Able Engineering Benefits from Multi-Entity Cloud Financial Management with Intacct
Intacct Enables Aircraft Component Repair and Overhaul Services Company to Streamline Intercompany Transactions, Consolidations, and Financial Reporting
Intacct, a leading provider of cloud financial management and accounting software, today announced that Able Engineering has replaced its MYOB financial management system with Intacct. The move to Intacct has simplified multi-entity management, increased reporting and analysis capabilities, automated key financial processes, speeded the financial consolidation and close processes, and improved business visibility – reducing finance department time and expense and more than paying for itself in labor savings.
A leading aircraft component repair and overhaul services company, Able operates as four distinct business entities. With its previous financial applications, Able had to maintain separate databases for each entity and process manual intercompany journal entries every month to close the books. The company struggled with manual financial consolidation, limited reporting and analytics, no audit trail, and minimal security and financial controls. As the firm grew, more and more work had to be done outside of the financial system, using Excel coupled with manual and paper processes.
“We looked at all of the leading options on the market – both on-premises and cloud applications – including Epicor, Microsoft Dynamics NAV, Sage MAS 90/200, NetSuite, and Intacct,” said Gregg Leach, CFO, Able Engineering. “We were most impressed with Intacct due to the ease in which data could be entered, accessed, consolidated, reported on and analyzed. But what really won us over was Intacct’s depth of functionality matched with very low upfront costs and a high annual return on our investment.”
Once Able selected Intacct, the company worked with Sererra, one of Intacct’s Business Partners, to implement the system. Able went live on Intacct on April 1, 2011, and immediately saw significant financial and operating benefits from Intacct’s multi-entity management, financial consolidation, reporting, and analysis capabilities.
Previously, Able was forced to combine intercompany entries into a single month-end journal entry which only provided very basic, summary information for each entity. To analyze account balances in any detail required manual investigation through multiple documents and screens. Leach noted that many times this process simply couldn’t be completed, wasting a huge amount of time and making it impossible to truly understand what was driving the business. With Intacct, intercompany consolidations, transactions, eliminations, and allocations are automated and detailed history is instantly available for every business entity.
Intacct includes built in workflow and document management capabilities designed to allow distributed and multi-entity businesses to achieve paperless operations. With Intacct, Able now attaches digital copies of documents like invoices directly to transactions in the system, allowing for instant drill-down analysis from summary to detail to transaction to supporting document. Leach estimates that streamlining and automating the invoicing process alone has saved Able’s finance staff as much as 40 hours of work per month.
Financial reporting and analysis has also been easier and more meaningful with Intacct. Prior to Intacct, the financial system only produced balance sheets and income statements at the individual entity level; everything else was cobbled together using Excel or other systems. Now Able can tap into the more than 150 pre-built reports included with Intacct, and can produce additional customized reports for any of its operating entities and for the organization as a whole. This has significantly reduced the time it takes to get Able’s management team the information they need to make the best possible business decisions.
“Intacct allows us to analyze financial information from multiple dimensions, including month-to-month comparisons and budget versus actual, both of which were extremely difficult and time consuming with our previous system,” said Leach. “In addition to increased business visibility, we’ve also enjoyed important financial process improvements. Our month-end closing process is already 33% faster than with our previous system and our expectation is that it will be another 50% faster by the end of the year.”
“Able Engineering grew 23% last year and we expect to grow another 25% this year,” added Leach. “Because of the efficiencies we’ve gained with Intacct, we fully believe we will be able to handle that growth without having to add any additional finance or accounting staff. Our labor savings in finance alone more than covers all of our costs for Intacct. We no longer look at our financial system as a necessary evil; it is now a strategic advantage for our organization.”
To learn more about how Intacct helps medium-sized organizations, please visit http://us.intacct.com/your-business/your-company/medium-sized-companies.
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Tendras Business Advisors Expands Portfolio With Intacct Cloud Financial Applications
SAN JOSE, CA – December 13, 2010 – Intacct, a leader in cloud financial management and accounting applications, today announced that Tendras Business Advisors, a highly regarded Microsoft Certified Dynamics GP Partner with deep roots in Michigan and surrounding states, has joined the Intacct Business Partner Program. Tendras is adding Intacct to its portfolio because many of its customers and prospects are indicating a preference for new cloud computing-based applications over older on-premises software from vendors such as Microsoft and Sage.
Prior to partnering with Intacct, Tendras focused exclusively on delivering traditional on-premises ERP solutions for business and financial management based on Microsoft Dynamics GP (Great Plains). According to Tendras, while these solutions are powerful, they require a significant investment in servers, infrastructure and technical support to run and maintain. On the other hand, cloud-based systems like Intacct are completely housed and maintained by the vendor and delivered in an affordable “pay as you go” subscription model that provides a significantly lower TCO and a better return on investment.
Intacct also features rich, cloud-based tools and web services for integrating, customizing and extending the system. For ERP consultants coming from the Microsoft Dynamics world, this means that there are more opportunities and deeper capabilities with Intacct to customize the system for a particular prospect, to build repeatable solutions for key industries, or to develop entirely new applications that can be marketed and sold to multiple clients.
