I recently sat down with Sophy Lai, the CFO at AWS Truepower, LLC and an Intacct MVP. AWS Truepower is a long-time leader and innovator in renewable energy providing technical consulting, software, data, and advisory services for the wind and solar energy markets.
AWS Truepower had been struggling with an outdated, on-premises accounting solution from Sage, when Sophy was tasked with upgrading the company to a modern, cloud-based financial system. After evaluating multiple solutions, AWS Truepower selected Intacct and today they are thriving.
My conversation with Sophy covered the needs AWS Truepower had, why they ultimately chose Intacct, and some major wins the company has seen since implementing.
NANCY RIVAS: Sophy, what were some of the key requirements AWS Truepower identified as being the most important factors a solution provider could offer?
SOPHY LAI: As a company, we knew we needed a solution that met specific criteria: a cloud-based solution that offered great reporting capabilities, global consolidation, multi-entity, multi-currency, project accounting with a Salesforce integration, and revenue recognition.
NR: And you ended up choosing Intacct!
SL: Yes. As we began researching, we also recognized additional must-have items, including:
- Excellent customer service
- Robust platform capability
- Reasonable pricing
- A dedicated, capable implementation project manager
Intacct met all our top requirements; it’s a cloud-based solution, offers excellent customer service, and features robust platform capability for operation and finance. Our decision to move forward with Intacct was based on each need being met. It’s been a year since we went live!
NR: That’s so great to hear. Can you tell us a few of the key highlights that AWS Truepower has seen since going live on Intacct? Has AWS Truepower identified any key goals that the Intacct implementation will be beneficial for?
SL: Absolutely! AWS Truepower had and continues to have complex needs and unique requirements. Intacct’s flexible platform consistently addresses our needs including global expansions. The outstanding customer service from the PM and customer support team helped us to overcome many obstacles.
The goal for our Intacct implementation is to foster data transparency and improve reporting to further enhance business performance. Data needs to be actionable, auditable, and accountable. While large quantities of data can be overwhelming, we have been very careful to manage the new information we get from the system. Before Intacct, data was limited to a small group of finance personnel and lacked credibility. After Intacct, data is widely available and utilized globally. Data transparency improved the reporting credibility and has brought ease to financial audits.
In addition, Intacct provides us with a fully integrated system for key processes like quote to cash, procure to pay, general ledger, and rollup to global reporting. This has increased the awareness of overall business performance on a more timely basis and enhanced internal communications among business units and functional areas globally. We are using one single platform, a single set of data, and everyone is on the same page. True transparency!
NR: Fantastic. What kind of wins has AWS Truepower seen over the past year by utilizing Intacct’s offerings?
SL: Data transparency and in-depth reporting have helped us to identify specific lines of service to take action and increase profits. In Q1, we experienced losses. With Intacct, and because of the capability and structure of the system, we were able to pinpoint weaker areas in our business that required attention. The drill down exercise focused on specific products and in Q2 we were able to return to profitability.
The billing module has also helped us to cut down billing by 2-3 weeks, shorten collection cycles significantly, and improve cash flow.
The power of project accounting enables us to manage shared projects globally and monitor the project progress, revenue, and cost/budget on a timely basis. Additionally, Intacct Collaborate enhances internal communication among project teams.
For the first time, we are able to execute transfer pricing among three entities in Intacct, provide on time billing with detailed supporting documents, and settle inter-company transactions.
Externally, client relationships have also improved as a result of this timely billing as well as communication. Internally, users are empowered and the interface with Salesforce provides a complete customer view.
Together, our AWS Truepower team along with our dedicated Intacct PM have accomplished a tremendous amount and marked a major milestone for the company!
NR: This sounds like a great success! Thanks so much for sharing with us. Any last things to add?
SL: Intacct is a powerful, agile and friendly platform. For mid-size to large companies, as well as global companies, we are confident that Intacct is the right solution for us and will continue to grow with us. We’re really happy with our Intacct choice!
If you have any questions for Sophy, please reply in the comments section below and we’ll track down an answer for you. You can connect with me on Twitter at @nrrivas07. Be sure to also follow Intacct on our social channels, including Facebook, LinkedIn, and Twitter.