2014 Customer Success Award Winner
Ten-X is the nation’s leading online real estate marketplace, having sold more than $26 billion in residential and commercial assets. Over the past few years, the company has grown to more than 900 employees and completed 100,000 residential and commercial property sales nationwide. In February 2013, Ten-X made the decision to switch from Sage to Intacct to streamline finance processes and gain greater visibility into their business.
The move to Intacct has enabled Ten-X to scale accounting functions and reporting with increased volumes, without the need to expand its finance team at a similar rate. Intacct has also helped provide Ten-X with expedited financial information to assist management in decision making—providing consolidated results in real time for analysis purposes. This enables their accounting group to be more involved with analysis of information and not just producing numbers on reports. This has assisted with more timely in-depth reviews with the operational groups leading to decision that have positively impacted expense control.
Additional benefits achieved with Intacct include:
- Posting revenue within an hour of closing the auction/asset, something that previously took several days to a week.
- Process automation and integration with Concur allows finance staff to process approximately 150 weekly expense reports totaling over 1,500 expense lines in just 30 minutes, something that used to take 15 hours. This has increased accuracy and also enables expenses to be coded against the proper departments and auctions.
- Reduced the time for the monthly close cycle by 30%, while providing more meaningful reports for management consumption.
- Enabled dimensional cost benefit analysis to improve profitability.