PHM Services Moves to Intacct for Multi-Entity Accounting and Financial Management
Hospitality Management Company Makes the Switch from NetSuite to Improve Financial Processes, Consolidation and Reporting
SAN JOSE, Calif. (June 04, 2008) –
Intacct, a leader in on-demand financial management and accounting applications, today announced that PHM Services Inc., a Fairfield, California-based hospitality management company, has deployed Intacct for on-demand multi-entity accounting, financial management and financial consolidation, solidifying financial controls, increasing business visibility and improving the productivity of its finance department . PHM Services switched its financial management system to Intacct after NetSuite failed to meet the company’s expectations.
PHM Services provides operations, sales and marketing, financial services, development and construction, and human resources support for Marriott and Sheraton Hotels. The company, formed in 2001, continues to expand its business with the addition of new hotels, both in California and beyond. Initially, PHM Services used QuickBooks, but as it grew and added additional hotels it needed to manage its finances both individually at the property level and centrally at the corporate level. According to PHM Services, QuickBooks was unable to meet this challenge because it did not provide the ability to manage multiple business entities or to consolidate financial information across the company.
PHM Services made a change from QuickBooks to NetSuite, but immediately struggled to get the support it anticipated. Furthermore, NetSuite’s financial applications were not meeting PHM’s expectations in a number of ways. As an example, the company had to export financial data to Microsoft Excel in order to complete its income statement. PHM Services felt that this manual process increased the risk of errors and wasted a significant amount of time.
Looking for a solution that would make it easier to access information, increase productivity and improve financial controls, PHM Services selected and deployed the Intacct Plus(TM) – which provides PHM Services with a complete on-demand, financial management system including real-time financial consolidation, robust multi-entity support and global business management capabilities. The company is able to operate its multiple properties, each with its own discrete chart of accounts and business processes, and can also consolidate those finances in real-time at the corporate level. The solution allows PHM Services to easily add new users, applications and business entities at anytime.
“It was clear from the beginning that Intacct was willing to work with us to understand our business and help meet our particular needs,” commented Guneet Bajwa, president of PHM Services. “Service quality was a key factor in our selection of Intacct and we have received outstanding service throughout our implementation and ever since.”
“PHM Services is a great example of a growing number of companies switching to Intacct to take advantage of Intacct’s superior financial applications, best of breed partnerships, open, on-demand platform and maniacal focus on client satisfaction,” said Daniel Druker, Senior Vice President of Marketing at Intacct. “Since 2003, hundreds of companies like PHM have leveraged Intacct’s on-demand, global business management and financial consolidation capabilities to help their finance departments become more agile and productive.
Since the company starting using Intacct Plus, PHM Services has enjoyed the benefits of improved financial controls and better access to information. The fully web-based, on-demand applications ensure that PHM Services’ finance staff has accurate and complete data at their fingertips, no matter if they work at the company headquarters or at a remote hotel site – which has greatly increased productivity.
“Intacct provides us with rich functionality and the ability to more effectively manage the entire financial, general ledger, balance sheet, accounts payable and accounts receivable needs across our multiple properties,” said Dipti Lala, director of accounting for PHM Services.
PHM Services also notes that with the improved and automated reporting in Intacct, the finance team no longer wastes precious hours each month exporting data from NetSuite to Excel to complete their income statement. Users can easily create and customize reports with just a few clicks within Intacct. In addition to the time savings, PHM Services also enjoys a higher level of confidence in its reports because Intacct creates a single, central location for all business data. There is no risk of error from duplicate data entry and all approved users have access to the same, consistent information.
“It used to take hours, or even days, to get specific financial information about one of our properties,” noted Bajwa. “Now, with Intacct, I have reports and dashboards readily available, and our finance team can quickly and easily create custom reports as needed. After using other solutions in the market, we’ve found Intacct is the right financial application to take our business to the next level.”
About PHM Services, Inc.
PHM Services, Inc. specializes in hospitality management and development. Based in Fairfield, CA, PHM Services locates special opportunities for developments or acquisitions of new and existing hotel properties. PHM Services’ current hospitality and commercial portfolio is valued in excess of $200 million.
About Intacct
Intacct is a market and technology leader in on-demand financial management and accounting applications. The company’s award-winning solutions are used by thousands of businesses, from startups to public companies, to manage and share financial, supply chain, and professional services information. Intacct automates key business processes from order entry through cash collection and procurement through vendor payment. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, project management, financial consolidation and financial reporting applications, all delivered over the Web via Software as a Service. Intacct is the only on-demand financial management solution seamlessly integrated with salesforce.com. As a company grows, Intacct’s deep and mature applications, SAS 70 Type II certification, and documented processes support Sarbanes-Oxley compliance for public enterprises.
Intacct is headquartered in San Jose, California, with operations in Bangalore, India. For more information, please visit www.intacct.com or call 877-437-7765.
Media Contact:
Peter Olson
Tel: 408-878-0951
Email: polson@intacct.com
Source: Intacct