Cornerstone upgrades to Intacct to support complex software revenue recognition requirements

For twenty years, Cornerstone Information Systems has provided automation software for travel management companies, corporate travel departments, and online travel agencies. Cornerstone recently switched focus from delivering on-premises software to Software-as-a Service (SaaS) solutions. After transitioning to a SaaS model, Cornerstone recognized the need to also switch to more sophisticated, flexible financial management and accounting software.

If we were still on our old system, we would’ve needed at least two more finance headcount – at a cost of around $150,000 annually – just to keep pace with the expected growth.
David Novak
Controller
Cornerstone Information Systems

Previous business challenges

  • SaaS company needed a multicurrency financial solution to simplify complex revenue management
  • Must automate processes, reduce duplicate data entry and Excel-use, and improve data accuracy
  • Wanted to integrate financial management with existing Salesforce CRM system
  • Richer, multi-dimensional reporting required for insight into dynamic operations

Results with Intacct

  • Streamlined processes save nearly 2 weeks each month and free finance team to analyze results
  • Automated currency conversions and recurring journal entries ease complex revenue recognition
  • Tight Salesforce integration eliminates manual data entry saving at least 4 days of work per month
  • Increased productivity saves $150,000 annually by delaying additional finance headcount
  • Flexible reporting provides visibility into key financial and operational metrics  across  several  dimensions
INDUSTRY
  • Software & SaaS