Latest / The Diary of a CFO / 5 Reasons ERP Implementations Fail and How To Get Yours Right, with Sharon Barboza

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5 Reasons ERP Implementations Fail and How To Get Yours Right, with Sharon Barboza · The Diary of a CFO

0:00
You see a lot of finance function. You've seen
0:02
it now on both sides. I'm curious to see. What
0:05
pattern do you see most often in the finance
0:08
function? Like what typically goes wrong? Sharon
0:11
Barboza is a manager in digital services at Citroen
0:13
-Couperman Advisors LLC, where she serves as
0:16
a senior resource for their enterprise application
0:18
delivery practice. Before this, she spent decades
0:21
on every side of finance as a licensed CPA running
0:25
her own small business practice, as a controller
0:27
inside technology, healthcare, and real estate
0:29
companies, and as a senior NetSuite consultant,
0:31
redesigning how finance operations actually work.
0:34
at growing businesses. Sales or the processing
0:40
department, they will come up with different
0:42
new SKUs for products and they don't bring counting
0:45
in to the last minute. And accounting's like,
0:48
well, wait a minute, we've got this particular
0:50
thing we've got to do. And so now we have to
0:52
go back and redo everything. And I had one project
0:55
that it caused the project to delay a year. We
0:58
had to go back and redesign everything. The other
1:00
thing that us accountants do suffer from is Today's
1:09
episode is brought to you by FISPAN. By embedding
1:11
banking services directly into ERP and accounting
1:14
software, FISPAN streamlines financial workflows,
1:18
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1:21
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1:24
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1:28
F -I -S -P -A -N .com. Welcome back to the Diary
1:31
of a CFO podcast. I'm your host, Wassia Kamon,
1:34
a sitting CFO with a background in accounting
1:35
and FP &A. And I started this show because believe
1:38
the way companies build and lead their finance
1:41
function determines whether they scale or fall
1:43
apart. Each week, I sit down with CFOs, CEOs,
1:46
and strategic business partners to talk about
1:48
what that actually looks like in the inside.
1:51
Building the right teams, getting systems and
1:53
controls in place, partnering with the business,
1:55
and doing it all hopefully without burning out.
1:58
I'm super excited for my guest today, Sharon
2:00
Barbosa. She is a manager in digital services
2:03
at Citroen Cooperman Advisor LLC, where she is
2:06
a senior resource for their enterprise applications
2:09
delivery practice. Before this seat, she spent
2:12
decades on every side of finance, as a licensed
2:15
CPA running her own small business practice,
2:18
as a controller inside technology, healthcare,
2:21
and real estate companies, and as a senior next
2:24
week consultant, redesigning how finance operations
2:27
actually work at growing businesses. If there
2:30
is one person who has seen more small and mid
2:33
-sized businesses trip over their accounts payable,
2:36
banking, and payments than almost anyone, it
2:40
is Sharon. I'm so glad to have her on the show.
2:42
Thank you so much, Sharon. It's so great to be
2:44
here, Wessia. Thank you so much. Of course, always
2:47
like to start with understanding what drew you
2:50
in the first place to the world of finance and
2:52
accounting. So that is... A long story, I'll
2:56
try to keep it brief. So my mother was an accountant.
2:59
So I always swore I would never do accounting
3:01
because to me it seemed like it was the most
3:03
boring job in the whole world. But when I was
3:06
in college, I was a marketing major and took
3:09
my first marketing class and my first accounting
3:12
class at the same time. Um, I loved my accounting
3:16
class, hated my marketing class. And so I decided
3:19
that, you know, marketing definitely was not
3:20
for me. Um, I had a professor that drew me aside
3:23
and said, Hey, you understand this accounting
3:26
is like a special language. And if you get it,
3:28
you understand it. Like it's, it's a great industry
3:31
to be in. Um, it's, uh, it's got a lot of growth
3:34
potential. Um, and you seem to like it. So I
3:38
told them, okay, well, I'll take another class.
3:40
So I did. And then I was hooked. So I switched
3:42
my major. to accounting. It took me a while to
3:45
get my degree. I got married right out of high
3:48
school and so I had my son my first year of college
3:52
and so I had to take a break to do motherhood
3:56
for a while. I was working as a operations manager
4:00
for a real estate company so I was doing kind
4:03
of the finance stuff, but I was also doing operations
4:06
and really, really wanted to move to a pure accounting
4:11
role. So I had a great mentor who was actually
4:16
our CPA for the firm who offered to let me come
4:19
work with her. I could bring my daughter to work
4:22
because I was pregnant at the time for my first
4:24
year. And she said she would sponsor me and allow
4:28
me to finish my degree and get my CPA license.
