SINGAPORE, Feb. 11, 2015 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that international audit and consulting firm Mazars has selected NetSuite OneWorld as its cloud-based business management suite to power operations in four countries across Asia: China/Hong Kong, Indonesia, Singapore and South Korea. Mazars is replacing a broad range of on-premise applications used by its operations in the four different countries with a single instance of NetSuite OneWorld. NetSuite OneWorld can enable the firm to run core processes from one unified cloud-based business management solution, including financial management, reporting, customer relationship management (CRM), revenue recognition and service delivery. NetSuite OneWorld provides Mazars with multi-practice and multi-currency support to manage its Asian operations in real-time, by automating reporting, tax compliance and consolidating financials in 12 different currencies (EUR, USD, CAD, GBP, CNY, SGD, HKD, TWD, MYR, JPY, KRW and IDR). With the capability to provide customers with support in 19 languages, NetSuite OneWorld provides multi-language capability to support Mazars in three different languages - Chinese, English and Korean, with the flexibility to add more languages if required. Mazars has also selected NetSuite OpenAir for professional services automation (PSA) to support the company's time and expense management, project accounting, project and resource management.
Founded in France in 1940, Mazars is an international, integrated and independent organisation specialising in providing audit, accountancy, tax, legal and advisory services. The firm has 13,800 professionals in 250 offices across 72 countries worldwide and has doubled in size since 2006, with over €1 billion in turnover. Globally, Mazars audits more than 450 listed companies and is one of only five firms to audit entities listed in the Global 500, the world's largest 500 companies. In Asia Pacific, Mazars has a presence in 13 countries with 2,000 staff in 22 offices. The Asian practices wanted to standardise on a business management platform across all countries to help them successfully run the services business in the region and consolidate reporting to gain instant visibility into the performance of each country. After reviewing a number of solutions, Mazars chose NetSuite OneWorld as it was the only solution that met all of its requirements, with the added benefit of providing a security model that enables the partners to control which information is shared between them and which information is kept confidential.
"It is critical that the business has a comprehensive view of how each country is performing in the region and that they have a way to collaborate with each other to operate more effectively as a global organisation and protect our reputable brand," said Francois Monville, partner with Mazars Asia Pacific. "Ultimately, we all sell the same services so we want to be able to treat our clients in a consistent manner, which is why we have brought our Asian countries together on a single unified NetSuite solution."
NetSuite provides Mazars with the following key features and benefits:
- Superior real-time analytics and reporting – NetSuite OneWorld dashboards, reporting and analytical tools enable Mazars to monitor, report and analyse overall business performance in real-time and provide group reporting, giving the company a greater level of transparency and visibility. Mazars has gained valuable insights into each country enabling the partners to make informed business decisions on a daily basis.
- Professional services automation – NetSuite OpenAir enables Mazars employees to submit timesheets for approval based on the organisation's business processes, allowing customisation of the approval process workflow by client and project and routing for line, multi-level or project-based approvals. Mazars employees can also enter timesheets and approvals as well as expenses and reimbursements online, anytime, anywhere, using a standard browser and an Internet connection. With NetSuite OpenAir Mobile, users can stay connected, even while on the road. NetSuite OpenAir increases visibility into Mazars' professional services organisation, improves resource utilisation, streamlines invoicing and billing, elevates on-time project delivery and drives profitability.
- Greater efficiencies and time savings – Comprehensive financial management in NetSuite OneWorld accelerates financial close, improves revenue recognition, and ensures accountability and compliance. Since deployment, Mazars' finance team can now close month end in a few days. By having all countries use NetSuite OneWorld, the firm has significantly streamlined processes and reduced time previously spent on financial close and consolidation.
- Mobile workforce support – NetSuite OneWorld offers mobile capabilities that give on-the-go services professionals access to real-time business information and better collaboration across the organisation while in the field. With 90 percent of its workforce on the road, Mazars' employees are now able to log in to NetSuite from anywhere, anytime to access time and expense management, rather than having to go back into the office to access and enter data.
- Faster billing cycles and more accurate forecasting – By automating billing, invoicing and complex recurring time- and project-based billing, Mazars can now invoice much faster than before, with the ability to itemise expenses. These improvements have also enabled more timely and accurate forecasting. With many projects taking several years to complete, the team can now more easily and accurately track deliverables against targets providing more realistic revenue expectations.
"International businesses such as Mazars face a number of complex multi-currency billing, expense and revenue recognition management issues across tax jurisdictions that can sap time and resources, and increase financial risk—all while trying to ensure ongoing prompt project delivery, billing and receivables across dispersed countries and offices," said Reginald Singh, Vice President and General Manager, NetSuite Asia. "NetSuite helps global services businesses address these issues, while providing anytime, anywhere access and minimum capital expenditure as well as ensuring lean requirements for ongoing management, allowing teams to collaborate across the globe."
Today, approximately 24,000 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 ERP suites for divisions of large enterprises and mid-sized organisations seeking to upgrade their antiquated client/server ERP systems. NetSuite continues its success in delivering the best cloud ERP/financial suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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SOURCE NetSuite Inc.