“On-premises accounting systems haven’t significantly changed in the past decade and still require a lot of work on the back-end,” said Howard Rabotnick, president of Tendras Business Advisors. “Products like Intacct allow us to offer a leading edge solution, well-suited to today’s highly mobile and distributed businesses. Intacct delivers all the functionality a company needs, at a fraction of the cost and risk of traditional accounting software. Intacct’s cloud delivery model also eliminates the hassles around infrastructure management, so we can focus more of our efforts on delivering tangible value to our clients.”
Tendras clients are typically fast-growing startups and midsized companies with limited IT resources, so the cloud computing model is appealing. Tendras works with companies across several major industries including real estate, wholesale distribution, health care and energy, but is particularly strong in professional services businesses. Partnering with Intacct will help Tendras expand its business and penetrate the burgeoning high-tech market in Michigan. Tendras noted that these companies will benefit from Intacct’s strong revenue recognition capabilities and tight integration to Salesforce.com CRM applications.
Tendras considered other cloud-based ERP publishers prior to partnering with Intacct, but found few that had a well defined channel partner strategy, according to Rabotnick. On the other hand, Intacct is building a burgeoning channel program that offers an impressive recurring revenue stream for partners. Rabotnick also noted Intacct’s recent hiring of Taylor Macdonald and Peyton Burch as a huge confidence boost in Tendras’ signing on as a partner.
“They really understand how my business operates and have a proven record in helping channel partners succeed,” said Rabotnick, who was also impressed by Intacct’s tight relationship with the AICPA. “I plan to expand my business through solutions based on cloud technologies, and I see this partnership as an opportunity to stand ahead of the pack and team up with a true leader in the market. This is an exciting time in the industry and I see this relationship with Intacct as an opportunity to really jumpstart a new growth phase for the business.”
“Tendras Business Advisors’ focus and background make it a very attractive partner to Intacct,” said Taylor Macdonald, vice president of Channels for Intacct. “Howard has more than 25 years of experience in this market and we’re always on the lookout for partners that have extensive ERP and accounting experience coupled with a deep understanding of the needs of local businesses. Together, we can help midsized businesses operate more efficiently and increase profitability, while providing Tendras with a new sustainable revenue stream.”
About Tendras Business Advisors
Tendras Business Advisors provides consulting and technology solutions that help companies grow through the effective implementation of business and financial management systems. Tendras helps companies achieve greater visibility and insight into their business through the implementation of integrated systems, and enables them to reduce costs and operate more efficiently. Leveraging the Tendras Maximum Impact Process™, we work to ensure your success, reduce risk and lower the overall cost of your project. For more information on Tendras Business Advisors, please call 248-994-1700 or visit http://www.tendras.com.
About Intacct
Intacct is a market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
Intacct and the Intacct logo are trademarks of Intacct Corporation. All other company and product names mentioned herein may be trademarks of their respective owners.
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Matrix Absence Management Uses Intacct’s Cloud Financial Management System to Improve Business Operations
SAN JOSE, Calif. – Aug. 30, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced Matrix Absence Management has improved business operation by moving its financial management applications to the cloud with Intacct. Using Intacct, Matrix Absence Management, a subsidiary of Delphi Financial Group (NYSE: DFG), has enhanced financial processes like revenue management and invoicing, shortened its monthly financial close process, and improved reporting and analysis for better financial visibility. Matrix selected Intacct over NetSuite.
In a new client case study, Intacct highlights the results Matrix is enjoying from its switch to Intacct cloud financial applications. The full case study is available for download at http://us.intacct.com/pr/matrix. Here is a quick overview of the profile:
Previous Business Challenges Faced by Matrix Absence Management:
- Growing company needed a flexible financial management solution that supported automating financial processes
Wanted a user-friendly solution that could eliminate the need for duplicate data entry
Looking to implement a cloud-based solution to minimize demands on small IT team
Results with Intacct:
- Streamlined revenue management and other financial processes; reduced monthly close by one full day each month
- Streamlined billing processes to eliminate duplicate data entry, reduce risk of human error and speed monthly invoicing by 20 percent
- Cloud-based financial management solution doesn’t require deploying and maintaining software; needs no IT staff support
Highlighted Comments from Mike Fredericksen, CFO of Matrix Absence Management:
“We put Intacct and NetSuite head to head, and after an extensive evaluation found that Intacct would offer a better return on investment as it was more flexible, had more features and offered a lower total cost of ownership.”
“We’ve seen process and efficiency gains in more areas than we anticipated. Intacct has been a great asset, and we’re continuing to find ways to leverage the solution to improve our business.”
“Intacct’s cloud financial solution offers us all the features and functionality we need today and the option to add additional capabilities as we grow. It’s the perfect combination of high value and low total cost of ownership.”