4:33
So that's how I got into accounting, how I got
4:37
my CPA license and kind of spent 10 years in
4:43
public accounting and then decided that part
4:45
wasn't for me. I loved accounting, but not necessarily
4:48
tax and audits. So moved into industry after
4:51
that. Oh, wow. It really, really resonate with
4:54
me because I also didn't know I'll do accounting,
4:57
but then I was hooked at college. That's how
5:01
I ended up doing it. And that's super nice that
5:05
you also had a mentor who took you under your
5:07
wing and work with you. It makes such a difference.
5:10
It does. It's everything to have a strong mentor,
5:14
someone who believes in you. I've had that throughout
5:17
my career in a few different places and it really
5:20
helps you to grow and it helps you to reach your
5:23
potential and achieve things that you didn't
5:26
think you'd ever able to achieve. So I'm forever
5:29
grateful. grateful to her and to all the other
5:32
mentors that are on my way. And I strive to do
5:35
that for other people in my industry. Yeah. And
5:39
so what would you say would be the most surprising
5:41
turn that your career has taken? Actually ending
5:45
up in consulting, doing the Nutsweet Consulting.
5:49
I never saw that for myself. Originally when
5:52
I was starting out in my accounting career, I
5:55
did envision that I was going to stay in public
5:57
accounting. Um, and you know, when that didn't
6:00
work and I decided to go in a different direction,
6:03
I figured I would end up like as a CFO or something
6:06
one day. Um, the, the highest level that I got
6:09
to was controller level, but I had this opportunity
6:12
to go ahead and work on the consulting side and
6:15
I thought I would give it a try because it sounded
6:18
fun. I was scared about it because I thought
6:21
it sounded really technical and I'm not a big
6:24
technical person. Um, but, uh, I've loved it.
6:27
it. I absolutely enjoy it. It's been great because
6:31
I get to work with so many different clients
6:33
over so many different industries. Part of my
6:38
creative side comes out because I feel like I
6:40
come up with creative solutions and I get to
6:42
help them build their business up to a better
6:45
level, help them to get there. their processes
6:49
streamlined to make them more efficient and provide
6:52
a path forward for them to be successful. And
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it gives me a lot of joy to see that, like to
6:58
see them, you know, I follow former clients,
7:01
you know, online and like to see, oh, they acquired
7:04
a new company or they did this or that. And I
7:07
feel like, well, maybe I had a little bit of
7:09
part of that making their processes a little
7:11
bit easier. I love working with my clients. I
7:15
love. working and coming up with the solutions
7:17
for them. And so it's surprising to me because
7:21
I never saw myself as a consultant. I always
7:23
thought I would always be just an accounting
7:26
person and just move up through those ranks.
7:29
So curious to hear all those transition though,
7:31
like your first transition into public accounting
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and then you transition into industry and then
7:39
you transition into consulting. Curious to hear
7:42
when you look back, like what are those top things
7:45
that really help you through those transitions.
7:48
Cause sometimes I feel like we, we think that
7:51
life will be a straight line. Yes. And it is
7:53
not, it's usually full of transitions. So what
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would you say really helped you in those moments?
7:59
So like I said before, mentorship definitely
8:02
helped, um, staying on top of different changes
8:06
in the industry and you know, research, I'm a
8:08
learner by nature. So learning all about other
8:11
things. So that really helped reach. out and
8:14
networking with other people to find out what
8:17
they're working on and what their thoughts are
8:21
for the future or getting a little bit of a feel
8:25
of what their world is like. The other thing,
8:27
believe it or not, that's helped me is some failures.
8:31
Some of the things, some of my stumbles and falls
8:34
and some of the things that seemed so bad at
8:37
the time, like getting laid off from a position
8:39
or not being able to get a position that I wanted
8:43
ended up being like some of the greatest things.
8:46
When I look back, I'm like, this thing led specifically
8:49
to this opportunity, which led to this. Ironically,
8:52
I have a, you know, a situation where I got laid
8:55
off from a job that I was really excited about.
8:57
And then I got picked up very quickly by another
9:00
company. And the reason that they hired me was
9:03
because I had worked with a specific software
9:05
intact with that company. And so I went to work
9:08
for that company and it ended up being probably
9:11
the biggest learning and growth journey of my
9:14
career, which allowed me my first time working
9:17
with NetSuite, which I do NetSuite implementations
9:20
a lot now. So that's actually led to where I
9:23
am now. It gave me that background, that... knowledge
9:29
to be able to be where I am now in my career.
9:32
So it's funny, like you said, it's not a straight
9:34
path, but if you look back, you can see these
9:36
little points where this point led to this point
9:39
led to this point. But if I hadn't been laid
9:42
off from that job, I never would have had the
9:44
opportunity with the other company, which was
9:47
such a great. growth path for me. Really, that
9:51
gave me a lot of experience in different parts
9:53
of accounting that I had not been exposed to
9:56
before because we were such a small team supporting
9:59
such a large company. So I got to work in treasury.
