So the first place, I’d like to start is, is that if you are a software company, you are in the right place talking to NetSuite. Software companies are key to NetSuite’s success and since our founding, we have considered it a critical and strategic vertical for us. But don’t just take our word for it – as even the analysts are saying – netSuite currently has over 750 software companies running its software and even those selling competing solutions have indicated to us that NetSuite has become tough to beat in this vertical.
So let me take a second, and just make sure you get to actually know who we are. NetSuite has been around since 1998 and since our founding our focus has been on offering a complete business management solution allowing you to run your entire business in the cloudWe’ve been public since 2007 andexperienced dramatic and consistent growth since our founding.We are the largest fully integrated public saas company operating across the world with over 190 million in revenue and over a 1000 employees. But the most important thing is that over 10,000+ organizations trust NetSuite to run their mission critical applications and for 3 years in a row we have been named the fastest growing financial management solution by Gartner. And as I just talked about we are the leading provider of SaaS ERP solutions to software companies. I’ll talk more about our offering later – but we’ve been recognized over and over again for having the leading solution in the market – whether its SIIA naming us as the best financial management solution for 2011 or the Institute of Management Accountants naming us a leading solution in the market – NetSuite’s solutions are recognized as world class by the market and the industry.
As a software company, the pains on this slide are probably very familiar to you. The lack of timely financial reporting affects your ability to make timely decisions leading to the need for accurate, real-time financial reporting. For finance professionals, its our job to ensure adherence to the key financial standards, whether talking about GaaP or ensuring auditability with Sox, managing adherence to these standards is key as companies ask how can we more efficiently manage the entire accounting process. And as the software industry gets more complex, revenue recognition has gotten more complex leading to the use of spreadsheets and increasingly fancy calculations to support the latest revenue recognition standards. These days whether you are a startup or a more established software company, you find yourself operating globally and its critical to be able to have visibility into these operations and have real-time reporting and global financial consolidations across all of these key business functions. Recurring revenue has become the lifeblood for most software companies whether talking about perpetual license or subscription where the ongoing revenue from existing customers is what feeds the business. But in managing this process, companies need to be able to automate the tedious manual parts of the renewal process, allowing them to focus on the more strategic aspects of this critical revenue stream. And last but not last is the lack of a 360 degree view, where marketing and sales arent necessarily aligned or finance is operating off a different set of data. Its critical to be able to have a single view of your data across all of these facets. NetSuite works with hundreds of software companies and as we hear these critical requirements, we have built our solution to effectively address these needs.
As I said once before though – don’t take our word for it, in an independent study conducted by Nucleus Research and over 25 software companies, Nucleus determined that NetSuite was able to deliver real benefits to the bottom line.For example, in terms of IT SavingsMoving from on-premise applications to NetSuite eliminated an average of $23,000 in software license maintenance costs per year, with a high of $50,000. IT staff savings for those companies ranged from 50 percent to 65 percent of total IT time. And that’s just for the license costs, start to add in factors like hardware savings and the savings really start to multiply.Or the area of revenue recognition, customers found that Improved revenue recognition using NetSuite provided both increased productivity and reduced risk – a critical factor for a complex area of the business.In terms of the financial close - NetSuite enabled customers to accelerate their time to close the books by an average of 60 percent usually automating the most tedious and painful aspects of the close process.When it comes to quote to cash – customer reported that they were able to reduce their quote to cash time by 50 percent. And probably one of the biggest areas of time spent by finance departments, leveraging NetSuite, customers were able to reduce their audit preparation time by a minimum of 50 percent. In some cases it was even greater.
The key thing about NetSuite for Software companies is that as the leading financial management solution, NetSuite effectively streamlines your finance processes. It doesn’t try to change them or substitute them for something else, but leverages what you know and automates the most tedious aspects of the process allowing you to focus on running the business. And critical for global companies, works across multiple currencies, multiple subsidiaries and multiple tax juridisctions. Whether talking about procure to pay, quote to cash or project to bill, NetSuite does it all in the cloud with real-time visibility including dashboards, budgeting and reporting.Built with the needs of Software companies in mind, NetSuite has the critical functionality required to run a global software company.
