ORLANDO – Intacct Advantage 2016 – Oct. 26, 2016 – With sweeping new accounting regulations from ASC 606 looming, Intacct, the customer satisfaction leader in cloud ERP software, today announced strong customer momentum around its recently released contract and revenue management applications. Companies across a variety of industries have selected Intacct’s applications to automate critical functions including subscription billing, revenue recognition, and reporting from a single source of truth—the customer contract.
ASC 606 is a new revenue recognition 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 basis, rather than a transaction basis. The new accounting standard goes into effect starting at the end of 2017, but the transition to the new guidelines will impact companies much earlier.
In a recent of survey of top finance executives at midsized companies in the U.S., Intacct found that only 16% of respondents believe their existing core accounting software is currently equipped to handle new requirements brought on by ASC 606. While most financial software vendors have only announced basic conceptual approaches about how they will help their clients address the new guidelines, Intacct has taken a leadership role in delivering a comprehensive set of applications. In May, Intacct launched the industry’s first automated solution to help companies navigate the complexities created by ASC 606.
Initial customer reaction to the new Intacct applications has been strong. Companies including Antelope Acquisition Company, Billtrust, Health Catalyst, iPipeline, Jellyvision, Kollective, Motivation Science, National Health Investors, Scrypt, and others have already begun implementing the new applications.
Here are highlighted comments from some of the organizations who have already adopted the new solution:
Health Catalyst is a leader in healthcare data warehousing, analytics, and outcomes improvement. Jason Alger, Controller at Health Catalyst, commented: “Our team was very impressed by the new features and functionality of Intacct’s contract billing and contract revenue management modules. These modules will allow us to forecast complex revenue recognition together with varying invoice schedules—saving time and helping us eliminate cumbersome billing forecast spreadsheets. We can also more easily organize and simplify our contracts within the system. If any change is made to a contract or if additional deliverables are added, we can make these adjustments directly to the contract in the system rather than creating a new contract. All of these factors, along with the ability to simultaneously track revenue under both old and new revenue recognition standards, drove our decision to implement the new modules.”
Kollective, a leading cloud-based software-defined networking company, is working with Intacct partner Armanino to implement the new applications. Barry Harmon, CFO of Kollective, noted: “The main benefit of Intacct is the ability of the system to substantially improve our efficiency. Intacct’s multicurrency Contact Billing and Revenue Recognition modules will allow us to automate and centralize our CRM process. Being able to future proof our business for the upcoming ASC 606 guidelines was icing on the cake. Any SaaS company looking to upgrade to Intacct will be amazed at the process improvements the system enables.”
iPipeline is a leading provider of cloud-based software solutions for the life insurance industry. Larry Berran, COO and CFO of iPipeline, said: “iPipeline selected Intacct’s new contracts module to more fully automate our revenue recognition, automate many of the new reporting requirements from our private equity investors, as well as prepare to early adopt the dreaded ASC 606 guidelines. The Intacct team has always been great to work with and their skills shined in handling our complex business requirements.”
Scrypt, Inc., developers of secure productivity tools for regulated industries, is working with Intacct partner AcctTwo to implement the new contract and subscription billing applications. Laura Fenelon, Financial Controller at Scrypt, said: “Scrypt chose Intacct because of its ability to automate so many of our manual processes. Intacct provides a complete solution for our subscription billing and contract management, which allowed us to move beyond spreadsheets and operate more efficiently. Additionally, no other accounting software has a comparable solution for the new ASC 606 guidance. Intacct was the only solution to offer us the ability to automate our revenue recognition under both standards, simultaneously—making it the clear choice for our rapidly growing business.”