Multi-Entity Management Group Graduates from QuickBooks to Intacct's Best-in-Class Financials
Houston, TX and Austin, TX - March 3rd, 2015- AcctTwo, a leading consulting firm and provider of cloud-based financial management solutions, announced that the firm will help 5Point Enterprises graduate from QuickBooks to Intacct to help manage multiple legal and physical entities, and improve reporting and real-time visibility for top-level management. 5Point Enterprises, based in Austin, Texas, is a management group that currently services one of the largest New Horizons Computer Learning Centers franchise groups in the U.S. The company also manages ARG Publications and 5Point Property Management. After a rigorous software evaluation, 5Point Enterprises chose Intacct over both Microsoft Dynamics GP and NetSuite.
Previous Business Challenges Faced by 5Point Enterprises:
- 5Point Enterprises had no consolidated chart of accounts across legal entities.
- With each physical location running a separate instance of QuickBooks, the accounting staff was forced to do much of its reporting manually and in Excel.
- The company's accounting team was divided by physical learning center, making cross-training difficult.
Reasons for Selecting Intacct:
- Intacct's multi-entity support will allow 5Point Enterprises to view all entities in one system, automate inter-entity transactions, and speed up consolidations and month-end close.
- The company will be able to quickly add new entities to the system.
- Intacct's dimensional reporting structure will allow 5Point Enterprises to provide financial reporting not only by location and department, but also by market segment, which is more closely in line with how the firm operates.
“We brought our project in on-time and within our budget, converting 25-plus separate QuickBooks companies to one system."
- Bill Allen, Chief Financial Officer, 5Point Enterprises
Key reasons 5Point Enterprises chose to move to Intacct over Microsoft Dynamics GP and NetSuite:
- Intacct provides out-of-the-box multi-entity support, whereas Dynamics GP would require costly customization.
- Intacct meets 5Point Enterprises' custom financial reporting requirements, while Dynamics GP would require the purchase of additional reporting services.
- The company was looking for a true multi-tenant cloud-based accounting solution, a feature not available with Microsoft Dynamics GP.
- Intacct has greater dimensional support and more robust out-of-the-box multi-entity capability than NetSuite.
Highlighted Comments from 5Point Enterprises' Chief Financial Officer
"We looked at the top players in the enterprise space for our accounting solution," said Bill Allen, CFO at 5Point Enterprises. "It came down to NetSuite or Intacct. Intacct’s use of dimensions and the fact that they had a true common database for customers and vendors was the defining difference. We checked out AcctTwo’s track record and got great client testimonials. We made the right decision on the solution and AcctTwo. We brought our project in on-time and within our budget, converting 25-plus separate QuickBooks companies to one system."
Return on Investment
- Three Year Net Benefit - $201,281
- Five Year Net Benefit - $301,744
- Link to the official press release
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AcctTwo is a leading consulting firm and reseller of cloud-based accounting and financial management software. Our sophisticated systems solve the issues growing middle market companies face today. AcctTwo also outsources back office processes, allowing clients to focus on the core competencies of their business. We provide the people, processes, technology, and office facilities to perform these functions, while allowing clients to collaborate interactively through an on-line portal.
AcctTwo is headquartered in Houston, Texas. For more information, please visit www.accttwo.com or call 713-744-8400.
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