About the Customer
Bankrate was founded in 1976 by Robert K. Heady as a print publisher of the "Bank Rate Monitor." In 1996, the company began moving its business online. Today, Bankrate, Inc.'s online network includes Bankrate.com as well as CreditCards.com, Caring.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, ThePointsGuy.com, Bankrate.com.cn, CreditCards.ca, NetQuote.com, CD.com, Walla.by, and Quizzle.
Scope and Challenges
In 2017 with a new financial team, one of the top Bankrate's priorities was to replace the company’s outdated manual processes including Sage ACCPAC, QuickBooks and numerous Excel spreadsheets with one single instance of NetSuite OneWorld.
Outcome and Implications
The transformation lasted less than three months, from the beginning of 2017 till early April od 2017. Now Bankrate runs its mission-critical business processes on NetSuite OneWorld, including accounting, has been able to reduce monthly close times while accelerating growth without adding more headcount, financials, fixed asset management, revenue recognition, multi-currency management, and multi-subsidiary management for three subsidiaries—Bankrate.com, CreditCards.com and Caring.com.
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; Data-driven decisions; Native cloud solution; Real-time business visibility and business intelligence, and a flexible and agile platform.
"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."
"NetSuite OneWorld gives us the velocity to make changes more quickly as the business landscape changes, without expensive professional services engagements," Luehmann said.
|Vendor||Old Product||New Product||Function||Market||Users||VAR/SI||When||Live|
|NetSuite||Intuit QuickBooks Online||NetSuite OneWorld||Enterprise Resource Planning||ERP Financial Management||450||n/a||2017||2017|
|First Name||Last Name||Title||Phone|
|Subscribe||Subscribe||Director of Finance and Affiliate Services||Subscribe||Subscribe|
|Subscribe||Subscribe||VP Corporate Communications||Subscribe||Subscribe|