DocuSign Deploys NetSuite OneWorld
April 28, 2014
DocuSign, Inc., a global standard for digital transaction management, has deployed NetSuite’s (News - Alert) OneWorld solution to streamline its financial consolidation and critical revenue recognition.
NetSuite OneWorld helps in managing an organization’s global or multinational business from the cloud. It helps in streamlining billing and renewal processes, provides accurate financial reporting, and complies with the new financial accounting standards board (FASB) rules for multi-element sales, known as EITF 08-01 and EITF 09-03. It currently supports 190 currencies, 19 languages and automated tax compliance in more than 50 countries.
DocuSign, which deployed NetSuite OneWorld, is a San Francisco-based company serving more than 95,000 customers in 188 countries. According to sources, DocuSign faced many key challenges, such as tedious manual financial consolidation; need to recognize revenue from subscription licensing, lack of a simple and transparent process for currency conversions, lack of real-time visibility into its global business operations and more.
So, DocuSign was looking for a flexible solution that was easy to integrate with other cloud services. After evaluating many solutions, it picked NetSuite OneWorld for real-time financial consolidation, global business operational efficiency and streamlined revenue recognition.
Now, with NetSuite OneWorld, DocuSign is able to manage its global operations across the U.S., the U.K., Australia and Brazil. Some of the global operations that DocuSign is able to now manage efficiently include financial consolidation, revenue recognition, multi-currency, and multi-language and tax compliance across five subsidiaries in four countries.
For illustration, as cited by the company in a press release, the personnel at DocuSign spent approximately nine days a month doing revenue allocations and amortizations in complex, cumbersome spreadsheets with more than 100,000 lines. By deploying NetSuite OneWorld, DocuSign could improve the efficiency and accuracy of its revenue recognition, reducing workload while minimizing risk of error.
In addition, NetSuite OneWorld helped DocuSign to streamline business processes by integrating NetSuite OneWorld with other cloud solutions, such as Concur's time and expense management, Salesforce.com (News - Alert)'s customer relationship management (CRM) and Adaptive Insights' budgeting and forecasting.
"NetSuite offers a more transparent view of conversion amounts. NetSuite is a robust and complete solution that we've integrated with our other SaaS (News - Alert) applications to improve efficiency end-to-end," said Matt Marquez, corporate controller, DocuSign, in a statement. "NetSuite has been a huge improvement, helping our finance team close the books faster while providing a great user experience for our employees."
NetSuite is a provider of cloud-based financials/enterprise resource planning (ERP) and omni-channel commerce software suites.
Edited by Maurice Nagle
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