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STS International Uses Intacct to Streamline Financial Processes and Increase Global Business Visibility
Growing IT Services Company Speeds Consolidations by 3-4 Months and Saves $100,000 in Annual Salary Costs
SAN JOSE, Calif. – April 28, 2014 – Intacct, a leader in cloud financial management and accounting software, today announced it has supported STS International’s rapid growth through increased productivity and a reliable, comprehensive view of global operations and projects. Intacct’s best-in-class financial applications have helped the IT services company to dramatically speed consolidations and reporting across four global entities, streamline payroll processes, and optimize project profitability and labor costs.
In a new case study published today, Intacct highlights the results STS achieved by switching to Intacct’s cloud financial applications. Here is a quick overview of the profile:
Previous business challenges faced by STS International:
- Fast growing services company wanted a flexible and full-featured financial management and accounting system to support ongoing growth
- Required multi-entity, multi-currency capabilities for automation of time-consuming, complex manual consolidations and other processes
- Needed to integrate accounting software with existing business applications to reduce manual data entry and improve data accuracy
- Looking for robust reporting and dashboard capabilities to gain greater visibility into labor costs and project profitability
Results with Intacct:
- Increased productivity and minimized finance staffing needs despite company growth, avoiding two full time employees and saving $100,000 in annual salary costs
- Shortened global consolidations from several months to just a few weeks, and automated currency conversions
- Cut a week of data entry each month through integration with ADP, Concur, Kronos, and credit card processing systems
- Provided greater insight into financial and operational trends across multiple dimensions via flexible, real-time reporting
- Enabled data-driven decision making with accurate, timely information for optimizing project profitability and billing utilization
- Gained self serve capability for business leaders, eliminating time consuming report creation for the finance team
Highlighted comments from Mike Munson, Controller, STS International:
“We did a thorough evaluation of Intacct’s cloud-based software and hosted options from Microsoft and Sage. We were blown away by Intacct’s global consolidations capabilities and the flexible reporting and analytics, along with its overall scalability and the flexibility to plug into any other business system we needed. Having a true, modern cloud solution that offers seamless upgrades, as opposed to a hosted on-premises system, made it by far the best choice of the three.”
“One of our biggest benefits from Intacct is the consistency and reliability of our financial data. We never could have handled this huge load without Intacct. It is a true testament to the system’s scalability, and we have confidence that it will continue to support our growth as we add more entities and increase transaction volumes in the future.”
“Even with our continuous expansion and increasing complexity, we’ve only had to hire one additional finance person. And Intacct allows us to more evenly spread the day-to-day accounting work across the team so we can focus on analyzing our financial data and providing greater insight to our executives.”
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