundation to support future growth in other US regions
Our team solved every challenge that came up during the implementation project so there were no surprises when the platform went live. In addition, we have provided users and other stakeholders with the knowledge they need to use the platform according to their role in the company.
๐ง๐ต๐ฒ ๐ฅ๐ฒ๐๐๐น๐๐ ๐ผ๐ณ ๐๐บ๐ฝ๐น๐ฒ๐บ๐ฒ๐ป๐๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ก๐ฒ๐๐ฆ๐๐ถ๐๐ฒ ๐๐ฅ๐ฃ ๐ฃ๐น๐ฎ๐๐ณ๐ผ๐ฟ๐บ
The SmileMD team saw immediate results and gained insight into how the company worked and where it could be improved. Before using NetSuite ERP, they couldn’t connect the dots because their data was separated. Now they could see how it all came together to run the business smarter.
โข Increased transparency of inventory usage on a daily basis compared to sporadically before
โข Ability to optimize inventory after determining that only half of the inventory has been used
โข Stabilized key business and accounting processes vs. separate activities
โข Able to track cash flow or not see where money is flowing in and out of the company
โข Prepare clear and transparent financial reports to enable the company to receive additional funding during the next phase of expansion
Now the company is ready to scale as it has a strong foundation to support rapid growth. We continue to partner with SmileMD by providing NetSuite optimization support to address new, complex business and accounting challenges.
โMoving to NetSuite ERP brought everything together in one place to give us the insights we needed,โ said Todd Kohl, VP Operations and Logistics. “In particular, having access to real-time data enabled us to keep track of inventory in ways we couldn’t before, which has helped avoid wasteful spending.”
โI appreciate the expertise of the Finlyte team, who use their knowledge of business and accounting situations to come up with solutions, fix problems and resolve challenges before we go live with NetSuite. Because of their excellent work helping us reach every milestone during the implementation project, we are continuing to work with Finlyte for post-go live support as we prepare to enter new markets. “
– Learn more about our NetSuite ERP implementation capabilities for healthcare organizations.
– Is your organization growing fast? Contact us today to discuss a solution that implements the Oracle NetSuite ERP platform to streamline business and accounting processes.
Austen Wise
Finlyte partner
+1 512-975-2328
email us here
You just read:
News provided by
November 01, 2021, 14:00 GMT
EIN Presswire’s priority is source transparency. We don’t allow opaque clients, and our editors try to carefully weed out false and misleading content. If, as a user, you see something that we have overlooked, please make us aware of it. Your help is welcome. ONE Presswire, Everyone’s Internet News Presswire โข, seeks to define some of the boundaries that are appropriate in the world today. Please see our editorial guidelines for more information.
Submit your press release
[ad_2]
https://www.einnews.com/pr_news/554995204/how-smilemd-regained-control-of-business-and-accounting-processes-during-rapid-growth
