Smartsheet, the world's leading SaaS application for managing and automating collaborative work, recently broadened its product portfolio to deliver solutions to Fortune 500 companies to help solve their complex work management and automation challenges. Since that time, it has seen rapid growth, doubling revenue in each of the last three years and now counts 10 million registered users in 190 countries. However, Smartsheet's existing accounting system struggled to handle that growth, requiring cumbersome and inefficient manual workarounds, including the physical entry of every invoice.
“NetSuite was the only solution that could support significant growth in our primary segments—enterprise customers as well as SMBs—each of which has its own unique set of complexities.” Mark Mader, CEO, Smartsheet
Smartsheet chose NetSuite OneWorld over Microsoft Dynamics and Intacct for its scalability, revenue recognition and international capabilities. NetSuite SuiteBilling will enable automated subscription billing for Smartsheet's enterprise customers while providing a self-service model for smaller customers allowing them to sign up for a trial and pay a recurring account with a credit card.
With NetSuite OneWorld, Smartsheet not only had a financial system that automated manually-intensive invoicing processes, but one that can scale with its rapid growth. With Smartsheet now exceeding $100 million in annual revenue, and no reduction to its growth rate in sight, it requires multi-language, multi-currency capabilites that can support international expansion. NetSuite OneWorld delivers.
As it adopts SuiteBilling, Smartsheet can better manage recurring revenue processes from order to billing and revenue recognition with complete control and auditability for its software subscription business. NetSuite is also automating its services operation fostering more strategic growth.