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Intacct Sees Accelerating Adoption of Its Cloud Financial Software
Midsize Companies Increasingly Making the Switch Away from Outdated, On-Premises Systems to Intacct’s Cloud-based Software
SAN JOSE, Calif. – March 2, 2015 – Midsize companies have long been the growth engine of the economy, and these businesses are rapidly migrating towards cloud platforms to manage performance. Traditional on-premises financial software vendors, including Microsoft and Sage, have failed to offer companies the increased automation and financial insight delivered by Intacct’s cloud financial applications – leading to accelerated customer adoption for Intacct. This customer momentum, along with a focus on delivering a best-in-class solution designed for the needs of the mid-market, is also driving new partnerships and increased interest from the investment community.
In 2014, Intacct saw an increase in new customer acquisitions of more than 45% year over year. Additionally, customer adoption increased even further last quarter, with a 66% growth in new customer deals over the same period a year ago. A growing number of these transactions are coming from companies replacing Microsoft Dynamics or various solutions from Sage.
The past year has been incredible for Intacct. Our customer pipeline has never been stronger and we are seeing exciting new growth opportunities for the company,” said Robert Reid, CEO, Intacct. “We’ve passed the tipping point where companies have realized the old, on-premises software they’ve used for years is now hindering their growth and they need to move to more modern, comprehensive cloud-based systems. Companies running their finances on Intacct’s cloud software are positioned to grow faster, and the system is designed to expand with them as they scale to initial public offering and beyond.”
Replacing outdated, on-premises financial systems
In a recent TechValidate survey, the top challenges faced by companies using financial software from Microsoft or Sage prior to switching to Intacct were a reliance on spreadsheets to support financial processes and reporting (58%), limited access to reports and information to drive decision-making (54%), excessive manual data entry/re-entry (50%), and the technical burden for upgrading and maintaining financial applications (38%). Source: TechValidate. TVID: C8D-284-271
As these companies move to Intacct’s cloud financial applications, they gain the benefit of streamlined processes and improved reporting capabilities for greater insight into their business. The TechValidate survey found that former Microsoft and Sage users were able to streamline a variety of key financial processes, including revenue management, consolidations, procure-to-pay, project accounting, and quote-to-cash. In fact, 61% of those surveyed had reduced their month-end close process by at least 20% since switching to Intacct. Source: TechValidate. TVID: 181-13F-0A2
Survey respondents also noted key reporting and analysis benefits from Intacct. These companies found that Intacct helped them gain real time visibility into underlying data behind summary trends, and less reliance on spreadsheets for reporting and analysis. Looking back, nearly two-thirds of surveyed Intacct users who previously used financial software from Microsoft or Sage wish they had made the switch to Intacct much sooner. Source: TechValidate. TVID: FFF-E65-B6E
Customer growth drives new opportunities
Intacct’s success in the market is being further fueled by strong interest from the investment community. Over the past year, the company raised additional capital to help increase growth opportunities and expand product innovation. In addition to participation from all existing Intacct investors, the company welcomed two new investors in Battery Ventures and American Express Ventures. Both new investors cited Intacct’s brisk growth and a strong product focused on the mid-market as key reasons for their investment.
“Intacct has done a great job creating a comprehensive cloud financial system that enables growing companies to increase efficiency,” said Harshul Sanghi, Managing Partner, American Express Ventures. “The mid-market is an emerging focal area for American Express. As midsized companies increasingly adopt cloud solutions to support their priorities and investments for growth, we believe Intacct has the potential to help us better service these businesses.”
In November, Intacct and American Express Global Commercial Payments (AXP), the division of American Express servicing companies from midsize to global Fortune 500 companies worldwide, announced a new partnership to seamlessly integrate commercial payments and working capital solutions into Intacct’s software. The partnership allows thousands of midsize businesses to set up and use American Express Global Commercial Payments products, as well as manage and improve their supplier payments, within the Intacct cloud financial system.
Intacct’s success has always been built on innovation and strong partnership with software leaders such as Salesforce.com. Intacct recently introduced a new collaboration backbone built directly into the Intacct financial system that leverages Salesforce Chatter. Taking a ten year relationship with Salesforce.com to new heights, Intacct Collaborate delivers a better way for Finance, Sales, and Services teams to streamline communications and speed work execution.
All of this momentum for the company is underscored by the success Intacct customers are achieving and their overwhelming satisfaction with Intacct’s financial software. In December, G2Crowd announced that Intacct has the highest satisfaction in the Accounting Software category based on end-user reviews. With nearly 120 customer reviews on G2Crowd, Intacct is positioned in the Leaders quadrant of the latest G2Crowd’s Accounting Software Products Grid.
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