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Intacct: When Clients Need More Than QuickBooks
Calvin WilderFounder and CEOSmartBooks Corp.
QuickBooks is a Great Fit For Many Small Businesses
There is a reason it has 90% market share
1. Low cost ($30-$300/mo)
2. Rich feature set for its price point
3. Numerous third party integrations
4. Easy to use
5. Widely supported
6. Has been the standard for two decades
Unfortunately for QuickBooks…
1. Most installed base is on local desktop software, not the cloud
1. Third party developers dropping support for Pro, Premier, Enterprise
2. QuickBooks is pushing QBOE now
1. Accountants reluctantly dealing with historically shunned product
2. Software migrations aggravating existing customers (new customers starting on QBOE)
3. Online Edition has limited features (though continuing to expand and has some nice features)
4. Xero was built from scratch on the cloud and is ahead of QBOE in some areas
1. Multi-currency, 3rd party integrations, rapid pace of innovation
5. Mid-market solutions including Intacct and NetSuite marketing to smaller businesses
6. Remains to be seen what will happen to QB market share in the next decade
Limitations of QuickBooks Yields Need for Robust Alternative
1. No revenue recognition management features
2. Multi-currency is cumbersome
3. No multi-entity support. Poor-man’s consolidation with Enterprise Edition.
4. Report writer is very limited– impossible to create custom reports businesses would benefit from
5. Desktop Editions are not in the cloud so IT headaches remain
6. Online Edition has limited features (though continuing to expand and has some nice features)
7. No real workflow around Purchasing or Sales Order Handling. Some forms, but not really feasible to open
up QuickBooks to employee base and use for workflow management
8. Limited dimensions limit reportig (classes and sometimes location, customer type, vendor type)
9. Limited use of custom data fields
10. No real dashboard or KPI features to present real-time data to managers
Introducing Intacct
1. Built in the cloud from scratch– 100% browser-based2. Built to support mid-market and select Enterprise accounting needs. Public companies
run on Intacct.3. Price point from $200/mo to $1500/mo for most small-midsize businesses 4. Delivers principal benefits to SMBs that QuickBooks doesn’t effectively support:
1. Highly customizable reporting (infinite dimensions)2. Online workflow for sales order handling and purchasing3. Revenue recognition4. Multi-entity including consolidations and automated intercompany due to/from5. Multi-currency6. Dashboards7. Easily extend to employee base with granular access rights
Intacct Partner Ecosystem
EXPE
NSE
M
GM
TMAN
UFAC
TURI
NG
BUDGETING /
PLANNING
SUPPLY CHAIN
PROFESSIONALSVCS
PAYROLL
BILLING
PAYMEN
TSBUSI
NESS
INTE
LLIG
ENCE
NONPROFI
TDOCUMENT
MANAGEMENT
FIXED
ASSETS
VAT / TAX
1099
MIDDLEWARE
CR
M
120+ partners 75% of Intacct customers integrate with 2+ partners
Next Level Solution
Track true financials and operations Visibility for planning/strategy Flexibility as needs change
Drive performanceand growth
Managing for Long-Term
Process automation Oversight and controls Accuracy and compliance
Make my businessmore efficient
Better Every Day
Scalability Example
Entities/currenciesEmployees
Consolidation
350
48 Days
10800+
< 1 Hour
2013
TOP IPOof 2012
Software for Global Property and Casualty Insurance
2009
$2.5+M Improvement in collections22% Staff savings40% IPO-related savings
$Operational automation and
cost savings
Began workingwith Intacct
Sales Order Automation
Quote
• Create in integrated CRM or in IntacctPending Sales Order
• Salesperson posts for manager approvalApproved Sales Order
• Ready for fulfillmentFulfill
ment
• Account activation, product shipment, etc
Invoice
• Invoice customer
Purchasing AutomationPurchase Request
• Employee posts
Approved Purchase Request
• Manager approvesPurchase Oder
• Ready for purchase; issue to vendorUnapproved Bill
• Received pending PO match or manager approvalApproved Bill
• Ready to be paid
Project Order Automation
Integrated, Automated Process
No more data re-entry/re-keying Integrated rules/controls Automated revenue recognition/billing/order processing High accuracy Automated financial reporting PLUS operating data
Process Solution Increased revenue Audit-quality data Improved cash flow Customer satisfaction Higher resource utilization
Business Benefits
Step IQuote entered in CRM with items and request for implementation resources
Step IIQuote flows from integrated CRM system to sales operations for approval
Step IIIServices VP reviewscontract and approves
Step IVApproved order (items), time and expense, customer invoiced, and revenue recognized
Step VProject manager secures implementation resources
Revenue Recognition Automation
ReportingForecasting , Waterfall, Renewal, Churn (by segment)
Revenue and Deferred RevenueAutomatically posts to GL
Apply Revenue Recognition TemplateEven monthly over term of contract/invoice
Create Invoicing ScheduleQuarterly
Post SaleAnnual subscription
Inventory stock status to website
Sales Order to GL
End-to-End E-Commerce Example
Online Shopping Cart
Merchant Card Processing
Warehouse
Customer credit card info Customer
payment to GL
Shipment transaction
to GL
Fulfillment order to
warehouse
Real-Time Reporting
1. Inventory on hand2. Orders in process3. Cash and A/R4. Accrual-basis revenue &
expense recognition
Dashboard Example 1: SAAS
MRR & ACV
Bookings
CustomerAnalysis
Churn Analysis
CEO Dashboard
Dashboard Example 2: Professional Services
Dashboard Example 3
Limitations of Intacct
1. Manufacturing
1. No native manufacturing support beyond basic kitting
2. Costing methods limited; best suited to distribution of finished goods
3. Requires third-party integrations
2. Niche industries
1. Banking
2. Industry-specific features not found in general GL system and not supported by
third-party integrated software
Other Considerations
1. Cost1. Higher than QB or Xero; less than NetSuite, Dynamics, and other enterprise sw
2. Implementation1. Planning2. Data migration (trial balance or transactions)3. Timeline
3. Learning curve1. With all the power comes the need to understand how to use it
4. Software administration1. Need internal point person trained
5. Support1. Can buy direct from Intacct but best via IAP or VAR
Live Demo
Q&A
1. Specific challenges faced by your clients that Intacct could solve?
2. Comparison with NetSuite
3. What else?