Zuora and Intacct Launch Integrated Solution Subscription Management and Cloud Financials Leaders Join Forces to Solve Complex Recurring Billing and Revenue Recognition Challenges
LAS VEGAS, Feb. 13, 2014 /PRNewswire/ -- ProformaTECH 2014 – Zuora and Intacct today announced the availability of a pre-integrated cloud connector that eases the integration between the best-in-class billing and financial management applications of the two companies. These capabilities allow companies in the Subscription Economy™ to easily automate and streamline complex order management, billing, payment, and revenue recognition while gaining real-time visibility into key financial and business metrics. The joint announcement was made at the 2014 ProformaTECH Conference in Las Vegas.
Subscription-based businesses struggle with systems that are typically ineffective for managing the demands of high volume recurring billing, and often don't support pricing flexibility and mid-term subscription changes. The Zuora-Intacct Connector alleviates these challenges for subscription businesses with two features that are unique in the market. First, companies have the power to automate the subscription revenue recognition process based on bookings data, not just billings data. Second, companies have the total flexibility to amend subscriptions midstream and have those changes automatically managed by the billing and payment processing engines, as well as reflected in their financials and business metrics.
Additional benefits of the Zuora-Intacct Connector include:
- A pre-integrated cloud solution that can be rapidly deployed by companies without months of IT investment.
- Improved decision making with real-time visibility into key financial and business metrics, for a better understanding of what's driving company performance.
- Elimination of duplicate data entry between subscription management and finance, saving time, reducing errors, and moving a higher volume of transactions through the system without adding headcount.
- Revenue growth by rapidly bringing to market new subscription services with creative and differentiated subscription pricing models in compliance with financial processes.
- Pre-built integrations from both Zuora and Intacct with adjacent systems such as Salesforce.com, Avalara, global payment gateways, and more – allowing customers to seamlessly and rapidly extend the best-in-class approach to multiple business functions.
Beyond the Outdated Suite Approach to Business Software
Fast growing subscription-based companies using software suites are experiencing the limits of using a single system for critical business processes. The connector allows companies to easily keep pace with changing business requirements using flexible and powerful best-in-class solutions from Intacct and Zuora. There is no need for companies to lock themselves in to the lack of depth from limited, monolithic suite technology when they can instead take advantage of the best in subscription management and the best in financial management to meet the commerce, billing, and finance demands of a subscription business. Web APIs make integration in the cloud simple and fast for a best-in-class approach.
Instead of facing limits from their business systems, companies can amend and change subscriptions without having to cancel and re-enter a new subscription, and have the new information update their revenue recognition schedule – whether based on bookings or billings. In addition, with accurate customer data being passed automatically through the connector, companies don't need to hire additional staff to handle the increase in transaction volume when the business grows. Furthermore, with accurate, real-time business metrics, companies can track true buying behavior in their customer base and optimize their subscription offerings.
- Barbara Chiapuzio, CFO, Smarsh, Inc.: "As a high-volume subscription business, we've already achieved significant process improvements moving to systems like Intacct for financial management and Zuora for subscription billing. This new cloud connector will deliver even more efficiency gains with an integrated order-to-cash experience – transforming the way our sales and finance teams work together and enabling us to grow our business even faster."
- Mary Ransom, SVP Consumer, Borderfree: "Zuora's cloud-based recurring billing and payment platform enabled Borderfree to rapidly launch BoxHop, our first direct to consumer service. With Intacct as our centralized financial management system, we are excited to see these companies invest in a deeper technology partnership that will benefit businesses like ours."
- Tien Tzuo, Founder & CEO, Zuora: "The Subscription Economy is increasingly forcing enterprises to re-think what systems they choose to run their business. It is incumbent upon best-of-breed vendors to deliver integrated solutions that allow businesses to rapidly innovate without being burdened by the rigidity of monolithic suite applications. This connector is further proof of our commitment to helping customers easily integrate Zuora into their current financial processes."
- Robert Reid, CEO, Intacct: "Intacct is continually focused on helping our clients accelerate their growth by improving efficiency and visibility. This integrated solution makes it possible for information to automatically pass between Zuora and Intacct – streamlining processes and creating a more reliable and compliant system of record. This is a great example of two industry leaders working collaboratively to offer our joint customers a unique and powerful solution to solve their complex business issues and improve performance."
Webinar: "Is Your Financial System Ready for the Subscription Economy?"
Zuora and Intacct will host a free educational webinar on Wednesday, February 26, at 11:00am PT. This 60-minute session offers an overview of the new Zuora-Intacct Connector and highlights the benefits the integrated solution delivers to subscription-based businesses. To register for the webinar, please visit http://bit.ly/ZuoraIntacct.
About Zuora, Inc.
Zuora is the global leader in subscription commerce and billing, helping companies in every industry transition to the Subscription Economy. Enterprise leaders and high-growth companies alike use Zuora's multi-tenant cloud platform to launch, scale, and monetize their subscription services. Zuora's applications work where traditional ERP applications fail: Subscription pricing, quoting, orders, billing, payments, and renewals. Built from the ground up by SaaS industry veterans from salesforce.com, PayPal, and Netsuite, Zuora services innovative customers like Informatica, Tata Communications, Box, Xplornet, Ustream and Reed Business Information. To learn more about Zuora, please visit zuora.com.
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 recognition, project accounting, fund accounting, inventory management, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct and the Intacct logo are trademarks of Intacct Corporation. Zuora, the Zuora logo, and Subscription Economy are trademarks of Zuora, Inc. All other company and product names mentioned herein may be trademarks of their respective owners.
SOURCE Intacct Corporation