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Kith Media Chooses Intacct for Multi-Entity Financial Management in the Cloud
Intacct Streamlines Revenue Recognition and Expense Management for Fast-Growing Advertising and Publication Group
SAN JOSE, Calif. – March 5, 2013 – Intacct, a leader in cloud financial management and accounting software, today announced that Kith Media LLC manages finances for its nine business entities with Intacct. The move to Intacct has simplified the company’s multi-entity financial management, automated revenue and expense recognition, and improved overall operational and financial visibility.
Kith Media was formed in 2011 to take over financial management for several operating subsidiaries that were divested from a large media conglomerate, including print phone directories and internet-based local search services. Kith Media needed to maintain separate books for each of its distinct business entities, while eliminating reporting work done outside of the financial system, such as using Excel for reports.
“As a new business with a compressed timeline for launch, we were looking for a flexible and economical cloud-based financial management system that could adapt to our changing needs,” said Jim Henderson, chief financial officer at Kith Media. “Realizing our single-entity QuickBooks application was inadequate, we evaluated both Intacct and NetSuite. We found that Intacct had better revenue recognition and expense management capabilities for our business model, and the best team and pricing structure to support a long-term partnership with us.”
Kith Media got up and running on Intacct in just four weeks, and found the system could easily handle the company’s management structure and business processes. Intacct provides Kith Media with powerful functionality for complex revenue recognition and expense management processes – making these workflows seamless, efficient, and accurate. This is a significant improvement over the business’ previous processes, which required a specialized fixed-asset module and several manually prepared Excel spreadsheets in order to recognize revenues and expenses over the life of directory publications in Alaska, Greater Cincinnati, and Hawaii.
Kith Media also gained valuable efficiencies by maintaining its pre-determined allocation rates in Intacct and leveraging the system’s employee expense application. In the future, the company plans to integrate Intacct with its other primary operating systems.
“Intacct has all the features and flexibility we could ask for in an accounting solution, and it is very easy to use. After setting up our financial processes in Intacct, revenue and expense management became simple and painless,” commented Henderson. “We appreciate that Intacct is up and running 24x7, and we never have to worry about the system being down, getting outdated, losing data, or requiring IT support.”
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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.
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