Virtually Human Studio gallops ahead with NetSuite-enabled crypto processing
At a glance
When Virtually Human Studio (VHS), a trailblazer in blockchain-driven immersive entertainment, partnered with Annexa to implement NetSuite, they transformed their financial operations with seamless cryptocurrency processing. With over 13,000 cryptocurrencies tracked, VHS is now ideally positioned for scalable growth and expansion.
Industry
Products
Services
Systems replaced
- Xero
- Spreadsheets
The client
Virtually Human Studio (VHS), a digital-first Australian company, is redefining entertainment, gaming and sports with cutting-edge technologies such as blockchain, non-fungible tokens and mixed reality. Their flagship game, ZED RUN, has garnered a rapidly expanding global fanbase by harnessing blockchain to enable users to purchase, breed, and compete with NFT horses. VHS’ immersive experiences are seamlessly bridging the physical and virtual, and reimagining entertainment and what it can do for humanity.
"NetSuite allowed us to automate the actual for our blockchain activity and set up automated journal entries to streamline the accounting process. So that's been a big win for us."
Rajib Banerjee, Head of FP&A and Blockchain Reporting, Virtually Human
The main objective we pursued was the blockchain integration with our accounting systems. It was important that we work with a solution provider that had built a solution for an exchange before because we needed to handle a very high volume of transactions, and be able to scale in the future.Rajib Banerjee, Head of FP&A and Blockchain Reporting, Virtually Human
The challenge
The ascent of VHS in the blockchain-powered world of digital gaming, quickly drew serious attention from players, investors and sponsors leading to seriously fast growth. Manual processes, ever-growing transaction counts and a higher volume of cryptocurrency and blockchain activity prompted VHS to evaluate the suitability and scalability of its existing business software, Xero, which had been holding the company back from capitalising on its remarkable growth.
To prepare for the next phase of expansion, VHS recognised the critical need for a robust, enterprise-grade ERP solution capable of seamlessly integrating unique automated cryptocurrency processing functionalities to run finance and operational accounting functions efficiently. The new system must not only support their complex financial reporting and consolidation needs but also position them for even more international growth. The challenge was to find a solution that could harness the power of blockchain technology while delivering real-time financial insights and scalability.
Scalable growth with NetSuite's flexible architecture
Enhanced financial reporting with real-time data insights
Streamlined cryptocurrency processing
Multi-currency capabilities for international expansion
The results
After carefully evaluating the technical merits of SAP and NetSuite, VHS opted for NetSuite and its support for blockchain, and Annexa for our expertise in crypto currency processing and blockchain. This solution pairing proved to be a game-changer for VHS.
NetSuite's flexible architecture and financial capabilities has given VHS the controls needed to handle financial consolidation & reporting, multi-currency conversions, and inter-company transactions on a single platform, including built-in crypto currency processing. By consolidating financial data, NetSuite has empowered VHS with accurate and real-time insights across the organisation, supporting them to make informed strategic decisions, allocate resources effectively, and optimise operations for sustainable growth.
Most importantly, Annexa’s cryptocurrency module seamlessly connects with cryptocurrency data aggregators to facilitate the retrieval of exchange rates for all cryptocurrencies. Cryptocurrencies are maintained within the native NetSuite currency & FX tables. Allowing for seamless use of NetSuite financial reporting allowing for VHS to report back to their base fiat currency regardless of the Cryptocurrencies they transact with. VHS also effectively tracks their digital wallet balances directly within NetSuite.
Today, VHS is poised for international expansion with a scalable and modern system capable of financial consolidation, multi-currency conversion, and transparent inter-company transactions.
Annexa has a very knowledgeable team... the ability for the team to learn what is a very niche business and understand our needs at speed, they really impressed me.Rajib Banerjee, Head of FP&A and Blockchain Reporting, Virtually Human
