Geo Unit Financial Reporting with NetSuite

Region 10 Meeting, Chiang Mai, Thailand03 March 2013

Ralph Ford – Vice President, MGADon Bramlett – MGA TreasurerLarry Bolsch – Finance Director, Business Solutions for MGA

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Overview

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Why the need for online reporting

Selection of NetSuite

February 2013 MGA Board Motion

Training Support

Why the move to NetSuite?

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• Increased Audit requirements

• Increased protections by countries in face of increased fraud

Management Letter Comments discussed at Audit Committee Pre 2008-2010:

• It is acknowledged there has been an improvement in the reporting process but there is still some delay in obtaining all L50 reporting information. It is further noted that management will implement a commercially available 3rd party online reporting solution as an automation tool for reporting that will allow for more timely and complete financial data from the Geo Units.

NetSuite Selection Process

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Prior to 2009 – Solutions were reviewed for consideration:– Net Ledger, Quick-books, Peachtree – license fees too expensive

– Geo Unit Surveys indicated a cost to each unit was not wanted

– Automation was requested

2010 – New Solutions were considered: NetSuite was chosen

– Oracle based Solution – integrates with 11i and 12i (was Net Ledger in the past)

– Costs absorbed by Corporate and not passed to the Geo Units

– Compliance, Transparency and Reporting have driven the decision

MGA, Accounting, Treasury & IT Reviews completed with all stakeholders

– Socialized and Endorsed by all MGA Volunteer Committees

Operations Committee

Finance Committee and Regional Treasurers

MGA Board and related Ad Hoc Committees

Compliance

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Clarity –Financial Reporting and Compliance

–To create a user experience that does not create a Compliance bottleneck.

Responsiveness to Audit Requirements– Volunteer committee recommended change.

Protection of Assets–Bank Accounts and Financial Data needs to be reported

timely.

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NetSuite Phase IIUser Interface

What We Heard

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NetSuite User Interface is too cumbersome and cluttered. What we needed was not easily found

Training material was not easily accessible

Links to other IEEE databases, such as myIEEE & CLE are not transparent in NetSuite

Budgeting tool in NetSuite is not user friendly

More hands on Training is needed

What Was Changed

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Built a more user friendly interface streamlined to show Treasurers only the essential functions

Rolled out new training material and currently holding more webinars and Live Training At Region Meetings

Allows access to myIEEE & CLE by creating links on the NetSuite landing page (dashboard)

Created a budgeting tool that is simple and efficient

Where we are at on March 3, 2013

70% of Sections have submitted their financial reports using NetSuite

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What still needs to be done?

Ability to import data from other tools (e.g. .CSV)

Continue to integrate feedback from users

Continued training and support of volunteers.

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MGA Board Resolution

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The MGA Board resolved on February 16, 2013 that the Rebate & Bonus Policy for 2012 reporting (in 2013), shall be as follows:

• Netsuite Activity or Request for Assistance by 15 Feb. And Submission by 31 March (any form) Rebate & Bonus Eligible

• Submission by 31 March (any form)  Rebate Only – No Bonus

• Submission after 31 March (any form) No Rebate nor Bonus

 

                                     

NetSuite Training Webinars

NetSuite training webinars are scheduled for:

March 7, 14, 21, 28

March 7 and 21 at 12:00 est

March 14 and 28 at 20:00 est

Christian deFelice will be conducting the webinars. Any interested officers may participate

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Questions?

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