Last week, Intacct announced new resource scheduling capabilities and enhancements to Intacct Project Accounting designed to offer a true best-in-class cloud financial system to manage services and project-based businesses to optimal performance.
The recent improvements to the Intacct solution fulfill the company’s unique vision of delivering native support for automating both project accounting and project delivery within the financial system of record. Since both accounting and operational data are captured in a single source, professional services-driven organizations can now benefit from better efficiency across every aspect of the projects-to-cash life cycle, as well as more accurate business visibility.
“These recent enhancements to our cloud financial management system deliver new and improved ways for professional services firms to streamline the end-to-end process of delivering services to their customers – on time and within budget,” said Vijay Ramakrishnan, director of product marketing at Intacct. “We’re making it easier for these companies to manage not only how they deploy their talent, but also all the critical financial aspects of their project-based business, including revenue recognition, billing, time/expense tracking, and labor costing – all from within their financial system of record. This ability to easily manage and monitor both the financial and operational details of their business allows companies to better adapt to changes, more closely manage project profitability, and drive improved business performance.”
New and Enhanced Product Functionality
Recent Intacct product releases provide more automation for both project delivery and project accounting, bringing new efficiencies to organizations around how they deliver, bill, and recognize revenues for projects. For example:
New Resource Scheduling – Intacct has added resource scheduling capabilities that empower project managers to find, schedule, track, and manage the right resources for their projects from within Intacct. This enables companies to more easily maximize resource utilization while meeting project deadlines.
Improvements to Billing Engine – Professional services firms can streamline billing even further to improve cash flow and reduce billing errors that erode customer satisfaction. Intacct now supports cost-plus-fee pricing models and offers the ability to bill customers, pay vendors, and reimburse employees in different currencies on the same project. Intacct also now offers hierarchical project structures with control over which projects to include on a single customer invoice. With greater flexibility and automation in billing, Intacct customers can enjoy increased efficiencies – even under complex billing scenarios.
Enhanced Revenue Management – Intacct now supports all three Generally Accepted Accounting Practices (GAAP) methods to measure project completion for revenue recognition, including by cost and by survey. In addition, revenue recognition and billing are decoupled, enabling organizations to have up-to-date and accurate visibility into financial performance.