Agile Software Company Needs an Agile Financial Management System

August 16, 2016

Posted by Barney Beal, Content Director(opens in new tab)

A pioneer in agile development, Atlanta-based VersionOne found that, as it grew, its financial processes were anything but agile(opens in new tab).

With complex financial projections and data spread across multiple, siloed spreadsheets across the business, the company realized that to properly recognize revenue and close the books in a reasonable time frame, its existing processes and an Intacct(opens in new tab) accounting software(opens in new tab) solution would not suffice. With a worldwide presence, including more than 50,000 software teams in 170 countries using VersionOne products, it needed to give management and employees better access to KPIs, budgets, results and projections in real time.

Moreover, because VersionOne is a software business that provides both an agile development platform, DevOps and integration solutions along with services, its revenue recognition requirements were significant.

Like many innovative software companies, VersionOne was looking for a modern and robust ERP solution with global financial capabilities, including multi-currency accounting(opens in new tab), that could give it the ability to ramp up its global expansion. It also needed sophisticated reporting that could segment the business by region, item groupings and offerings.

VersionOne ultimately selected NetSuite and has seen its close time go from 10 days to five, a dramatic reduction in its uses of spreadsheets and improved visibility for both management and front-line employees. NetSuite also provides VersionOne a flexible foundation that allows the company to adapt the system to its evolving needs.

Other innovative companies like Avant, Design Within Reach and Dylan’s Candy Bar, have leveraged NetSuite to disrupt their industries. You can read about their innovative business models in our Profiles in Innovation(opens in new tab) blog series.

VersionOne will also be sharing some of the secrets to its success in a webinar on Aug. 23 at 10-11 a.m. PT, including best practices for reporting and analytics, and role-based access.

Register for the webinar(opens in new tab) now to secure your space.

NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices that pave a clear path to success and are proven to deliver rapid business value. With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there's continuity from sales to services to support.