Review of Intacct Online - 2011

 

Intacct Corporation - Intacct Online
877-968-0600
www.intaccct.com

 

From the June 2011 Review of SaaS Accounting Systems for Small Business

Intacct is a fully featured web-based accounting and business management system for small and mid-sized enterprises and accounting practices, providing advanced bookkeeping and operational capabilities, including analysis of business component productivity, automation of many business procedures, multi-entity functionality, extensive integration with outside programs, growth management and deep and flexible reporting output. Intacct is also a preferred provider of cloud financial software by the AICPA’s CPA2Biz.

 Best Fit:
Entities that have outgrown off-the-shelf programs, require greater integration, subscription-revenue accounting. Ideal for service-based businesses, hospitality industry and technology providers. Also ideal for accounting practices that want to run the system in-house and offer access to clients through portals as a solution provider.

Basic System Functions:
Intacct’s primary interface is exceptionally well-designed using the very latest technologies, and is fully customizable based on the user role and the rights they have been given. End users can easily drag and drop menu components onto their personalized master dashboard. Authorized users can also use a drag-and-drop system to easily create new reports and business processes.

Strengths:
♦ Exceptional customization options
♦ Automation of core business processes
♦ Support for multiple entities & consolidations
♦ Multi-currency
♦ Full integration with CRM & payroll
♦ Recurring billing & online payment options
♦ Strong user-level security & access rights
♦ Project accounting
♦ Any number of users
♦ Runs on Mac/PC/any browser

Potential Limitations:
♦ No dedicated mobile apps yet
♦ Limited on manufacturing management
♦ More expensive than basic programs

..

For senior management, the primary dashboard can display key business indicators, financials and analyses by business unit or department, while functional managers such as marketing personnel can have at-a-glance views of group and staff productivity, sales comparisons, pending approvals and other data. Menus and options are only visible if the user has specific access rights to them, which greatly simplifies the interface for lower-level users.

Initial setup is guided and aided by Intacct or its resellers, with industry-tailored solutions providing specific capabilities for many industries, including software and SaaS developers, professional and business services entities, hospitality, healthcare, distribution, franchisees and nonprofits. Intacct also offers an industry version for professional accounting firms, with master access and dashboards for firm management of clients and client groups. The Company also offers packages for client deployment of Intacct for their own business management needs. The program can import full data files from most other accounting systems.

Among industry-specific features, the product provides support for:

  • Strong project accounting, task management, and billing capabilities for services firms;
  • Recurring invoicing and subscription management utilities and accounting for SaaS software companies;
  • Fund accounting for nonprofits; and
  • Multi-location inventory management and integration with POS hardware for retail businesses.

Intacct can be run on all major browsers using Mac or PC, as well as on fully Internet-enabled smartphones and tablets.

Core Accounting Capabilities:
Intacct includes full GAAP and IFRS accounting functionality, with modules for GL, AR, AP, cash management and financial statement generation. The financial reporting module includes pre-formatted templates that can be customized as necessary. The program’s “multi-dimensional” GL extends the system’s tracking and reporting capabilities, allowing transactions to be attributed to virtually any area of the business, including locations, departments, funds, projects or customers, with financials available across any or all of these operational components. This means that business management can run P&Ls, balance sheets and other reports for each sub entity of the business, can easily compare and contrast them with other units, and can also run projections for each area. For tax preparation, the system can integrate trial balance data into the professional tax packages from CCH and Thomson Reuters.

Intacct offers direct integration with Avalara for lookup and application of appropriate sales tax rates for all jurisdictions across the United States, as well as value added tax (VAT). Sales tax can be automatically calculated for quotes, e-commerce activities and user-generated sales. Avalara also offers optional automated sales tax filing and remittance options. Intacct does not have an integrated payroll module nor does it support payroll tax compliance. Instead, Intacct partners with third-party services such as ADP and CompuPay. Intacct’s accounting system includes ample security options, including task, role and user-specific access rights, plus a full-time audit trail controlled at only the top administrative levels.

Intacct offers both multi-language and multi-currency options, with the ability to automate currency valuations with one of the leading third-party providers. The program offers support for all languages, with all user-input content available in those languages for data storage and retention, but the program interface remains in English. The system is designed for use by organizations with any number of remote facilities, staff or partners, with advanced multi-entity accounting and management utilities that enable real-time data and management at any location.

Day-To-Day Operations:
Intacct includes integrations for UPS and FedEx, as well as commercial shipping companies. Dashboard tools and functions help users manage outbound processes, including automated tie-in of fulfillment tracking to the sales process. Through the previously mentioned integration with Avalara, the system can provide extensive and automatic determination of taxability, calculation and application of applicable rates to transactions and estimates. Sales tax rates can also be managed manually, with Intacct automatically applying rates to items. The program can integrate with most e-commerce sales systems and has limited support for POS system integration.

The customer and vendor management capabilities in Intacct provide extensive customization and notification features, including account limit settings and alerts. The built-in purchasing and inventory module supports multiple valuation methods, including FIFO, LIFO and weighted average cost. The program can be set to include quantity price breaks and economic order quantities, helping minimize per-unit costs.

Intacct integrates with numerous third-party applications, including Track1099, SpringCM, Salesforce.com, Adaptive Planning, Avectra, BNA, Callidus and Clarizen. Fully electronic invoicing and online payment acceptance is built into the program via partnerships with Bill.com, PayPal, PayProFlow and Authorize.net, with the ability to set up recurring and automated invoicing and even automated periodic payment collection.

As a SaaS product, Intacct is inherently accessible remotely to any authorized user, including outside accountants granted permission by the admin user. The company offers a version of the program designed specifically for accounting firm use, providing increased management functionality across groups or all clients, additional collaboration utilities, and the ability to offer the Intacct solution to clients as a firm-branded service they access through the firm’s website/portal.

Management Features:
Intacct’s user-customizable dashboards provide at-a-glance overviews and drilldown access to areas of the system for which the user has been granted access, which can be based on user role or on specific needs. The system’s reporting capabilities include full ODBC support and enable generation of full financials, including consolidations. Security is good, with SSL encryption of all browser sessions as well as the ability to limit users to specific account functions, read-only access and individual activities.

Integration/Import/Export:
Intacct can import transaction, customer, vendor and other data from common bookkeeping programs and file formats, and can export transactions into Excel, Word, XML, CSV, PDF and other formats. The system’s integration with third-party CRM and other tools offers excellent marketing and customer outreach options, while integration with additional programs provide payroll, enhanced financial planning, regulatory compliance, sales performance management and corporate tax compliance.

Help/Support:
As an online system, Intacct includes strong web-based Help utilities that include search and bookmarking capabilities, along with detailed task instructions, user guides and instant tutorial videos. The company offers additional videos and training options on its support website. The program is always updated by the vendor as new enhancements are available. Technical support is included in base system pricing, and all support staff are US-based.

Executive Summary & Pricing
Intacct was designed from the ground up to be a full-featured web-based business management program that includes full financial capabilities, along with powerful tools and strong integrations between the modules for sales, inventory, purchasing, ecommerce, CRM, logistics and other areas. The system provides great user-customization options and dashboards that bring the most important data directly to the front, while still enabling power users to drill down into transactional details and generate flexible reporting output. The system is best suited to small and mid-sized enterprises that have outgrown an off-the-shelf program, have multi-location needs and especially those in service industries. Pricing for the business version is $400 per month for a power user with access to all program modules. Users with limited access rights can be added for a lower per-user monthly charge.

2011 Overall Rating:

 

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