Intacct Review: Accounting Software System for Increased Employee Efficiency
August 12, 2014

Intacct Review: Accounting Software System for Increased Employee Efficiency

Anonymous | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Overall Satisfaction with Intacct

Our organization is currently using Intacct as our main Accounting System to maintain our financial books and records of transactions within our organization. In addition to maintaining the financial reports our of organization in Intacct, we use the system to keep track of our employees' time and expenses. Intacct is mainly used by the Accounting department on a daily basis; however, most, if not all, of our employees use Intacct. The main problem that we have with Intacct is that employees can affect the postings of financial entries into the General Ledger, as well as the timesheets, if they classify reimbursable expenses or bill their work hours incorrectly.
  • Efficiency - Example: Putting in employee credit card expenses/transactions related to the organization is more efficient compared to doing so in QuickBooks. All I would need to do is download all of our credit card transactions from our current statement, copy and paste them into a CSV spreadsheet template provided by Intacct, and import the CSV file into Intacct. This method is much more efficient compared to entering every single credit card transaction in QuickBooks one at a time.
  • Restrictions/roles - All employees can have an Intacct user login account and have restricted access based upon his/her role in the company. Examples: Accountants can have unrestricted access since their job responsibilities consist of financial transactions. Directors have restricted access to the point where they cannot affect the financials but can have access to view their budgets/financials. General employees have restricted access where they have no access to affect nor view the financials, yet can enter their time and business related expenses into Intacct.
  • Custom Reports - If Intacct does not have a report that contains detail/information that I need for a certain job responsibility, then I can create a custom report and select data and columns in order to provide for myself important detail/information that I specifically need for my task at hand.
  • General employees are able to affect financials or important information if they bill their hours in their timesheets or classify their business expenses incorrectly in Intacct.
  • Cleaning up of information - Example: Let's say that the weakness of the bullet point above occurs and a general employee affects the financials incorrectly by having an employee expense report for reimbursement approved in Intacct. However, those business expenses were not for reimbursement but instead were used by a company credit card. The expense report has been approved and posted into Intacct and the month is closed and there is no way we can delete that expense report in a closed month. As a result, we have duplicate postings in the month and even though we may clean the books by posting a journal entry to reverse the employee reimbursable expense report entries, the expense report is still outstanding and is aging as an employee payable ready for reimbursable payment.
  • Segregating approval of time and expenses - Example: one employee has the direct supervisor as the approver of time and has the director as the approver of expenses. In Intacct, the employee can only have one manager who can approve both time and expenses for approval in Intacct (time and expenses cannot be separated).
  • Increased employee efficiency: Examples - Importing company credit card transactions/examples, allocated AP bills into the system, rather than entering every single credit card transaction/expense or every single line item allocated expense into the system, one at a time.
  • Restricted access/roles: Access to private information is based upon the role of the employee. For example, Accounting staff may have unlimited access, a Director may have restricted access by not having the ability to affect financials yet have access to view financials/budgets, general employees have restricted access where they have neither the ability to affect nor view financials but may enter their time and business expenses into the system
  • Effect on financials/other important private information: Example - A general employee may classify General Ledger accounts incorrectly when entering in and submitting an employee expense report for reimbursement
Although there are benefits and drawbacks compared to our previous accounting system, the benefits exceed the drawbacks overall. We selected Intacct for the purpose of efficiency, especially when regarding employee expenses. Last year when we used QuickBooks as our accounting system, employees would submit their business expenses (both company credit card expenses and reimbursable expenses) to us through an Excel spreadsheet. Then, our Accounting department would enter those expenses into the QuickBooks system in order to process those transactions. Although accurate, the method was not convenient nor was it done in an efficient manner. With Intacct, our Accounting department can just download our company credit card transactions online from our current statement, copy and paste those transactions into a CSV template provided by Intacct, import the CSV file into Intacct, and the transactions will be uploaded into the Intacct in no time. While employee expenses for reimbursement may be inaccurate due to the fact that employees classify their expenses to a GL account, Accounting does have the ability to reclassify any errors and, thus, there would be no need for "double entries" by both the employee and the Accounting staff.
I give Intacct a rating of 8 out 10 with regards toward likelihood to renew our use of Intacct. In addition to the fact that Intacct is more efficient for us in the areas of allocated expenses and employee expenses, the Intacct user login account is superior compared to our previous accounting system, QuickBooks. If there are separate/multiple companies/entities/affiliates, QuickBooks users would need to log in and out of each company file. However, Intacct users would not need to do so because there is a top level above all company/entity files.
In comparison to the previous accounting system that we used (QuickBooks), there were benefits and drawbacks when we made the migration to Intacct as our main accounting system. The main benefit is efficiency. Examples of efficiency are importing company credit card transactions/expenses into the system rather than entering every single credit card transaction into the the system and importing AP bills that have allocated expenses into the system rather than entering every single line item expense into the system. The main drawback is that employees who are not in our department are able to affect company financials. For example, a general employee who has an Intacct user login can enter and submit an expense report for reimbursement and may classify a General Ledger account or two incorrectly, while in QuickBooks, general employees do not user login accounts and, therefore, are unable to affect the company financials. As a result, general employees submit an Excel spreadsheet of their expenses for reimbursement and an employee in the Accounting department would enter those expenses into the system. During the selection process, measurement of benefits over drawbacks should define whether or not to select Intacct over any other system or product one might consider.