NetSuite for software companies

For companies operating in software and software-as-a-service (SaaS)

NetSuite business system - a complete solution for software companies

To remain competitive in the marketplace, software companies must be agile enough to evolve and innovate in a constantly changing landscape. Here, the right business system can help the company grow globally and scale up the business to the next level. NetSuite business system is a complete and scalable solution that integrates all important business processes and eliminates the need to have several separate systems. NetSuite streamlines the management of complex revenue models, supports global expansion and provides powerful analytical tools for better decision making.

Billing and revenue recognition are extremely important functions for software companies. These can be addressed using NetSuite's own billing solution, SuiteBilling, and the revenue management module provides support for automated revenue distribution and accrual. At Staria, we often come across software companies that already have a billing solution in place but lack a common system for the finance functions in the entire group. As a result, we have an extensive experience in integrating various external billing solutions with NetSuite, such as ChargeBee, Younium, ZoneBilling or Zuora.

A changing industry

The software industry has undergone significant change and continues to evolve rapidly. Several trends have shaped the software landscape, such as SaaS becoming the preferred delivery model for many companies due to its cost-effectiveness, scalability and flexibility, with a pervasive shift from on-premise to cloud-based solutions. The subscription-based pricing model has also become the norm in the SaaS industry, where the shift from the traditional licensing model has changed the way companies budget for and use software.

In this fast-growing segment, it is important to be able to quickly adapt to changes and invest in systems that support growth, so that it is not hampered by outdated systems and your company instead loses market share to competitors that are better equipped for the future.

NetSuite for SaaS
SaaS

What challenges do software companies face?

Many software companies face challenges related to managing rapid growth and scalability. In addition, they often operate on a global scale, which means they encounter challenges such as different tax regulations, currency conversions and international accounting. Software companies also often have complex revenue models, including subscription-based revenue and different billing methods. ​

To make informed decisions, software companies also need access to comprehensive and real-time data. Inadequate data management and analysis can be a major challenge for companies that want to optimize their operations.

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On-demand webinar: NetSuite best practices for software companies

To learn about NetSuite best practices specifically for software companies, sign up to this on-demand webinar launched on April 11.

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Why is NetSuite the best solution for software companies?

All-in-One Solution: NetSuite offers a fully integrated cloud-based solution that includes accounting, financial management, consolidated accounting, billing and revenue sharing. It eliminates the need to use several separate systems and enables a unified and streamlined operation.​

Scalability: NetSuite is designed to be scalable and can grow with the needs of the business. Whether it's an increase in user numbers, transaction volume, or new business units, NetSuite can be customized to support your company's growth.​

Management of complex revenue models: NetSuite has built-in capabilities to manage different revenue models, including subscriptions and ad-based revenue. This allows software companies to automate invoicing and reporting, saving time and reducing the risk of errors.

Global business needs: NetSuite supports international operations by managing different currencies, tax rules and accounting standards. It allows software companies to expand globally without encountering barriers related to the business system.​

Powerful analytical tools: NetSuite offers advanced reporting and analysis tools, providing businesses with real-time insights. This is critical for software companies that need to monitor and optimize their performance.

Keep track of your key figures

NetSuite's business system offers robust financial management and reporting capabilities, enabling software companies to monitor and analyze many of the key metrics related to them. See below how you can use NetSuite to keep track of important key figures:

MRR (Monthly
Recurring Revenue)

NetSuite can handle subscription-based invoicing and reporting, allowing monthly recurring revenue to be monitored.

Churn rate

By analyzing customer data and revenue reports in NetSuite, you can identify lost customers and calculate the churn rate.

CAC (Customer
Acquisition Cost)

NetSuite can help you track and analyze sales and marketing costs in relation to new customers.​

CLTV (Customer
Lifetime Value)

By using NetSuite to analyze customer revenue over time, you can calculate customer lifetime value.

ARPU (Average
Revenue Per User)

NetSuite can provide insight into average revenue per user by analyzing revenue data relative to user count.

Cash Conversion
Cycle

NetSuite offers functionality to monitor and analyze liquidity and capital usage.

Customer Engagement Metrics

Use data from NetSuite to analyze user growth, logins and functional usage.

Financial Reporting
Metrics

NetSuite offers comprehensive financial reporting, including gross margin, operating margin and net income.

Interested in NetSuite for your SaaS company? Book a free consultation with us!

Why Staria?

Staria's expertise lies in fast-growing companies, and many of our customers operate in the software industry. We have had the privilege of assisting software companies - today unicorns - to become international superstars by providing the best possible business platform and services to support their growth. We can confidently say that we fully understand the growing pains and obstacles that software companies face in their daily operations.

To ensure that your business runs smoothly, we believe that the management of subscriptions and renewals should be an automated process, and that upselling and downselling should be easy to add. Staria can also help you improve your SaaS metrics and reporting and help you apply best practices in NetSuite. We are experts in revenue reporting and many of our NetSuite consultants are certified in Revenue Recognition. We have also developed many different integrations between NetSuite and various external systems.

iBinder and Wire are two of our customers in the software industry. Read more about them below and read more customer stories here.

iBinder Group

iBinder - consolidation and increased efficiency in accounting with NetSuite

iBinder offers a modern platform for digital information management for the construction and real estate industry. iBinder has grown both organically and through acquisitions, and needed a business platform to consolidate all companies in all the group's operating countries into one system.

Read iBinder's customer story.

Wire

Wire - consolidation and advanced revenue management with NetSuite

Wire offers a communication and collaboration platform and was looking for a business platform that could support their growth. NetSuite offered all the features Wire was looking for and they therefore decided to implement NetSuite for the group's seven companies, with four different currencies.

Read Wire's customer story.

Grow internationally

What if you only needed a single accounting partner for all the countries in which you operate?

Companies that operate internationally and have multiple local accounting offices often face communication challenges, inconsistent processes, and slow reporting with uneven quality.

Staria offers global financial services designed to solve these problems and make it easier for companies to grow internationally. With our services, a transparent real-time view of your entire company's financial status is easily available in NetSuite. Your company is assigned a Staria team that handles all day-to-day accounting in all your countries of operation and provides you with a single point of contact, a dedicated team, and a single NetSuite ERP.

Global Financial Services map

Staria's services are available in countries marked in the map.

Reporting in focus

Our BI and planning solution Naviloq offers a complete package of BI functions, including planning, forecasting, and optimized financial reporting, helping you get the most out of your data and easily generate reports that comply the reporting requirements. The tool is fully integrated with NetSuite and stores your data securely in a built-in data warehouse.

Naviloq logo

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Metrics that matter: Software company edition
Unlocking your software company's full potential
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