NetSuite, a provider of cloud-based financials / ERP software suites, revealed that RingCentral (News - Alert), a San Mateo, Calif.- based provider of cloud business phone systems with advanced voice and virtual PBX functionality, has adopted NetSuite (News - Alert) OneWorld to drive business growth and success.
RingCentral will leverage NetSuite OneWorld for ERP, revenue recognition, financial controls, fixed asset management, reporting and analytics. The ERP software significantly elevates visibility and removes barriers to the company’s expansion by eliminating the delays and infrastructure build-out associated with legacy systems.
RingCentral provides a hosted, multi-extension business phone system with advanced voice and virtual fax features. The cloud-based communications system eliminates the cost and complexity associated with on-premise PBX (News - Alert) systems.
When implementing NetSuite OneWorld, RingCentral will bring world-class, enterprise-grade capabilities and controls to its growing operations across four countries. One of the main concerns for RingCentral was compliance with EITF 08-01 revenue recognition rules for managing complex sales operations. Luckily, NetSuite OneWorld automates the complex accounting requirements and properly applies income to customer accounts over the lifetime of their contracts, allowing the company is able to build custom functionality to suit its specific requirements.
Another solution, NetSuite's SuiteFlow offers a powerful and easy-to-use visual business process customization functionality, enabling clients to quickly point and click to create and alter custom workflows to support the way businesses need to work in real-time. The flexibility of the system and ease of implementation attracted RingCentral.
"NetSuite OneWorld brings the same cloud-based advantages to financial systems that RingCentral brings to phone systems - rapid deployment, no upfront capital costs, and the flexibility and scalability we need to manage rapid growth," said Robert Lawson, chief financial officer of RingCentral, in a statement. "NetSuite OneWorld gives us everything we need in a financial system to manage our business today and the flexibility to continue growing without boundaries."
With NetSuite OneWorld, RingCentral now manages its North American, European and Asia-Pacific interests in multiple currencies and globe-spanning time zones with a consistent interface, integrated database and a single version of the truth.
Edited by Jamie Epstein