For additional information on Intacct solutions for business services companies, please visit http://us.intacct.com/solutions/business_administrative_services.php.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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Avectra and Intacct Partner to Deliver Integrated Association Management and Financial Management Solution
SAN JOSE, Calif. – Aug. 19, 2010 – Avectra and Intacct announced today a partnership that delivers an integrated, end-to-end business management solution tailored to the unique needs of member-based organizations. Under the agreement, the companies have integrated Avectra’s netFORUM Pro association management system (AMS) and Intacct’s cloud computing-based financial management system and will join forces to market and sell the combined solution. The best of breed combination optimizes and automates two critical systems for busy association executives, addressing the end to end lifecycle around membership management.
The integration between Avectra and Intacct reduces errors by eliminating the manual entry and re-keying of data and the need for batch-processing between the two systems – resulting in increased productivity and optimized processes for managing the organization’s finances. With the combination of two industry leading cloud-based systems, association managers have real time visibility into their finances and can better streamline billing processes and more efficiently recognize revenue from membership dues, e-Commerce purchases and other transactions.
“Avectra clients rely on us to deliver solutions that make it easy to manage their technology and deliver superior operational efficiencies so they can focus on managing members and programs rather than worrying about connecting and managing technology,” said Patrick Dorsey, vice president of marketing for Avectra. “Intacct’s powerful financial applications and tight integration with Avectra delivers a best of breed, integrated offering that not only makes the technology easy to manage but delivers superior business value with proven solutions.”
The Avectra and Intacct combination provides complete, end-to-end support for integrated association and financial management, delivering several key benefits:
- Greater Automation: Integrated, automated business processes across Association Management and Finance that helps membership, business unit and finance teams stay connected and coordinated for improved cross-functional visibility and alignment, and better business outcomes.
- Increased Productivity: Reduced errors and increased productivity for the Finance team by eliminating the need for manual re-keying of data between systems
- Automated Billing and Revenue Recognition: Streamlined billing, revenue recognition, and membership renewal processes
- Real Time Business Visibility: Real time financial and operational visibility and consistent insight across Sales, Marketing, and Finance
- Improved Employee Satisfaction: Easy to use, online processes for purchasing, time tracking, and employee expense management
“Cloud computing is particularly attractive to membership associations and Avectra is by far the best system on the market,” said Daniel Druker, SVP of Marketing and Business Development at Intacct. “We are delighted to welcome Avectra into the Intacct family and we are already seeing significant excitement around the combination of Intacct and Avectra from both our clients and our business partners.”
“We are excited about the combined services that Intacct and Avectra provide for member based organizations,” said Robert Green, CPA.CITP, partner at SingerLewak, a leading accounting services and consulting firm in California. “Membership management and the financial aspects associated with that process can be very time intensive and in the past has required a variety of manual processes with lots of duplicate data entry or complex, costly integration with legacy on premise systems. This delivered integration from Avectra and Intacct is going to save member associations a significant amount of time and effort through streamlined processes, and will deliver better financial and operational insight to improve decision making and drive organizational improvements that directly affect the bottom line.”
As part of this new relationship, Avectra has also joined the Intacct-Ready™ Partner Program. Under this program, Intacct partners with leading companies to develop and certify integration between their cloud-based applications and technologies and Intacct’s cloud financial management applications. To achieve Intacct-Ready status, partners support and maintain integration between their systems and Intacct, coordinate service level agreements and customer support procedures, and have a track record of successfully delivering their solutions to end customers.
For more information about Avectra’s membership management software with integrated fundraising solutions or to sign up for a free online demonstration, visit www.avectra.com/livedemo.
Both Avectra and Intacct are participating in the 2010 ASAE Annual Meeting and Exposition on August 21-24 in Los Angeles. Visit booth #417 for information regarding netFORUM and all Avectra solutions. Visit booth #209 for information regarding Intacct’s cloud financial management and accounting applications.
About netFORUM Team & Pro
netFORUM Team & Pro are Avectra’s 100% Web-based association management software solutions. With complete association management functionality, both products are designed and configured to meet association needs without the cost or complexity of customization. Avectra Social Community provides netFORUM Team and Pro customers with social networking tools designed to improve the organization’s business, recruitment efforts, member communications, and results by inspiring conversations with and between members, building long-term loyalty, and forging deeper relationships with their members.
About netFORUM Enterprise
netFORUM Enterprise is Avectra’s hosted, enterprise level association management that delivers advanced association management tools and the ability to be customized to meet the most complex business needs – all while remaining on the upgrade path.
With more than 30 modules designed for complete association management and Avectra’s on demand SaaS (software-as-a-service) model, netFORUM Enterprise is accessible at any time, from anywhere. And customers can rest assured knowing that their data is safe, as all Avectra solutions run in a secure, world-class hosting facility with complete system redundancy, fail-safe power systems and full database backup.
In addition to Avectra’s internal development and implementation resources, the company also boasts a network of implementation and industry solution partners who work with the company’s customers to implement netFORUM Enterprise or extend the system’s functionality. Some of the company’s partners include Agilutions, Core Partners, DSK Solutions, SusQtech, and Real Magnet.
