Intacct Streamlines Revenue Recognition and Global Consolidations for Acquia Financial Process Automation with Intacct Helps Technology Provider Reduce Monthly Close Time by Half
SAN JOSE, Calif., June 20, 2013 /PRNewswire/ -- Intacct, a leader in cloud financial management and accounting software, today announced that Acquia, where great digital experiences begin, adopted Intacct to automate and streamline its revenue recognition and international financial consolidation processes. With Intacct, Acquia is saving 25 person-hours of work per month, closing its books in half the time, and benefiting from faster financial insight for the business.
Acquia provides more than 3,800 organizations with a platform for creating, managing, and delivering great digital experiences across web, mobile, and social channels. Founded in 2007, Acquia was named the fastest-growing software company in the 2012 Inc. 500 and was one of the 100 most promising companies in America by Forbes. Its international expansion and large volume of contracts added complexity to the company's revenue recognition requirements. This led Acquia to replace QuickBooks and the spreadsheet-driven process it was using to manage revenue calculations with a more robust financial management and accounting system.
"We selected Intacct to automate and streamline our financial processes," said Shannon Darwin, controller at Acquia. "Once we outgrew QuickBooks, we knew we had an opportunity to transform our finance department with a professional-strength cloud financial management system that could support our complex global revenue recognition needs."
Since going live on the system in June 2012, Intacct has enabled Acquia to revamp and streamline its entire revenue recognition process, saving time and reducing data entry. Supporting five business entities that transact in multiple currencies, Intacct also provides Acquia's finance team with the tools it needs to automate and control global financial consolidation and close processes more effectively. Instead of maintaining spreadsheets with complex currency calculations, Intacct enables Acquia to update and store both functional and transactional currency values automatically for every transaction.
With Intacct, Acquia has cut its monthly close process in half while gaining real-time insight into its revenues and overall consolidated results. Previously, revenue and results could only be viewed once the monthly close was complete.
"As a high-growth company, having instant visibility and a holistic view into our key financial and operational metrics helps us make smarter, faster decisions," added Darwin.
"It's always satisfying to see high-growth companies like Acquia leverage our cloud financial applications to transform their business," said Clark Newby, vice president of marketing at Intacct. "Whether they are graduating from QuickBooks or migrating from outdated, on-premises mid-market accounting software, Intacct enables companies to streamline financial processes, improve business visibility, and accelerate their growth. We're excited to be helping Acquia benefit from the financial best practices and innovation that our platform will enable for years to come."
To learn more about how Intacct helps software organizations improve productivity, please visit http://us.intacct.com/your-business/your-industry/software-saas-accounting-software.
Acquia is where great digital experiences begin. Acquia is helping some of the world's leading brands succeed, including Twitter, Mercedes Benz, Warner Music Group, and Stanford University. Join the more than 3,800 organizations that are moving at the speed of the web with Acquia's solutions for content, community and commerce. Acquia offers developer tools, cloud solutions and global expertise to drive success the open source way.
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Intacct is the cloud financial management company. Bringing cloud computing to finance and accounting, Intacct's award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications, in use by more than 6,000 organizations from startups to public companies, are designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers offer Intacct to their clients. The Intacct system includes accounting, contract management, revenue management, project and fund accounting, inventory management, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
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