Solugenix, a provider of managed information technology (IT) and consulting services, recently selected Intacct’s cloud financial management software. Following is a play-by-play of obstacles and challenges, and how Intacct was able to address, implement and overcome.
The decision to implement Intacct’s best-of-breed cloud financial management software was more than a simple pick of what’s available, what’s recommended and ready; several challenges lay ahead. Of course, Intacct was up to task.
Solugenix was facing more than just a simple purchase and implement process. Solugenix had been using what was considered to be a modern and functional on-premises enterprise resource planning (ERP) system for professional services automation (PSA). Yet the company was repeatedly unable to extend its financial management software to operations managers with insightful linked operational and financial data. In addition, despite the ERP software’s hefty price, it was time-consuming to generate reports—even though they included only financial data and lacked the necessary related operational data or metrics.
Solugenix had complex project accounting and billing requirements. The company has people in multiple countries, and legal entities coding time to a project and needing to bill it all out of the US entity. The firm also has employees in India who fill out timesheets and get paid on a different cycle than the US employees. Solugenix also dealt with multiple complex issues with multi-currency time and expenses (T&E) management and consolidated billing. More than simply processing payroll, Solugenix was dealing with everything multi,… multi-currency, multi-country, even varied pay cycles. You name it, the obstacles were there.
Solugenix’ business units include technical support, IT staffing, IT managed services, consulting, and managed services to support hospital supplies inventory tracking. The firm’s customers are Fortune 1000 companies, mostly financial institutions, consumer products companies, medical device companies, and hospitals.
After a rigorous software evaluation, Solugenix chose Intacct over other cloud and on-premises accounting and ERP software solutions as the best fit for its consulting business. In the final showdown with another respected cloud financial management software provider, Intacct prevailed because of the strength of its Project Accounting module, its multi-entity and global consolidation capabilities, and the power of its multiple financial reporting dimensions.
The company’s users were impressed by Intacct’s multi-dimensional capability, where they could see financial postings hitting the general ledger (GL) by customer, project, employee, entity, etc. Intacct offers prebuilt dimensions such as Customer, Product, Item, Location, Project, Employee, Vendor, and Class. In addition, the cloud financial management software also allows for the creation of user-defined dimensions, such as Channel, Product Line, Fund, Grant, and so on and so forth. It is Intacct’s ability to simultaneously offer prebuilt dimensions while easily allowing for customized, user-defined fields, that galvanized its route to success.
The granularity of the cloud financial management software’s GL makes the application’s financial and managerial reporting quite powerful. With Intacct cloud financial management software, Solugenix’s users should gain a real-time view into both financial and operational reporting, leading to an enhanced understanding of the drivers and dynamics of the business. Additionally, the cloud financial management software solution is expected to increase the accessibility of operational and financial reports for company managers, and thereby afford better accountability for key management.