Finalsite Upgrades Its ERP to Continue Helping Schools Around the World

Finalsite is a digital marketing and communications platform that works with private and public schools around the world. The company hosts school websites, manages admission and fundraising efforts and consults on marketing initiatives. Finalsite is the content management system (CMS) of choice for over 5,000 schools and over 400 public school districts.


Finalsite logo

Company

Finalsite

Location

Glastonbury, Conn.

Industry

Software

EMPLOYEES

100-250

NUMBER OF SUBSIDIARIES

3

NUMBER OF COUNTRIES

110

SYSTEM REPLACED

Sage Intacct

NETSUITE PRODUCTS IMPLEMENTED

NetSuite OneWorld
SuitePeople


“We’ve gone from a completely disaggregated system to a holistic system with the help of NetSuite OneWorld.” Jim Calabrese, CFO, Finalsite

A Foundation for Global Growth

Serving Schools and Students
Finalsite has expanded from a four-person startup to a 200-person team with three subsidiaries and customers in 110 countries. The company has excelled by providing 24/7 customer support and sharing best practices—gleaned from work with institutions such as Tulsa Public Schools, the International School of Beijing and Bethel University—with its customers.
Disconnected Systems
Finalsite encountered several holes in its financial processes while using Sage Intacct. Complying with ASC 606 and IFRS 15 led to lengthy reconciliations and uncovered revenue recognised in the wrong period. Unable to handle multi-currency transactions, Finalsite faced challenges when consolidating accounts—for example, it couldn’t report the value of AR from its UK subsidiaries into dollars.
A New, Holistic Approach
Finalsite automated its revenue recognition process and now easily records subscription revenue in compliance with ASC 606 and IFRS 15 using NetSuite OneWorld. The choice also eliminated the hassle of multi-currency transactions: The team makes use of real-time currency conversion and financial consolidation across all business units.
Geared for Expansion
Finalsite is driving organic growth across the U.S. and abroad, expanding its leadership position in independent schools and gaining market share among public schools. Acquisitions will remain a part of its growth strategy, and NetSuite OneWorld will provide the structure to operate its global business.
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