SAN JOSE, Calif. – Aug. 10, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced the immediate availability of Intacct Project Accounting. This new application will help Professional Services organizations and project-based companies adopt “cloud computing” to maximize the performance and profitability of their businesses, improve cash flow, and make better and faster decisions.
Services-based businesses, whose revenue is derived from delivering billable projects and services to clients, comprise one of the largest, fastest growing and most competitive segments of the of the U.S. economy. Services businesses face an array of challenges, including accurately capturing the billable and non-billable time of their employees and subcontractors, generating timely and accurate invoices for their clients, quickly collecting all of the cash that is due to them and understanding the profitability of their projects, customers and personnel.
The vast majority of small and mid-sized services businesses lack systems and automated processes to successfully navigate their firm towards profitability and growth. These businesses rely on spreadsheets, manual and paper-based processes and poorly integrated systems which lead to inaccurate invoices, billable expense leakage, decreased cash flow and smaller margins.
Intacct Project Accounting is a comprehensive set of tools that unify, automate and streamline the financial and operational processes in the services delivery lifecycle. Combined with Intacct’s award-winning cloud-based financial management and accounting applications, Intacct Project Accounting enables services businesses to maximize their performance and profitability, provide better service to their clients, and enjoy improved financial visibility and better real-time decision making.
“With consultants spread around the country, margin pressure higher than ever and clients demanding greater transparency and value, the services industry is the perfect fit for cloud computing,” said Betsy Bland, vice president of product marketing at Intacct. “We designed Intacct Project Accounting to help services companies leverage the Internet to be more agile, improve financial decision making and become more profitable and productive.”
Intacct Project Accounting provides companies with robust cloud-computing based tools to:
Effectively Capture and Track Time and Expenses
Employees and sub-contractors can quickly and easily enter both billable and non-billable time and expense details any time and from anywhere. Intacct Project Accounting offers flexible approval workflows that automatically route timesheets and expense information to appropriate project managers. As time is submitted against tasks, project statuses are automatically updated in real time. Together these features minimize revenue and expense leakage, adding up to 10% directly to the bottom line of a typical services firm. Additionally, because Intacct Project Accounting captures time and expense information at the most detailed level, businesses of all types gain deep insights into project costs and margins, utilization, productivity and profitability – by office, by project, by client or even by employee.
Automate Billing and Invoicing
Intacct Project Accounting helps speed the cash collection cycle by automatically generating invoices from timesheets, employee expenses and any other company charges and purchases related to a project. This eliminates manual data re-entry, and increases billing accuracy to ensure faster payment and improved cash flow. Intacct Project Accounting also works seamlessly with Intacct’s revenue management capabilities to ensure that services businesses remain compliant with accounting guidelines around revenue recognition.
Effectively Organize and Manage Projects and Budgets
Intacct Project Accounting provides simple and easy to use tools to help organize and manage project milestones, tasks, costs and track budget to plan. Intacct automatically calculates project progress against forecast, and provides real-time, at-a-glance visibility into project status. Additionally, role-based dashboards help stakeholders monitor the performance of each project, using financial and operational KPI’s. Armed with this information, both service and finance teams can quickly analyze client and project related information to keep costs in check and ensure services are delivered on time.
Improve Visibility into Financial and Operational Information
Intacct Project Accounting takes full advantage of Intacct’s multi-dimensional General Ledger and rich reporting and analytics capabilities, which together provide real-time visibility into all aspects of a project-based business. Companies can easily track and analyze current and projected cash inflows, outflows and revenue streams in real time, enabling improved cash flow management and revenue forecasting. Intacct provides a library of more than 40 standard reports and graphs designed specifically for services businesses to analyze key metrics like project and client profitability, project delivery costs against plan, or service employee utilization. In addition, Intacct offers robust ad-hoc reporting capabilities that enable users to generate custom reports and analytics to meet their specific business needs.
What Customers are Saying about Intacct Project Accounting
“We are very excited about Intacct Project Accounting, as it will help us to streamline our client billing and employee reimbursement processes, and improve our ability to control and analyze employee time and expense data,” said Nancy Fliss, Partner and Customer Services Practice Lead at Leap the Pond, a rapidly growing consulting services company. “We’ve been struggling with manual processes based on Excel spreadsheets that are time intensive, required lots of data re-entry and were prone to errors. We expect Intacct Project Accounting will enable us to more easily capture employee and sub-contractor time and expense, get our invoices out up to 10 days sooner and reduce revenue leakage by as much as 10% – leading to improved cash flow and more profitable projects.
“We also expect Intacct Project Accounting will contribute to increased customer satisfaction and loyalty, as we will be able to provide increased transparency to our customers,” added Fliss. In addition, the streamlined processes will allow us to significantly reduce administrative burden on billable resources, freeing them to generate increased revenue each month.”
“Intacct Project Accounting is an ideal solution for a software company like ours that also has a professional services organization,” said Hanne Dietrich, revenue manager at Vovici, a leading provider of survey software and enterprise feedback management (EFM) solutions. “We used to use NetSuite OpenAir, but found it to be too complicated and overly engineered for our needs. We like that Intacct Project Accounting is very user-friendly and built into the Intacct financial management system – which will help increase the productivity of our finance team. In addition, the application will enable us to more easily capture the time and expense data of our consultants to ensure we invoice clients correctly and in a timely manner, and also enable us to do a better job of analyzing the profitability of our professional services projects.”
Intacct Summer 2010, including Intacct Project Accounting, is available immediately and can be purchased directly from Intacct or through Intacct’s partner network. All that is required to use Intacct Project Accounting is an Internet connection and a Macintosh or a PC running Firefox or Internet Explorer.
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation 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.