PensionBee, a leading online pension provider, is using Oracle NetSuite to support its mission to simplify pensions and help people take control of their retirement. With NetSuite, PensionBee has been able to take advantage of an integrated business platform to automate resource-intensive financial processes, streamline the management of internal controls and compliance, and unify and analyse financial data to enhance planning and decision-making.
Founded in 2014, PensionBee helps users combine and manage their pension savings through its unique combination of smart technology and dedicated customer service. PensionBee is committed to helping consumers navigate the complex UK pensions landscape and counts more than 170,000 Active Customers from the ages of 18-80 with £2.6 billion in assets under administration as of 31 December 2021. To support PensionBee's continued rapid growth and changing business needs since joining the London Stock Exchange's Main Market in April 2021, PensionBee selected NetSuite to enhance the business' financial system in the next stage of its growth.
"At PensionBee our vision is to help customers achieve a happy retirement in the form of financial freedom, good health, and social inclusion." said Timothy Kamombo, Finance Director, PensionBee. "As a fast-growing business, we knew we needed a flexible accounting system that could scale with us and give us tight controls. NetSuite helps us free up resources by automating many of our departmental processes and delivers insights that help us plan ahead. It is tailored to our specific needs, and we know NetSuite will stand the test of time as we grow."
Using NetSuite, PensionBee has streamlined processes across its finance function, including daily bookkeeping, procure-to-pay processes, fixed asset management, and the production of detailed financial reports for its stakeholder groups — all while following strict compliance controls. Supported by NetSuite implementation partner MacroFin, PensionBee has been able to halve the time it previously took to process payments and recurring journal entries and has seen a 50 percent improvement in the time taken to consolidate group-wide financial data. PensionBee has also partnered with Fast Four to seamlessly scan and capture invoices.
"PensionBee is delivering a service that helps solve a challenge facing millions of people in the UK," said Nicky Tozer, SVP, EMEA, Oracle NetSuite. "PensionBee's mission relies on technology and data, and its use of NetSuite is an extension of that philosophy. With NetSuite, the PensionBee team has a platform that will help save time and resources while yielding valuable insights as they manage their next phase of growth."