“Rapid Cloud Partners helped us implement NetSuite OneWorld, leading to streamlined procedures and real-time, unified global reporting. We now have a better understanding of spending by program across multiple entities and have reduced our month end close by one week." - Holly Whittemore, COO

Established in 2020, Dunad Therapeutics, a biotechnology firm, focuses on the development of next-generation targeted protein degradation therapies. Dunad works on its own internal pipeline of programs as well as programs in collaboration with others. In 2021, the company formed a strategic partnership with a large pharmaceutical company to generate orally bioavailable covalent and protein degrading small molecules.

Challenge

As Dunad increased the number of active programs, added to the team, and began operating in multiple jurisdictions with different currencies, the management team recognized the need for an enhanced ERP system in line with the company's goals. Previously, Dunad utilized two instances of Xero accounting software for its operations in the US and UK. Operating in separate systems posed considerable challenges in consolidating data, managing intercompany transactions and handling currency conversions. This was not only complicated but also obstructed effective reporting, especially in tracking program-specific spending.

Solution

Rapid Cloud Partners helped Dunad implement NetSuite OneWorld to meet its comprehensive global accounting needs. The implementation emphasized key areas such as the general ledger, purchasing, accounts payable, and tax compliance. A critical aspect of the system's design was tracking of program expenditures, covering everything from planning and purchase commitments to actual expenses. 

By collaborating closely with the accounting departments in the US and UK, Rapid Cloud Partners successfully implemented the system in less than four months. This implementation led to the discontinuation of both Xero systems, thereby standardizing operations worldwide. NetSuite also consolidates the results automatically, eliminating the need for a time-consuming, Excel-based process.

Currently, Dunad is benefiting from numerous features, including real-time, consolidated reporting, efficient management of intercompany transactions with necessary eliminations, versatile reporting capabilities like program-specific income statements, and simplified processes for billing collaboration charges to partners.

“Rapid Cloud Partners was a valuable partner in our system transformation. The entire team really listened to our requirements and clearly explained design options so the Dunad Therapeutics team could make informed decisions. Rapid Cloud Partners' experience, knowledge and insight yielded a tailored NetSuite OneWorld design and produced a comprehensive accounting solution for us.” - Holly Whittemore, COO