NetSuite : Agile Software Company Needs an Agile Financial Management System

Posted by Barney Beal, Content Director

A pioneer in agile development, Atlanta-based VersionOne found that, as it grew, its financial processes were anything but agile.

With complex financial projections and data spread across multiple, siloed spreadsheets across the business, the company realized that to properly recognize revenue and close the books in a reasonable time frame, its existing processes and an Intacct accounting software solution would not suffice. With a worldwide presence, including more than 50,000 software teams in 170 countries using VersionOne products, it needed to give management and employees better access to KPIs, budgets, results and projections in real time.

Moreover, because VersionOne is a software business that provides both an agile development platform, DevOps and integration solutions along with services, its revenue recognition requirements were significant.

Like many innovative software companies, VersionOne was looking for a modern and robust ERP solution with global financial capabilities, including multi-currency accounting, that could give it the ability to ramp up its global expansion. It also needed sophisticated reporting that could segment the business by region, item groupings and offerings.

VersionOne ultimately selected NetSuite and has seen its close time go from 10 days to five, a dramatic reduction in its uses of spreadsheets and improved visibility for both management and front-line employees. NetSuite also provides VersionOne a flexible foundation that allows the company to adapt the system to its evolving needs.

Other innovative companies like Avant, Design Within Reach and Dylan's Candy Bar, have leveraged NetSuite to disrupt their industries. You can read about their innovative business models in our Profiles in Innovation blog series.

VersionOne will also be sharing some of the secrets to its success in a webinar on Aug. 23 at 10-11 a.m. PT, including best practices for reporting and analytics, and role-based access.

Register for the webinar now to secure your space.