October 23, 2017, 4:02 pm
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Realizing the power of unified billing, revenue recognition

ORACLE NetSuite Global Business Unit (GBU), the industry’s leading provider of cloud financials, ERP,HR and omnichannel commerce software suites, today announced that Smartsheet, a leading provider of SaaS-based

solutions for managing and automating collaborative work, has implemented NetSuite OneWorldto manage rapid growth. Smartsheet is leveraging NetSuite OneWorld to manage mission critical business processes including

financials, billing, revenue recognition, analytics and multi-currency transactions in the Euro, yen, Pound and US, Australian and Canadian dollars. With NetSuite OneWorld, Smartsheet has a platform that is ready for next and

provides the foundation to scale the business. As Smartsheet has evolved its business model, NetSuite’s SuiteBilling software is helping the company to manage recurring revenue processes from order to billing and revenue

recognition with complete control and auditability for its software subscription business. 

“Using a hairball of multiple point products, whether on-premise or in the cloud, is always a bad idea. But doing it in your financial system is downright reckless,” said Jason Maynard, SVP of Strategy and Marketing, NetSuite.

“Smartsheet is an innovator in collaboration software and knew how to leverage NetSuite innovation to fuel their growth.”

Founded 11 years ago in Bellevue, Wash., Smartsheet began selling collaboration software for individuals and small teams but has grown rapidly as it began selling its product into large enterprises, including 50 percent of the

Fortune 500, to help solve large, complex work management and project automation challenges. 

It has achieved more than 70 percent year-over-year revenue growth for the fifth consecutive year and currently serves more than 68,000 companies and 10 million users across 190 countries. Smartsheet’s prior accounting

system couldn’t handle that growth, requiring extensive manual workarounds that were cumbersome and inefficient, including the physical entry of every invoice. The company knew that it needed a new platform that could

manage all its critical business processes in one system while also providing the flexibility to scale rapidly with the company’s growth. After a rigorous evaluation of several applications, Smartsheet chose NetSuite OneWorld for
its scalability, revenue recognition and international capabilities. 

A key factor in its decision was SuiteBilling, the industry’s first unified cloud-based order-to-billing-to revenue recognition solution. SuiteBilling enables businesses to adopt any business model from product-based, time- and

services-based, through to usage- and subscription-based, or any combination of these without limit. In the future, Smartsheet plans to manage subscriptions for its enterprise customers while providing a self-service model for
its smaller customers allowing them to sign up for a trial, pay with a credit card and establish a recurring billing account all from a single system. 

“We needed a solution that could support significant growth in our primary segments – enterprise customers as well as SMBs where we leverage a self-service model – each of which has its own unique set of complexities,” said Mark Mader, Smartsheet CEO. “NetSuite was the only solution that offered us the ability to automate both the back office and customer-facing aspects across both these important segments of our business.”

After a four-month implementation, Smartsheet deployed NetSuite OneWorld, which supports 190 currencies, 20 languages, automated tax calculation and reporting in more than 100 countries, and support for customer transactions in more than 190 countries. 

NetSuite OneWorld supports Smartsheet’s growth by providing:

•    Scalability for growth. NetSuite OneWorld’s single cloud solution allows Smartsheet to quickly and easily; add functionality as the business evolves; quickly add offices as it expands with anywhere, anytime access.

•    Single source of truth. NetSuite’s unified billing and advanced revenue management system, synchronizes complex processes from order to billing to revenue recognition. 

•    Real-time visibility. NetSuite OneWorld’s unified platform gives Smartsheet visibility across its operations with one single unified financial system of record, providing users with real-time information right at their fingertips.

•    Improved efficiency. NetSuite has automated numerous processes previously done manually, including processing of thousands of renewals at a time, saving significant time in order entry.

•    Robust customization and integration. NetSuite’s SuiteCloud Developer Network (SDN) provides a platform for Smartsheet to customize the system to its specific needs and adapt as its business evolves. Customized business rule logic improves data quality while a planned integration with Salesforce.com will fully automate the quote-to-cash process for sales floor led deals. 
 
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