Overall Satisfaction with Intacct
Intacct is being used by our Finance Team to manage the firm's general ledger and accounts payable. We also now have a couple of clients who use Intacct to maintain their company's books and records as well. One of the main business problems that Intacct helped my firm resolve is with our financial statement presentation. Intacct allows us to now publish our monthly financial statements directly from it, rather than having to use a supplementary application, along with our general ledger application, for financial statement presentation. It also eliminates the need for my firm to have to maintain, manage and update hardware and software as this is all now handled by Intacct.
- Reports and Displays - There are a lot of canned reports and displays within Intacct that allow users to very easily run them using different parameters and filters to get the information they need without having to have custom reports and queries written for them.
- Help Screens and User Documentation - The documentation for most software applications I've used in the past usually lags behind the development of the software application itself. Intacct has one of the most comprehensive "Learning Centers" I've ever experienced in a software solution ranging in items from help screens and online release notes to video tutorials on everything in the package.
- Custom Fields - Intacct provides the ability to add custom fields within the application in order to track and report on this information. These custom fields are in addition to the many dimensions already built into the application.
- Applying Credits in Accounts Payable - We've experienced issues with the way the General Ledger reports negative and positive line items in a bill when they are applied against each other and paid in Accounts Payable. The General Ledger tries to allocate a % of the credit to each of the line items in the bill.
- Software Updates - We experienced issues with functionality, early on, after weekly updates were applied by Intacct. This does not seem to be much of a problem the last few months so hopefully they worked through these issues.
- General Ledger handling of Inter-Company Transactions - While we do record a lot of inter-company transactions through Accounts Payable and through Journal Entries, this issue doesn't appear widespread. However, occasionally we notice situations where inter-company transactions, usually generated through Accounts Payable, are recorded incorrectly or in error.
- Because we no longer need to export our trial balance to another application in order to prepare our financial statements to meet our firm's standards, we have been able to cut down the time it takes us to publish our monthly financial statements to our principals by about a day. An added benefit of this is that when an accounting change is made that has an impact to a period we just published, we no longer have to make the change in our G/L package and re-import the trial balance again in our Financial Statement Writer software since we can just generate the financial statements directly from our G/L package, Intacct.
- Because of the ability to utilize custom fields and create custom reports in Intacct, we have begun to replace the Excel schedules which we used to have to prepare manually with system generated reports run directly out of Intacct. Not only does this save us the time it took to prepare these Excel schedules, it enhances accuracy and allows us to have users run these schedules themselves directly from Intacct.
- Because Intacct is a cloud based solution which allows users to access up to the minute information with only an internet connection, we're beginning to see Office PICs monitor their office's Income Statement activity, mainly expenses, throughout the month rather than waiting until an Income Statement is published at month end. We're hoping that this will lead to a more timely management of expenses which will trickle down and positively impact the Firm's bottom line.
Microsoft Dynamics NAV was one of the accounting solutions that we evaluated alongside of Intacct. While it too offered everything we were looking for in a solution, it just didn't separate itself enough from Intacct to justify the higher cost of investment. NAV seemed to require a lot more consulting time to get it up and running, which with it brought along a heavier pricetag. One of the nice things about Intacct was the fact that there was very little consulting time required before going live and because we are an Intacct Accountants Program Partner, all of the consulting time that we did incur was included in our price! Sometimes all of the consulting time in a product implementation is necessary to get you the level of customization needed, however, I didn't feel that we gave up much, if anything, in customizing Intacct to meet our firm's needs.
- Fewer than 25% of my clients
While I believe Intacct can be a good solution for any size company, I would think that Intacct is probably more appropriate for companies that have a greater need than for just a general ledger and accounts payable system. There are many "good" G/L and A/P packages out there for smaller sized companies, however, one of the real benefits of Intacct is all of the integrated add-on modules and third party applications that Intacct integrates with.