Monolith + Myers-Holum, Inc.: Winter 2024 Alliance Partner Spotlight Award Winner

Winter 2024 Alliance Partner Spotlight Award Winner

We are thrilled to announce that Oracle NetSuite has honored Myers-Holum, Inc. as the Winter 2024 Alliance Partner Spotlight Award Winner for our exceptional work with Monolith in implementing the NetSuite Analytics Warehouse (NSAW). This prestigious award recognizes our commitment to excellence and success in leveraging NetSuite products to drive impactful outcomes for our clients.

About Monolith

Founded in 2020, Monolith is a rapidly growing consumer products company with a portfolio of e-commerce brands selling through multiple Amazon and Shopify marketplaces. Monolith has quickly become a significant player in its industry, despite its relatively recent establishment.

Challenges Faced by Monolith

Before partnering with Myers-Holum, Inc. and implementing NetSuite, Monolith encountered several challenges typical of rapidly growing businesses. Their previous accounting system, QuickBooks Online, struggled to keep up with the high volume of revenue transactions originating from e-commerce channels. Data availability, accuracy, and timeliness were major pain points, as was inventory management.

The Solution: Leveraging NetSuite to Drive Success

Recognizing the need for a robust and scalable solution, Monolith chose NetSuite over competitors to address its complex business requirements effectively. With the implementation of NetSuite modules including OneWorld, Account Reconciliation, Advanced Inventory Management, and NSAW, Monolith gained unprecedented visibility and control over its operations.

Myers-Holum, Inc. brought additional value to the project through the implementation of our proprietary solution, the Accounting Class Engine (ACE). ACE leverages NSAW/ADW as a transaction detail sub-ledger, combined with bundled NetSuite custom records and scripts, to provide a transaction classification and summarization engine which transforms high-volumes of accounting events into summarized transactions in NetSuite.  NSAW is used to provide an audit trail of summarization and posting processes, drill-down from summarized NetSuite transactions to pre-summarized detail, and exception reporting (missing SKUs, etc.)  Monolith’s ACE implementation significantly reduced the volume of transactions posted to NetSuite from over 10,000 per day to fewer than 100. This remarkable efficiency improvement has transformed Monolith's processing capabilities, enhancing cost-effectiveness and operational agility.

Customer Benefits and Success

The benefits realized by Monolith following the NetSuite implementation have been transformative. With all critical information centralized within NetSuite and NSAW, Monolith now enjoys improved collaboration across teams, enhanced business visibility, and streamlined reconciliation processes. Additionally, the ability to reconcile summarized transactions in NetSuite with detailed Amazon and Shopify transactions in NSAW has provided invaluable insights for decision-making.

“Monolith’s high volume of revenue and settlement transactions, sourced from multiple Amazon Seller and Shopify marketplaces across their multiple brands, was a textbook use case for ACE.  Monolith’s technical team maintained ownership and responsibility for integrating Amazon and Shopify detailed transactions into NSAW’s ADW data warehouse, while Myers-Holum and Monolith’s accounting/finance team designed and built the ACE summarization rules and posting schedules in NetSuite, and reconciliation reports in NSAW.  This proved to be a highly successful delivery model.” - Knute Holum, MHI Engagement Partner.

Looking Ahead

With the foundation laid by NetSuite and the innovative solutions provided by Myers-Holum, Inc., Monolith is poised for continued growth and success. Leveraging ACE and NSAW further, Monolith aims to expand its reach into additional high-volume sales channels, driving efficiency and profitability.

Customer Testimonial

"Partnering with NetSuite and Myers-Holum, Inc. has been instrumental in our journey towards operational excellence. The comprehensive solutions implemented have not only addressed our immediate challenges but have also positioned us for future growth. We are grateful for the expertise and dedication demonstrated by the team at Myers-Holum, Inc. and look forward to continuing our partnership." - Jason Conrow, Integrations Manager

In conclusion, receiving the Winter 2024 Alliance Partner Spotlight Award is a testament to our unwavering commitment to delivering exceptional results for our clients. We are honored to be recognized by Oracle NetSuite and remain dedicated to empowering businesses like Monolith to thrive in today's dynamic market landscape.