About Avectra
For the last 16 years, Avectra has been translating our customers’ needs into market-leading association management software – whether our customers serve members by the hundreds or hundreds of thousands. Our 100% Web-based technology integrates data with business processes and then automates it, so our customers can engage members, provide access to all of their resources and get more done. Each of our solutions is continually refined by the user community, ensuring that we have the features our customers need to run their businesses and lead their industries. With ongoing, automatic upgrades that won’t disrupt service or incur additional costs, we keep our customers current with the latest technology. Avectra is headquartered in McLean, Va., with a regional office in Chicago.
To explore the netFORUM family of products, please visit www.avectra.com, or call 800-858-8272.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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EZShield Selects Intacct’s Cloud Financial Management System to Support Growing Multi-Entity Business
SAN JOSE, Calif. – Aug. 12, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced that EZShield has selected Intacct as its new financial management system. EZShield, a leading provider of identity theft protection services, will leverage Intacct’s cloud financial applications to support its growing multi-entity business, automate revenue management and better handle tracking, approval and reimbursement of employee expenses.
Based in Palo Alto, California, EZShield pioneered identity theft protection nearly a decade ago. Today, the company uses its experience and expertise to anticipate all forms of identity-related fraud, providing individuals with affordable and simple products and services that extend beyond credit monitoring to address the entire spectrum of identity fraud sources, including online hacking, mail fraud, credit cards, checks, public records, memberships and more. As EZShield grew, it realized its on-premises accounting software was no longer the right fit and set out to find a more flexible, cloud-based solution.
In addition to wanting a web-accessible solution, EZShield identified several key requirements for its financial management system. Support for multiple business entities and locations was critical. EZShield also needed a solution that would streamline its key financial processes, including financial consolidation, revenue management and employee expense processing. After reviewing several cloud computing-based financial management solutions, EZShield chose Intacct.
“We knew we wanted a cloud financial management solution, and explored a number of different offerings,” said Mike Catanzarita, CFO at EZShield. “It was apparent early on in the review process that Intacct was a very flexible solution, with rich functionality that would keep pace as our business grows and evolves. We also liked the user-friendly interface and it was clear to us that Intacct would help us achieve a lower total cost of ownership and a higher return on investment than its competitors.”
Intacct provides EZShield with a comprehensive financial management system, at a fraction of the cost and complexity of traditional on-premises financial software. Intacct is well suited for a business like EZShield that operates in multiple locations and they were impressed with how easy it is to add additional business entities to the system as the company grows. Intacct will also help EZShield increase accounting department productivity by speeding up their financial consolidation and close processes.
Revenue management is another complex process that bogs down finance departments. Constantly evolving revenue recognition rules and guidelines make compliance difficult and costly, and getting complete visibility into revenue, deferred revenue, and renewals often involves painfully complicated spreadsheets and manual processes. Intacct’s revenue management capabilities will allow EZShield to streamline and automate the revenue management process by leveraging flexible, user-defined revenue recognition templates that automate the generation of revenue recognition schedules within the system. This eliminates spreadsheets and manual data re-entry, and reduces the risk of mistakes.
EZShield is also deploying Intacct’s employee expense and purchasing modules throughout the company. Employees can now quickly and securely create and submit expense reports and purchase requisitions anytime and from anywhere they have an Internet connection. Managers and finance staff can receive automated e-mail notifications that their approval is needed and then log in from anywhere to review and approve submissions, or send back requests for more information. Intacct offers EZShield multiple levels of approvals, detailed audit trails and customizable workflow processes that ensure control and compliance throughout the process.
“Though we have just started using the system, Intacct is already proving to be a tremendous asset. We’re already saving a great deal of time on employee expenses and seeing overall process improvements in many other areas,” commented Catanzarita. “It’s clear Intacct will help us continue to support our growing business in an efficient manner, without needing to constantly add new headcount to the finance department.”
To learn more about Intacct’s cloud financial management applications, please visit http://us.intacct.com/pr/products.
About EZShield
EZShield pioneered identity theft protection nearly a decade ago and today uses its experience and expertise to anticipate all forms of identity-related fraud, providing affordable and simple products and services that help shield your complete identity, on all fronts, all the time. EZShield provides protection services that extend well beyond credit monitoring to address the entire spectrum of identity fraud sources including online hacking, mail fraud, credit cards, checks, public records, memberships and several others. For more information, visit www.ezshield.com.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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Intacct Launches New Project Accounting Application
SAN JOSE, Calif. – Aug. 10, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced the immediate availability of Intacct Project Accounting. This new application will help Professional Services organizations and project-based companies adopt “cloud computing” to maximize the performance and profitability of their businesses, improve cash flow, and make better and faster decisions.
Services-based businesses, whose revenue is derived from delivering billable projects and services to clients, comprise one of the largest, fastest growing and most competitive segments of the of the U.S. economy. Services businesses face an array of challenges, including accurately capturing the billable and non-billable time of their employees and subcontractors, generating timely and accurate invoices for their clients, quickly collecting all of the cash that is due to them and understanding the profitability of their projects, customers and personnel.
