SAN JOSE, Calif. – June 11, 2014 – Intacct, a leader in cloud financial management and accounting software, today announced it has helped Women’s World Banking increase the efficiency of important financial processes and improve transparency into key metrics. By replacing Blackbaud Financial Edge with Intacct nonprofit accounting software, the global nonprofit has cut its accounts payables time by two thirds, reduced data entry by fourteen hours per month, and gained visibility into its spending across multiple entities, grants, donors, and projects.
In a new case study, Intacct highlights the results Women’s World Banking achieved by switching to Intacct’s cloud financial applications. Here is a quick overview of the profile:
Previous Business Challenges Faced by Women’s World Banking:
- Global nonprofit organization needed to automate complex project accounting, grant balancing, and revenue recognition
- Wanted to minimize duplicate data entry and complex reconciliation between parallel on-premises systems for financial and project accounting
- Needed richer, multi-dimensional reporting for greater insight into fund balances and other financial data
Results with Intacct:
- Automated processes eliminated duplicate data entry, cutting 200 hours of AP and grant reporting time annually, while increasing data accuracy
- Streamlined time capture, project costing, and revenue recognition workflows
- Gained ability to easily track, manage, and report on multiple global entities and 20 grants with instant access to the right information at the right time
Highlighted Comments from Michael Mohr, CFO, Women’s World Banking:
“As we reviewed our cloud accounting options, it became clear that Intacct was the best fit to meet all of our requirements, and to do it quickly and affordably.”
“Cash is king in our world, and with Intacct’s outstanding ability to handle our grant management needs, we now have a real-time view of all our assets and what’s driving our revenues—which wasn’t possible with the cumbersome Excel-based process we used before.”
“Our process of preparing grant reports has improved dramatically, allowing us to take on more challenging funders such as complicated government restricted grants. With Intacct, we know that we have accurate, real-time data to support all kinds of funding, and we can manage greater complexity with the same finance team headcount.”
“Since we balance by funds – from the Bill and Melinda Gates Foundation to the Government of Sweden – I can quickly see how much unrestricted cash we have on hand. This is a key metric for our organization to ensure that we’re spending the right money at the right time as we make strategic decisions about new business development opportunities and hiring.”