CrowdStar Eases Complex Revenue Recognition and Improves Financial Reporting with Intacct
Mobile and Social Game Developer Streamlines and Automates Financial Processes with Intacct’s Cloud Financial Applications
AN JOSE, Calif. – June 11, 2013 – Intacct, a leader in cloud financial management and accounting software, today announced that CrowdStar has replaced its two previous accounting systems with Intacct’s cloud-based financial system to better support revenue recognition requirements and improve financial and management reporting across its three entities. The move to Intacct has created new visibility into business performance and sped its monthly close by several days.
With more than 220 million game downloads, CrowdStar is home to popular games such as Top Girl and Mermaid World on mobile and Happy Aquarium on Facebook. As it quickly grew its mobile and social game business, CrowdStar realized it would need to improve its financial processes and implement industry standards in order to keep up with the company’s rapid growth.
“We reviewed the top cloud-based financial management software and chose Intacct over its competitors because it was better architected to support our complex revenue management requirements,” said Victoria Bourne, vice president of finance and administration at CrowdStar. “We were also very impressed with the dimensions capabilities of Intacct’s General Ledger, including sub-ledger controls, which easily support the various types of reporting we need for our business. With Intacct, we can now track revenues and expenses by our individual games, as well as by location, department, vendor, customer, and more.”
As CrowdStar prepared for its first multi-year financial audit, it leveraged Intacct to implement new revenue recognition rules and policies for the sale of virtual goods. Intacct’s flexibility helps the company more easily defer and recognize revenues over the life of its users.
“Intacct’s revenue management application makes it easier for us to handle the deferral and future amortization of sales for our virtual goods and related costs,” explained Bourne. “It allows us to set up multiple revenue recognition schedules and load in daily bookings detail, and then it automatically schedules items for future recognition. Before Intacct, we had to maintain several large spreadsheets, which were extremely time consuming and prone to error.”
Intacct’s multi-entity and multi-currency capabilities have also streamlined CrowdStar’s financial processes. The system manages all foreign currency transactions and calculates currency conversions and month-end re-valuations using automatically updated exchange rates. The finance team can quickly consolidate the company’s financials for a complete view of its global business.
The tagging capability of Intacct’s General Ledger dimensions combined with the ability to drill down to transaction level detail has enabled CrowdStar to understand how its financial performance is shaped by underlying business drivers. Previously, this reporting required CrowdStar to manually merge data from multiple sources, which was a painstaking process.
“With Intacct, we have real-time visibility into our key financial and operational metrics, and can slice and dice our financial information without having to use external reporting tools or set up complex charts of account,” added Bourne. “Our finance department and company executives can now easily access and review profit and loss reports that track bookings and related costs on a period basis and by game, in addition to the company’s standard GAAP reports.”
CrowdStar estimates that Intacct’s reporting capabilities and automated revenue recognition processes have reduced the time it would have taken the company to consolidate and close its books each month by several days, despite its multiple entities and currencies.
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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 accounting software, in use by more than 7,300 organizations from startups to public companies, is 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 applications for accounting, contract management, revenue recognition, project accounting, fund accounting, inventory management, purchasing, vendor management, financial consolidation and financial reporting, all delivered over the Internet via cloud computing.