SAN FRANCISCO – Dreamforce 2016 – Oct. 4, 2016 – Intacct, a leader in cloud ERP software, today announced the launch of Intacct Contract Billing for CRM. Delivered through native, built-in connectivity between Intacct cloud ERP applications and Salesforce CRM applications, this new Intacct module helps eliminate the need to deploy or maintain integration software that connects ERP and CRM processes.
Intacct is one of the industry’s first solutions that unifies billing, reporting, and ASC 606-compliant accounting for organizations using Salesforce. Intacct Contract Billing for CRM creates a seamless workflow, starting with a single source of truth captured in Salesforce. It eliminates rekeying of contract information and automates accurate billing and revenue recognition according to both the current and new accounting regulations. By automating subscription billing, even for sophisticated pricing models, Intacct Contract Billing for CRM significantly reduces the workload for finance and sales teams managing customer contracts—saving hours of work each month and reducing billing errors.
Enabling Compliance with ASC 606
ASC 606 is a new revenue management guideline from the Financial Accounting Standards Board (FASB) that will require companies to identify performance obligations in all customer contracts and approach revenue recognition on a contract rather than transaction basis. As a result, contract add-ons and renewals must be integrated into a single contract and may trigger reallocations across both past and future periods—causing repeated revisions to recognized revenue.
The new accounting standard goes into effect starting in 2018, but the influence of the new guidelines will impact companies much earlier, as any customer contract that extends beyond the start date will be affected. Furthermore, impacted companies will need to recast prior-period financial statements using the new guidelines in advance of the start date in order to provide proper comparative and future guidance to investors.
Intacct Contract Billing for CRM will enable companies using Salesforce to streamline the process of complying with the new accounting guidelines by:
- Easily tracking the performance obligations that are the fundamental drivers of revenue recognition under the new guidelines
- Automating dual accounting treatment of orders and renewals according to current and new guidelines
- Automating dual reporting that’s required for compliance during transition to the new rules
“These accounting rules changes necessitate an extensive review of contracting and accounting policies and processes, and will likely require changes to procedures and—above all—systems,” commented Robert Kugel, SVP & Research Director at Ventana Research, a leading benchmark research and advisory services firm. “Companies with even moderately complex customer contracts are going to find that these new rules will have extensive impacts best dealt with by software designed specifically to handle the new requirements.”
“Growing revenue with flexible pricing models just got easier for companies that use Salesforce CRM,” said Dan Miller, VP of Product Management at Intacct. “Whether companies are looking for greater automation in pricing and billing, tighter integration with their automated revenue recognition, or a seamless data flow between Salesforce and their financials, Intacct Contract Billing for CRM adapts to their needs. This is just the latest example of how Intacct brings innovative solutions to market faster than our competition—ensuring our customers stay ahead of changing accounting standards and any changes to their business needs.”
See Intacct Contract Billing for CRM in Action at Dreamforce 2016
Intacct will demonstrate Intacct Contract Billing for CRM this week during Dreamforce 2016 at Booths 1805 and 1809 in Moscone North. Attendees can also learn more about how using Intacct and Salesforce brings together best-in-class cloud ERP software with the world’s #1 cloud CRM solution to gain a full view of every customer and streamline their quote-to-cash process.
Intacct was recently named a Salesforce Platinum ISV Partner. For more than 10 years, Intacct has partnered with Salesforce to offer customers a pre-built integration with Salesforce Sales Cloud to connect their primary front-office and back-office systems.
Intacct Contract Billing for CRM will be generally available in November from Intacct and its network of channel partners as part of Intacct 2016 Release 4.