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Intacct enables Canto to reduce IT costs, improve data management, and increase employee productivity
To sustain its growth, Canto needed to consolidate its financial data, integrate its financial applications with its CRM application to streamline processes, and reduce the costs associated with its existing ERP solution. Canto switched from Microsoft Dynamics NAV to Intacct, resulting in an ROI of 91%, a time to payback of just 8 months, and an average annual benefit of more than $47,000.
Previous business challenges
- Lack of integration. Data entry was duplicated because employees needed to enter the same data into both the ERP solution and in the CRM system.
- Difficulty achieving revenue recognition. In order to recognize revenues for a specific accounting period, Canto employees spent a lot of time manipulating data from different sources.
- Lack of consolidated financial data. The Microsoft Dynamics NAV solution did not possess built-in financial consolidation functionality for handling data from multiple entities, so Canto was forced to use spreadsheets
- Unreliable project management functionality. Canto needed to accurately track the time employees spent on projects, as well as other expenses incurred.
- High maintenance costs. The cost of supporting a maturing ERP application was not insignificant. Just to stay current, Canto was facing the need to upgrade its existing Microsoft Dynamics NAV application to the latest version at a cost of approximately $100,000.
Results with Intacct
- Reduced IT costs. Canto eliminated costs related to the maintenance of the servers previously needed for Microsoft NAV, avoided the costs of an upgrade, and also relocated one full-time employee who was previously dedicated to application maintenance
- Increased revenue recognition efficiency. Intacct helps Canto recognize revenues during the fiscal period when they actually accrue. The solution manages all the data in a centralized database, thereby eliminating the need for employees to use spreadsheets to consolidate data and perform calculations. Canto now has knowledge of its revenues before the fiscal period is over, resulting in a better understanding of its financial situation and in a savings of one work day per month on revenue recognition.
- Increased productivity of employees. Canto was able to reduce the time spent by its employees to manage its thousands of orders and contracts every year. Nucleus estimated that they reduced the time to manage contracts and orders by 3 minutes per contract and 10 minutes per order. Additionally, consolidation of data helped them save time on financial close and other manual data entry.