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Beam Mobility Holdings Pte Ltd has a single compelling goal: to make their vision of new mobility a reality. Founded with a passion for new mobility, Beam's e-scooter sharing service is their first step of an ambitious plan to expand transportation options across the Asia-Pacific region.
With 6 regional offices, the tech startup works closely with local governments to develop mobility frameworks that suit each city's exclusive needs.
Currently using: Oracle - NetSuite
Having expanded rapidly into the Asia-Pacific region, Beam encountered challenges in managing their financial and accounting needs.
The startup relied heavily on manual data entry on unconnected Excel spreadsheets, leading to wasted man-hours and an increased rate of human errors.
It didn't take long for Beam to acknowledge that better options were available. This prompted the search for a new system that could help them scale and function efficiently.
Founded in Singapore, Beam had expanded rapidly in the Asia-Pacific region, with subsidiaries in Malaysia, Korea, Australia, New Zealand and Hong Kong.
However, they had become reliant on Excel and to manually handle bookkeeping processes such as payroll, vendor tracking, financial statements and analytical reports. This resulted in growing difficulties in business tracking, leading to wasted man-hours and increased number of errors.
To resolve this, Beam needed a system that could consolidate operations and bookkeeping accounts at the parent and subsidiary level. This includes multiple currencies accounts which had to be reported in Singapore Dollars, making it necessary to update the foreign rates on a monthly basis. They also needed:
After consulting with AFON, Beam decided that Oracle - NetSuite had the features they needed, making it the ideal choice to support their continued expansion. Of noteworthy interest to them was its financial management module, as it provided massive time savings, with real-time currency conversion and consolidation for all subsidiaries.
Beam was also impressed by the professionalism of the AFON team.
"With AFON’s help, we were able to “go-live” very quickly to meet our needs as a fast-
paced early stage start-up," says Benjamin Roberts, finance manager. "I would definitely recommend the AFON team to help other start-ups onboard Netsuite into their business"
Now with NetSuite, the company's real-time reports are quickly generated by the new database, eliminating the need for manual data processing through Excel. This has greatly improved efficiency in their payment processing.
"More importantly, the ease of using Netsuite has helped us quickly scale across markets, while enabling us on a platform with one source of truth,” adds Benjamin.
After the implementation of NetSuite, Beam's database is now able to handle millions of records and transactions. This proved to be a great asset to the growing start-up, as they could now scale properly to the burgeoning growth of their business in the Asia-Pacific region.
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