UAB Educational Foundation Switches to Intacct to Power Complex Fund Accounting Intacct's Cloud Financial Management Software Dramatically Improves Visibility across 50 Funds
SAN JOSE, Calif., Dec. 19, 2013 /PRNewswire/ -- Intacct, a leader in cloud financial management and accounting software, today announced that the University of Alabama at Birmingham (UAB) Educational Foundation switched from Sage Timberline to Intacct in order to streamline complex reporting and investment tracking across 50 funds, and automate its purchasing processes. Intacct's cloud financial applications save the foundation at least six days of accounts payable time each month, cut the time it takes to process bills in half, and deliver real-time, accurate fund visibility.
In a new client case study published today, Intacct highlights the results the UAB Educational Foundation achieved by switching to Intacct's cloud financial applications. The full case study is available for download at http://us.intacct.com/customer-successes/case-study/uab-educational-foundation. Here is a quick overview of the profile:
Previous Business Challenges Faced by the UAB Educational Foundation:
- Wanted a flexible and full-featured financial management, accounting and purchasing system to streamline financial processes.
- Needed to more effectively manage 50 different support funds.
- Wanted a user-friendly solution that would automate manual processes and support data entry from anywhere.
- Required flexible reporting and dashboard capabilities for greater visibility into financial data.
Results with Intacct:
- Cloud-based financial management solution provided anytime, anywhere access for more than 70 users.
- Modernized, streamlined purchasing processes cut invoice-to-payment time in half, increasing vendor satisfaction.
- Comprehensive automation saved 6 days each month in accounts payable time.
- Gained ability to easily track, monitor, and report on 50 funds across the University.
- Moved from only having an accurate financial picture once a year to continuous real-time budget visibility.
Highlighted Comments from Jodie Mote, Treasurer and Controller at the Foundation:
"After evaluating Intacct against Sage's hosted offering, we found that Intacct offered significantly greater flexibility to support the specific needs of our organization, including our complex fund reporting requirements."
"With Intacct's fast, streamlined invoice to payment process, we've greatly improved the University's key vendor relationships and are making life easier for our internal purchasers. On average, it now takes us just ten days to process and pay bills, verses the 21 days that was typical with Sage. Thanks to Intacct, I'm confident we can continue to scale our operations without having to add more people to our team."
"Our fund visibility has been drastically improved because of Intacct's mutli-entity, multi-dimensional architecture. With the many dimensions available within Intacct, we are able to easily keep track of each fund's separate cash or accounts payable balance, or roll up all of our funds to look at the Foundation's overall portfolio."
"I've been most impressed with how flexible Intacct's report writer is, and how easily I can create the reports I need, exactly the way I want to see them."
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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 7,300 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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