With the mission of helping couples around the world plan every aspect of their wedding, WeddingWire and The Knot merged to form The Knot Worldwide. The combined organization offers wedding marketplaces, websites, planning tools, and registry services to over 20 million monthly visitors across the globe.
As WeddingWire and The Knot merged to form the largest global wedding planning company, they were faced with a condensed timeline to integrate two established businesses. Core business functions had to be reviewed, enhanced, and merged to develop a unified combined organization. The new revenue standard (ASC 606) also added additional compliance requirements to the project and further complicated the merger process.
Services We Provide
Implementation
Integration
Customization
Training
Optimization
How We Helped
Our primary focus during the integration project was to streamline the business processes of the combined organization, The Knot Worldwide. We engaged by leading discovery workshops with each respective accounting team to document processes and perform gap analyses. By first understanding the core functions of the business, we were able to properly leverage NetSuite ERP functionality to accommodate data flow.
The Advanced Revenue Management module was key in enabling the business to comply with ASC 606 revenue standards – We worked closely with TKWW revenue consultants to ensure proper revenue handling and treatment in NetSuite. Additionally, existing order integrations to NetSuite were carefully reviewed and enhanced to allow for greater flexibility and consistency.
Our approach and methodology was a key driver in the successful integration and migration of WeddingWire and The Knot.
Key Results
ASC 606 Compliance
Revenue automation enabled through custom scripting and enabled proper ASC 606 revenue compliance.
Consolidated Financial Statements
Merger integration allows for a single system to generate a global set of consolidated financial statements.
Order Automation
New integration points were created and existing integrations enhanced to further automate order processing in NetSuite.