Intacct, a SaaS financial accounting software provider, is doing well these days. The company continues to experience great growth and low customer churn. One key to their growth is the way certain channel partners of Intacct have acted to push out this solution to their clients. One large accounting firm has recently deployed the solution to 3500 clients. Having accounting firms as channel partners is working out well for Intacct.
The other driver for their growth is their continued development of new applications. More applications and a broader solution set allow the company to generate new in-fill sales of applications. Whether these sales are via direct or channel partners, they drive top-line revenue increases. The most recent new application released by Intacct is its Project Accounting solution.
When Intacct briefed me on this newest module, they also shared with me some data points they’ve uncovered re: service firms and their automation. For example, service firms that use a spreadsheet for time and expense tracking (instead of a project accounting or PSA (professional services automation) solution) often experience a 10% revenue leakage, slower speed to invoice (and collection) timeframes and less accurate bills.
Intacct’s latest application is targeted to certain service firms. Notably, the software is designed for advertising and IT consulting firms. Legal firms are not a prime target for this product. Intacct is also targeting embedded service delivery groups inside software firms for its project accounting solution. Intacct’s project accounting solution can handle multiple currencies and perform a global consolidated view of monies of a given project.