During the quarter, Intacct attracted new customers in record numbers and also saw an increase in its average deal size as customers migrate to improve their automation across additional business processes. One of the key drivers for these outstanding results was the availability of new contract and revenue management applications to tackle upcoming changes to accounting standards. In May, Intacct launched the industry's first automated solution to help companies navigate the complexities created by the new ASC 606 and IFRS 15 revenue recognition guidelines.
Companies across several industries selected these new applications from Intacct to automate critical functions including subscription billing, revenue recognition, and reporting from a single source of truth—the contract. These companies want to improve the automation of their subscription billing and revenue recognition processes as they move towards adopting the new accounting rules, which will require companies to identify performance obligations in all customer contracts and approach revenue recognition on a contract basis, rather than a transaction basis.
Existing customers are also expanding their use of Intacct. Renewals and add-on purchases, including the new contract and revenue management applications, remained strong during the quarter—both via Intacct's direct sales team and through Intacct's network of channel partners. This is a sign that Intacct continues to accelerate the growth of its customers by providing deeper insight in to their business drivers.
Intacct's Customer for Life Program continues to pay dividends and drive both new and repeat business for the company. The program provides innovative best practices that are designed with a single aim: to accelerate the success of Intacct customers. This results in unmatched levels of customer satisfaction. In fact, Intacct was recently named the Top Accounting Software for midsize and large enterprise Finance teams by G2 Crowd. This distinction is based on the customer satisfaction scores from user reviews across all the top financial management systems.
"The flow of companies adopting modern, cloud ERP software continues to increase. These companies are tired of the issues they have faced with traditional, on-premises software and want a cloud-based system that delivers innovative financial capabilities from a business partner who focuses on their success," added Reid. "We continue to outpace our cloud ERP peers when it comes to delivering new functionality and high levels of customer satisfaction. As companies look to automate processes and gain real-time insight into their business—from both a financial and operational perspective—Intacct is their solution of choice. Best of all, customer surveys show these companies see the same great customer satisfaction results whether they buy direct or through our growing network of partners."
Intacct is the innovation and customer satisfaction leader in cloud ERP software. Bringing cloud computing to finance and accounting, Intacct's innovative and award-winning applications are the preferred financial applications for AICPA business solutions. In use by more than 11,000 organizations from startups to public companies, Intacct is designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers also offer Intacct to their clients. The Intacct system includes accounting, cash management, purchasing, vendor management, financial consolidation, subscription billing, contract management, revenue recognition, project accounting, fund accounting, inventory management, 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. Connect with Intacct on LinkedIn, Facebook, Twitter, Instagram, Google+, and YouTube.
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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SOURCE Intacct Corporation