Ubiquity Improves Its Financial Health

Ubiquity Retirement + Savings Improves Financial Health of Its Business and Customers With NetSuite

Ubiquity Retirement + Savings was founded in 1999 and was a trailblazer for flat-fee 401(k) plans focused on the historically underserved small business community. Founder and CEO Chad Parks has grown the company by pioneering a range of no-hassle retirement savings plans for small business owners, entrepreneurs, sole proprietors and contractors. Ubiquity’s commission-free, online retirement platform has helped over 100,000 employees invest more than $2.5 billion in retirement savings.

Company

Ubiquity Retirement + Savings

Location

San Francisco, California

Industry

Financial Services

EMPLOYEES

75+

SYSTEM REPLACED

QuickBooks

NETSUITE PRODUCT IMPLEMENTED

ERP

“We cut our time to close from two or three weeks to five days with NetSuite.” Gina Armstrong-Smith, VP, Financial Controller, Ubiquity

Building a Scalable Financial System

A unique retirement approach: Ubiquity stands out in the financial services marketplace by offering a variety of 401(k) plans and personalised retirement solutions completely online, with a quick setup process and an easy-to-use platform. Ubiquity is also dedicated to building awareness around retirement savings, as well as dispelling myths and misconceptions that could stand in the way of financial independence. In fact, they are so passionate about the topic, they produced a short film called Broken Eggs: The Looming Retirement Crisis.

Company growth, accounting delays: After relying solely on QuickBooks during the company’s early days, Ubiquity needed to clean up its financial processes. For example, the team lacked internal controls for journal entries and had difficulty closing the books in a timely manner.

Creating a better system: Ubiquity consolidated journal entries and developed a new review and approval process for them with NetSuite ERP. The team also utilised customised financial reports and Saved Searches to streamline analysis, shortening the close process from weeks to days. Finally, it used reporting and budgeting tools to get fresh insights on the company’s active SaaS subscriptions, then cut unnecessary accounts and saved money.

A high-performance future: Ubiquity intends to continue using NetSuite to monitor its financial health as it continues its growth trajectory. The team plans to connect its bank accounts to NetSuite to reduce manual data transfers, and it will use reporting capabilities like variance analysis and year-over-year reports to track performance over time.

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