SAN JOSE, Calif., July 1, 2013 /PRNewswire/ -- Managing the financial and operational performance of a project-based business is often a daunting task requiring several systems. Intacct, a leader in cloud financial management and accounting software, recently unveiled new resource scheduling capabilities and enhancements to Intacct Project Accounting designed to offer a true best-in-class cloud financial system to manage services and project-based businesses to optimal performance.
The recent improvements to the Intacct solution fulfill the company's unique vision of delivering native support for automating both project accounting and project delivery within the financial system of record. Since both accounting and operational data are captured in a single source, professional services-driven organizations can now benefit from better efficiency across every aspect of the projects-to-cash life cycle, as well as more accurate business visibility.
New and Enhanced Product Functionality
Recent Intacct product releases provide more automation for both project delivery and project accounting, bringing new efficiencies to organizations around how they deliver, bill, and recognize revenues for projects. For example:
New Resource Scheduling – Intacct has added resource scheduling capabilities that empower project managers to find, schedule, track, and manage the right resources for their projects from within Intacct. This enables companies to more easily maximize resource utilization while meeting project deadlines.
Improvements to Billing Engine – Professional services firms can streamline billing even further to improve cash flow and reduce billing errors that erode customer satisfaction. Intacct now supports cost-plus-fee pricing models and offers the ability to bill customers, pay vendors, and reimburse employees in different currencies on the same project. Intacct also now offers hierarchical project structures with control over which projects to include on a single customer invoice. With greater flexibility and automation in billing, Intacct customers can enjoy increased efficiencies – even under complex billing scenarios.
Enhanced Revenue Management – Intacct now supports all three Generally Accepted Accounting Practices (GAAP) methods to measure project completion for revenue recognition, including by cost and by survey. In addition, revenue recognition and billing are decoupled, enabling organizations to have up-to-date and accurate visibility into financial performance.
"With over 1500 employees, across 21 sales offices and nine delivery centers, we have a fairly complex global business structure. The recent updates delivered by Intacct, especially the new resource scheduling capabilities, will help ensure we are optimizing the use of our staff and other resources, without the need to jump between multiple applications," said Craig Stack, CFO of ProKarma, a global IT services company. "With Intacct, we have a single system to connect critical project information with robust financial management so that we can maximize the profitability of our projects."
For businesses in the services sector, Intacct brings together deep project accounting capabilities, industry-leading reporting and analysis functionality, and native capabilities to automate the full project delivery lifecycle. Intacct also offers integrations to other best-in-class business applications that extend the power of Intacct's financial applications and deliver unsurpassed productivity across the entire organization. The end result is a complete system to empower services firm to optimize the delivery and profitability of their projects.
Intacct's unique projects ledger captures and stores both accounting and operational data in a centrally located and auditable form. Using Intacct Flex Reporting, announced in May, services companies can easily use this data to gain instant, comprehensive, and accurate visibility into key business metrics by project, or any other business driver of choice. And, unlike competitors, Intacct's support for automating the delivery and management of projects, including resource scheduling, budget and task management, and time and expense entry are all native to the financial system.
"These recent enhancements to our cloud financial management system deliver new and improved ways for professional services firms to streamline the end-to-end process of delivering services to their customers – on time and within budget," said Vijay Ramakrishnan, director of product marketing at Intacct. "We're making it easier for these companies to manage not only how they deploy their talent, but also all the critical financial aspects of their project-based business, including revenue recognition, billing, time/expense tracking, and labor costing – all from within their financial system of record. This ability to easily manage and monitor both the financial and operational details of their business allows companies to better adapt to changes, more closely manage project profitability, and drive improved business performance."
To learn more about how Intacct benefits services-based businesses, please visit http://us.intacct.com/your-business/your-industry/professional-services-accounting-software.
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 recognition, project and 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. All other company and product names mentioned herein may be trademarks of their respective owners.