Based in Vancouver, British Columbia, Hothead Games is one of Canada’s most successful digital entertainment companies, creating game titles that include Kill Shot, Rivals at War, and Big Win Hockey, which have attracted more than 250 million mobile downloads. In response to strong demand and new market opportunities, Hothead Games recently expanded its team by 50 percent, which made the company more complex to operate. To successfully manage this growth and reduce complexity, Hothead Games needed to replace its previous software system as it did not support enough simultaneous users to process month-end results in a timely manner and made it difficult for Hothead Games to understand its assets and liabilities in real-time, requiring a manual reporting process to reconcile different currencies. In addition, the previous accounting system was slow to generate forecasts and required manual processes to compare actuals against forecast.
“We were always looking for a way to bridge the gap between the analytics in US dollars and the financial results in Canadian dollars,” said Tim Holland, Hothead Games’ Director of Finance.
NetSuite OneWorld supports 190 currencies, 20 languages, automated tax calculation and reporting in more than 100 countries, and transactions in more than 200 countries. NetSuite OneWorld delivers the following benefits to Hothead Games:
- Rapid implementation. The company was up and running on NetSuite OneWorld within two months of purchase, speeding time to value.
- Scalability for growth. NetSuite OneWorld’s single cloud solution allows Hothead Games to expand seamlessly as the business grows.
- Real-time visibility. NetSuite OneWorld’s unified platform gives Hothead Games visibility across its operations with one unified financial system of record to provide visibility into standard costs with detailed breakdowns. NetSuite OneWorld also gives Hothead Games access to the insights it needs to refine strategy and spending in a highly competitive global market where tastes and technology can change overnight.
- Data-driven decisions. With a unified platform, the company has real-time access to a single source of data across its entire enterprise to make more informed decisions.
- Faster, more accurate reporting. NetSuite OneWorld’s reporting capabilities have given Hothead Games real-time insight into payroll, marketing expenditures and spending at a location- and project-based level, enabling faster financial close. NetSuite OneWorld also makes it easier for Hothead Games to track and report financials for the Canadian Scientific Research and Experimental Development (SR&ED) Program, an incentive that helps offset certain wage expenses.
- A broad range of robust international capabilities. NetSuite OneWorld provides a highly scalable system for growth with the ability to quickly and easily add global functionality as Hothead Games expands into new markets.
“Our business is always changing, so we are always refining forecasts, and NetSuite OneWorld ensures we are all on the same page when making key financial decisions,” Holland added.
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SOURCE Oracle NetSuite Global Business Unit