NetSuite, Inc., the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Main Street Power Company Inc., which develops, finances, owns and operates solar projects at more than 1,000 sites in North America, has deployed NetSuite OneWorld for managing its mission-critical finance operations from financial consolidation and real-time analytics to financial reporting. Five years of growth required the management of more than 40 instances of QuickBooks, and the consolidation of financials for over 40 entities via time-consuming, cumbersome Excel spreadsheets and manual processes, leading Main Street Power to turn to the NetSuite Cloud to transform its finance operations. The company is now relying on NetSuite OneWorld to manage finance operations across all 52 of its subsidiaries in North America. NetSuite OneWorld provides Main Street Power with a single system of record and the ability to conduct real-time financial consolidation, real-time analytics and reporting, and to bring real-time visibility to its business performance across all subsidiaries while eliminating errors like double-data entry related to the previous manual processes and disparate, multiple systems.
Founded in 2009, Main Street Powers' finance staff manually managed multiple data sets for the company's numerous subsidiaries, a tedious and time-consuming process that also introduced the risk of errors. In addition, QuickBooks imposed a limit of 25 entities, requiring inefficient exports and reporting in Excel to consolidate financials across the environment. Main Street Power also lacked real-time visibility into subsidiary financials and an automated mechanism to ensure data accuracy and consistency across parent and subsidiary records.
Selected over multiple other ERP applications, NetSuite OneWorld supplies Main Street Power with an ideal solution a single system of record with robust financial consolidation and inter-company elimination capabilities. With NetSuite OneWorld, Main Street Power is gaining new agility to address challenges unique to the solar industry including volatile market conditions, cost pressures, regular price fluctuations, and managing government incentives and regulations.
"The top benefits we see with NetSuite are the robust reporting, intercompany transactions, and maintaining all of our information in a single system instead of QuickBooks and Excel spreadsheets," said Jennifer McGlothlin, Main Street Power Vice President and Corporate Controller. "NetSuite is so much better than our previous multiple systems it's much easier to use and saves so much time. For any company with a number of entities, NetSuite OneWorld makes everything so much easier."
In conjunction with NetSuite OneWorld, Main Street Power is also able to leverage NetSuite's SuiteCloud development platform to build the integration between NetSuite OneWorld and AlsoEnergy, a software solution that monitors power consumption by project. The integration automates monthly usage-based billing to Main Street Power's commercial users. NetSuite (netsuite.com) has met Main Street Power's specific vertical industry business needs, which was something previously not possible with its prior mix of on-premise systems.
"One great thing about NetSuite is how you can manipulate and customize the system to do just about anything you want," McGlothlin said. "It's very valuable to be able to build your own custom fields and create the forms you need without being stuck in the constraints of software."
About Main Street Power Company, Inc.
Main Street Power Company, Inc. (mainstreetpower.com) delivers renewable power through distributed generation solar projects. Main Street Power owns and operates solar assets at schools, colleges, cities, utilities, residences, and nonprofits through a partnership with MS Solar Solutions Corp., a wholly-owned subsidiary of Morgan Stanley. A commitment to solving social and environmental problems through clean energy, local jobs creation, and solar science education for children has earned Main Street Power a three-star GIIRS rating by B-Lab, the global social impact rating organization.
Today, more than 20,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
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