10:02
I got to work in international payroll. I got
10:05
to work in setting up supply chain, really understanding
10:09
international accounting and consolidations and
10:12
multi -currency. and also helping to build that
10:16
accounting department and structure because we
10:19
were, again, kind of growing through that transition.
10:23
So that was just an amazing opportunity for me.
10:26
And I would have had that had I not been laid
10:29
off from that other position. So I always try
10:31
to see when something happens. I try to say,
10:34
well, you know what, maybe this is a good thing.
10:36
It seems like a bad thing right now, but maybe
10:39
it's going to lead to something better in the
10:41
future. So I try to keep that positive attitude
10:44
with that. And it pays off, obviously. But I
10:47
know that in those moments, it's so hard to.
10:51
keep that perspective in sight, right? So what
10:54
would you say specifically, you know, in those
10:57
moments, like when you're going through a layoff
10:59
and you have to quickly bounce back, like what
11:02
are some of the things that helped you in those
11:04
moments? I think having, you know, having a strong
11:07
network, having family, having, I have, you know,
11:11
a strong family network as well. So that was
11:15
helpful. I think, you know, having a positive
11:18
attitude and know that that's not always It's
11:20
always easy to have when something happens. But
11:24
I felt having that positive attitude and just,
11:28
okay, so this is an opportunity now. What do
11:31
I do? Maybe I need to learn something else. Maybe
11:34
I take this time to refocus on something. And
11:37
I always try to kind of look back at myself.
11:41
I take that time to reflect on myself. What kinds
11:44
of things could I have done differently? How
11:47
can I use this as a way to improve? And so I
11:51
think that that is one of the things that have
11:53
helped me to kind of bounce back, you know, trying
11:56
to stay relevant and in constantly learning.
12:00
I mean, that's another thing too. Industry changes
12:02
so quickly. Accounting changes so quickly. I
12:05
mean, when I first started, when I was in accounting
12:08
in college, I mean, we were, they were just starting
12:11
to talk about doing like computer programs for
12:14
like IRS, you know. sending out IRS returns and
12:19
such. And we would still do printout returns
12:21
and clients would sign them and we'd mail them
12:24
in. And the green slips and the certified mail.
12:31
Yes. Before, I mean, I did use Excel, but we
12:35
did have the columnar. I had this huge columnar
12:41
book that I used to do some stuff in. you know,
12:46
there's been a lot of change. I remember I had
12:48
a professor in college that said that the future
12:51
of accounting is computers. And so if you do
12:56
anything in accounting, take any extra classes
12:58
to go get your MBA, anything like that, like
13:01
always concentrate on accounting, accounting
13:03
systems, like computers, because that is the
13:07
future of accounting. And he's right. You know,
13:10
that's where the future has gone. Absolutely.
13:14
And also when you were mentioning those transition
13:17
your careers, you mentioned a lot of systems
13:19
like Sage Intact, your NetSuite. And now that
13:25
you are at Citroen Copperman, you see a lot of
13:28
finance function from the outside. You've seen
13:32
it now on both sides. I'm curious to see, since
13:35
now you've seen like hundreds, probably thousands
13:37
of them. What are the pattern do you see most
13:40
often in the finance function? goes wrong or
13:44
what are we doing the wrong way? Because you
13:46
know on the other side we're suffering because
13:48
you've been there. You know it's interesting
13:52
because I can relate because I dealt with these
13:54
same issues. One of the things is a big issue
13:58
I think is you don't have consistency across
14:02
systems or you don't have collaboration across
14:04
departments. So accounting is downstream. of
14:09
what upstream does. So what sales is doing, what
14:13
legal is doing, what, you know, the things that
14:15
they're working on affect accounting downstream.
14:18
And sometimes I think accounting, the accounting
14:21
function isn't considered in that until later.
14:25
And the accounting function, like they have to
14:27
deal with the downstream. And so I think it's
14:31
important to collaborate across companies. Things
14:35
that I've seen throughout my career, especially
14:39
in consulting, is that you've got sales. in the
14:44
order department, order processing department,
14:49
they will come up with different new SKUs for
14:53
products. And they don't bring counting in until
14:55
the last minute. And accounting's like, well,
14:58
wait a minute, we've got this particular thing
15:00
we've got to do. And so now we have to go back
15:02
and redo everything. And I had one project that
15:05
literally, like it caused the project to delay
15:08
a year because when we got to the point where
15:12
we were going into the, you know, we were getting
15:14
the information from the sales team that had
15:17
redone all of their SKUs. It wasn't working for
15:19
accounting. It wasn't working for their revenue
15:21
recognition requirements. They weren't able to
15:23
do the billing the way it was set up. And so
15:26
we had to go back and redesign everything. And
15:29
so making sure that the stakeholders from all
15:32
the major departments are in that conversation.
