RingCentral, provider of cloud-based business phone systems, recently announced it has chosen NetSuite OneWorld to support its operations in four countries.
As RingCentral continues to experience a growing customer base in China, Canada, the U.K and the U.S., the company turned to NetSuite Inc., provider of cloud-based financials and ERP software suites, for a system that could process the company’s numerous transactions each month.
With NetSuite OneWorld, RingCentral is able to manage its revenue recognition, financial controls, fixed assets and reports. In addition, NetSuite OneWorld automates the accounting requirements and applies income to customer accounts over the lifetime of their contracts, aiding in compliance with EITF 08-01 revenue recognition rules.
RingCentral can customize NetSuite OneWorld’s functionality and create custom workflows to tailor the solution to meet its preferred internal processes. NetSuite OneWorld gives RingCentral the capability to manage multiple currencies and time zones in one integrated database.
"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. "NetSuite OneWorld gives us everything we need in a financial system to manage our business today and the flexibility to continue growing without boundaries."