A Boutique Design Firm Automates Payments Amid Quick Growth

German design and development company colorfy has an internet of things (IoT) twist. In 2014, colorfy spotted the potential for businesses to adapt a wide range of products to the burgeoning IoT market. Now working with an international client base, colorfy digitises physical products—from dining tables to wristwatches—and connect them to the internet through innovative design and product strategies.


Colorfy logo

Company

colorfy

Location

Berlin, Germany

Industry

Services

EMPLOYEES

25-100

NUMBER OF COUNTRIES

5+

SYSTEM REPLACED

Datev

OTHER SOLUTIONS CONSIDERED

SAP, Datev

NETSUITE PRODUCT IMPLEMENTED

NetSuite OneWorld


“Since we have introduced NetSuite, we are down to 10% G&A costs. That’s really good for a service business.” Thomas Notemann, Chief Commercial Officer, colorfy

Designing a Payments System That Works

Self-funded success
As a self-funded business, colorfy relies on long-term client relationships, highly profitable innovation projects and smooth operations to grow. The firm has had a CAGR of over 60% since inception, currently comprises 35 employees and is targeting a turnover of over 10 million euros in 2023.
Accounting pains
Originally, the company used Datev for accounting and an external accountant to close the books at month’s end. Accounts payable became a “nightmare”: The team entered AP separately in its payment system, since it wasn’t booked in the accounting system on the date when the payment fell due. And effectively, accounting was done only after the month was already finished—which left the team without daily, accurate AP or direct access to any kind of report.
Saving time and money on payments
To solve these problems, colorfy implemented NetSuite’s cloud-based ERP. Notably, colorfy automated its PO process: The team now simply creates a payment file in NetSuite on any particular due date for all AP. With the new system, the team saved five hours per week on payments and helped to reduced G&A costs to 50% of their previous levels.
A global idea machine
In the near future, colorfy aims to drive growth and profitability through client acquisition and business process automation, specifically via NetSuite CRM, automated billing and automated revenue recognition. Expansion plans include national and international subsidiaries and using NetSuite OneWorld to consolidate entities.

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