SAN JOSE, Calif., May 18, 2016 /PRNewswire/ -- NETSUITE SUITEWORLD 2016 -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that SoFi, a modern finance company taking an unprecedented approach to lending and wealth management, has implemented NetSuite OneWorld to help fuel its rapid growth. SoFi is now relying on NetSuite OneWorld to run its mission critical business processes including financial consolidation, financial reporting, accounts payable and multi-subsidiary management. The consolidation process and intercompany eliminations performed with NetSuite OneWorld allow for financial reporting at various parent levels of the subsidiaries, while system allocations and automated depreciation schedules ensure expenses are reflected in the proper financial statement line item based on department or location, including in California (headquarters), Montana, Utah, New York, and Virginia. With NetSuite OneWorld, SoFi is better able to streamline business operations across its subsidiaries, achieve operational efficiency, reduce IT cost and overhead, access real-time insights into its business, and gain the agility and scalability it needs to support future growth.
Alternative financing companies are transforming the traditionally staid financial services industry by providing consumers with alternatives for securing financing that significantly reduce approval times and offer quick financial feedback and advice through active communities. Frequently, these fast-growing businesses quickly find their existing accounting systems stifling their growth as these on-premise or smaller cloud-based systems lack the sophisticated auditability and financial controls required for modern businesses preparing to scale.
NetSuite provides alternative financing companies with:
- Rapid ROI that traditional ERP systems can't match thanks to rapid implementation times with minimal overhead in IT infrastructure and support personnel, speeding up time-to-value.
- Scalability for growth with the ability to quickly and easily add functionality and licenses as the business grows, and proven international capabilities to fuel global expansion.
- Robust global financial functionality designed for modern businesses, helping customers to streamline their mission-critical business processes. NetSuite's robust financial reporting capabilities help alternative financing companies execute through a smooth auditing process.
- Built-in business intelligence that can provide real-time insights into key business performance indicators for a unified view of the organization.
- Simplified maintenance to help eliminate the need for costly IT infrastructure and support with a cloud-based system that is always up to date and customizations that carry forward automatically.
- A powerful development platform with unprecedented flexibility that helps to enable businesses to tailor the system to meet their unique requirements and industry-specific needs, and seamless third-party integrations.
Founded in 2011 after the credit crisis, SoFi started in the online student loan refinancing business and has since added mortgage loans, personal loans and a wealth management product to its offerings. The company has now loaned more than $9 billion. Amidst this success, SoFi found itself quickly outgrowing an Intacct system that couldn't keep pace with the company's growth and complexity. After evaluating other cloud solutions, SoFi selected NetSuite OneWorld thanks to its robust financial management functionality and its impressive roster of existing financial services customers which had already scaled their business on NetSuite, providing proven success in the financial services industry.
"With NetSuite we're able to capture a real-time cash position and real-time financials with ease," said Lauren Crow, SoFi's Chief Accounting Officer. "It's allowed us to elevate our business both to the customers that buy loans from us and those that regulate us."
NetSuite OneWorld's agile, flexible and scalable platform has helped SoFi achieve the following benefits:
Robust financial controls. NetSuite OneWorld's ability to document all journal entries added a degree of rigor to SoFi's financial processes that had not been possible with the previous Intacct and Excel-based system, providing greater transparency to auditors and stakeholders. With NetSuite OneWorld, financial close times have been cut by two thirds.
Positioned for global expansion. With support for 190 currencies, 20 languages, and automated tax compliance in over 100 countries, NetSuite OneWorld provides the scalability needed to help SoFi quickly and easily expand around the world.
Real-time reporting. With NetSuite OneWorld, SoFi can access real-time financial reports with the push of the button, versus the four hours it could take to create a report previously.
Improved IT and finance efficiency. Since going live on NetSuite OneWorld, SoFi has roughly doubled in size, but added only two personnel to its finance department, while NetSuite's cloud-based software helps to remove the need for IT personnel to manage servers and associated hardware.
Sophisticated integration. Robust integration and customization capabilities within the SuiteCloud development platform can enable SoFi to create direct integrations with banking partners to streamline financial transactions.
Today, more than 30,000 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 cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
SoFi is a modern finance company taking an unprecedented approach to lending and wealth management. We've replaced the impersonal, transactional bank experience with a long-term partnership, enabling our members to realize the full potential of their money, careers and relationships. Our members constantly push the limits of what life has to offer. Whether looking to refinance their student loans, buy their dream home, or simply seek advice as they ascend in their careers, SoFi provides the products and tools to match their ambitions and propel them to new levels of financial greatness. In the Fall of 2015, SoFi announced $1 billion in Series E funding. For more information, visit SoFi.com.
For more information about NetSuite, please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.
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SOURCE NetSuite Inc.