SAN MATEO, Calif., April 28, 2014 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that DocuSign, Inc. ("DocuSign"), The Global Standard for Digital Transaction Management™ , has adopted NetSuite OneWorld to manage its global operations across the U.S., the UK, Australia and Brazil. The San Francisco-based company, currently serving more than 95,000 customers in 188 countries around the world, selected NetSuite OneWorld for real-time financial consolidation, global business operational efficiency and streamlined revenue recognition. DocuSign now relies on NetSuite OneWorld to manage its core business operations including financial consolidation, revenue recognition, multi-currency, multi-language and tax compliance across five subsidiaries in four countries.
As a fast-growing company, DocuSign faced an increasing number of challenges including the need to recognize revenue from subscription licensing, as well as non-subscription revenue streams including support, professional services, training and user conferences, a lack of a simple and transparent process for currency conversions, no real-time visibility into its global business operations and tedious manual financial consolidation. DocuSign also had a need for a flexible solution that was easy to integrate with other cloud services.
NetSuite OneWorld is designed for the needs of global software companies, with built in support for real-time multi-subsidiary financial consolidation and reporting, multi-currency, multinational taxation rules and unified real-time views into the business performance of each and every subsidiary. With NetSuite OneWorld, global software companies enjoy streamlined billing and renewal processes, accurate financial reporting, and the ability to meet revenue recognition requirements and comply with the new Financial Accounting Standards Board (FASB) rules for multi-element sales, known as EITF 08-01 and EITF 09-03. With support for 190 currencies, 19 languages and automated tax compliance in more than 50 countries, NetSuite OneWorld enables DocuSign to:
- Run its critical revenue recognition functions. DocuSign personnel spent approximately nine full days a month doing revenue allocations and amortizations in complex, cumbersome spreadsheets with more than 100,000 lines. With NetSuite OneWorld, DocuSign has dramatically improved the efficiency and accuracy of its revenue recognition, reducing workload while minimizing risk of error.
- Manage multi-currency transactions in the Euro, British pound, Brazilian real and Australian and Canadian dollars, increasing its visibility into multi-currency business, and providing a simple and transparent process for currency conversions.
- See subsidiary financials in a single view versus switching between screens and individual subsidiary log-on.
- Streamline critical business processes by integrating NetSuite OneWorld with other cloud solutions including Concur's time and expense management, Salesforce.com's CRM and Adaptive Insights' budgeting and forecasting. The deployment of NetSuite OneWorld aligns with DocuSign's corporate philosophy, to operate its business in the cloud whenever possible.
"NetSuite offers a more transparent view of conversion amounts. NetSuite is a robust and complete solution that we've integrated with our other SaaS applications to improve efficiency end-to-end," said Matt Marquez, DocuSign Corporate Controller. "NetSuite has been a huge improvement, helping our finance team close the books faster while providing a great user experience for our employees."Today, more than 20,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.