15:36
you know, if something you're doing is affecting
15:38
a department downstream, then you need to be
15:41
able to, they all need to be involved in the
15:43
conversation. So collaboration, you know, not
15:46
having siloed conversations, not having siloed
15:49
departments, having collaboration. So that's
15:51
one of the big things. The other thing that us
15:54
accountants do suffer from is we love our Excel.
15:59
And so trying to get out of our Excel and get
16:04
it and trusting another system. to be able to
16:06
do the things that Excel, using Excel as a validation
16:10
tool or a tool for us to use, but not doing all
16:14
of our work in Excel. And I know that's really
16:16
hard. We trust our Excel spreadsheets. We're
16:18
used to them. You can trace formulas. Yes, exactly.
16:21
And I have clients that don't, they've worked
16:24
there for so long, they use the same spreadsheet
16:26
for so long, and they don't want to get off of
16:29
it. They're very resistant to that change. So
16:34
change me. is another large thing to help your
16:37
team see this as a good thing. I think two, people
16:41
get scared. Well, I'm the only one that can manage
16:43
the spreadsheet. Now it's gonna be done by a
16:45
computer system and I'm not gonna be as involved,
16:48
so am I gonna still be useful? So helping to
16:51
show them how this is going to be an efficiency
16:53
for them where they can now concentrate on other
16:55
things. I mean, I've had clients that spent...
17:00
all of their time in these manual spreadsheets
17:03
to be able just to get through a month and close.
17:05
It was just, it was just a never ending cycle
17:07
for them, but you know, they were supposed to
17:09
be helping on more strategic initiatives. They
17:12
were supposed to be helping with new processes
17:14
and they couldn't do that because they were stuck
17:16
in this rut. So I think that's another big thing
17:20
that I see trying to, you know, show people.
17:23
I mean, you know, a lot of times I'll get like,
17:26
well, I could just do that in Excel. Yes, you
17:28
could. But do you want efficiency in your day?
17:31
Do you want to be able to spend your time doing
17:34
other things? Do you want to be able to have
17:36
not less stress in your life? For example, I
17:39
had a forecasting spreadsheet that I used to
17:42
update. That was 78 tabs. And it was touched
17:46
by so many different people in the company. And
17:49
it had all of these different formulas in it.
17:53
Sometimes someone would go in and hard code something.
17:56
And I needed it for our board packet. And so
17:59
they would give me different scenarios to plug
18:02
in and I managed through. And it took me literally
18:07
days to do it. And inevitably, it'd be five o
18:11
'clock on a Friday. Board meeting's Monday. Can
18:14
you make this change? It's one change. And I
18:16
end up working the weekend. And so it's like
18:19
that kind of. efficiency now, like some of the
18:22
products we work with. Like now, like I can plug
18:25
that in into a computer. A computer does all
18:27
the analysis, brings it all downstream. I don't
18:29
have to worry about did someone hard code a formula?
18:32
Is my input on this particular sheet not correct?
18:36
I don't have to go in. I can still have to validate,
18:38
but I don't have to go in and, you know, I can
18:40
trust the process more. So I think that that's
18:43
another thing is like trying to build efficiencies
18:45
in accounting. You know, accounting is a cost
18:48
center. And so a lot of times they just don't
18:50
give, I like to say they don't get the love that
18:53
some of the other departments get. Yeah, the
18:55
love. Yeah, they don't get the love, you know.
18:58
So I try to make sure that they are getting the
19:02
love. I try to advocate for the accounting. functions
19:05
when I'm involved in projects, being like, hey,
19:08
I've lived it. You know, if I'm on the call with
19:10
like the CFO, the CEO, the CTO, the head of sales,
19:13
I'm like, hey, yeah, this minor change on your
19:16
side is going to have a huge impact on the accounting
19:18
side, which is going to be good for everybody.
19:20
And so I, you know, I do try to do that because
19:23
I that is has been something that I have seen
19:26
a lot throughout my career. Thank you so much
19:28
for sharing because you shared two main points,
19:31
pain points. I will say that I have struggled
19:34
also at different companies at different time
19:37
in my life. The first part is accounting being
19:40
brought too late. And the other part you said
19:43
was how do you switch to a better system and
19:47
you have that resistance to change because Am
19:49
I going to be useful? Because we're having the
19:51
same conversation now, even with AI. So curious
19:55
for you, if you can dive a little deeper, what's
19:58
your number one tip? One, to help accounting
20:01
being involved earlier in those conversations.
20:05
And the other one, how can, within the accounting
20:08
department, can we also encourage people to change
20:12
or migrate to better solutions? You know, I do
20:15
think that leadership, you know, it flows downstream.
