ORLANDO, Fla., Oct. 27, 2016 /PRNewswire/ -- Intacct Advantage 2016 – In front of thousands of customers and partners at Intacct Advantage 2016, Intacct today announced the winners of its 2016 Customer Success Awards. During a keynote session exploring the incredible possibilities Intacct helps create for its customers, Intacct CEO Robert Reid presented this year's awards to four deserving organizations: Halstatt, International Federation of Accountants (IFAC), IntegraMed, and Sparta Systems. These award winners have deepened business insights, managed rapid expansion, eliminated hundreds of hours of manual processes, and saved hundreds of thousands of dollars in reduced financial staffing needs using Intacct's cloud ERP software.
The Intacct Customer Success Awards recognize organizations that have used Intacct to dramatically improve business and financial operations, as well as their bottom lines. Intacct received a record number of submissions for the awards this year, and the four award winners were selected following a thorough evaluation of each candidate's business impact.
"Building customers for life is part of Intacct's DNA and it's important for us to be a strategic partner—ensuring the success of every one of our customers for years to come," said Robert Reid. "It is always gratifying to hear directly from our customers about how Intacct is having such a positive impact not only on the success of their business, but also their success at an individual level. The results shared by this year's Intacct Customer Success Award winners are impressive and we congratulate Halstatt, IFAC, IntegraMed, and Sparta Systems on their achievements."
Here is a closer look at the results achieved by this year's award winners:
Halstatt is a family owned investment firm that switched to Intacct in 2014 amid accelerating growth. As a mid-level firm that has up to a billion dollars in assets under management, Halstatt needed a way to better track and understand asset valuations. Closing the books and producing consolidated financial reports across multiple operating companies with the firm's previous financial system used to take hundreds of hours. In fact, it was so painful, they only did it a couple times a year. Now, Intacct enables Halstatt to essentially continuously close the books and have instant access to critical business metrics—empowering them to more proactively analyze results and reduce risk and exposure by making data-driven decisions.
Halstatt was also an early adopter of the Intacct Check Delivery Service from American Express. The firm found that this service cuts the costs to process and send out each vendor payment check from approximately $36 down to less than $4. When extrapolated across the all the checks the firm sends each month, this represents an incredible cost savings.
When comparing Intacct to other traditional, on-premises options on the market, Halstatt found that Intacct's cloud-based software was about one-tenth the cost. In addition, due to the streamlined processes and ability to provide real-time access to reports and key business metrics, Intacct only required one-third the staffing to support the firm's needs.
"A lot of the investment decisions at Halstatt need to be made quickly so we can decide whether we're going make an investment or walk away because it's not the right decision," said Jason Gabauer, Controller at Halstatt. "In the past, it could take hours, days, upwards of a hundred hours and many staff in order to get that information together to make a decision. Now, at any point in time we can go into Intacct, click on a report or use the dashboard to gather this information for decision making purposes."
International Federation of Accountants (IFAC)
IFAC is the global organization for the accountancy profession. IFAC is comprised of over 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.
IFAC switched from Sage to Intacct several years ago to gain a modern cloud-based system. They have seen outstanding results so far, including reducing the burden on their IT team, gaining more timely insights, and streamlining processes. Intacct has reduced IFAC's data processing by about 50% and significantly reduced the time it takes to close the books each month.
Previously, IFAC had to wait up to six weeks before they had any insight into their financial position for that particular period. Now they can log in to Intacct and check to see where they are in real time. The ability to have that instantaneous insight and confidence in the numbers has made a huge difference for IFAC as an organization.
IFAC is also using Intacct to manage detailed costing for departments and individual projects. As a nonprofit organization, they are accountable to a variety of stakeholders and receive grant funding from a number of different sources. The ability for them to segregate costs and report things down to the project level has enabled IFAC to have the insights necessary to better manage spending, as well as to report to their external stakeholders how their money is being used for various projects.
"From my standpoint as a CFO, the key process improvement that Intacct has provided really is around timeliness," said Russell Guthrie, CFO of IFAC. "It allows us to focus on other strategic aspects of the business. We can spend less time doing our internal accounting and focus more on what we want to accomplish as an organization."
IntegraMed is a specialty healthcare services company that offers products and services to medical providers and consumers within emerging, niche medical sectors. The company is growing fast. It now has more than 1,000 employees, and completed six acquisitions and added 20 new entities since making the switch from Sage to Intacct just two years ago. Intacct has helped IntegraMed eliminate the silos of information from their previous financial system and delivered new levels of insight into operations.
With IntegraMed's previous financial system, adding business entities to the general ledger was a laborious process, as every entity had to be managed as a standalone operating entity in a silo. Now, with Intacct, the process of adding new entities as they complete an acquisition is a simple 5-minute process. Intacct enables the various entities to share a chart of accounts, vendors, etc. and provides roll-up capabilities to view consolidated financials as needed. This saves time and provides better visibility across the organization.
Using Intacct Dimensions, IntegraMed can also slice and dice its financial data to get results broken out by project or department, and can more easily analyze acquisitions to make better decisions. Intacct also makes it easy for users across the organization to run their own reports, eliminating an estimated eight days' worth of work each quarter for the finance team—freeing them up to do more value-added activities.
"One of my philosophies in building a financial reporting structure is to move everything into the cloud so I can access all my data on a tablet while sitting on my front porch. I refer to that as Front-porch Accounting, and Intacct sits at the very center of that concept for me," said John Kearns, VP of Finance and Corporate Controller for IntegraMed. "In addition to providing better visibility, Intacct has also allowed us to cut costs in a number of different areas—from eliminating the need for a third-party scanning service at a rate of $75,000 a year to better leveraging staff to accomplish our workload without adding new headcount."
Sparta Systems is an industry pioneer and global provider of enterprise quality management software (EQMS) solutions, enabling businesses to safely and efficiently deliver their products to market. Sparta Systems switched to Intacct in early 2015 and their results in such a short period of time have been phenomenal. Intacct enables the team at Sparta to better manage revenue recognition and project accounting, while gaining better visibility into its financial and operational metrics.
Sparta has truly embraced Intacct's best-in-class approach by connecting Intacct with other business systems including Salesforce for CRM, Concur for advanced expense management, and Avalara for sales tax management. These integrations and the process improvements from Intacct have helped Sparta eliminate somewhere between 3-5 days of manual work per month. They also estimate that reduced headcount needs are saving the company about $200-250k each year.
Intacct also helps Sparta gain greater insights into the organization. Sparta uses Intacct dashboards for a variety of things, including collection monitoring and project accounting. They can now quickly access financial reports and key metrics around revenue and project profitability.
"Intacct has allowed Sparta to improve several processes that were manually managed before Intacct, such as revenue recognition, purchasing, expense integration, and project accounting," said Libby Klayman, VP of Finance at Sparta Systems. "The efficiencies that we've gained with Intacct, particularly around revenue management, have enabled me to get more involved in the strategic decisions of the company and be more involved in how we're moving this company forward and achieving new levels of growth."
Intacct is the 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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