SAN MATEO, Calif., July 26, 2012 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced that Circuit of The Americas™, the company building a multi-purpose sports and entertainment facility in Austin, Tex., has gone live on NetSuite OneWorld after a rapid, two-month implementation. Circuit of The Americas will host the inaugural FORMULA 1 UNITED STATES GRAND PRIX™ November 16 to 18 and is preparing to host a variety of motorsports and entertainment programs at its venue in 2013.
Circuit of The Americas selected the NetSuite OneWorld cloud solution because it offered the fastest deployment time, greatest depth of business functionality and best flexibility to scale with the company's rapid growth. NetSuite's multi-national, multi-currency ERP solution provides Circuit of The Americas the ability to work internationally with the same vendors serving other racing venues that host Formula 1™ events, and is currently operating in two currencies, the U.S. dollar and the British pound sterling (GBP).
After deciding to upgrade from QuickBooks and assessing competing solutions such as SAP and Microsoft Dynamics GP (Great Plains), Circuit of The Americas turned to NetSuite OneWorld for general ledger, financial reporting, accounts payable and receivable, intercompany eliminations and consolidated financials across five legal entities. The company is taking advantage of NetSuite OneWorld's support for more than 190 currencies and country-specific taxation schedules for purchasing with international vendors.
NetSuite OneWorld is the first cloud software solution to deliver real-time global business management and financial consolidation to mid-sized companies with multi-national and multi-subsidiary operations and divisions of large enterprises. It enables them to automate complex, mission-critical business processes in the cloud from ERP to CRM to eCommerce.
NetSuite's real-time visibility into actual costs vs. budget for Circuit of The Americas' multimillion-dollar project enables tight control over expenses and streamlined business management on a scale far greater than would have been possible with the previous QuickBooks application. The company has also deployed the NetSuite Fixed Asset module to maintain and control its extensive inventory of depreciating and non-depreciating physical infrastructure and equipment assets, taking advantage of fixed asset calculations, complete asset reporting and seamless integration with NetSuite's core accounting. Used across the organization by members in the finance, operations, sales and marketing teams, NetSuite's cloud-based solution enables anywhere, anytime access to critical information, while its support for mobile devices enables the CFO to review and act on purchase requests over an iPad.
"NetSuite OneWorld delivers a unique combination of speed, flexibility and visibility that was simply unmatched by competing on-premise solutions," said Dan Allen, Chief Financial Officer at Circuit of The Americas. "Thanks to the speed of implementation and flexible customization, we have a world-class solution in place before our grand opening that scales to the demands of a complex facility with evolving needs."
Today, more than 12,000 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 by a recent Gartner study naming NetSuite as the fastest growing top 10 financial management systems vendor in the world. NetSuite has continued 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 is accelerating.
The fast-track implementation was spearheaded by Deloitte Consulting LLP with NetSuite professional services serving in an advisory capacity. The two-month NetSuite implementation is roughly one-third the time required for a traditional on-premise ERP solution, without the need for an extensive IT staff for ongoing maintenance of the solution.
About Circuit of the Americas
Circuit of The Americas will be a world-class destination for performance, education and business. It will be the first purpose-built Grand Prix facility in the United States designed for any and all classes of racing, from motor power to human power, and be the U.S. home to the 2012 FORMULA 1 UNITED STATES GRAND PRIX™ Nov. 16-18.
The Circuit of The Americas' master plan features a variety of permanent structures designed for business, education, entertainment and race use. Its signature element will be a 3.4-mile circuit track. Other support buildings will include an expansive outdoor live music space, a conference center, a banquet hall as well as a state-of-the-art medical facility. Future proposed amenities include a driving/riding experience, a motorsports driving club, kart track, grand plaza event center and tower, and a trackside recreational vehicle park. For more information and downloadable video, audio and photos, visit: www.CircuitofTheAmericas.com.
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SOURCE NetSuite Inc.