20:18
So I think that, you know, leadership comes from
20:20
the top. So I think, you know, definitely having
20:23
the right leaders in place to recognize those
20:27
types of things. I think advocating for yourself,
20:31
if you're in an accounting department, I think
20:33
going to your leadership and explaining, hey,
20:36
guys, you may not understand what I'm spending
20:39
time on. I mean, I remember even our CFO who
20:41
was a great CFO, but he would say, well, can
20:44
you just make this one change? And I'm like,
20:46
you don't understand what your one change impacts.
20:49
And explaining it to him, and he'd be like, oh,
20:51
yeah, I had no idea it did that. Because to him,
20:54
it's just some one number. But when I explained
20:57
how the system has to process it, now what I
20:59
have to do with it, then it would resonate. And
21:02
so I think advocating for yourself, making sure
21:06
that you are advocating to be in those conversations
21:10
and going to leadership and explaining like how
21:14
this is important for a downstream impact is
21:17
very important. And then in change, I think as
21:22
accountants, I think we need to be open to change.
21:25
And I think we need to advocate. for our departments
21:28
and within our departments for that. So when
21:30
we have people that are resistant to things,
21:33
I think we need to show them the value. I think
21:35
we need to be patient because that's another
21:37
thing. I think, you know, we've got different
21:39
people in different parts of their career. You
21:42
know, we've got different generations working
21:44
together. You've got some generations that just
21:47
grew up with everything at their fingertips.
21:49
They get frustrated if they have to take more
21:52
time to analyze something. They're used to a
21:54
computer just spitting it out. And then you've
21:56
got the other side of the equation where you've
21:59
got people that, yeah, they've used computers,
22:01
but going with new systems and processes is scary
22:05
to them and uncomfortable for them. So I think
22:07
making sure that you within your department are
22:11
having those discussions internally and that
22:14
you are helping bridge the gap with those people,
22:19
knowing the people in your department and what
22:21
maybe their quirks are, what their issues are,
22:26
where they might struggle, and then trying to
22:28
help for that. Because I think that my goal is
22:32
to try to make my clients better, to make my
22:34
company better. And I feel like if I'm helping
22:37
my company grow, if I'm helping become more efficient,
22:40
I'm also helping myself. It is something that
22:44
resonates across everyone. And I think that being
22:48
able to do that and being flexible. It is hard,
22:52
I know, but just being flexible, trying to find
22:57
how you can adapt your current processes into
23:01
the new process. Yeah, I like how you mentioned
23:04
basically meeting people where they are. Yes.
23:07
Especially when you think about the different
23:09
generations. I have two young kids at a time
23:13
and they're both below the age of 15 and I'm
23:16
like... I don't know how people will work with
23:18
them when they hit the workforce. And now I started
23:21
to feel like, oh, now I know why millennials
23:23
and boomers are having all those things because
23:26
we raised them. Oops. But I can totally see what
23:30
you said in terms of patience and meeting people
23:33
where they are and making sure that your overall
23:35
project, like you said, is successful. Because
23:38
that's the goal at the end of the day. Yes. Yeah,
23:40
exactly. And I want them to be successful. I
23:44
feel like every one of my projects is like...
23:46
my kids, you know, I mean, I built it, I want
23:49
it to be perfect. I want it to work for my clients.
23:52
I want them to be successful with it. So, you
23:55
know, when I build it and put it out there in
23:57
the world, you know, I want it to do what it
23:59
was designed to do. So I do have an attachment
24:02
to that. So what's the recent project that you're
24:07
really proud of? Oh, wow. Let's see. Actually,
24:11
we had a project where we had a lot of different.
24:15
systems and departments coming together. Very
24:19
complicated processes and everything was manual.
24:25
And we were able to work within their constraints.
24:31
We were able to communicate well. We were able
24:34
to design a system that helped them and give
24:36
them confidence. They had come off of a bad attempted
24:40
implementation. I can't call it an implementation
24:42
because it was never completed. But they had
24:45
a bad experience. So I think the first part was
24:47
they were they were just not trusting anything.
24:50
We had to build that trust with them. And I think,
24:54
you know, seeing where they are now back to where
24:57
when we started is just a great accomplishment
25:00
to see what we were able to achieve. And, you
25:03
know, I was only one piece of that project. There
25:06
were a lot of great people on that project. And
25:09
but I was just so proud of our team, the way
25:11
we executed, the way we were able to come together.
25:14
to solve the problems for the client the way
25:16
that we were able to deal with a lot of different
25:19
personalities, a lot of different struggles the
25:22
client was going through. They were, they all
25:24
of a sudden like... increased in volume like
25:28
just like almost overnight. And so they're in
25:31
growing as we're doing this. And so and then,
25:35
you know, being able to bring the different pieces
25:37
together when they were somewhat siloed before.
