When it comes to picking out the right software solution for your business, you need a partner that will help you through the hurdles when things get tough and support you as you continue to evolve and grow.
The oft-repeated phrase “CFO’s must become more strategic” that has permeated finance stories for what seems like decades may now be becoming a reality.
Smartsheet and its work execution platform have been on a solid run over the past couple of years, with sustained user growth, increased functionality, a successful IPO (NYSE: SMAR) and hosting 2,000 Smartsheet users from around the world at a recent customer conference.
Smartsheet offers customers the best way to plan, capture, track, automate, and report on work at scale. In fact, more than 76,000 brands trust Smartsheet to accelerate business execution and navigate today’s collaborative working environment. I recently led the team that represented Oracle NetSuite at Smartsheet’s October ENGAGE conference in Seattle and returned back to Austin with some promising takeaways.
A Springboard Platform for Growth
In 2016, Smartsheet elected to implement NetSuite’s cloud ERP platform to run its finance and accounting operations. NetSuite is helping the Smartsheet finance team keep pace with the company’s growth, while alleviating the financial headaches that thousands of other NetSuite customers once confronted with their prior systems. Their finance team can now close their books faster, while increasing data accuracy.
NetSuite and Smartsheet Deliver Further Connectivity
Announced at ENGAGE ’18, the Smartsheet Data Uploader allows customers of both NetSuite and Smartsheet to manipulate NetSuite data in Smartsheet for many business functions through a one-way flow of information. For example, users can report the status of projects, personnel changes, or even key financial metrics all from a single place. This is especially great news for finance teams that are looking to use both platforms to report their numbers, just as Smartsheet does.
The finance team at Smartsheet currently uses this flow of NetSuite data for monthly account reconciliations and period over period variance analysis.
Monthly Account Reconciliations: With NetSuite, automation simplifies and accelerates the intake of account balances. All accounts to be reconciled are compiled and presented in a single Smartsheet, allowing the finance team to work collaboratively and track progress against schedule. The team also has the ability to auto-assign team members, automatically request updates and approvals, and receive notifications of at-risk tasks in order to reduce risks and eliminate repetitive tasks.
Period over Period Variance Analysis: During period end close, Smartsheet uploads the prior period financials side by side with the current period financials and uses formulas in Smartsheet to calculate the variance across periods. Selected variances can then be assigned to team members for analysis.
A Growing Partnership
NetSuite and Smartsheet have both realized the benefits that supporting one another can offer. Trading appearances at two previous SuiteWorlds and two ENGAGE conferences over the past couple of years is only the beginning. Both Oracle NetSuite and Smartsheet have made it a priority to become closer working partners throughout the forthcoming years, with talks to attend SuiteWorld 2019 already underway.
To learn more about how your organization can leverage the synergies created with the tandem solution of NetSuite and Smartsheet watch Tom Kelly of NetSuite and Mallory Lobisser of Smartsheet speak about their experiences at the Smartsheet ENGAGE Conference.
Technology has become a primary ingredient for social change in nonprofits, whether it’s enabling fundraising through channels like social media or forming a strong operational and financial backbone. It’s in that spirit that NetSuite continues to seek opportunities to enable growth among nonprofit organizations, including recently expanding its Social Impact program.