GlobalSCAPE Selects Intacct to Streamline Revenue Management and Improve Real-Time Financial Visibility
25 1월 2011 - 12:30AM
Marketwired
Intacct, a leader in cloud financial management and accounting
applications, today announced that GlobalSCAPE, Inc. (NYSE Amex:
GSB) has selected Intacct as its new financial management,
accounting and revenue management system. GlobalSCAPE previously
used Microsoft Dynamics GP (Great Plains) coupled with custom-built
applications for revenue recognition.
GlobalSCAPE is a growing, public software company that provides
customers worldwide with secure, intuitive and efficient managed
file transfer solutions. GlobalSCAPE's finance team had been
striving to streamline financial processes that are essential to
software companies, including revenue recognition, order to cash
and financial reporting. Moving from Dynamics GP and custom-built
revenue recognition applications to a complete cloud financial
management, accounting and revenue management system from Intacct
will enable the company to enhance business processes, improve
operational efficiencies and gain greater and more timely insight
into company finances.
Intacct's advanced and automated revenue management capabilities
will allow the GlobalSCAPE finance team to significantly increase
productivity and more easily satisfy compliance requirements. For
example, they can now easily define reusable revenue recognition
templates and rules from within Intacct. Based on these rules,
Intacct can automatically generate amortization schedules and apply
them across contracts, orders or line items. In addition, Intacct
will help ensure the finance team continues to stay in compliance
with the complex and rapidly evolving revenue recognition rules and
guidelines from FASB and IASB such as EITF 08-1, EITF 09-3 and SOP
81-1.
Intacct's advanced reporting and analysis capabilities will also
deliver considerable benefits to GlobalSCAPE. Intacct's flexible
and extensible General Ledger provides GlobalSCAPE with a strong
foundation for real-time multi-dimensional planning, reporting and
analysis -- something they could not easily obtain from Dynamics
GP. The finance team can now easily build real-time reports and
dashboards that contain exactly the information that each
executive, employee or other authorized user needs or wants to
review. This ensures the most important and relevant business
insights are at everyone's fingertips, whenever they need it.
"When we evaluated Intacct, we were excited about the
dashboarding and reporting capabilities of the system, as well as
the ability for all employees to have access to these reports at
all times and from anywhere they have access to the Internet. The
move to Intacct will provide us with the last piece of the puzzle
in our overall level of financial visibility," said Mendy Marsh,
CFO of GlobalSCAPE. "With our previous system, we did not have
real-time reporting on revenues. For example, to generate reports
on recognized revenue the accounting staff would have to go through
a whole series of report conversions, which typically took at least
half a day if no errors were found. With Intacct we will get all of
that time back, so we can focus on far more important value-added
activities."
Previously, GlobalSCAPE's order entry and revenue management
system required a programmer to code any revenue recognition rules
the finance team needed. This meant translating business requests
into language the programmer could understand and code -- a
difficult, tedious process that required iteration to refine and
verify the rules implementation. The system also had certain
challenges due to its reliance on Microsoft Access and offered
limited reporting capabilities.
"When we started our search, the main goal was to find a new
financial management system that was designed specifically for the
revenue recognition requirements of a public software company,"
noted Marsh. "The new system had to be easy to administer, and it
would have to work with our current CRM applications. In addition,
we wanted revenue recognition to be invisible to our sales team so
they could focus on the sales process."
The finance team initially evaluated other stand-alone revenue
management solutions. However, there were significant concerns that
the solutions were largely batch-based systems and wouldn't work as
well with the real-time nature of GlobalSCAPE's current business.
The team also considered several commercial revenue recognition
add-on packages for Microsoft Dynamics GP, but they were quickly
ruled out as not being sophisticated enough to support the
specified requirement. When GlobalSCAPE evaluated Intacct, they
found not only a solution to their revenue management needs, but
also a lot more.
"Initially, we weren't really looking to switch our entire
financial system; we thought we would just attack the revenue
recognition aspects of our business processes and systems. However,
we found that Intacct offered us all the functionality we needed
from both a financial management and accounting perspective, as
well as a revenue management perspective -- and Intacct delivered
this at a lower total cost of ownership and level of complexity,"
continued Marsh. "With Intacct, we get everything a growing public
software company needs in one system. This allows us to remove the
typical integration challenges and get up and running faster."
To learn more about how Intacct helps leading software companies
streamline their quote-to-cash process, automate revenue
recognition and renewals, accelerate financial consolidation and
close processes, and increase real-time visibility into their
business, please visit
http://www.intacct.com/solutions/software_saas.php.
About GlobalSCAPE GlobalSCAPE, Inc. (NYSE
Amex: GSB), headquartered in San Antonio, TX, is a leading provider
of secure information exchange solutions. Since the release of
CuteFTP in 1996, GlobalSCAPE's solutions have continued to evolve
to meet the business and technology needs of an increasingly
interconnected global marketplace. Serving a customer base that
spans more than 150 countries and includes the majority of Fortune
100 companies, GlobalSCAPE's primary focus is providing customers
with intuitive and efficient managed file transfer (MFT) solutions
while also ensuring end-to-end security. For more information,
visit www.globalscape.com, Blog, or Twitter.
About Intacct Intacct is a market and
technology leader in web-based financial management and accounting
applications for businesses and CPA firms. Bringing cloud computing
to finance and accounting, Intacct's award-winning applications are
the preferred financial applications for AICPA business solutions.
Intacct applications are used by thousands of businesses from
startups to public companies and are designed to improve company
performance and make finance more productive. The Intacct system
includes accounting, contract management, revenue recognition,
inventory, purchasing, vendor management, financial consolidation
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.
Intacct and the Intacct logo are trademarks of Intacct
Corporation. All other company and product names mentioned herein
may be trademarks of their respective owners.
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Press Contact: Peter Olson Intacct 408-878-0951
polson@intacct.com http://www.twitter.com/intacct_peter
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