Press Release

UAB Educational Foundation Switches to Intacct to Power Complex Fund Accounting

Intacct's Cloud Financial Management Software Dramatically Improves Visibility across 50 Funds

SAN JOSE, Calif. – Dec. 19, 2013 – Intacct, a leader in cloud financial management and accounting software, today announced that the University of Alabama at Birmingham (UAB) Educational Foundation switched from Sage Timberline to Intacct foundation accounting software in order to streamline complex reporting and investment tracking across 50 funds, and automate its purchasing processes. Intacct's cloud financial applications save the foundation at least six days of accounts payable time each month, cut the time it takes to process bills in half, and deliver real-time, accurate fund visibility.

In a new client case study published today, Intacct highlights the results the UAB Educational Foundation achieved by switching to Intacct's cloud financial applications. The full case study is available for download at http://us.intacct.com/customer-success-stories/uab-educational-foundation. Here is a quick overview of the profile:

Previous Business Challenges Faced by the UAB Educational Foundation:

  • Wanted a flexible and full-featured financial management, accounting and purchasing system to streamline financial processes.
  • Needed to more effectively manage 50 different support funds.
  • Wanted a user-friendly solution that would automate manual processes and support data entry from anywhere.
  • Required flexible reporting and dashboard capabilities for greater visibility into financial data.


Results with Intacct:

  • Cloud-based financial management solution provided anytime, anywhere access for more than 70 users.
  • Modernized, streamlined purchasing processes cut invoice-to-payment time in half, increasing vendor satisfaction.
  • Comprehensive automation saved 6 days each month in accounts payable time.
  • Gained ability to easily track, monitor, and report on 50 funds across the University.
  • Moved from only having an accurate financial picture once a year to continuous real-time budget visibility.


Highlighted Comments from Jodie Mote, Treasurer and Controller at the Foundation:

"After evaluating Intacct against Sage's hosted offering, we found that Intacct offered significantly greater flexibility to support the specific needs of our organization, including our complex fund reporting requirements."

"With Intacct's fast, streamlined invoice to payment process, we've greatly improved the University's key vendor relationships and are making life easier for our internal purchasers. On average, it now takes us just ten days to process and pay bills, versus the 21 days that was typical with Sage. Thanks to Intacct, I'm confident we can continue to scale our operations without having to add more people to our team."

"Our fund visibility has been drastically improved because of Intacct's multi-entity, multi-dimensional architecture. With the many dimensions available within Intacct, we are able to easily keep track of each fund's separate cash or accounts payable balance, or roll up all of our funds to look at the Foundation's overall portfolio."

"I've been most impressed with how flexible Intacct's report writer is, and how easily I can create the reports I need, exactly the way I want to see them."

About Intacct

Intacct is the customer satisfaction leader in cloud ERP software. Bringing cloud computing to finance and accounting, Intacct’s innovative and award-winning applications are the preferred financial applications for AICPA business solutions. In use by more than 11,000 organizations from startups to public companies, Intacct is designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers also offer Intacct to their clients. The Intacct system includes accounting, cash management, purchasing, vendor management, financial consolidation, revenue recognition, subscription billing, contract management, project accounting, fund accounting, inventory management, and financial reporting applications, all delivered over the Internet via cloud computing.

Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765. Connect with Intacct on LinkedIn, Facebook, Twitter, Instagram, Google+, and YouTube.

Media contacts

Peter Olson

Phone: 408-878-0951
Email: polson [@] intacct.com
Twitter: @Intacct_Peter

Brittany Benson

Phone: 408-620-3938
Email: bbenson [@] intacct.com
Twitter: @brittanybbenson

Finn Partners

Phone: 415-905-4000
Email: intacctteam [@] finnpartners.com
Twitter: @finnpartners