Startup FELS Handles Fast Growth After Fortifying Financial Processes With ERP

Making investments easy and understandable for everyone is the goal of German FELS Group. FELS stands for: Fair, Efficient, Long-term, Social. With its innovative online platform, the company wants to enable trading, investing and saving without access barriers. FollowMyTrader is the startup's first product. In it, customers can follow the top trading strategies of Germany's best investment professionals—and implement their investment proposals directly in their own securities account.


Fels Group

Company

FELS Group GmbH

Location

Kelkheim, Germany

Industry

Financial Services

EMPLOYEES

Under 25

SYSTEMS REPLACED

DATEV, Excel

OTHER SOLUTIONS CONSIDERED

SAP, Sage, Mesonic, DATEV

NETSUITE PRODUCT IMPLEMENTED

ERP

IMPLEMENTATION PARTNER

RSM

Location

Kelkheim, Berlin, Hamburg (Germany)


“As an integrated application, NetSuite is ideally suited for startups with a clear growth path. It maps all relevant business processes and can be easily customised. Its ease of use and scalability are further benefits for young companies.” Frank Stuhlmüller, Chief Financial Officer, FELS Group GmbH

A Fintech Startup Readies for Expansion

Audit-friendly growth
FELS Group is a young, fast-growing company that needs to manage complex processes. The company implemented an integrated solution with comprehensive ERP and CRM functionality, as well as audit-proof financial controls. The platform has to handle the quickly-increasing number of FollowMyTrader transactions as well as new products with various billing models, which FELS plans to launch in the near future. The German BaFin license places additional requirements on management and reporting, and the system must take into account sales and cooperation partner remunerations.
One-month wonder
With NetSuite, FELS Group invested in a cloud system that offers complete ERP and CRM, scales well and can be customised quickly. In just one month, NetSuite was implemented and integrated into the existing infrastructure. A tool for auditable document storage from NetSuite partner RSM supplemented the system, along with an optical character recognition (OCR) tool for automatic invoice processing. Via interfaces, NetSuite was connected to FELS Group’s own database, its call center and the Pleo smart corporate card system.
Cross-subsidiary control and analyses
FELS Group now manages its entire financial process with NetSuite, including customer billing, partner remuneration, Single Euro Payment Area (SEPA) files and payment transactions. The system offers easy parameterisation, which allowed FELS Group to customise nearly 50% of the entry fields. NetSuite’s multi-subsidiary function with advanced analytics provides a detailed view of operations, and the granular, role-based access management is important for audit security.
Roll-out and expansion
Since the implementation of NetSuite, FELS Group’s customer base and the number of customer transactions have quickly increased. This fast growth and the successful launch of FELS Group’s first product would not have been possible at this speed without NetSuite, said CFO Frank Stuhlmüller. NetSuite will continue to support FELS Group’s development. It is scalable for new products in the short-term and for later expansion into new regional markets. First, however, an expanded internal rollout of NetSuite is planned, with additional users, dashboards and reports for decision-makers. The team will also implement functional enhancements in campaign management and compliance.
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