Bankrate Replaces Sage ACCPAC and QuickBooks to Improve Controls, Financial Consolidation and Recognition of Complex Revenue Models
Oracle NetSuite Global Business Unit (GBU), the industry’s leading provider of cloud financials / ERP, HR and omnichannel commerce software suites, today announced that Bankrate, Inc., a leading online publisher, aggregator and distributor of personal finance content, has replaced multiple on-premise financial systems including Sage ACCPAC, QuickBooks and numerous Excel spreadsheets with one single instance of NetSuite OneWorld in less than three months. Bankrate runs its mission-critical business processes on NetSuite OneWorld, including accounting, financials, fixed asset management, revenue recognition, multi-currency management and multi-subsidiary management for three subsidiaries—Bankrate.com, CreditCards.com and Caring.com. With NetSuite OneWorld, Bankrate now has a better understanding of its financial health and has been able to reduce monthly close times while accelerating growth without adding more headcount.
Founded in 1976 as a traditional print media company specializing in financial information, Bankrate has transformed over the past 40 years into a market leading digital publisher and online destination. When a new financial team took over, one of their top priorities was to replace the company’s outdated manual processes and inefficiencies with automated, robust financial controls. Bankrate also wanted to take the opportunity to standardize on a modern, flexible and scalable cloud platform. After considering multiple solutions, Bankrate selected NetSuite OneWorld for the agility, scalability and flexibility needed to fuel its business growth.
“NetSuite OneWorld has the flexibility to let us build financial controls over the way we do business, instead of trying to mold our processes to inflexible software,” said Eric Luehmann, Bankrate’s Senior Director of Financial Systems. “We’re not bound to the system or how a software vendor wants to do things—the system conforms to the way we want to run Bankrate.”
Bankrate is now a social media publisher as well as a traditional website operator. Tracking revenue and conversions through more complex relationships with advertisers and visitors is important to future success. The company has much greater drill-down insights from invoices and transactional reports than with its previous ERP system.
“NetSuite OneWorld gives us the velocity to make changes more quickly as the business landscape changes, without expensive professional services engagements,” Luehmann said.
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 delivers the following features and benefits to Bankrate:
- Real-time global financial consolidation. NetSuite OneWorld provides Bankrate with a scalable, low-maintenance way to enable financial consistency across its numerous media brands, sites, and destinations through a single financial system of record that provides real-time visibility into financial performance.
- Data-driven decisions. With a unified platform, Bankrate has real-time access to a single source of data across its entire enterprise to make better informed decisions and capitalize on new and existing business opportunities.
- Native cloud solution. Version lock, painful upgrades and maintaining on-premise systems are now a thing of the past.
- Rapid implementation and time to value. Implementing the first stage of NetSuite OneWorld in less than three months helped Bankrate improve its financial control structures and future-proof its business rapidly.
- Real-time business visibility and business intelligence. With NetSuite, Bankrate gains real-time insights into key business performance indicators for a unified view across its head office and subsidiaries with a single version of truth.
- A flexible and agile platform. The NetSuite SuiteCloud Platform easily enables Bankrate to customize NetSuite to meet its business requirements and needs, and to integrate with other systems. As Bankrate continues the evolution that has already taken it from a media publisher focused on mortgages and deposits into the additional verticals of credit cards and senior living, NetSuite OneWorld’s flexibility is essential to staying current in a rapidly changing digital media landscape.
- A scalable system. NetSuite’s scalable infrastructure enables Bankrate to easily expand to support growing business volumes across new website launches and acquisitions without incurring significant incremental expenses.
Bankrate CFO Steve Barnhart is sharing Bankrate’s story at SuiteWorld 2017, the number one cloud ERP event of the year, this year being held in Las Vegas from April 24-27.