And by focusing on the needs of Software companies, we have been able to become the #1 choice for 21st century software companies. Whether talking about startups, companies in the transition phase as they move to the public markets or more mature public companies, NetSuite has become the leading choice for software companies looking for a cloud-based financial management solution to run their company. In the last few years, NetSuite has been the engine powering over 30 different equity events including most of the recent software ipos such as Cornerstone OnDemand and RightNow as well as numerous acquisitions including companies like Boomi and Jigsaw.
Can netSuite help your software company? If you’d like to learn more, please click on the link to get more details about our functionality for software companies.
Netsuite for Software Companies
NetSuite for Software CompaniesTransforming Your Business With Cloud NetSuite
Software Companies are Key to NetSuite’s Success“NetSuite currently has over 750 softwarecompanies running its software and eventhose selling competing solutions haveindicated to us that NetSuite has becometough to beat in this vertical.” Patrick Walravens, Sr. Software Analyst & Head of Technology Research JMP Securities, LLC
Who is NetSuite? NetSuite ERP Fastest Growing Top 10 Cloud Top 10 FMS Vendor Companies to Watch
Challenges facing Software CompaniesPain Business Requirements Solution ImplicationsLack of timely financial Accurate, real-time financial • Real-time financial reports • Granular drill down and visibilityreporting reporting into cash managementEnsuring adherence to Efficiently manage the entire • Complete coverage across all major accounting processes –key financial standards accounting process Order to Cash, Purchasing, Expense Management • Accelerate the financial closeComplex revenue Support the latest revenue • Complete support for all key revenue recognition standardsrecognition recognition requirements • Automated revenue calculationLack of global visibility Real-time reporting across all • Real-time role-based dashboards • Global financial consolidations key business locationsEffectively managing Automate the renewal process • Complete control of the renewals processrecurring revenue • Manage billing for subscription and maintenance streamsLack of a 360 degree Single customer record across • Finance and sales integration • Advanced quote managementview sales, marketing and finance • Cross-sell and up-sell management 4
NetSuite Delivers Benefits to the Bottom Line Improvement area Business ResultIT Savings Moving from on-premise applications to NetSuite eliminated an average of $23,000 in software license maintenance costs per year, with a high of $50,000. IT staff savings for those companies ranged from 50 percent to 65 percent of total IT time.Revenue Recognition Improved revenue recognition from NetSuite provided(Finance) both increased productivity and reduced riskFinancial Close (Finance) NetSuite enabled customers to accelerate their time to close the books by an average of 60 percent.Quote to Cash (Finance) NetSuite’s automated quote-to-cash functionality enables our customers to reduce quote to cash time by 50 percent.Audit Time (Finance) Reduction in audit preparation time by at least 50 percentSource: Nucleus Research
NetSuite is the #1 choice for 21st century software companiesScalable Startup Transition Mature Company
NetSuite is Committed to Making Software Companies Successful Vertical Focus on Software Companies − Dominant position in the marketplace with 800+ software companies as customers − Dedicated Sales, Implementation Specialists, Support, Product Management and Executives − Established Best Practices Software Specific Functionality − Revenue Recognition (EITF 08-1 & 09-3), Contract Management, Renewals, SOX Controls − Time & Expense/Project Management, Issue Tracking, Fulfillment/Delivery Choice of 21st Century Software Companies − Successful public companies including Solarwinds, RightNow Technologies, Convio, Financial Engines, CornerstoneOnDemand, LogMeIn, and Successfactors − The next generation of not yet public companies including over 33% of the Hot 100 and AlwaysOn with companies such as Eloqua, Splunk, BazaarVoice, and Jive NetSuite runs on NetSuite!
The World’s Fastest Growing SoftwareCompanies Powered by NetSuite Fastest growing company in the world goes live on NetSuite in 15 countries in 8 weeks and 26 countries in 3 months Was able to achieve ROI with NetSuite in less than three months Saves $250K+ annually by consolidating more than 12 subs with NetSuite OneWorld Transitions to NetSuite prior to its recent successful IPO Running NetSuite OneWorld in 15 locations across 7 countries for global consolidation RMDM Unit using NetSuite OneWorld Ecommerce across its 13,000+ partners