SAN JOSE, Calif. – May 25, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced MuleSoft has improved global business management by moving its financial system to the cloud. Using Intacct, MuleSoft has streamlined its financial processes and improved financial controls across multiple business entities. MuleSoft concentrated on automating revenue management to eliminate duplicate data entry and gain real time visibility into deferred revenues; and reduced its financial close process from weeks to just a few days. Plus, as a cloud-based system, Intacct provides MuleSoft with robust financial management capabilities for its Finance team, without adding a burden to the IT team.
MuleSoft’s enterprise service bus, Mule ESB, is now the most widely used open source platform, with more than 1.5 million downloads and over 2,500 production deployments. As MuleSoft’s reputation and business grew over the years, so did its product footprint and global reach. Unfortunately, its previous QuickBooks® accounting software was not designed to effectively support multiple foreign business entities and multiple currencies. As the company outstretched the limits of QuickBooks, it set out to find a financial management system that could not only support its global operations, but also offered better financial controls and audit support.
After reviewing the leading options on the market, MuleSoft narrowed its focus to cloud-based solutions from Intacct and NetSuite. MuleSoft chose Intacct because it offered more comprehensive global businesses management features, provided a rich array of financial capabilities, and could be quickly and easily deployed and managed without the need for IT staff assistance.
Easing the Burden of Consolidations and Streamlining the Close Process
Intacct provides MuleSoft with a financial management system that is designed for the complexities of a growing global software company. With Intacct’s global consolidation capabilities, MuleSoft can easily track financial data by each country in its own base currency and then quickly consolidate the data into a company-wide view with the push of a button. This eliminates the need to use multiple systems or complex Excel spreadsheets, which are prone to errors and create the hassle of duplicate data entry. Intacct also manages all currency conversions automatically, saving the Finance team’s time and increasing data accuracy.
“The consolidations and closing processes within Intacct are truly elegant,” said Michael DiFilippo, chief financial officer for MuleSoft. “Intacct enables us to easily manage the finances from our operations around the globe and automates a lot of our financial processes. Instead of taking us as long as a couple weeks to close the books, Intacct enables us to complete the process in just a few days.”
Reducing the Headache of Revenue Management and Forecasting
Revenue management is another area Intacct helps MuleSoft. The revenue recognition process for software companies like MuleSoft, that offer subscription-based products and services, is often a manual, time-consuming task. Intacct helps MuleSoft increase productivity and reduce errors by automating critical revenue recognition processes. This saves a significant amount of time and simplifies compliance with ever-evolving revenue recognition accounting standards.
“We absolutely love the revenue management capabilities in Intacct,” added DiFilippo. “Since our deferred revenue schedule in Intacct is automatically tied back to the general ledger, this allows me to manage revenue recognition and revenue forecasting with the push of a button. I can keep a constant pulse on both deferred revenue and anticipated cash flow to better manage the business.”
Improved Controls and Greater Insight Help Company Meet Business Goals
MuleSoft is enjoying both efficiency gains and a newly found peace of mind from its Intacct deployment. From improved financial controls and increased security to automated processes and sophisticated revenue management, Intacct helps MuleSoft streamline and optimize its financial operations to support the company’s overall business goals.
Simple improvements, including automating accounts payable and accounts receivable, translate into big benefits. For example, DiFilippo receives detailed reports on weekly check runs so there are no surprises on expenditures. On the AR side, Intacct gives MuleSoft complete visibility into its order-to-cash process; and DiFilippo can run on-demand accounts receivable aging reports with the press of a button to ensure customers are paying promptly. More advanced capabilities, such as the revenue recognition and forecasting, help MuleSoft keep a strategic eye on finances to ensure it meets business goals, even as its product footprint has expanded to include additional offerings centered around Mule ESB and Apache Tomcat / Tomcat 7.
“It is hard to quantify all the benefits we receive from Intacct,” said DiFilippo. “We view Intacct as a tremendous asset for the company and a great investment, and we’re looking forward to tapping into even more of the capabilities we haven’t yet explored.”
To download a full case study on MuleSoft’s use of Intacct, please visit http://online.intacct.com/rs/intacct/images/MuleSoft.pdf. For details on Intacct’s solutions for software and SaaS companies, please visit http://us.intacct.com/solutions/software_saas.php.
MuleSoft is the Web Middleware Company, providing enterprise-class software based on the world’s most popular open source application infrastructure products, Mule ESB and Apache Tomcat. MuleSoft brings an ideal combination of simplicity and power to today’s web applications with Mule ESB, Tcat Server and iBeans. MuleSoft’s products boast more than 1.5 million downloads and over 2,500 production deployments by leading organizations such as Walmart.com, Nestlé, Honeywell and DHL, as well as 5 of the world’s top 10 banks. MuleSoft is headquartered in San Francisco with offices worldwide. For more information, visit www.mulesoft.com.
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.