Case Study
Woolnorth Renewables
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Woolnorth Renewables, a prominent operator in Tasmania’s renewable energy sector, manages three wind farms across the state and is progressing on a new development at Mt Fyans, Victoria.
Headquartered in Tasmania, Australia, and generating approximately 9% of the region’s electricity needs, Woolnorth Renewables has consistently driven innovation in renewable energy while fostering strong ties to the community since its inception in 2002.
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Renewable Energy Power Generation
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Wind farm operation and development
Repowering projects
Community engagement and education
Objective
Transitioning their financial operations in-house marked a pivotal moment for Woolnorth Renewables. Having relied on a joint venture partner for finance operations, the new team faced the challenge of setting up robust financial reporting systems.
The goal was clear - implement NetSuite Planning and Budgeting (NSPB) ahead of NetSuite ERP, an unconventional but necessary sequence to deliver budget and management reports in both English and Chinese, aligning with board requirements. This approach also reflected their priority: ensuring robust reporting and budgeting tools were in place from the outset.
"We threw the rule book out the window," said Kerry Butler, Woolnorth Renewable’s Chief Financial Officer.
“We decided to implement NSPB before NetSuite ERP, which is the wrong way around if you listen to conventional wisdom. But for us, it was about making sure we had clear management reports ready in English and Chinese. We wanted to be fully prepared before diving into NetSuite.”
The stakes were high. Woolnorth Renewables had to extract historical data from their joint venture partner, build a reporting system, and go live in just eight short weeks with NSPB. All this had to be achieved while juggling ongoing project and scoping work for the remaining Netsuite systems with a small and capable finance team of four.
Benefit to Client
The eight-week NSPB implementation was a challenge for the Woolnorth team. They tackled a mountain of new data, tight deadlines, and the challenge of creating dual-language reports for their board. The Pivot2 team was instrumental in this success, offering guidance and support throughout.
“It was trial by fire for some of our team, but Pivot2 Solutions’ expertise made all the difference. We were very much guided by the Pivot2 team because a lot of the questions they'd ask us, we'd say, 'we’ve got no idea, we’ll go and find out,’" Kerry reflected.
Despite this learning curve, the outcomes were transformative:
Comprehensive reporting and forecasting: Within weeks of go-live, Woolnorth Renewables had polished management and budget report packs ready to impress their board. “The board got the first pack in January and loved it so much they wanted more charts. In February, they asked for a rolling forecast, and by March, because of NSPB, we were able to go live with a rolling budget forecast as well,” said Kerry.
Improved efficiency and security: Transitioning from excel to NSPB eliminated many of the manual errors and inefficiencies that come with spreadsheet-based reporting. “It’s really good to bring some of that information into NSPB and know there’s data security. People cannot delete something by accident.”
Empowered decision-making: Rolling forecasts and dynamic analysis enabled Woolworth Renewables to respond quickly to evolving needs. “We knew we were data-rich but analysis-poor, so NSPB allowed us to mine the data, tell the story, and really understand what the numbers are saying,” said Kerry.
Outcome
By 1 January 2024, Woolnorth Renewables was live with NSPB. They hit the ground running, completing their first month-end reporting seamlessly and rolling out a rolling forecast within three months. Kerry credits Pivot2 Solutions for their unwavering support.
"The Pivot2 team was fabulous. They went the extra mile - working late, troubleshooting glitches, and always being available. Their effort often pushed my team to do the same,” she said.
“As a team, we set ourselves a vision and delivered it. On budget, on time, and positive feedback from the Board. That’s something we’re incredibly proud of.”
Woolnorth Renewable’s finance team, though small, proved mighty. Working through the holiday season added to the challenge.
“We switched off the system with our joint venture in late December and went live on 1 January. There were a few of us working Christmas Day and Boxing Day to make sure everything was fine - and we were,” Kerry said.
"We did it with only four staff: a CFO, a management accountant, an accountant, and a payroll specialist. I look back now and think we must have been crazy!”
With NSPB as a solid foundation, Woolnorth Renewables is now integrating additional NetSuite modules to further enhance their operations and maximizing the use of NSPB to forecast further years to support its refinancing modeling. From linking NetSuite document storage to Sharepoint, advanced approvals and virtual credit cards, the company is building on the systems they’ve established.
“We’re looking into NSAW next year, and Pivot2 would be our preferred business partner for that. Their support has been invaluable.”
“The Pivot2 team was fabulous. They went the extra mile - working late, troubleshooting glitches, and always being available. Their effort often pushed my team to do the same. As a team, we set ourselves a vision and delivered it. On budget, on time, and with positive feedback from the Board. That’s something we’re incredibly proud of.”
