Medical Device Manufacturing
Misonix
NetDynamic's custom fixed assets module solution for inventory management simplifies Misonix's sales and financial operations.
- Employees
- 51-200
- Location
- Farmingdale, New York
- NetSuite Product
- Fixed Assets Module
Company Overview
Misonix, Inc. specializes in the development and commercialization of ultrasonic surgical devices for spinal, neurosurgical, advanced wound care, and general surgery procedures. The company is a fast-growing global business operating in over 45 countries and is a recognized leader in advanced surgical tools offering unprecedented precision, speed, and safety.
The Challenge
The sales team at Misonix offers specific quantities of their product (surgical devices) as demo items to prospective customers. These demo items continue to retain their ownership with Misonix and are not accounted for as a sale. The team at Misonix required the ability for salespeople to initiate these demo orders from regular sales orders, that would be automatically transitioned as a fixed asset item, that depreciates with time. Clear visibility into the fixed asset item's depreciated value overtime was required, up until it is purchased by the prospective customer or retained into Misonix's inventory. The standard book of accounts for a company requires the depreciated value of fixed assets over a specific period. While fixed assets can be easily recorded in NetSuite, the ability to calculate its depreciated value over a period of time, was not native to NetSuite's out-of-the-box functionality.
The Solution
At NetDynamic, we developed a custom solution using NetSuite's Fixed Assets Module that helps calculate an item's depreciated value in % form. Our solution tied the four main transactions together: the sales order, transfer order, journal entry, and fixed assets. Automation with the help of custom scripts was created that launched the fixed assets module to calculate every demo item's depreciated value. The automation triggered the creation of a $0 sales order with a custom demo form, after which a transfer order would be generated to ship the item from the warehouse to the virtual demo location for item fulfillment. Thereafter, an item receipt is generated, and a journal entry moves the cost from inventory to fixed assets, eventually creating the fixed asset record.
The Results
NetDynamic's custom solution for Misonix helped their sales and accounting teams drastically simplify their financial operations, promoting overall efficiency and growth; as also saving time, money, and resources to a large extent. The dynamic solution empowered the team at Misonix to place and track orders more efficiently for their global customer base, with an ability to maintain demo items more accurately as Fixed Assets and controlling their shipping capabilities.
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