Far Eastern University Enrolls NetSuite OneWorld For Financial Management

SAN MATEO, Calif. and MAKATI CITY, Philippines, Sept. 15, 2014 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Far Eastern University (FEU), with 28,000 students on campuses in Manila and Makati City, Philippines, has implemented NetSuite OneWorld to support its mission-critical financial processes, including accounting, inventory management, fixed assets and purchasing. By replacing an outdated on-premise application for general ledger and accounts payable and numerous excel sheets for reporting with NetSuite OneWorld, FEU (www.feu.edu.ph) is realizing the benefits of faster, more efficient financials based on real-time data, anywhere, anytime access to critical business information, and gaining greater control and visibility, building a foundation for growth.

Before NetSuite OneWorld, FEU struggled with its on-premise application that provided limited visibility into critical information. After examining competing applications, FEU selected NetSuite OneWorld because of the lower cost, greater functionality and its rich customization capabilities.

Going live on NetSuite OneWorld in April 2012, with an implementation by Softype, a global NetSuite Solution Provider, FEU has since taken advantage of the features and benefits NetSuite OneWorld has brought:

• Flexible reporting capabilities to better explore and understand key data.
• Procure-to-pay functionality as part of its standard financials package.
• Cut monthly financial close times significantly, from 16 days to 5 days.
• Gain access to real-time financial data on demand, compared to the once-a-month reports it was able to generate with its previous solutions.
• Streamline tax reporting to meet the requirements of the Philippine Bureau of Internal Revenue (BIR).
• Greatly improve purchasing efficiency and visibility with almost 700 suppliers, replacing what had been manual paper-based purchase orders, check-writing and other processes. 
• Enhanced budget control necessary to ensure the availability of funds for the University priority areas

FEU also plans to take advantage of NetSuite OneWorld's multi-entity management capabilities by rolling out the solution across four subsidiaries, including FEU Information Technology, its college of computer and engineering studies, as well as Far Eastern College-Silang, Fern Realty Corp., and a new campus to be built in Alabang, Muntinlupa City, giving FEU consolidated financial reporting across the 4 subsidiaries.

"The improved efficiency of financial reporting is one of the major benefits we've realized with NetSuite OneWorld," said Juan Miguel Montinola, CFO at FEU. "NetSuite gives us access to vital data anytime and anywhere, that's been invaluable in transforming the finance and accounting teams from mostly consolidating numbers to now properly analyzing them."   

"FEU is among the fast-growing number of organizations in the Philippines and across Southeast Asia to abandon aging on-premise software and servers in favor of the reduced IT burden and superior data access of cloud ERP," said James Dantow, VP for Worldwide Support and GM for the Philippines at NetSuite. "FEU is a great example of an organization that smartly takes advantage of the functionality and flexibility baked into NetSuite. We've been seeing huge momentum across the region as word spreads of the value that organizations derive with cloud ERP."

The NetSuite OneWorld deployment at FEU aligns with the university's membership in the NetSuite SuiteAcademy program, an educational program designed to bring cloud-based business management solutions to university classrooms worldwide. The FEU Institute of Accounts, Business and Finance (IABF) has incorporated NetSuite cloud ERP, including accounting and auditing functionality, into the undergraduate degree curricula for third- and fourth-year students pursuing business degrees. The program gives the FEU IABF new flexibility for anywhere/anytime learning over the Web, which liberates students and faculty from the need to access on-premise software in classrooms and labs and broadens education beyond campus boundaries to anywhere they choose – whether it's from home, while traveling or from a coffee shop. The program helps position graduates as more attractive to potential employers, and makes FEU more appealing to prospective students.

About FEU

Since its establishment in 1928 by founder Dr. Nicanor Reyes, Sr., FEU has been recognized as one of the leading universities in the Philippines.

The first Accountancy and Business school for Filipinos, the university has, through the years, expanded its course offerings to the Arts & Sciences, Architecture & Fine Arts, Education, Engineering and Computer Studies (FEU East Asia College), Graduate Studies, Law and Medicine (FEU-Nicanor Reyes Medical Foundation).

True to its mission of producing graduates who have contributed to the advancement of the country, FEU is proud of its alumni who have become successful key government officials, influential accountants and businessmen, famous media personalities, innovative education administrators and faculty, expert physicians and nursing leaders, decorated national and professional athletes, and cutting-edge architects, artists, and engineers.

Under the current leadership of Dr. Michael M. Alba, University President, the university continuously challenges itself to raise the bar of excellence and bring real learning to its students beyond the four walls of the classroom.

Today, more than 20,000 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 in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials 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.

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SOURCE NetSuite Inc.