Australia’s REA Group Limited, a multinational digital advertising business specialising in property, has deployed NetSuite OneWorld.
REA Group replaced multiple, disparate legacy software systems and manual processes with NetSuite OneWorld to manage business processes, including financial consolidation, purchasing, order management, billing, revenue recognition, multi-currency management (13 currencies) and multi-country tax compliance management.
The company has been using NetSuite since 2015 and was able to improve operational efficiency significantly. Further, it realized significant productivity gains, freeing up employees’ time to manage revenue recognition process and global consolidation.
Processes which previously took several days to complete can now be done in real time. The company has also gained the scalability needed to handle large volume transactions.
Founded in Melbourne in late 1995, REA Group’s website realestate.com.au has grown to become Australia’s leading property website, putting pressure on the company’s legacy systems.
Deployment of OneWorld across REA Group’s core business was a large and complex initiative that was implemented on time and on budget.
Norm Duce, Executive Manager, Business Services at REA Group said: “NetSuite OneWorld is playing an important role in helping us realise these global growth aspirations by simplifying, consolidating and automating processes that once produced significant bottlenecks in our organisation’s workflow.”
NetSuite OneWorld supports 190 currencies, 20 languages, automated tax compliance in more than 100 countries, and transactions in more than 200 countries.