How NetSuite Helps PE Firms Keep Financial & Compliance Covenants
[Est. Read Time - 2:30] Private equity firms play a crucial role in the global economy. These firms manage investments made in private companies or...
2 min read
Anthony Meshnick : Jan 27, 2021 10:03:26 AM
2020 was a record setting year for the firearm industry. Firearm manufacturing FFLs are notably on the rise, likely as a result of boutique firearm “configurators” and hobbyists seeking to obtain a license to make, sell or collect guns. But these new kids on the block are only part of the story. As demand for firearms and accessories grows exponentially, established manufacturers, many with a family legacy, are looking towards the future, and adopting tech forward solutions to support the next decade of growth.
Concurrently, the desire for simplified, software-driven manufacturing operations is growing at a rapid pace. Our FFL compliance partner, Orchid Advisors, has fielded an astounding number of requests for Type 07 and Type 10 FFL holders who want to adopt either on-premises manufacturing ERP or cloud-based manufacturing ERP technology.
ERP technology is critical for scaling businesses that want a comprehensive picture of their operations, from the warehouse to the manufacturing line, connected back to finances. The adoption of ERP technologies allows companies to streamline operations, realize efficiencies that lead to increased margins, and better manage the business from a holistic perspective.
Business Solution Partners is already tracking a significant number of small to high dollar investments from the FFL Manufacturing industry flowing into ERP solutions such as NetSuite, Microsoft 365, Sage, SAP, Epicor and others. As the firearm industry seeks technology to streamline operations and optimize margins, it is increasingly clear that manufacturing ERP systems are not designed “out of the box” for federal firearms licensees.
While many advertise their “serialization” capabilities, the specific compliance requirements of gun production are not accounted for. The marketing of serialization capability creates a false understanding of what the FFL is about to purchase, install and use. There is a driving need to find ERP applications that easily integrate an electronic A&D Book, ATF compliance software, laser marking devices and various advanced inventory planning, scanning and control functions.
In working with firearms manufacturers to achieve their technology goals, we’ve documented the most asked questions, as well as the most important inquiries most often left out of the conversation.
These ten questions address the core functional areas which should be considered when selecting an ERP system for your manufacturing FFL:
Over the next several months our experts will expand upon each question, providing numerous lessons learned from our experience implementing firearm manufacturing ERP systems. In the meantime, if you find yourself headed down the ERP selection path take the time to step back and ask each of these questions to ensure your software vendor is experienced and can provide the functionality you need to run your firearm manufacturing FFL.
To address the emerging technology needs of the FFL Manufacturing, Business Solution Partners has teamed up with Orchid Advisors LLC to identify and deploy a comprehensive business management software suite with full FFL compliance. For more information about our NetSuite ERP For FFL Manufacturers Solution, please contact our resident FFL Expert for more details…
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