Know how Jade Global helped ThoughtSpot Inc. with its Fiscal Calendar change for the India subsidiary in their existing NetSuite applications and improved its reporting accuracy
Industry:
Software (Business intelligence company)
About the Client
ThoughtSpot is a business intelligence and enterprise analytics platform designed to ease the process of analyzing complex, large-scale enterprise data with an automatic, relational search engine. The company's platform connects with any on-premise, cloud, big data, or desktop data source, deploying faster than legacy technologies, enabling businesses to access terabytes of enterprise data, centralizing data and infrastructure management in seconds with a single click.
Business Challenges
- Since the fiscal calendar was set as Feb to Jan, ThoughtSpot could not report correct numbers for India from Apr to Mar
- ThoughtSpot had to pass audit adjustment entries in books and reverse it for India
- ThoughtSpot was facing challenges to address the reporting requirements related to Indian GAAP through NetSuite
- It was a very time-consuming process during Month-end, Quarter-end, and Year-end
Business Requirements
ThoughtSpot has implemented NetSuite as its ERP system since 2017 through some other SI. During the implementation, all the subsidiaries (USA, Canada, UK, Germany, Australia, Japan, India, and Singapore) were set up to use the same fiscal calendar, i.e., from 1st February to 31st January. This was troublesome, especially for the India subsidiary to correctly report the year's financial numbers (i.e., from Apr to Mar). ThoughtSpot was looking for assistance with the Fiscal Calendar change for the India subsidiary in their existing NetSuite applications and reached out to Jade Global
The Benefits
- Fiscal Calendar for India changed to Apr-Mar as per India audit requirement
- ThoughtSpot is now able to perform accurate financial reporting (Balance Sheet and Income Statement) for India from the NetSuite application
- The month-end closing activity for India is quicker and effective
- No manual intervention is required
- Consolidated reporting is now showing correct results
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