NetSuite, Inc., the industry's leading provider of cloud-based financials / ERP software suites, today announced that learning and talent management software provider Cornerstone OnDemand is using NetSuite OneWorld, the world's first and only cloud software system to deliver real-time global business management and financial consolidation to companies with multinational and multi-subsidiary operations. Implementing the system has allowed Cornerstone to standardize and manage several key financial processes – such as compliance, financial consolidation, advanced revenue recognition, and client billing and renewals — through a centralized system, helping to provide the business systems needed to successfully complete the company's March 2011 initial public offering. Cornerstone joins hundreds of the most innovative software companies, as well as leading public SaaS companies using NetSuite OneWorld to automate their core business processes.
"The deep functionality and easy configurability of NetSuite's technologies allowed us to transition many of our financial processes to the cloud in less than six months," said Perry Wallack, Chief Financial Officer for Cornerstone OnDemand. "Automating key business processes through NetSuite OneWorld provides us with the scalability necessary to support the growth and globalization of our organization. And, it provides the controls necessary to address the scrutiny of the public markets."
As a global Software-as-a-Service (SaaS) provider, Cornerstone is subject to a variety of revenue recognition regulations, including EITF 08-01 (ASU 2009-13). NetSuite OneWorld gave Cornerstone a proven international ERP solution that delivers EITF 08-01 revenue recognition compliance, as well as SOX compliance tools. NetSuite OneWorld also enabled Cornerstone OnDemand to retroactively apply EITF 08-01 standards to its contracts going back to 2005, ensuring a deep history of consistent data.
Greater flexibility in accounting and reporting have resulted in improved time savings for Cornerstone's customer management processes and made billing a painless process. With full, transparent support for multiple currencies, NetSuite OneWorld has helped to simplify the company's billing, purchasing, expense allocation and invoicing. The software solution's sophisticated revenue recognition support also has made it easier for Cornerstone to properly account for revenue at each stage of a customer's service contract, as well as account for more complex contract arrangements.
NetSuite OneWorld: The Top Choice for Global Software Companies
NetSuite OneWorld delivers the right combination of scalability, flexibility and cost-effectiveness, which is why NetSuite's cloud-based ERP suite is the solution of choice for Cornerstone and hundreds of other companies in the software industry. The world's first and most powerful cloud ERP solution for complex, multi-national companies, NetSuite OneWorld meets the needs of global software companies with built-in support for real-time multi-subsidiary financial consolidation and reporting, multi-currency, multi-national taxation rules and unified real-time views into the business performance of each and every subsidiary.
NetSuite OneWorld is uniquely positioned to serve today's software firms, both private and public, by providing an integrated, focused set of functionality for software companies. With NetSuite OneWorld, software companies are able to focus on innovation and growth while enjoying streamlined billing and renewal processes, accurate financial reporting and the ability to meet revenue recognition requirements and comply with the new Financial Accounting Standards Board (FASB) rules for multi-element sales, known as EITF 08–01 (ASU 2009-13) and EITF 09–03 (ASU 2009-14).
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