Cornerstone Moves to Intacct to Support Complex Software Revenue Recognition Requirements

Flexible Cloud Accounting and Financial Management Applications Help Travel Industry SaaS Company Save $150,000 Annually

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Intacct

Sep 16, 2014, 08:45 ET

SAN JOSE, Calif., Sept. 16, 2014 /PRNewswire/ -- Intacct, a leader in cloud financial management and accounting software, today announced that Cornerstone Information Systems implemented Intacct to streamline the company's complex revenue recognition accounting and other financial processes in preparation for growth. By switching to Intacct, the travel industry software-as-a-service (SaaS) provider gained insight into its key financial and operational metrics, while saving its finance team nearly two weeks of manual data entry each month and $150,000 in salary costs annually.

In a new case study published today, Intacct highlights the results Cornerstone achieved by switching to Intacct's cloud financial applications. The full case study is available for download at http://www.intacct.com/customer-success-stories/cornerstone-information-systems. Here is a quick overview of the profile:

Previous Business Challenges Faced by Cornerstone:

SaaS company needed a multi-currency financial solution to simplify complex revenue management
Wanted to automate processes, reduce duplicate data entry and Excel use, and improve data accuracy
Needed to integrate financial management with existing Salesforce CRM system
Required richer, multi-dimensional reporting for insight into dynamic operations

Results with Intacct:

Streamlined processes save nearly two weeks each month and free finance team to analyze results
Automated currency conversions and recurring journal entries ease complex revenue recognition
Tight Salesforce integration eliminates manual data entry, saving at least four days of work per month
Increased productivity saves $150,000 annually by delaying additional finance headcount
Flexible reporting provides visibility into key financial and operational metrics across several dimensions

Highlighted Comments from David Novak, Cornerstone's controller:
"In comparing Intacct, NetSuite, and FinancialForce, we preferred the depth of accounting functionality provided by Intacct's exclusive focus on financials. Because integration with other systems is straightforward with Intacct, there is no need to settle for the shallower functionality you get with suite products."

"Because of the great integration with Salesforce, our new sales flow into Intacct seamlessly. Intacct creates the initial invoice, which we can easily turn into a recurring invoice for perpetuity. Our teams can access customer information or accounts receivable details in either system from anywhere."

"Intacct allows our team to spend more time digging into valuable analysis and uncovering key insights for the business. If we were still on our old system, we would've needed at least two more finance headcount – at a cost of around $150,000 annually – just to keep pace with the expected growth."

Additional Resources:

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About Intacct
Intacct is the cloud financial management company. Bringing cloud computing to finance and accounting, Intacct's award-winning applications are the preferred financial applications for AICPA business solutions. Intacct accounting software is used by more than 7,300 organizations from startups to public companies and are designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers also offer Intacct to their clients. The Intacct system includes accounting, contract management, revenue recognition, project accounting, cash management, inventory management, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.

Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765. Connect with Intacct on LinkedIn, Facebook, Twitter, Google+, and YouTube.

Intacct and the Intacct logo are trademarks of Intacct Corporation. All other company and product names mentioned herein may be trademarks of their respective owners.

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