Leading Media and Event Outlet Bisnow Replaces Intacct, Streamlines Revenue Recognition with NetSuite OneWorld

Less than a year after New York-based Bisnow’s VP of finance joined the company, he realised its existing Intacct software didn’t have the robust functionality nor integration capability necessary to automate finances for its unique media, content and events business serving the commercial real estate industry. Intacct couldn’t handle complex revenue recognition for its different media and events lines of business, necessitating spreadsheets causing the team to manually enter ticket sales and invoice clients.

Company

Bisnow, LLC

Location

New York, N.Y.

Industry

Media

EMPLOYEES

REVENUE

$23 million

NUMBER OF SUBSIDIARIES

NUMBER OF COUNTRIES

SYSTEM REPLACED

Intacct

NETSUITE PRODUCT IMPLEMENTED

NetSuite OneWorld

IMPLEMENTATION PARTNER

NetSuite Professional Services

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“NetSuite helps us report earnings and forecast monthly results more accurately.” Bisnow, LLC

Easing Complexity, Empowering Strategic Growth

Industry peers recommend NetSuite’s Media Vertical Solution: Based on recommendations from industry peers, Bisnow went live on NetSuite OneWorld in May of 2017 to automate end-to-end financial processes, easily integrating with its ticketing platform (Braintree) and Salesforce.com for CRM to ease revenue recognition processes across its media and event platform and 30 events monthly, including transactions in US dollars and British pounds.

Complex revenue recognition automated: Just months after go-live, the business had saved five hours weekly on revenue recognition for tickets through automation. Search functionality easily allows the finance team to identify completed events to recognise revenue from its various components, which include sponsorships, ads and more.

Data for insight-driven decision making: The business is now empowered to start combing trend data in content and event profitability, as well as providing the CEO and COO with dashboards that show real-time cash position, prior day sales and current sales on future events. With data-driven insight at their fingertips and saved searches to thank, Bisnow leadership can confidently invest to expand the business to other US cities as well as Ireland and within the U.K.