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    Luma Fintech Automates Reporting with NetSuite and GSI

    About the Client

    Luma Financial Technologies began over 10 years ago with a mission to create a fully customizable, multi-product, multi-issuer, carrier neutral platform that took the complexities out of managing complex financial products, and give advisors smart solutions that they can believe in. The platform helps financial advisors learn, buy, create, and track structured products and annuities, all in one place, customized to meet specific needs.


    Challenges the Client Faced

    Over the past few years, Luma has experienced impressive growth; expanding into the Annuity category, opening offices in Latin America and Europe, and becoming the unquestioned global leader in financial technology that supports Structured Products.
    Luma began to experience some pains with QuickBooks along with their growth. “The biggest problem we had with QuickBooks was all of our entities were in different QuickBooks files,” says John Lengyel, Luma’s Controller. “If we wanted to log in to enter cash or do an intercompany transaction, we had to look up a receivable on one end and then a payable on the other end. We had to log in and out of different QuickBooks. So that was just a pain.” Luma needed a system that could provide greater visibility into the overall business. Enter NetSuite. 

    GSI's Solution

    When Luma knew it was time to ditch QuickBooks for a more
    powerful solution, they looked to their auditors to guide them to next steps. Their auditors recommended the NetSuite team at GSI for the licensing and implementation process. “GSI was the perfect price point for a mid-sized company and was able to walk us hand-in-hand and step-by-step with everything, which was critical to our success,” says Lengyel. GSI began the NetSuite implementation in May, and Luma Financial was live on NetSuite by July 1st. To obtain proper visibility into their multiple entities, Luma utilizes the SuiteApp SuiteConnect to connect to Solution 7, which provides a bi-directional integration between Excel and NetSuite. With Solution 7, Luma can easily navigate the entire NetSuite data structure, live, in Excel to create plug and play refreshable reports with no need to involve I.T. Luma now has simple to understand, accurate reports that give them confidence to make sound business decisions based on the facts from all their subsidiaries. “NetSuite provides a very good, consolidated income statement and balance sheet for our entities, and it also gives us visibility into all transactions. It’s hard to keep track of all the different transactions between our Swiss entity and our broker dealer, which acts as a subsidiary. NetSuite helps us account for all this properly,” says Lengyel.

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