ScrollMotion Taps Intacct [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Intacct, a company focusing on cloud financial management and accounting software, announced that ScrollMotion has switched to Intacct's cloud-based financial system to better support its project accounting and financial visibility needs.
According to a release, Intacct enabled ScrollMotion to implement project accounting best practices, gain real-time visibility into its business performance, and cut its monthly close time by fifty percent.
ScrollMotion provides a mobile application platform for multi- billion dollar enterprises and has been growing rapidly over the past five years. As it grew, ScrollMotion's business became more complex with contracts that included both its professional services and subscription offerings complicating the company's revenue recognition processes. In late 2011, ScrollMotion recognized it had outstretched the capabilities of QuickBooks and needed to move to a more robust financial system that could provide a complete picture of its business, including staff utilization, account level profitability, and better pricing effectiveness.
"As we looked toward the future, we knew we needed a professional accounting system that would deliver stellar project management capabilities, deferred revenue and revenue recognition tracking, and audit controls that could stand up to any type of due diligence," said Ron Kwiatkowski, CFO at ScrollMotion. "We compared Intacct with NetSuite and Workday, and found that Intacct offered the best blend of all of this functionality, as well as future capabilities we knew we'd need down the road like multi-entity management and Salesforce integration all at a price that fit into our budget."
Since implementing Intacct, ScrollMotion has minimized error- prone Excel work, sped its financial close process, and improved visibility into all aspects of the business. The finance team has eliminated spreadsheets for deferred revenue tracking and work in process, which previously took several days to create manually by extracting hours from a time system, applying rates, and matching up revenue. ScrollMotion now uses Intacct to report on all different types of deferred revenue including maintenance, license, and service revenue for each customer, which takes under an hour to prepare with Intacct's automated reporting.
"With Intacct Project Accounting, we've also been able to easily create valuable project manager reports, to monitor the activity that's being charged against each project, track actual hours against a project plan, and dig deeper to understand any unexpected variance," commented Kwiatkowski. "This transparency into our project data has been instrumental in helping us better estimate labor for new projects, evolve our overall pricing strategy, and tightly monitor and manage our services team's utilization metrics."
ScrollMotion has also set up CFO and CEO dashboards, which its leadership uses daily and can check from iPads or other mobile devices anywhere, at any time. These dashboards provide a view of all the company's key financial metrics at a glance from current cash balances to weekly cash trends, deferred revenue by customer, accounts receivables agings, and summary P&L statements. Having these metrics at their fingertips improves decision making and company agility.
ScrollMotion estimates that Intacct's streamlined financial processes and enhanced reporting capabilities have reduced the time it takes to close the books by 50 percent increasing financial accuracy, despite an exponential increase in business complexity. In addition, Intacct helped the finance team to expand their roles and even avoid hiring at least one additional headcount they would have needed in order to scale in line with the company's current pace of growth.
"I've been a long-time proponent of the SaaS model, and appreciate that everything is taken care of for me with Intacct, so I can focus on the business without having to worry about hardware, security, or maintenance issues," shared Kwiatkowski. "I've also been impressed by the spectacular responsiveness of Intacct's people up and down the entire chain, from its CFO to my account rep to customer support. Intacct works with us like a true partner that wants to ensure we continue to grow and succeed."
www.scrollmotion.com or call 212-608-9146
((Comments on this story may be sent to email@example.com))
(c) 2013 ProQuest Information and Learning Company; All Rights Reserved.
[ Back To Technology News's Homepage ]