25:40
So I think doing that was great. I think having,
25:43
you know, seeing now, you know, the end product
25:47
of that and seeing that they're happy and that
25:50
they're successful. I think that to me is just
25:53
great. I think that was probably the most recent
25:55
one where I felt like we just, you know, kind
25:58
of hit it out of the park. Oh, good. Yeah. Yeah.
26:01
Cause I like how you said they were growing while
26:03
we were doing it. And that's often the part of
26:07
change that we, that is hard in finance accounting
26:10
because But like the world just pause and everything
26:14
is static. Yes. Your thing like you literally
26:18
running like you operating on the engine as the
26:21
car is driving. Yeah, exactly. Yeah. I mean,
26:24
it's like we're iterating while like this is
26:26
like, OK, well, this is process not going to
26:28
work anymore. Now we're going to do this. Oh,
26:30
we're going to start using this now. OK. with
26:32
this wasn't a scope. Oh, now it is. You know,
26:34
I mean, these are just things that, but, you
26:37
know, being able to be flexible and roll with
26:39
that, like, I think our team just really excelled
26:41
at that. I just can't say enough about how great
26:44
our team was. Like I said, I can't take credit.
26:47
I was a small part of that project, but I think
26:51
our team was just like amazing. And I'm very
26:53
proud of that. Good for you, because when I think
26:56
about growing businesses, I think about treasury,
27:00
finance and banking. I'm curious to hear any
27:03
project you also had there, because again, you
27:06
may have one bank account or you may be the only
27:11
person dealing with X, and then all of the sudden
27:14
the company grows and now you have accounts in
27:16
other countries and then you have all these things
27:19
that... You didn't even see coming. You know,
27:22
that's very true. I did have a client that had,
27:27
oh gosh, I'm trying to remember how many accounts
27:29
they had. They must have had like 10 big accounts.
27:32
And they were international, some of them were
27:34
international accounts as well. And they did
27:37
everything, like they did wires, they did bank
27:39
transfers, they did, you know, check payments,
27:42
everything. Oh, checks, oops. Yes, yes. So yes,
27:45
they did check payments as well. M -A -C -H,
27:47
like everything. And originally we had put them
27:50
on the electronic bank payments system in Nutsuite.
27:55
And we were, you know, creating files, working
27:57
with the banks. There were lots of different
27:58
banks included in this project. And we were just
28:02
running into issues. Like some banks were great.
28:04
They'd get us the technical specs we needed.
28:06
They would work with us well to get tested. Other
28:08
ones was like just finding the right person was
28:11
like very hard to do. And it was just it was
28:16
it was a nightmare because this was a big deal.
28:22
Let's take a quick break so I can tell you about
28:25
Fispen. Fispen brings your business banking and
28:28
treasury management directly into your existing
28:31
ERP or accounting software. It's like having
28:34
your bank inside your ERP. So you don't need
28:37
to switch and you can manage payables, receivables,
28:39
cash and reconciliations all from one place.
28:42
Which means you can pay invoices, you can view
28:44
balances, you can automate accounts receivable
28:47
from the cause it all the way to reconciliation
28:49
with just a few clicks, all from the comfort
28:52
of your ERP. So if you're looking to streamline
28:54
your financial operations and gain complete visibility
28:58
and clarity, I do encourage you to visit Fispen
29:00
.com so you can spend less time on manual repetitive
29:04
tasks and more time on growth. Now let's get
29:07
back to our interview. And during that time,
29:10
I found out about Fispen. I'm trying to remember
29:13
exactly how I found out about it. I don't think
29:16
I even realized It was a separate group. I think
29:18
I read about it online with JP Morgan. And so
29:22
I, one of the accounts was JP Morgan that this
29:26
client had. And so we started talking to them
29:29
and we worked with the Viseband team to bring
29:32
in the plugin for JP Morgan. And it was like
29:36
so seamless. Like they, they went through, we
29:39
didn't have to do anything except help the client
29:41
test, which testing was very minimal. And they,
29:46
They were able to bring in the functionality
29:49
seamlessly into Nutsuite, and they were able
29:52
to do ACHs right through the portal. They were
29:55
able to do bank transfers. They were able to
29:58
record things more seamlessly through one portal.
30:01
And they were able to do it within the system,
30:03
which was really nice because clients don't love
30:06
going to outside systems to do things. And so
30:09
when the client saw how well it worked, he actually
30:11
ended up... changing all of his bank accounts
30:14
over to JP Morgan so he could use that. I think
30:17
in the beginning there we did have some international
30:20
accounts where there were certain things we couldn't
30:22
do but we could still get the bank feeds in.
30:25
I think with banking, especially, banks are constantly
30:29
changing. They're constantly changing their security.
