SAN JOSE, Calif., May 18, 2016 /PRNewswire/ -- NETSUITE
SUITEWORLD 2016 -- NetSuite Inc. (NYSE: N), the industry's
leading provider of cloud-based financials / ERP and omnichannel
commerce software suites, today announced that SoFi, a modern
finance company taking an unprecedented approach to lending and
wealth management, has implemented NetSuite OneWorld to help fuel
its rapid growth. SoFi is now relying on NetSuite OneWorld to run
its mission critical business processes including financial
consolidation, financial reporting, accounts payable and
multi-subsidiary management. The consolidation process and
intercompany eliminations performed with NetSuite OneWorld allow
for financial reporting at various parent levels of the
subsidiaries, while system allocations and automated depreciation
schedules ensure expenses are reflected in the proper financial
statement line item based on department or location, including in
California (headquarters),
Montana, Utah, New
York, and Virginia. With
NetSuite OneWorld, SoFi is better able to streamline business
operations across its subsidiaries, achieve operational efficiency,
reduce IT cost and overhead, access real-time insights into its
business, and gain the agility and scalability it needs to support
future growth.
Alternative financing companies are transforming the
traditionally staid financial services industry by providing
consumers with alternatives for securing financing that
significantly reduce approval times and offer quick financial
feedback and advice through active communities. Frequently, these
fast-growing businesses quickly find their existing accounting
systems stifling their growth as these on-premise or smaller
cloud-based systems lack the sophisticated auditability and
financial controls required for modern businesses preparing to
scale.
NetSuite provides alternative financing companies with:
- Rapid ROI that traditional ERP systems can't match
thanks to rapid implementation times with minimal overhead in IT
infrastructure and support personnel, speeding up
time-to-value.
- Scalability for growth with the ability to quickly
and easily add functionality and licenses as the business grows,
and proven international capabilities to fuel global
expansion.
- Robust global financial functionality designed for
modern businesses, helping customers to streamline their
mission-critical business processes. NetSuite's robust financial
reporting capabilities help alternative financing companies execute
through a smooth auditing process.
- Built-in business intelligence that can provide
real-time insights into key business performance indicators for a
unified view of the organization.
- Simplified maintenance to help eliminate the need
for costly IT infrastructure and support with a cloud-based system
that is always up to date and customizations that carry forward
automatically.
- A powerful development platform with unprecedented
flexibility that helps to enable businesses to tailor the system to
meet their unique requirements and industry-specific needs, and
seamless third-party integrations.
Founded in 2011 after the credit crisis, SoFi started in the
online student loan refinancing business and has since added
mortgage loans, personal loans and a wealth management product to
its offerings. The company has now loaned more than $9 billion. Amidst this success, SoFi found
itself quickly outgrowing an Intacct system that couldn't keep pace
with the company's growth and complexity. After evaluating other
cloud solutions, SoFi selected NetSuite OneWorld thanks to its
robust financial management functionality and its impressive roster
of existing financial services customers which had already scaled
their business on NetSuite, providing proven success in the
financial services industry.
"With NetSuite we're able to capture a real-time cash position
and real-time financials with ease," said Lauren Crow, SoFi's Chief Accounting Officer.
"It's allowed us to elevate our business both to the customers that
buy loans from us and those that regulate us."
NetSuite OneWorld's agile, flexible and scalable platform has
helped SoFi achieve the following benefits:
Robust financial controls. NetSuite OneWorld's ability to
document all journal entries added a degree of rigor to SoFi's
financial processes that had not been possible with the previous
Intacct and Excel-based system, providing greater transparency to
auditors and stakeholders. With NetSuite OneWorld, financial close
times have been cut by two thirds.
Positioned for global expansion. With support for 190
currencies, 20 languages, and automated tax compliance in over 100
countries, NetSuite OneWorld provides the scalability needed to
help SoFi quickly and easily expand around the world.
Real-time reporting. With NetSuite OneWorld, SoFi can
access real-time financial reports with the push of the button,
versus the four hours it could take to create a report
previously.
Improved IT and finance efficiency. Since going live on
NetSuite OneWorld, SoFi has roughly doubled in size, but added only
two personnel to its finance department, while NetSuite's
cloud-based software helps to remove the need for IT personnel to
manage servers and associated hardware.
Sophisticated integration. Robust integration and
customization capabilities within the SuiteCloud development
platform can enable SoFi to create direct integrations with banking
partners to streamline financial transactions.
Today, more than 30,000 companies and subsidiaries depend on
NetSuite to run complex, mission-critical business processes
globally in the cloud. Since its inception in 1998, NetSuite has
established itself as the leading provider of cloud-based
financials/enterprise resource planning (ERP) and omnichannel
commerce software applications for businesses of all sizes. Many
FORTUNE 100 companies rely on NetSuite to accelerate innovation and
business transformation. NetSuite continues its success in
delivering the best cloud business management software to
businesses around the world, enabling them to lower IT costs
significantly while increasing productivity, as the global adoption
of the cloud accelerates.
About SoFi
SoFi is a modern finance company taking an unprecedented
approach to lending and wealth management. We've replaced the
impersonal, transactional bank experience with a long-term
partnership, enabling our members to realize the full potential of
their money, careers and relationships. Our members constantly push
the limits of what life has to offer. Whether looking to refinance
their student loans, buy their dream home, or simply seek advice as
they ascend in their careers, SoFi provides the products and tools
to match their ambitions and propel them to new levels of financial
greatness. In the Fall of 2015, SoFi announced $1 billion in Series E funding. For more
information, visit SoFi.com.
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For more information about NetSuite, please visit
www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of
NetSuite Inc. Third-party trademarks mentioned are the property of
their respective owners.
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SOURCE NetSuite Inc.