Bankrate Pioneers New Financial Publishing Model, Reinforced by NetSuite OneWorld

New York, New York-based Bankrate, Inc. is a dominant financial publisher, with online destinations including Bankrate.com, The Points Guy, CreditCards.com and Caring.com. Founded in 1976 as a traditional print media company, Bankrate implemented NetSuite in less than three months to help support a complete overhaul in financial operations and controls. Bankrate uses NetSuite for mission-critical business processes including accounting, fixed asset management, revenue recognition, multi-currency and multi-subsidiary management.


Bankrate

Company

Bankrate

Location

New York, N.Y.

Industry

Media/Publishing

Revenue

$370.5 million (2015)

Employees

>500

Number of COUNTRIES

2 (US, UK)

Number of CURRENCIES

2 (USD, GBP)

Other solution considered

Workday

System replaced

Multiple On-Premise Applications

NetSuite Product Implemented

NetSuite OneWorld


“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.” Bankrate

The Need for Agile Processes and Robust Controls

1

Constant Change Requires Flexible Solutions

Bankrate continues to evolve from a savings-focused media publisher to verticals including personal credit cards and senior living. After an earnings restatement, Bankrate turned to NetSuite OneWorld to ensure automated, robust controls over all financial processes and practices. The company has much greater drill-down insights from invoices and transactional reports than with its previous ERP system.

2

Enhanced Visibility and Controls

Bankrate is now a social media publisher as well as a traditional website operator, and tracking revenue and conversions through more complex relationships with advertisers and visitors is important to future success. By eliminating spreadsheet-based revenue recognition, NetSuite OneWorld gives Bankrate better understanding of its financial health. Bankrate also significantly reduced monthly close times, and achieved growth without adding more headcount.

3

Preparing for Media's New Horizons

NetSuite OneWorld's flexibility is essential to staying current in a rapidly changing digital media landscape. Bankrate now has a platform ready to grow as the company 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. Adding new lines of business or financial controls does not require complex, costly professional services consulting.


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