Intacct: Bringing Cloud Computing to Finance and Accounting

In today’s fast-paced business environment, maintaining the status quo is no longer acceptable and companies are continually looking for ways to accelerate growth. One way high-growth companies are achieving this is by migrating away from on-premises solutions to cloud-based systems to lower their total cost of ownership and gain more agility. According to Robert Reid, CEO, Intacct, modern cloud ERP systems offer a variety of advantages to traditional financial software. “Cloud ERP solutions enable companies to streamline and automate vital processes and help companies gain the real time visibility into their business to make more informed decisions,” he adds.


We’re providing reliable and accurate metrics in real time so that companies can take immediate action on emerging trends, challenges, and opportunities


Intacct, a cloud ERP provider focused on the midmarket, is helping to reduce the burden on CIOs and IT teams. Midmarket companies often have smaller IT teams, increasing the appeal of a cloud solution. Adopting cloud-based ERP software starts with recognizing the pitfalls and obstacles created by legacy systems. “One of the most constraining aspects of how ERP systems were implemented previously is that data becomes physically scattered across the company in various departments and IT centers,” notes Reid.

CFOs have realized that their strategic value to the company goes well beyond mere number crunching. It used to be that the finance department was mainly responsible for entering data, paying the bills, and providing other executives with the information they needed. Legacy ERP systems often force companies to rely on a series of manual processes that waste a CFO’s time. One example is the proliferation of spreadsheets and manual data entry that results in error-prone reporting. “CFOs want to be strategic advisors to the company. Instead, most CFOs spend more than half their time doing accounting tasks rather than supporting their organizations through strategic decision-making,” comments Reid. One unique feature of Intacct is its ability to help companies track financial information along with operational data—and then allow users to further segment any data by any business driver.
Robert Reid, CEO
“Gone are the days of waiting weeks or even longer to get organization’s financial results to make decisions,” says Reid. Intacct recently launched what it calls a Digital Board Book, which facilitates instant access to the key data points needed to drive a business, all delivered to finance teams and operational managers directly within the financial application they rely on every day. “We’re providing reliable and accurate metrics in real time so that companies can take immediate action on emerging trends, challenges, and opportunities,” continues Reid.

Midmarket companies have responded positively to Intacct and the company recently achieved the highest customer satisfaction rating by G2 Crowd. For example, a leading provider of online learning solutions switched from Microsoft Dynamics GP to Intacct to streamline project accounting by automating time-consuming manual processes and reduce its reliance on Excel.

“This is a great example of the power of Intacct. We helped this company save more than 500 hours of work annually by eliminating system workarounds. They have also been able to reduce their finance and IT staffing needs despite company growth, saving $130,000 in salary costs annually,” says Reid. Moreover, they gained flexible reporting and deep insight into hundreds of service projects for improved estimates and forecasting.

Commenting on the future prospects of the company, Reid says: “Intacct is 100 percent invested in meeting the needs of financial professionals, 100 percent focused on customer success, and 100 percent committed to the cloud. Our customers drive our business at Intacct. We’ve built a culture where everyone strives to do their best and do it in an innovative way. That’s how we create the most value for our customers, and that what gets us most energized.”

Company
Intacct

Headquarters
San Jose, CA

Management
Robert Reid, CEO

Description
Provides financial management and accounting software solutions based on a cloud computing platform