SAN MATEO, Calif., April 26, 2012 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced that RingCentral, a leading provider of cloud-based business phone systems, has adopted NetSuite OneWorld to bring world-class, enterprise-grade capabilities and controls to its growing operations across four countries.
As the company expanded subsidiary operations across China, Canada, and the U.K., the complexities of transacting in multiple currencies strained the limits of its startup financial software. A growing customer base, and the need to process hundreds of thousands of transactions per month made it clear that the company needed a modern, scalable and enterprise-class solution to protect its processes and pave the way for seamless expansion. RingCentral joins the growing number of modern, high-growth enterprises such as Yammer, Box, and Square turning to NetSuite OneWorld to improve visibility and remove barriers to expansion, without the delays and infrastructure build-out associated with legacy systems. RingCentral uses NetSuite OneWorld for ERP, revenue recognition, financial controls, fixed asset management, reporting and analytics.
Based in San Mateo, Calif., RingCentral is a cloud communications provider that gives businesses a hosted, multi-extension business phone system with advanced voice and fax features without the complexity of costly, on-premise PBX systems. Compliance with EITF 08-01 revenue recognition rules was a key concern for RingCentral, as it is for many technology companies managing complex sales operations. NetSuite OneWorld automates the complex accounting requirements and properly applies income to customer accounts over the lifetime of their contracts.
NetSuite also delivers powerful customization capabilities, allowing RingCentral to build custom functionality to suit its business requirements. Using NetSuite's SuiteFlow solution, a powerful and easy-to-use visual business process customization functionality allowing users to quickly point and click to create and alter custom workflows to support the way businesses need to work in real-time, RingCentral quickly tailored the purchase request approval process to match its preferred internal processes. Unlike rigid systems which force businesses to conform their processes to fit the average, NetSuite OneWorld is both powerful and flexible enough to meet unique enterprise requirements. NetSuite OneWorld was also the only solution able to meet RingCentral's implementation deadline, as NetSuite cloud solutions can be deployed in a fraction of the time of conventional, on-premise ERP.
RingCentral can now manage its North American, European and Asia-Pacific interests in multiple currencies and globe-spanning time zones with a consistent interface, integrated database and a single version of the truth. The company's need to process hundreds of thousands of customer account transactions monthly is no challenge for the instantly scalable NetSuite OneWorld solution, with audit trails and multinational regulatory compliance capabilities.
"NetSuite OneWorld brings the same cloud-based advantages to financial systems that RingCentral brings to phone systems – rapid deployment, no upfront capital costs, and the flexibility and scalability we need to manage rapid growth," said Robert Lawson, Chief Financial Officer of RingCentral. "NetSuite OneWorld gives us everything we need in a financial system to manage our business today and the flexibility to continue growing without boundaries."
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 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 continues its success in delivering the best cloud financials/ERP suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
RingCentral is a leading provider of cloud business phone systems designed for today's mobile and distributed workforce. By combining a hosted, multi-extension business phone system with advanced voice and fax functionality, RingCentral delivers ease of use, flexibility and mobility, which cannot be provided by complex and expensive on-premise legacy phone systems. Headquartered in San Mateo, California, RingCentral is privately held with funding from Sequoia Capital, Khosla Ventures, Cisco, Scale Ventures, and DAG Ventures. For more information on RingCentral products, call 1-877-268-2403 or visit www.ringcentral.com.
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SOURCE NetSuite Inc.