Singapore's Carousell Group has adopted a cloud-based ERP system to unify and streamline financial processes across seven markets in Southeast Asia.
Managing multiple subsidiaries posed challenges around consolidation, financial visibility, and ensuring data accuracy across the board.
After evaluating several vendors, the company has selected Oracle NetSuite’s ERP system to streamline operations for efficient reporting and decision-making, Carousell’s head of group reporting and accounting, Madan Kumar, told iTnews Asia in an exclusive interview.
Carousell now completes its month-end close by the fifth working day.
This enables timely reporting and data-driven decisions.
Before implementing NetSuite, the financial close process was manual and time-consuming, often extending well beyond our current Day 5 close, said Kumar.
A key factor in the decision was the need for a cloud-based platform that could scale business across markets.
The platform also supports localisation needs across markets, ensuring compliance with varying financial regulations while maintaining standardisation at a group level, he added.
The system’s integration with internal platforms and external systems has reduced manual work and improved data accuracy.
Real time visibility across the group
Carousell is using NetSuite Financial Management, NetSuite OneWorld, and NetSuite Fixed Asset Management.
NetSuite OneWorld enables the team to manage multiple subsidiaries with different currencies and compliance requirements, all within a unified system, Kumar said.
NetSuite Financial Management streamlines core accounting processes, from general ledger and accounts payable to reporting, he added.
NetSuite Fixed Asset Management allows the company to track and manage assets across regions.
Together, these modules have been integrated into the workflows to provide real-time visibility across the group.
Kumar mentioned rolling out the system across markets posed challenges in change management and localisation.
Carousell worked with implementation partners to ensure a smooth transition, he added.
Working to enhance reporting capabilities
According to Kumar, beyond ERP, Carousell is working on other digital transformation initiatives.
These include enhancing reporting capabilities, improving system integrations across business functions, and increasing automation to reduce manual processes.
The group is exploring additional NetSuite modules, including account reconciliation and advanced analytics, to strengthen finance operations.
“Our focus is on identifying modules that align with our operational priorities and can seamlessly integrate with our existing workflows to support future growth,” said Kumar.
