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NetSuite Inc. (NYSE: N), San Mateo, CA, a provider of cloud-based financials / ERP software suites, announced that Circuit of The Americas, the company building a multi-purpose sports and entertainment facility in Austin, TX, has gone live on NetSuite OneWorld after a rapid, two-month implementation. Circuit of The Americas will host the inaugural FORMULA 1 UNITED STATES GRAND PRIX Nov. 16 to 18 and is preparing to host a variety of motorsports and entertainment programs at its venue in 2013.
Circuit of The Americas selected the NetSuite OneWorld cloud solution because it offered the fastest deployment time, greatest depth of business functionality and best flexibility to scale with the company’s rapid growth. NetSuite’s multi-national, multi-currency ERP solution provides Circuit of The Americas the ability to work internationally with the same vendors serving other racing venues that host Formula 1 events, and is currently operating in two currencies, the U.S. dollar and the British pound sterling (GBP).
After deciding to upgrade from QuickBooks and assessing competing solutions such as SAP and Microsoft Dynamics GP (Great Plains), Circuit of The Americas turned to NetSuite OneWorld for general ledger, financial reporting, accounts payable and receivable, intercompany eliminations and consolidated financials across five legal entities. The company is taking advantage of NetSuite OneWorld’s support for more than 190 currencies and country-specific taxation schedules for purchasing with international vendors.
The fast-track implementation was spearheaded by Deloitte Consulting LLP with NetSuite professional services serving in an advisory capacity. The two-month NetSuite implementation is roughly one-third the time required for a traditional on-premise ERP solution, without the need for an extensive IT staff for ongoing maintenance of the solution.