Oracle NetSuite Corporate Communications
Leader in Blogging Software Brings Together Paris, San Francisco, and Tokyo with NetSuite OneWorld for Single, Worldwide View of its Business and Financial Accounting
Business Software Up and Running Within Six Weeks, Improving Monthly Accounting Closing Cycle For Better GAAP Compliance
SAN FRANCISCO and SAN MATEO, Calif.—April 17, 2008—NetSuite Inc. (NYSE: N - News), a leading vendor of on-demand, integrated business software suites that provide Accounting / ERP (Enterprise Resource Planning), CRM (Customer Relationship Management) and Ecommerce functionality for small and medium-sized businesses and divisions of large companies, today announced that Six Apart, the world's leading independent blogging software and services company, has integrated its business operations with NetSuite OneWorld. NetSuite OneWorld enables Six Apart's TypePad, Movable Type, and VOX blogging businesses to have one suite of business accounting software, including financials and revenue recognition, without requiring a large accounting staff or expensive on-premise business software.
After acquiring a subsidiary in France and creating one in Japan, Six Apart, a well-known, fast-growing leader in the blogosphere, soon found itself needing to invoice its customers in euros and yen. The company also wanted to keep its books of record in one consistent place. QuickBooks accounting software was unable to accomplish that with different locations and multiple currencies. In addition, Six Apart's subscription business needed to recognise revenue on a daily basis, and its complex, unwieldy amortisation spreadsheets were time-consuming.
To overcome these challenges, Six Apart switched its disparate accounting software systems to NetSuite OneWorld — an implementation that took only six weeks. Now, the company's revenue recognition accounting is GAAP compliant, which allows Six Apart to look further down the road to closing books and worry-free financial reporting. Most importantly, NetSuite's new OneWorld capability allows Six Apart to consolidate its three instances of NetSuite into a single, unified view. This gives Six Apart's Chief Financial Officer the ability to show financials in local currency (for each individual entity) as well as the ability to run financial reports in a consolidated, multi-currency ERP / Accounting software system.
"Now we don't have any extra steps in reporting to our CEO and board, and I have more insight into how each of my regions is performing," said Tod Harmon, CFO, Six Apart. "I can respond to an ad hoc question from anyone, without the need to download a spreadsheet and consolidate the information myself. NetSuite OneWorld gives us an extensive view of our entire business operation — every subsidiary including consolidated accounts receivable and accounts payable — from a consolidated standpoint."
NetSuite's SaaS model gives Six Apart's executives the freedom they need to be able to do business around-the-clock, without being tied to a desk. They can all access NetSuite anytime, anywhere, and that flexibility works well given the time differences between San Francisco, Paris and Tokyo. Company executives can all log in and share the same business and financial data, and they don't need to manage a virtual private network or any other complicated IT infrastructure — they just point their browsers at NetSuite and log in.
Already, NetSuite OneWorld has helped Six Apart to avoid significant spending on IT administration costs. With the addition of NetSuite OneWorld, the company has shaved days off of its monthly accounting closing cycle — making the company much more efficient and giving executives insight into the details they need, by channel, customer, product, or region. With the aid of NetSuite OneWorld, Six Apart can manage the business of an accelerating international operation with very little headcount resources in its accounting group. NetSuite has allowed Six Apart to scale without spending a lot of resources on administration.
"For the small amount we pay each month," said Harmon, "we get a global financial consolidation system that has all the power and features a company our size needs, and more."
About Six Apart
Six Apart Ltd. provides award-winning blogging software and services that change the way millions of individuals, organisations, and corporations connect and communicate across the world every day. Founded in 2002 by husband and wife team Ben and Mena Trott, Six Apart is a global company with its headquarters in San Francisco, CA, and offices in Europe and Japan. The company continues to lead in the blogging and social media industry with the Movable Type publishing platform, the TypePad hosted blogging service, and Vox, a free blogging service for friends and families. For more information visit the Six Apart corporate web site at http://www.sixapart.com/.
NetSuite Inc. is a leading vendor of on-demand, integrated business software suites that include Accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce software for small and midsized businesses and divisions of large companies. NetSuite enables companies to manage core business operations in a single system. NetSuite's patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.