Leverages NetSuite to Automate Revenue Recognition and Contract Renewals Process and More
NetSuite, Inc., the industry's leading provider of cloud-based financials / ERP software suites, today announced that TRUSTe, an online privacy solutions provider, has adopted the NetSuite enterprise cloud solution for its business operations. Over 4,000 web properties including those from top companies like Apple, AT&T, Disney, eBay, Facebook, HP, Microsoft, Nationwide and Yelp rely on TRUSTe to ensure compliance with evolving and complex privacy requirements. TRUSTe has eliminated QuickBooks, salesforce.com and a tangle of spreadsheets and homegrown applications in favor of NetSuite's cloud-based business management software suite, trusting NetSuite for ERP, CRM, contract management, revenue recognition, reporting and analytics.
Based in San Francisco, TRUSTe offers a broad suite of privacy services to help businesses build trust and increase engagement across all of their online channels. As TRUSTe's business grew, it became clear to the executive team that the company's existing software was inefficient and cumbersome. With little integration between financials, CRM and other systems, it was nearly impossible for their systems and processes to efficiently manage sustainable growth.
NetSuite provided TRUSTe with the right combination of scalability, flexibility, and cost-effectiveness. With NetSuite, TRUSTe now leverages the world's leading end-to-end cloud enterprise suite that automates the key processes that are critical for software and similar companies to drive efficient, rapid growth, including:
• Revenue recognition automation. With NetSuite, TRUSTe automates and meets revenue recognition requirements and more efficiently complies with the Financial Accounting Standards Board (FASB) rules for multi-element sales, known as EITF 08-01 and EITF 09-03.
• Automated renewals management. NetSuite meets TRUSTe's business needs with a contract renewals process that links sales, service and finance to drive for renewal, and closely ties renewals automation with contract renewals dates.
• Workforce collaboration. NetSuite's anywhere, anytime cloud architecture enables TRUSTe's large and growing international workforce to access the same customer data and productivity tools, regardless of location.
• Improved employee productivity. NetSuite is saving TRUSTe valuable time and organizing data in easily accessible tabs. Advanced workflow tools have streamlined operations, enabling TRUSTe to operate more efficiently and for personnel to focus on core strengths.
• 360-degree customer management. With NetSuite, all TRUSTe customer activity is now tied to a single master record, eliminating errors and ensuring that clients have a seamless and consistent experience with all TRUSTe personnel.
"As a fast growing technology company, we needed both the speed and ease of deployment of the cloud, with ERP flexible enough to automate our revenue recognition and renewals process," said Tim Sullivan, CFO of TRUSTe. "The comprehensive NetSuite approach enhances our ability to help clients build a foundation of transparency, choice and accountability in their businesses, and leaves us well positioned for future growth and a more distributed workforce."
NetSuite's cloud-based ERP suite is used by hundreds of technology leaders in every stage of growth. NetSuite is the solution of choice for the software industry, running public companies and some of the fastest growing software companies in the world. NetSuite is uniquely positioned to serve today's best and brightest firms by providing an integrated, focused set of functionality for software companies, including key capabilities such as revenue recognition, recurring revenue management, advanced financials, and visibility through dashboards and reporting.
Today, more than 10,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite (netsuite.com) 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 the 2011 CODiE Award for Best Financial Management Solution, as well as a recent Gartner study naming NetSuite as the fastest growing financial management systems vendor in the world. NetSuite has continued its success in delivering the best cloud business solutions 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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