The vast majority of small and mid-sized services businesses lack systems and automated processes to successfully navigate their firm towards profitability and growth. These businesses rely on spreadsheets, manual and paper-based processes and poorly integrated systems which lead to inaccurate invoices, billable expense leakage, decreased cash flow and smaller margins.
Intacct Project Accounting is a comprehensive set of tools that unify, automate and streamline the financial and operational processes in the services delivery lifecycle. Combined with Intacct’s award-winning cloud-based financial management and accounting applications, Intacct Project Accounting enables services businesses to maximize their performance and profitability, provide better service to their clients, and enjoy improved financial visibility and better real-time decision making.
“With consultants spread around the country, margin pressure higher than ever and clients demanding greater transparency and value, the services industry is the perfect fit for cloud computing,” said Betsy Bland, vice president of product marketing at Intacct. “We designed Intacct Project Accounting to help services companies leverage the Internet to be more agile, improve financial decision making and become more profitable and productive.”
Intacct Project Accounting provides companies with robust cloud-computing based tools to:
Effectively Capture and Track Time and Expenses
Employees and sub-contractors can quickly and easily enter both billable and non-billable time and expense details any time and from anywhere. Intacct Project Accounting offers flexible approval workflows that automatically route timesheets and expense information to appropriate project managers. As time is submitted against tasks, project statuses are automatically updated in real time. Together these features minimize revenue and expense leakage, adding up to 10% directly to the bottom line of a typical services firm. Additionally, because Intacct Project Accounting captures time and expense information at the most detailed level, businesses of all types gain deep insights into project costs and margins, utilization, productivity and profitability – by office, by project, by client or even by employee.
Automate Billing and Invoicing
Intacct Project Accounting helps speed the cash collection cycle by automatically generating invoices from timesheets, employee expenses and any other company charges and purchases related to a project. This eliminates manual data re-entry, and increases billing accuracy to ensure faster payment and improved cash flow. Intacct Project Accounting also works seamlessly with Intacct’s revenue management capabilities to ensure that services businesses remain compliant with accounting guidelines around revenue recognition.
Effectively Organize and Manage Projects and Budgets
Intacct Project Accounting provides simple and easy to use tools to help organize and manage project milestones, tasks, costs and track budget to plan. Intacct automatically calculates project progress against forecast, and provides real-time, at-a-glance visibility into project status. Additionally, role-based dashboards help stakeholders monitor the performance of each project, using financial and operational KPI’s. Armed with this information, both service and finance teams can quickly analyze client and project related information to keep costs in check and ensure services are delivered on time.
Improve Visibility into Financial and Operational Information
Intacct Project Accounting takes full advantage of Intacct’s multi-dimensional General Ledger and rich reporting and analytics capabilities, which together provide real-time visibility into all aspects of a project-based business. Companies can easily track and analyze current and projected cash inflows, outflows and revenue streams in real time, enabling improved cash flow management and revenue forecasting. Intacct provides a library of more than 40 standard reports and graphs designed specifically for services businesses to analyze key metrics like project and client profitability, project delivery costs against plan, or service employee utilization. In addition, Intacct offers robust ad-hoc reporting capabilities that enable users to generate custom reports and analytics to meet their specific business needs.
What Customers are Saying about Intacct Project Accounting
“We are very excited about Intacct Project Accounting, as it will help us to streamline our client billing and employee reimbursement processes, and improve our ability to control and analyze employee time and expense data,” said Nancy Fliss, Partner and Customer Services Practice Lead at Leap the Pond, a rapidly growing consulting services company. “We’ve been struggling with manual processes based on Excel spreadsheets that are time intensive, required lots of data re-entry and were prone to errors. We expect Intacct Project Accounting will enable us to more easily capture employee and sub-contractor time and expense, get our invoices out up to 10 days sooner and reduce revenue leakage by as much as 10% – leading to improved cash flow and more profitable projects.
“We also expect Intacct Project Accounting will contribute to increased customer satisfaction and loyalty, as we will be able to provide increased transparency to our customers,” added Fliss. In addition, the streamlined processes will allow us to significantly reduce administrative burden on billable resources, freeing them to generate increased revenue each month.”
“Intacct Project Accounting is an ideal solution for a software company like ours that also has a professional services organization,” said Hanne Dietrich, revenue manager at Vovici, a leading provider of survey software and enterprise feedback management (EFM) solutions. “We used to use NetSuite OpenAir, but found it to be too complicated and overly engineered for our needs. We like that Intacct Project Accounting is very user-friendly and built into the Intacct financial management system – which will help increase the productivity of our finance team. In addition, the application will enable us to more easily capture the time and expense data of our consultants to ensure we invoice clients correctly and in a timely manner, and also enable us to do a better job of analyzing the profitability of our professional services projects.”
