Guidewire Software, Renal Ventures, and TOA Technologies Honored for Breakthrough Business Results Using Intacct Cloud Financial Applications
SAN JOSE, Calif. – Nov. 6, 2012 – With record setting attendance, the recent Intacct Advantage 2012 customer and partner conference in Orlando provided a perfect forum to announce Intacct’s inaugural Customer Success Awards. During his keynote session, Intacct’s CEO, Robert Reid, presented awards to Guidewire Software (NYSE: GWRE), Renal Ventures Management, and TOA Technologies. As a group, these companies saved hundreds of thousands of dollars, fine-tuned key business processes, and significantly enhanced financial visibility using Intacct cloud financial management and accounting applications.
The Intacct Customer Success Awards recognize organizations that have used Intacct to dramatically improve business and financial operations, as well as their bottom lines. The award winners were selected from among thousands of fast-growing small and midsize businesses worldwide, following a thorough evaluation of each candidate’s business use-case. Here is a look at the three winners:
A software company for the global property and casualty insurance industry, Guidewire Software moved to Intacct in 2006. Using Intacct, Guidewire has reduced its consolidations process from two to four days to less than ten minutes per month. Guidewire also gained insight and visibility into their financial performance, allowing the company to improve the accuracy and frequency of its revenue forecasts. With Intacct’s order management capabilities, Guidewire revolutionized its invoicing process, resulting in automation of multi-year contract invoice tracking and revenue recognition. The greatest gain for Guidewire, however, was its ability to provide timely and detailed data for SEC reporting to investors and bankers during and after its IPO process. If Guidewire had not used Intacct during its IPO, the finance team estimates they would have needed a 40% larger staff to execute the necessary SEC reporting requirements.
Renal Ventures Management
A leading provider of dialysis services, Renal Ventures has nearly doubled in size since implementing Intacct in 2009. Even with this strong growth, using Intacct has enabled the finance department to be more productive and efficient, growing the core accounting team by only one person over that time period. For example, Renal Ventures automated its consolidations and eliminated its use of Excel, reducing processing time by 25% while also improving data accuracy and freeing finance managers to work on more strategic projects. Renal Venture also took advantage of Intacct’s robust reporting features to track key performance indicators that blend business and financial data, helping executives make more informed decisions using metrics like revenue per treatment, supply costs per treatment, and labor hours per treatment.
A mobile workforce management software company, TOA Technologies has grown 300% since graduating from QuickBooks to Intacct in 2008. The company adjusted to its rapid pace of growth by using Intacct to automate various financial workflows and transaction processing. TOA accountants now process more transactions and empower executives around the globe with timely information. Intacct has also helped TOA more accurately calculate cost of goods sold to determine customer and project profitability. Based on an independent return on investment (ROI) analysis from Nucleus Research, TOA recovered the cost of its initial Intacct investment after just 2.5 months, and the company is generating an average annual benefit from Intacct of more than $300,000.
“When companies select Intacct they’re getting more than just a new financial management application,” stated Robert Reid, president and CEO of Intacct. “Intacct is the foundation of an organization’s business system, providing a backbone from which rapid growth and business visibility are possible. I am very excited to recognize Guidewire, Renal Ventures Management, and TOA Technologies as our 2012 Customer Success Award winners. These customers are outstanding examples of companies that embody the spirit of creating business value. They have established best practices to support identifying opportunities for dramatic growth, rather than just being focused on counting the beans.”
Additional details on the Intacct Customer Success Awards, including the award logo, are available at http://us.intacct.com/customer-successes/awards.
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 applications, in use by more than 6,000 organizations from startups to public companies, are designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers offer Intacct to their clients. The Intacct system includes accounting, contract management, revenue management, project and fund accounting, inventory management, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
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