QuickBooks is a well-known, easy to use, and affordable accounting product for getting a new business started, but what happens when your business runs into its limitations? What are those limitations? What are the actual costs associated with creating workarounds and using spreadsheets to fill in the gaps in QuickBooks' functionality? When is the right time to move to a more powerful system?
Advice from AcctTwo's Chief Technology Officer
Part of our customer success methodology is to conduct a project close interview with project stakeholders at the end of every Intacct ERP implementation. Along with capturing a quantitative customer satisfaction score that contributes to our overall Net Promoter Score, we also ask qualitative questions about how the implementation went and whether we provided the necessary leadership, communication, and training to make the project a success. One response I too commonly receive is: "The implementation went really well but there are some reports and dashboards we still want to have built."
"If only I had the right people..."
As a small or mid-sized business owner, how many times have you said that phrase to yourself or to others? This concern applies to all areas of your business, but can be especially challenging to the entrepreneur trying to build a quality accounting team because they often times lack the background, expertise, or patience to hire their own accounting department. Not only is it costly and time consuming to find the right people for this critical department, but there's also the challenge of finding the the right balance of skills versus costs. This balancing act becomes even more difficult when trying to staff a small department. How do you staff half of a controller, one quarter of a cash applications person, and one quarter of an accounts payable person, while still providing the accounting expertise for the future? This is never an easy task, even if you can find a qualified person willing to split tasks among different levels of work.
As a reseller of Software-as-a-Service financial and ERP solutions as well as Business-Process-as-a-Service outsourced accounting, everything we do at AcctTwo requires us to be focused on the success of our customers because we have to win their business each and every year. We are actually obsessed with customer success. In any industry that has moved to a subscription model, you'll hear how important customer success has become. As an example, last year's Software CEO/CFO Outlook survey from SandHill revealed that customer success and customer satisfaction had become the most important initiatives across the Software and Technology sector. I predict that 2016's survey will reveal something very similar.
As the Demand for Accounting Professionals Increases, How Do You Keep Your Business Moving Forward?
AcctTwo is not just the overall Business Partner of the Year as a reseller and implementation partner for Intacct's best-in-class ERP software. We also provide Business-Process-as-a-Service (BPaaS), known to some as Finance and Accounting Outsourcing (FAO) or Business Process Outsourcing (BPO), where we take on part or all of a midsize company's finance and accounting function. As the COO at AcctTwo, I've spent a great deal of time building our BPaaS team, and I can tell you from experience that finding and keeping great accounting talent is no easy task. A quick search on the internet will tell you that it's not just my problem - it's an industry trend.
We're always proud of the work we do and the relationships we build with each and every one of our customers, but when we get feedback six months or a year down the road and get to hear how transformative Intacct and our implementation team have been, it's very special. Gateway Church, an AcctTwo customer in the Dallas/Ft. Worth area, recently contributed to a story in Church Executive Magazine about how the growing church needed a "streamlined, accessible, and accurate accounting engine," and how Intacct was the perfect fit. The Gateway finance and operations team all agree that "Intacct is, in the end, a ministry tool."
"Intacct is, in the end, a ministry tool."
From the Perspective of an AcctTwo Implementation Consultant
I was recently asked what aspect of implementing Intacct's accounting and ERP software seems to have the greatest impact and benefit for our customers, and I would have to say that, in my opinion, Intacct's Dimensions are the most impactful feature that we implement. Most of our customers come from a world of legacy accounting software that required them to add dozens or hundreds (and even thousands!) of GL accounts to their accounting system just to make a specific distinction that can be done easily with dimensions. As an example, customers might have an account for Fixed Assets. If they wanted to report on that account by location, they would have to create a separate account for Fixed Assets for each location. With dimensions, we're able to set up just one account, but we can still report on that account by location or any other aspect we define.
In April 2016, we at AcctTwo participated in the Tech-Savvy CFO Seminar Series, an extension of the Tech-Savvy CFO concept conceived by Intacct and Brian Sommer of TechVentive, a leading industry analyst and forward-thinker. In his presentation, Brian talked about the changing nature of accounting, the rise of big data, the move to the cloud for technology, and what the future will likely hold for CFOs, CPAs, and accounting departments.
This post originally appeared on Intacct's View from the Cloud Blog.
Tech-savvy CFOs make decisions today that set their company up for whatever the future brings.
People talk a lot these days about the speed in which the business landscape changes, and how companies need to be nimble or agile – able to quickly adjust tactics to take advantage of changes in the marketplace, and to stay ahead of the competition.
MedStar, one of the largest hospital chains in the US, crippled by cyber attack
Washington, D.C Area - March 30th, 2016 - While MedStar, the company that runs 10 hospitals in the Washington, D.C. area, has not officially confirmed it was a "ransomware" attack, employees have come forward describing messages on their computers asking for roughly $19,000 in Bitcoins, and giving the company just ten days to pay up. This situation is strikingly similar to a story from just over a month ago, when Hollywood Presbyterian Medical Center paid about $17,000 in Bitcoins to regain access to some of its systems.