MongoDB Gains New Confidence in Financials with Switch from Intacct to NetSuite

Company

MongoDB

Location

Palo Alto, Calif., New York, N.Y.

Industry

Software

Applications Replaced

Intacct

Solutions

NetSuite OneWorld
OpenAir
PSA

“We have real-time visibility into consolidated financials across all our subsidiaries, and have greatly improved our operational and time efficiencies with NetSuite.” MongoDB

Customer Success

MongoDB has strengthened global financial consolidation and reporting, currency conversion, revenue recognition and billing since replacing Intacct with NetSuite OneWorld in September 2014.
Addition of NetSuite OpenAir PSA (professional services automation) used by dozens of global consultants gives MongoDB a unified platform across software and services.
NetSuite OpenAir has helped improve professional services forecasting and utilization for the open-source NoSQL database provider, with nine million downloads and thousands of customers around the world.
With NetSuite OneWorld, MongoDB has gained the confidence and rigor in financials it lacked with Intacct in preparation for a potential IPO.
MongoDB uses OneWorld to streamline consolidation and reporting across 12 subsidiaries in Australia, Canada, Spain, France, U.K., Hong Kong, Germany, India, Ireland, Israel, Japan and Singapore.
Multi-currency transactions and reporting in more than 10 currencies are more flexible and streamlined with NetSuite OneWorld.
MongoDB has simplified and automated value-added tax (VAT) reporting and compliance in several European nations with NetSuite’s built-in global tax capabilities.
Revenue recognition cycles are smoother with NetSuite, with more robust and sophisticated reporting.
Flexibility in NetSuite billing enables MongoDB to accommodate unique customer billing requirements.

Challenges

MongoDB lacked strong confidence and tight controls needed for a potential IPO with its previous Intacct accounting application.
Limitations in Intacct forced MongoDB to do all revenue recognition in spreadsheets, with time-consuming manual and risk of errors.
MongoDB needed to make manual adjustments in currency conversions and lacked tight integration between Intacct and Salesforce.com.

Solution

NetSuite offered a proven solution relied on by more than 1,000 software companies to automate processes, increase efficiency, strengthen financials and help drive growth.
NetSuite OpenAir delivers professional services automation, integrating with NetSuite ERP for complete visibility across software and services.
Replacing spreadsheets, a Google calendar and a homegrown application, OpenAir provides a single, unified solution for PSA.
Connectivity solution from NetSuite partner Dell Boomi provides tight integration between NetSuite and Salesforce.com CRM.

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