OpSource Improves Global Business Management and Streamlines Revenue Recognition with Intacct
Move to Intacct Cuts Financial Close and Consolidation Process from Weeks to Just Days
SAN JOSE, Calif. (June 23, 2009) –
Intacct, a leader in on-demand financial management and accounting applications, today announced that OpSource(TM) is using the Intacct Financial Management Solution to improve global business management, streamline and automate revenue recognition and enhance reporting and analytics to boost business performance.
“Intacct provides all the functionality a growing company like OpSource needs to efficiently manage our global financials. Our close and consolidation process across our four entities now takes only days versus weeks,” said Keith Adams, chief financial officer at OpSource. “In addition, Intacct’s advanced contract management functionality allows us to more easily and accurately recognize and forecast revenues.”
OpSource delivers Software as a Service (SaaS) and Web applications for on-demand companies, with hundreds of applications, millions of users and billions of transactions supported daily. A comprehensive, award-winning Web operations solution, OpSource On-Demand(TM) enables SaaS and Web companies to deliver their applications and services quickly and securely over the Web to consumers and businesses alike. Going far beyond full-featured managed hosting, it includes the application management, compliance and business services that are necessary for on-demand business success.
Before switching to Intacct, the company was using another SaaS financial management solution, but the finance team was struggling with how to effectively track and manage its expanding international operations. Furthermore, with no integration between this solution and OpSource’s Salesforce CRM system, inefficiencies around contract management and the timely payment of invoices were causing additional headaches.
Bryant Tolles, senior director of finance and accounting at OpSource, commented, “The way the previous system worked, we were relying on multiple spreadsheets for tracking individual country budgets, and had a lot of highly manual processes. Intacct offered us a way to automate these processes and improve our financial controls.”
Intacct’s multi-entity and multi-currency capabilities ensure OpSource can independently manage finances on a country-by-country basis, and then automatically create a consolidated view of the entire business. The finance team can quickly analyze data along different dimensions, whether by business entity, region or country and evaluate both local and consolidated key performance indicators as needed. In addition, by having all entities in one system they can automate intercompany transactions and eliminate the need to manually reconcile intercompany balances and consolidation entries – reducing both time and errors.
Since deploying Intacct, OpSource has gained improved financial controls and better support for its revenue recognition models. Instead of having to manage revenue recognition using complicated spreadsheets, Intacct’s contract and revenue management features automate the management of deferred revenue and revenue recognition and optimize contract renewals.
OpSource is also benefiting from Intacct’s robust reporting capabilities to gain added business visibility. Intacct enables the finance team to quickly view all the information they need to do their jobs, without writing any code or learning any new reporting or business intelligence tools. Ad-hoc reporting capabilities also allow OpSource to generate specific financial reports tailored to their business needs. Moving forward, OpSource plans to expand their use of dashboards to provide the management team with a quick, visual snapshot of business performance.
“The improvement Intacct offers us in visibility and automation makes it possible for us to improve the way we run the entire company; but they also improve our efficiency,” added Keith Adams. “We believe we’ll be able to grow much larger with the same finance staff we have in place and avoid hiring two to three full time people over the next 18 to 24 months, so the hard dollar ROI is very compelling.”
To download a detailed case study on OpSource’s use of Intacct, please visit http://www.intacct.com/downloads/OpSource.pdf.
About OpSource
OpSource(TM) delivers Software-as-a-Service (SaaS) and Web applications for on-demand companies, with hundreds of applications, millions of users and billions of transactions supported daily. OpSource On-Demand(TM), the leading Web operations solution, is defining how Web-based software is delivered. By choosing OpSource as their Web application delivery partner, companies are freed from investing in and managing the complex and costly infrastructure and services necessary to deliver applications over the Web. They can instead focus their resources on developing, marketing and selling their applications and services. Further, by using OpSource Connect(TM) companies can leverage Web services such as OpSource Billing CLM(TM), OpSource Analytics(TM) and OpSource End User Support(TM) and integrate their applications with other SaaS applications over the Internet as well as with enterprise applications behind the corporate firewall. OpSource On-Demand is suitable for companies at any stage of growth, with any type of on-demand application.
Headquartered in Santa Clara, Calif., OpSource has Web application delivery centers in Virginia, London and Bangalore. For more information about OpSource, visit www.opsource.net.
About Intacct
Intacct is a market and technology leader in on-demand financial management and accounting applications. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses, from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via Software as a Service.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
Intacct and the Intacct logo are trademarks of Intacct Corporation. OpSource, OpSource On-Demand, and OpSource Billing CLM are trademarks of OpSource, Inc. All other product and companies names mention herein may be trademarks of their respective owners.
Media Contacts:
Peter Olson
408-878-0951
polson@intacct.com
Twitter:Intacct_Peter
Source: Intacct