NetSuite Simplifies Global Currency Conversions with Integrated Currency Web Service
In a rapidly growing global economy, companies are increasingly faced with the challenge of maintaining accurate currency rates for processing overseas transactions. For instance, sales force and web stores need to quickly generate price quotes or display product prices in customers’ local currencies. Similarly, accounting needs the ability to easily convert foreign currency transactions to the parent organization’s functional currency for consolidated financial reporting.
NetSuite, Inc. (NYSE: N) is a leading global provider of on-demand, integrated business management software to small and mid-sized companies. The Company’s products include an integrated suite of Customer Relationship Management (CRM), Enterprise Resource Planning (ERP) and e-commerce applications. NetSuite integrated XigniteCurrencies in its SaaS (Software-as-a-Service) technology platform so customers can easily and conveniently handle currency conversions for processing overseas business transactions.
Automate Currency Conversions of Product Price Quotes and Financial Reporting
In the past, businesses relied mostly on a manual process to update currency rates. Staff would look up currency rates from financial publications or website, and enter the rates into various applications. This manual process is tedious, error-prone and time consuming, and companies often overlooked this process.
NetSuite responded to that challenge by offering their customers a cost-effective solution that eliminates the manual process of currency rate maintenance. By integrating currency web services from Xignite, NetSuite’s customers can instantly generate product price quotes in foreign currencies in their CRM and e-commerce applications. Also, accounting can easily consolidate international sales on the fly with NetSuite ERP applications.
Easy-to-Integrate Currency Web Service that Fits the Budget
NetSuite decided to deploy Xignite’s currency web service for easy integration, accurate data and affordable prices. Xignite uses a standard XML/SOAP interface for its web services, making integration simple and easy. The currency web service is accurate and reliable. The service is priced on data usage, making it a very cost effective solution. And with Xignite’s outstanding customer support, NetSuite decided to integrate XigniteCurrencies into its platform. With 180 currency rates, XigniteCurrencies provides the convenience of a single, comprehensive data source. With an integrated currency web services, NetSuite’s customers can access updated rates on-demand from any of NetSuite’s applications. The solution demonstrates NetSuite’s continued commitment to deliver an integrated, SaaS solution to support business growth for its customers.
About NetSuite
Founded in 1998, NetSuite Inc. (NYSE: N) is the leading provider of on-demand, integrated business management software for growing and mid-sized business. With thousands of customers globally using NetSuite’s online products and professional services, companies are enabled to manage all key business operations – in a single hosted system, including customer relationship management (CRM); order fulfillment, inventory, accounting and finance, product assembly; e-commerce; website management, and employee productivity. The company has 3 specific verticals: software, wholesale/distribution and services and has seven locations worldwide: US, Japan, Hong Kong, Singapore, Australia, Europe (UK), and Canada. For more information, visit NetSuite’s website at www.netsuite.com.