AcctTwo Blog

Like so many companies, Marinus chose to use QuickBooks at the outset. But as Marinus expanded operations, it found that QuickBooks did not meet its needs for internal controls, management reporting, and external reporting:

• Journal entries could easily be overridden
• The chart of account structure required for tracking expenses by department and project was cumbersome
• The financial reporting and budgeting capabilities were very limited and led to time-consuming, manual manipulation outside the application

Marinus needed an accounting solution that would tackle these concerns and also provide controlled access to real-time information to internal and external stakeholders alike.

Continuity’s rapid growth put pressure on the finance organization to keep up. Like so many companies, Continuity originally chose to use QuickBooks and was forced to rely on spreadsheets to maintain complicated revenue recognition schedules for multi-entity arrangements and to deliver management and investors typical SaaS metrics like CMRR, CAC, and churn.

When Alan Hurwitz joined Continuity, he recognized the importance of putting in place the accounting infrastructure to support the company’s growth and at the same time offer a compelling value proposition (i.e. measurable ROI.) His auditing firm, Fiondella, Milone & LaSaracina, recommended that he talk to Leap the Pond. After Alan reviewed all his options, he decided that AcctTwo and Sage Intacct was the best fit – from both a functionality and cost standpoint.

New research shows the accounting software market will grow to $11.8 billion by 2026, up from just $5.7 billion in 2017. The expansion is impressive but not really surprising considering that most companies are going through a digital transformation right now. But what gets lost in that explanation is that new accounting software is about more than just a tech upgrade.

Several CFOs from great growth companies that have relied on Sage Intacct cloud financials shared their experiences about how they transitioned from QuickBooks to streamline their financial operations and address key decisions around forecasting, SaaS metrics, subscription billing, and revenue recognition. 

It’s likely that when your company was started or founded that your executive team went with the easiest, quickest, and most cost-friendly solution to handle its accounting needs just to get things started. But the truth is that start-ups outgrow the tools that launched the company. Not only can your old system be outdated, but ability to handle higher volumes of work might even be inhibiting your ability to grow.

Most experts agree that the implementation is what ultimately determines the success or failure of an ERP or financial management software initiative. A solution could be advanced in every way, but if it's slow, expensive, or difficult to implement, the ROI will always fall short.

Brian Sommer has made a career out of analyzing the enterprise software space, and his evaluation of the industry in 2017 is mixed at best.

He talks about some of the themes we have been reporting on for months, including the rise of big data in accounting and new revenue recognition rules. He also talks about cloud ERP reaching maturity and becoming the standard for multiple industries.

His outlook is not entirely positive or even neutral, however. Sommer calls attention to vendors struggling with growing pains and passing on costs to customers. Enterprise HR draws particular ire as companies continue to seek solutions for training and culture on a large-scale. The explosion of overlapping "platforms" is also creating confusion for enterprise software buyers.

The first iPhone went on sale June 29, 2007. Over the following decade, it became one of the most transformative technologies ever introduced. Few people realized it then, but that day in late June represented a major tech milestone.

The size and scope of cyber attacks reached ever more alarming levels in the past year. Reports indicate that instances of ransomware attacks increased by 300% in 2016, with up to 4,000 attacks occurring on a daily basis. And in just Q3 of 2016, over 18 million new samples of malware were discovered.

This is shocking information for any enterprise, but particularly for those dealing with large volumes of financial data. Securing this data is not just a priority - it is now an existential concern for companies of all sizes in every industry.

In layman's terms, an in-memory database is simply a repository of data that does not rely on disk storage. Instead, the data is stored in the main memory, closer to where the actual processing takes place.

This is not a new technology. However, where an in-memory database may have been an optional consideration in the past, it’s now considered essential for enterprises that manage a lot of data and rely on complex analytics. But smaller companies and nonprofits now have access to a lot of data as well, and if they want to remain agile, they need to be able to analyze that data in real-time.