Availability
Intacct Summer 2010, including Intacct Project Accounting, is available immediately and can be purchased directly from Intacct or through Intacct’s partner network. All that is required to use Intacct Project Accounting is an Internet connection and a Macintosh or a PC running Firefox or Internet Explorer.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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Grace Fellowship Church Moves to Cloud Financial Management from Intacct
SAN JOSE, Calif. – Aug. 2, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced that Grace Fellowship Church has replaced its ACS church management system with Intacct. Grace chose Intacct to fulfill its need for a cost-effective financial management system that would streamline fund accounting and activity-based budgeting, as well as offer church management and other stake-holders real-time visibility into its financial performance.
Grace Fellowship Church was founded 30 years ago by four couples dreaming of a new kind of church. Over the years, Grace has grown significantly into a multi-campus church serving areas in Maryland and Pennsylvania. Grace had been using ACS Financial Suite, an on-premises church financial management solution. As the church expanded, it began looking for new financial applications that would be less cumbersome to host and maintain.
“As a not-for-profit organization, we don’t have the luxury of a large IT budget and needed to find a financial system that would eliminate the need to manage and maintain software on site,”said Stacie Porter, Director of Finance, Grace Fellowship Church. “We loved the idea of cloud computing and evaluated both NetSuite and Intacct as a replacement for ACS. We found Intacct to be superior for its depth of functionality, support for fund accounting, and overall flexibility and automation capabilities.”
Intacct offers not-for-profit and faith-based organizations an ideal financial system to effectively plan and budget, manage spending, and report and analyze their financial information. For Grace Fellowship Church, two key areas of importance in their new financial system were fund accounting and activity-based budgeting. Intacct helps Grace in these areas by allowing them to code every expense to specific fund and project codes. This improves stewardship of church funds by enabling them to more easily track, manage and report on finances associated with their various sources and uses of funds.
Intacct also helps Grace to increase operational efficiencies by eliminating manual processes with automated workflows. For example, Intacct’s flexible workflow and automation capabilities allow Grace to set up recurring journal entries that save a significant amount of time that used to be spent on manually duplicating those journal entries.
Another area of benefit for Grace has been the ability to gain real-time financial and operational insight into the performance of their organization with the wide variety of pre-built and customizable dashboards, reports and analytics in Intacct. This has been particularly important for church directors – enabling them to log-in to Intacct to view a complete picture of church finances, without the need to have someone in finance run a report or track down information for them. Intacct dashboards can be easily customized to the specific needs of each user and allow for drill-down into the underlying data to gain additional insight into the information. Having this level of access to real-time financial information enables the church to more closely track actual to budget performance, as well as make more-informed and timely decisions.
“With our previous system, it was tough to get an accurate look at our current financial picture. Our church directors would get a financial update each month, but it usually wasn’t until a good two weeks after each monthly close cycle,”commented Porter. “With Intacct, we now have a modern system that provides all the real-time financial information we need at our fingertips. We’ve been very pleased with our decision to move to Intacct and feel it is a system that is well suited to meet our needs as we continue to grow and expand our reach in the community.”
Hundreds of not-for-profit and faith-based organizations like Grace Fellowship Church are using Intacct to save money, improve financial operations and focus on their mission by moving their financial systems to the cloud. For more information on how Intacct helps not-for-profit organizations, please visit http://us.intacct.com/solutions/not_for_profit.php.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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2C Processor USA Joins Intacct Partner Program
SAN JOSE, Calif. – July 27, 2010 – Intacct and 2C Processor USA (2CP) today announced a new partnership to deliver integrated credit card processing solutions for Intacct clients. 2CP provides a fully PCI compliant payment gateway along with merchant processing solutions that are now seamlessly integrated with the Intacct cloud financial management system. 2CP has also joined the Intacct-Ready™ Partner Program, which is designed to create an ecosystem of pre-integrated best of breed cloud-based applications for Intacct clients.
The integration between 2C Processor USA and Intacct enables joint customers to simplify billing and accounting functions related to credit card processing. With TPro from 2CP, all invoicing, credit card processing and recurring billing activities handled through 2CP automatically flow into the Intacct financial management system – streamlining financial processes and improving accuracy by reducing manual data re-entry. The integrated solution also supports companies with multiple business entities by allowing for more than one merchant account to be associated within 2CP’s TPro payment gateway.
The integrated solution also virtually eliminates the compliance headaches associated with the Payment Card Industry Data Security Standards (PCI DSS) – a set of requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment. TPro uses tokenization, enabling joint clients to store a random number associated with their customer’s sensitive credit card data, instead of the actual credit card number.
“We see the Intacct-Ready Partner Program as a great way to work closely with Intacct to provide an integrated solution that delivers tremendous value to joint clients,” said William Barber, chief operating officer at 2C Processor USA. “The integration between Intacct and 2CP enables joint clients to more easily coordinate their recurring billing, e-commerce payments, and much more. This is all about helping companies reduce payment processing costs while increasing their finance department’s efficiency. We know first-hand, as we are also an Intacct client and have seen the benefits of integrating our solutions.”
Intacct and 2C Processor already have several joint clients. For example, Fellowship Technologies, a leading provider of web-based church management software, is a long-time Intacct client that is in the process of implementing the integrated solution from 2CP.
