NetSuite Helps Talent Management Firm Streamline Financials for Continued Growth After IPO

Cornerstone OnDemand

"NetSuite's financial reporting, compliance workflows, and other functions helped us save months of staff time during our IPO process, and they continue to help us save time and money in our day-to-day financial and compliance reporting."Cornerstone OnDemand

Company at a Glance

Location:
Santa Monica, CA
Industry:
Talent Management Software
Applications Replaced:
QuickBooks, home-grown

Solutions

NetSuite OneWorld
NetSuite PSA

Customer Success:

  • Cornerstone was able to undertake a successful public offering by centralizing and standardizing key financial processes such as financial consolidation, advanced revenue recognition, and client billing and renewals.
  • Cornerstone has experienced double-digit growth without adding IT staff for finance.
  • The company estimates NetSuite is saving it as much as $200,000 versus the cost of a comparable server-based system.
  • Automating billing processes and multi-currency conversions have helped Cornerstone reduce staff time spent on billings by as much as 60%.
  • NetSuite process automation helped the company save several months of staff time for financial calculations necessary for the company's IPO.
  • Bi-weekly financial reports run instantaneously, compared to requiring as much as six hours previously.
  • NetSuite's Workflow Manager function helped Cornerstone build Sarbanes-Oxley compliance rules into its financial process automation, without having to spend approximately $20,000 for third-party programmers.
  • NetSuite facilitates Cornerstone's expansion into new vertical markets by helping the company target promotions and innovate billings rules for newly defined customer groupings.
  • NetSuite OneWorld helps Cornerstone centrally manage its growing list of subsidiaries by automatically converting and consolidating nine different currencies into U.S. dollars.
  • NetSuite OpenAir helps Cornerstone's professional services team streamline time and materials billings.
  • NetSuite's financial controls flexibility helps Cornerstone achieve Sarbanes-Oxley compliance by simplifying reporting on financial users' roles and responsibilities.

Challenges:

  • Limited business software couldn't support an international talent management company's aspirations to complete a public offering.
  • Complex customer contracts and revenue recognition requirements slowed financial reporting and hindered the Company's ability to scale finance to support the growth of the Company.
  • Lack of customer analysis tools prevented Cornerstone from focusing marketing and promotions on specific customer needs.

Solution:

  • Advanced Revenue Reporting helps the company manage its revenue recognition and billing processes.
  • Cornerstone uses NetSuite partner Avalara's AvaTax software for automating sales tax processes.
  • NetSuite has helped improve expense tracking, forecasting and reimbursement speed.