30:33
NetSuite is also updating a lot. And so to be
30:36
able to marry those things together, it was really
30:39
nice to have an app that was being kept updated.
30:42
It's whitelisted with the banks and things like
30:44
that. So that was very helpful. So I think that
30:47
was probably my easiest transformation with banks.
30:53
Yeah, working with banks is a kind of a mixed
30:57
bag. It was nice to have that. Yeah, because
31:01
we have so many bank accounts because ACE is
31:03
a small business lender. So we have like 20 plus
31:07
accounts and it's a lot. So when you say just
31:10
getting the bank feed in, is it like? That alone
31:14
is like, thank you, Lord. It is, because it's
31:17
a steady feed. I mean, that's the one thing that
31:19
we struggle with is, you know, every time the
31:22
bank redos their security, you have to go through
31:25
and, you know, reconfigure it or reauthorize
31:29
it. I know I use Quicken for my personal stuff.
31:32
And every time there's a security update, I have
31:35
to go in and I have to go and I have to reconnect
31:37
to my things and I have to re -authorize everything.
31:41
And sometimes I don't realize it's not working
31:43
until I notice that there's nothing in my account
31:45
coming through. And so, you know, this is great
31:49
because, you know, the system is, you know, as
31:54
NetSuite, it's also updated. You know, sometimes
31:56
that breaks connections as well. And then the
31:58
software is, you know, updated with NetSuite.
32:01
So it's a nice and it's a steady connection.
32:04
So I think that that's a benefit because it even
32:08
though bank fees is such a small piece, it is
32:10
frustrating when you're trying to do, you know,
32:13
and saying, where's my information? Now I have
32:15
to go out and get a CSV file and I have to put
32:17
it back in, you know. And so it's nice just to
32:21
have that piece of it and not have to worry about
32:23
it. And it's nice to be able to have the portal
32:26
to do like the ECHs and that type of thing, because
32:29
then you don't have to, you know, have not your
32:31
files and, you know, find a secure way to send
32:33
those to the bank and stuff like that. So it's
32:36
just nice. to be able to have that in one system,
32:38
one platform. That's great. That's great to hear
32:41
because I feel like all growing companies and
32:45
growing finance teams are going through those
32:49
pains because I feel like the business usually
32:51
grows faster than the finance accounting function
32:55
does. I feel like there is always a lag between
32:58
where the business is going and where accounting
33:02
and finance systems and processes or workflows
33:04
are. I always feel like We are playing catch
33:07
-up. So it's time to do those system implementation.
33:12
It is just so hard. So curious to hear if you
33:16
could give one piece of advice to someone about
33:20
starting that kind of system implementation in
33:22
a growing company. What would it be? I think
33:25
one of the good things to do is, first of all,
33:30
look at where your business is now and look at
33:31
where you want your business to be. where do
33:35
you want to grow to? Because I think one of the
33:38
pitfalls we run into is we're trying to solve
33:40
for the current business. We're not looking at
33:42
the future. And so we need to have a roadmap.
33:47
Where do you want to be? Maybe this particular
33:50
solution or this particular functionality isn't
33:53
needed now, but will it be needed in the future?
33:56
And let's make sure our design plans for that.
33:59
Let's make sure that we have that now so we're
34:02
not doing redesign down the The line. you know,
34:05
for example, if you're a hardware company and
34:08
you're like, well, we don't have to worry about
34:10
like Revrec or anything like that, but we're
34:12
going to start adding software and doing software
34:14
bundling. Well, maybe we need to start, you know,
34:17
doing things in what we're building, even though
34:20
we're not maybe adding revenue yet, but that
34:22
revenue can be able to handle. We want to make
34:24
sure we get that information and the system so
34:27
we don't have to do redesign. So I think that
34:30
that's super important. I think having that roadmap
34:32
set out and you know. to be able to be followed.
34:38
And, you know, you can be flexible. You can change
34:40
things as business changes and as, you know,
34:43
circumstances or technology changes. But I think
34:45
that's one thing that is probably really good.
34:49
You know, making sure that you have your requirements
34:51
nailed down really well, making sure that all
34:53
the stakeholders are involved. I had one client
34:57
we were doing an implementation and we were literally
35:00
like a week before go live and someone mentioned
35:04
because we were in testing and they said, Oh,
35:05
well, what about the and I'm like, what Bulgarian
35:09
subsidiary? You know, and so we started talking
35:13
and I found out, oh my gosh, like we have to
35:15
bring in another partner to like do a localization.