“We are excited that Intacct and 2C Processor USA are working together,” said Allen Horak, CFO and vice president of finance at Fellowship Technologies. “We love using Intacct as our core financial management system, and we are looking forward to integrating it with TPro to eliminate the hassles of managing our credit card payment processing. That can be a very tedious, manual process and this integration will help us streamline those processes while also saving us money.”
2CP’s Real-Time Processing and Recurring-Billing Processing solutions are ideal for use in multiple entity/franchisor businesses and in any recurring revenue business model. For franchise businesses, 2CP’s Real-Time Processing solution handles payment processing with the same multiple business entity management approach that Intacct supports. The Real-Time Processing solution allows the franchisor to have a “look-down” into each franchisee’s payments processing and manage back-office accounts receivable for them. In addition, it eliminates the need for costly and time consuming accounting methods by automatically billing credit cards and posting payments to open invoices in Intacct. It also automatically deposits funds into each franchisee’s bank account, eliminating the need for the franchisor to handle the franchisee’s cash.
For businesses using a recurring revenue model, 2CP’s Recurring-Billing Processing solution automatically looks for invoices created in Intacct using Intacct’s recurring schedule template. When an invoice is found, it charges the credit card associated with that customer’s account, which is maintained outside of Intacct, and posts the invoice payment in Intacct. 2CP’s Recurring-Billing Processing greatly reduces the accounts receivable cycle by removing any manual reconciliation needed between the charging of the cards in a separate system/terminal and the posting of invoices, and protects customer payment information by completely removing it from Intacct.
“Intacct is pleased to welcome 2C Processor USA as our newest Intacct-Ready partner, “said Daniel Druker, senior vice president of marketing and business development at Intacct. “Through our Intacct-Ready Partner Program, we work closely with a wide variety of leading software and cloud computing companies that extend and add value to our cloud computing-based financial applications.”
About the Intacct-Ready™ Partner Program
Under the Intacct-Ready Partner Program, Intacct partners with leading companies to develop and certify integration between their cloud-based applications and technologies and Intacct’s cloud financial management applications. To achieve Intacct-Ready status, partners need to support and maintain integration between their systems and Intacct, coordinate service level agreements and customer service procedures, and have a track record of successfully delivering their solutions to Intacct subscribers. More information on the Intacct-Ready Partner Program is available at http://us.intacct.com/partner/partners_application.php.
About 2C Processor USA
2C Processor USA (2CP) is a registered payments processor and a leader in payment systems, security, and integration. Utilizing 2CP’s proprietary PCI-DSS compliant payment gateway, multiple payment platforms, and acquiring bank relationships, 2CP seeks to meld these multiple network technologies into one streamlined process flow to decrease payment processing costs and increase operational efficiency .
2CP is headquartered in Los Angeles, California. For more information, please visit www.2cpusa.com, call 800-325-4021, or email sales@2cpusa.com.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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Eye Care for Animals Graduates from QuickBooks to Intacct for Multi-Practice Financial Management
SAN JOSE, Calif. – July 20, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced that Eye Care for Animals (ECFA) has selected Intacct as its new financial management system. ECFA, a group of veterinary ophthalmology service practices throughout the United States, expects the move to Intacct to improve cash management, streamline financial consolidation and provide management with greater insight into key financial metrics to facilitate improved decision making.
The Eye Care for Animals group is based in Scottsdale, Arizona, and has locations in 13 states. ECFA was using QuickBooks® to manage the finances for its different offices. However, since QuickBooks doesn’t offer the ability to globally and locally manage or consolidate across multiple business entities, ECFA had to use 30 different copies of QuickBooks to try to track business across its various locations. This made it extremely hard to get a complete view of their consolidated financials. In addition, ECFA struggled with cash management and tracking key financial metrics.
“It was obvious we had outgrown QuickBooks. So we set out to find a new financial solution and wanted a system that was designed for a business like ours with lots of individual practices and locations,” said Jennifer Huston, controller at Eye Care for Animals. “We looked at solutions from Sage and NetSuite, but ultimately felt Intacct was the best fit. Intacct offered us the financial capabilities we needed, at a price that fit in our budget. In addition, having a cloud computing-based system will relieve the burden on our IT team to manage the applications and provides easy access to the system from all of our locations.”
Intacct will provide Eye Care for Animals with a comprehensive cloud-based financial management system that enables them to more easily manage their business entities. Prior to Intacct, ECFA spent long hours switching between QuickBooks instances and transferring data to and from Excel spreadsheets. Manual processes with spreadsheets were the only way to get visibility into consolidated financials, and data quickly became outdated by the time reports were available. With Intacct, ECFA will have real-time access to all financial data in one place – a single source of truth. Each practice can maintain its own financials, which are automatically rolled up into a consolidated view with the click of a button. In addition, Intacct also enables ECFA to partially automate the process for managing inter-company transactions that bogged down the finance team with QuickBooks.
