Financial software ensures smooth sailing for yacht team

BMW Oracle Racing rolls out financial management software

Yachting team BMW Oracle Racing has installed a suite of financial management software to control expenditure as it prepares to race in the America’s Cup.

The group is currently leading the Louis Vuitton Cup race, the winner of which will be able to challenge defending America’s Cup champion Switzerland, having already beaten yachts from Germany, Sweden, France, Italy and South Africa.

With a global operation from the US - where the boat hulls are made - to Spain - where the race is being held - BMW Oracle Racing decided it needed a single suite of financial management software to run its entire operations.

Vendor Netsuite is supplying services such as global accounts, payables, taxes, financial reporting and team expenses.

Its global nature means the company needs more sophisticated financial software to meet local tax requirements, statutory reporting and multi-currency management.

Netsuite has standardised business processes across its operations, minimising costs and improving efficiency while ensuring accurate financial reports.

Additionally, real time financial reporting provides an overall view of the business to ensure the operations team can get specific and detailed accurate financial reporting at any time, says BMW Oracle Racing’s chief financial officer Diana Puketapu.

‘The racing business is a complex multi-national and multi-functional operation,’ she said. ‘Team recognises the need to have an effective and efficient enterprise system to support the sailing, design and shore teams.

‘They must have accurate and timely information to aid their decision making.’

Netsuite’s software as a service (SaaS) delivery model also enabled flexibility and global reach without the need for expensive servers or dedicated in-house support.