35:18
It's not like an easy lift. They can't even use
35:21
the system the way it is right now. Well, we
35:23
didn't even know about it. We'd asked them several
35:25
times, you know, no, no, everybody needs to be
35:27
here, but like they didn't think about it until,
35:29
you know. And a lot of times that happens too
35:31
when you're talking to, not talking to the people,
35:34
the frontline workers. when you're talking to
35:36
other people because they don't know what the
35:39
frontline deals with sometimes. So making sure
35:42
those frontline workers are part of the conversation
35:45
because there's been countless, countless times
35:48
where we get into testing and they're like, yeah,
35:50
we don't do it like that. Or yeah, that's not
35:53
going to work for us. And that doesn't help our
35:56
process flow. And so that's always things that
35:59
can introduce risk into a project and cause delays
36:02
into a project. cause unhappiness in a project
36:06
and we don't want that. So I think making sure
36:09
upfront, taking that time, I think that's where
36:12
we struggle because everyone's in a hurry. Everybody
36:15
wants to just get this done. We want this done
36:17
by this time. We want this. And I think making
36:20
sure that you have a good solid foundation, it's
36:22
like a building, right? If your foundation's
36:25
weak, your building's gonna eventually crumble.
36:27
And I do feel like your accounting system, your
36:30
ERP system is part of that foundation. And that
36:34
foundation will crumble. If you have bad accounting
36:37
processes, that can, what happened to Enron?
36:41
That can bring companies down. And so you need
36:46
to make sure that you are... taking everything
36:50
into account that you're having a good foundation
36:53
to build that system. And I think that makes
36:56
it better for everybody. I agree. I especially
36:59
like what you first said about take a step back
37:01
and look at where you want the company to be.
37:04
Yes. Because I've realized oftentimes we turn
37:08
on the system and there are certain features
37:10
we don't turn on because we are so focused on
37:14
how the business operates now versus where it
37:16
will be or even the chart of accounts, something
37:18
as simple. as a child of account, because we're
37:21
in one location, we don't think about putting
37:23
a dash zero zero just in case we have another
37:26
location. And in retrospective, it creates so
37:30
much trouble. But yeah, I love that advice because
37:35
like I wish I had that too. So thank you so much
37:38
for sharing. Definitely taking a step back and
37:41
thinking about where the company is going. Definitely
37:44
have the right thinking partner like yourself,
37:47
who have done it so many times, but also making
37:50
sure people all subsidiary, like everyone is
37:53
involved is definitely great advice. So thank
37:57
you so much for sharing that. Oh, yes, you're
38:00
welcome. I have one last question for you here.
38:03
What is your favorite thing to do outside of
38:05
work? I love, well, there's several things I
38:10
like to do. I love to read, so I do a lot of
38:12
reading. One of the things I like to do outside
38:16
of work, besides spending time with my family
38:19
and traveling, I like to volunteer in my community.
38:23
I do a lot of volunteering in my community. I
38:26
volunteer with animal rescues. I volunteer with
38:30
city events. We just had the World Cup here in
38:33
Houston and I was able to help the city. of Sugarland.
38:38
They were supporting Houston with some of the
38:40
events. It was just an amazing experience. You
38:44
meet so many amazing people in your community.
38:46
And I just love to do that. Like I volunteer
38:49
with a lot of different groups. And I just, to
38:52
me, that's just kind of my passion. And if I
38:55
didn't work full time, I'd probably be volunteering
38:58
full time. Um, that's definitely, that's probably
39:02
like, that's, that's the thing I like to do the
39:05
best. That is awesome because thinking like the,
39:08
the past few, few minutes that we talked, um,
39:11
you're consulting, helping, and your favorite
39:14
thing to do outside of work is also helping people.
39:17
That is amazing. That is amazing. I love it.
39:20
I love doing that. I love helping other people.
39:23
I mean, I just do. I think it's just a wonderful
39:27
experience. I think it gives me a lot of personal
39:29
joy and personal growth. I learn so much from
39:32
other people. I love being a part of that. Good
39:36
for you. Well, thank you so, so much for being
39:40
on the show. I really appreciate your time, your
39:42
great advice. And where can we find your work
39:45
with you? So I'm at Citroen Cooperman Advisors,
39:50
LLC, where we have our main offices in New York.
39:54
but you can find us online. We have offices all
39:58
over the country. Lots of deep experience, both
40:02
on the accounting side and on the advisory side.
40:06
We can pretty much do it all. So, you know, if
40:10
you need help with anything in your business,
40:12
I mean, we would be. Really great to be very
40:15
grateful to have you and you can just find us
40:18
online such as jrcoopermen .com. Awesome. Thank
40:21
you so much. Thank you. That's it for today's
40:24
episode. If you got something from this conversation,
40:26
share with someone in your world who will benefit
40:28
from it. Don't forget to rate the show wherever
40:31
you listen and subscribe so you don't miss out
40:33
on the next episode of the Diary of a CFO podcast.
40:36
This is Wassia Kamon and I'll see you in the
40:38
next one.