Intacct will also provide ECFA with real-time visibility and control over spending, and will enable them to more easily manage cash across their various locations. Intacct will help ECFA increase productivity by managing all of their cash accounts in one centralized location – allowing them to manage cash flow, forecast cash needs, maximize investment returns and ensure compliance with all cash handling processes.
Another aspect of Intacct that impressed ECFA was its reporting and analysis capabilities. Intacct offers a set of powerful tools for real-time business intelligence, management and control. With Intacct, ECFA can easily create and share dashboards that contain real-time interactive charts and reports, as well as financial and operational analytics. Intacct includes built-in performance management capabilities that make it easy to define and publish key performance indicators across the business. This will provide ECFA with improved local and consolidated visibility into it finances when making business decisions, and enable them to track and manage key business metrics in real time.
“Gaining the ability to manage our business entities in one place and eliminate much of the manual data entry by moving to automated processes should provide us with a significant return on our investment in Intacct,” added Huston. “Though we are just at the early stage of our deployment, we have been very impressed with Intacct – especially with how easy the system is to use. We continue to explore and look for additional ways we can utilize the system to improve processes and get even more benefit from Intacct’s powerful applications.”
For more information on the Intacct financial management system, please visit http://us.intacct.com/pr/products.
About Eye Care for Animals
The Eye Care for AnimalsSM group is dedicated to providing the finest in veterinary ophthalmology services for dogs, cats, birds, pocket pets and horses. ECFA’s staff of board-certified ophthalmologists and clinical specialists provide the highest level of care, education, and understanding to you, your pet, and their referring veterinarians. The scope and depth of ECFA’s expertise is demonstrated by a growing roster of more than twenty-five Diplomates of the American College of Veterinary Ophthalmologists and a host of doctors and ophthalmology residents pursuing board certification. ECFA practices are located in Arizona, California, Illinois, Kansas, Kentucky, Maryland, Nevada, New Mexico, Ohio, Texas, Utah, Virginia and Wisconsin. Their combined resources treat more than 25,000 patients a year. For more information about Eye Care for Animals, please visit www.eyecareforanimals.com.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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Adnetik Selects Intacct for Cloud Financial Management
SAN JOSE, Calif. – June 24, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced that Adnetik has selected Intacct as its financial system. Adnetik, a global service provider that enables the real-time purchase of digital media, selected Intacct for its easy to use interface, extensive reporting capabilities and unmatched financial consolidations functionality.
In searching for a professional financial management and accounting system, Adnetik wanted a solution that could handle a high volume of transactions and would also work for a globally distributed organization. In addition, they desired a solution that required minimal IT infrastructure, maintenance and support.
“When we reviewed the top solutions on the market, we narrowed our choices down to Intacct, NetSuite, Microsoft and Sage,” said David Powell, Global Controller at Adnetik. “While conducting our search we realized that a cloud-based system was the way to go – eliminating the hassle of ongoing application management and upgrades required by on-premises solutions. Ultimately, Intacct offered us the best combination of a clean user interface, robust financial management capabilities and an affordable price.”
Adnetik has offices throughout the world, including the United States, United Kingdom, Mexico, and the Netherlands. Intacct Global Consolidations provides all the functionality a company like Adnetik needs to manage these complex, global operations. Intacct allows each global business entity to utilize its own chart of accounts, taxation rules and financial reporting and then, in real time, the organization can consolidate all the financials of the global entities together. When Adnetik is ready to consolidate the information, it will automatically be translated into the company’s main base currency – automating any foreign exchange gains or losses – as well as automating any inter-entity eliminations. This enables Adnetik to more easily stay on top of its global finances and drastically reduces the time it takes to close the books.
Financial reporting was another area Adnetik felt that Intacct excelled compared with the competition. Intacct offers a powerful set of reporting and analytics tools that will provide Adnetik with real-time, accurate and consistent visibility into financial and operational data. Intacct offers pre-built reports along with tools to allow for the creation of custom reports to meet the exact needs of the organization. In addition, users can easily access any Intacct report, chart or application module through customized dashboards, including real time details on customers, vendors, items, invoices and bills.
“We were really impressed with the financial consolidation and reporting functionality of Intacct, as they will ensure we have complete real-time visibility into our global finances at all times,” added David Powell. “Having a solution like Intacct will also help us to implement proper financial processes right from the start. We are growing rapidly and plan to continue expanding our operations globally, so it is reassuring to know we have a financial system that is flexible enough to grow along with us.”
For more information on Intacct applications for professional services businesses, please visit http://us.intacct.com/solutions/professional_services.php.
About Adnetik
Adnetik was established in December 2009 and has offices throughout the world, including the United States, United Kingdom, Mexico and the Netherlands. The company aims to maximize the performance of an advertiser’s online display investment by trading media and data assets between portfolios of advertisers and publishers. The company leverages data from multiple sources and applies optimization algorithms and data driven buying decisions across various sources of purchased media in order to efficiently distribute each ad impression on behalf of advertisers. For more information, please visit our website at www.adnetik.com or email info@adnetik.com.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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