Intacct
Encyclopedia
Intacct provides financial management
and accounting software
solutions based on a cloud computing
platform. Intacct is based in San Jose, California
.
The Intacct name was derived from “internet” and “accounting.” Intacct helped pioneer Software-as-a-Service
or “cloud” computing
, and its products were some of the first to use a multi-tenant approach, which defines a unique approach to software architecture that significantly lowers the cost of delivering and using products.
The Intacct system includes applications for accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation, and financial reporting.
Writing in PC Magazine, reviewer Kathy Yagal described Intacct's web-based products as being designed for "small to midsize companies (defined as 5 to 1,000 employees) that have outgrown entry-level products like QuickBooks but want a relatively inexpensive alternative to traditional client/server software". The cost is based on how many of the Intacct applications are used and is charged on an annual or quarterly basis.
Intacct was listed in the 'OnDemand 100' list of the Fastest Growing Private Cloud Computing Companies in both 2010 and 2011.
Intacct received the 2007 and 2009 Codie award for "Best Financial Software Solution" from the Software & Information Industry Association and was a Finalist in this award category in 2010.
According to Barry Melancon, president and CEO, AICPA: “In today's economic climate, small and mid-sized businesses need to actively manage their financial performance by becoming continuously aware of their financial position and collaborate with trusted CPA advisors to make the best possible business decisions. Our vision for this new alliance is to improve productivity, increase transparency and reduce costs for both AICPA member firms and the millions of small and mid-sized businesses they serve.”
backing, with the most recent funding coming from a $12.3 million round in June 2011, lead by Split Rock Partners and including all previous active investors. The company stated it would "use this new infusion of capital to fund its aggressive hiring plans and further accelerate the company's growth rate."
Intacct's backing comes from the following firms:
Financial management
Financial management may refer to:* Managerial finance, a branch of finance that concerns itself with the managerial significance of finance techniques....
and accounting software
Accounting software
Accounting software is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It functions as an accounting information system...
solutions based on a cloud computing
Cloud computing
Cloud computing is the delivery of computing as a service rather than a product, whereby shared resources, software, and information are provided to computers and other devices as a utility over a network ....
platform. Intacct is based in San Jose, California
San Jose, California
San Jose is the third-largest city in California, the tenth-largest in the U.S., and the county seat of Santa Clara County which is located at the southern end of San Francisco Bay...
.
Background
Intacct was founded in 1999 by David Thomas to provide small and midsized businesses an online alternative to on-premise and desktop accounting solutions.The Intacct name was derived from “internet” and “accounting.” Intacct helped pioneer Software-as-a-Service
Software as a Service
Software as a service , sometimes referred to as "on-demand software," is a software delivery model in which software and its associated data are hosted centrally and are typically accessed by users using a thin client, normally using a web browser over the Internet.SaaS has become a common...
or “cloud” computing
Cloud computing
Cloud computing is the delivery of computing as a service rather than a product, whereby shared resources, software, and information are provided to computers and other devices as a utility over a network ....
, and its products were some of the first to use a multi-tenant approach, which defines a unique approach to software architecture that significantly lowers the cost of delivering and using products.
Products
Intacct offers two main products:- Intacct - Intacct is a cloud financial management and accounting system specifically designed for use by small and mid-sized companies.
- Intacct Accountant Edition - Intacct Accountant Edition delivers web based accounting and financial applications that are designed for use by accounting firms and business process outsourcers.
The Intacct system includes applications for accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation, and financial reporting.
Writing in PC Magazine, reviewer Kathy Yagal described Intacct's web-based products as being designed for "small to midsize companies (defined as 5 to 1,000 employees) that have outgrown entry-level products like QuickBooks but want a relatively inexpensive alternative to traditional client/server software". The cost is based on how many of the Intacct applications are used and is charged on an annual or quarterly basis.
Awards
In 2011, Everything Channel's CRN Magazine named Intacct one of its Top 20 Cloud Software & Apps Vendors, as part of its report on the Coolest Cloud Computing Vendors. CRN also named Intacct to its listing of 25 Cloud Vendors You Need to Know.Intacct was listed in the 'OnDemand 100' list of the Fastest Growing Private Cloud Computing Companies in both 2010 and 2011.
Intacct received the 2007 and 2009 Codie award for "Best Financial Software Solution" from the Software & Information Industry Association and was a Finalist in this award category in 2010.
AICPA Partnership
In 2009, Intacct formed an alliance with the American Institute of Certified Public Accountants (AICPA). This was the first time in the AICPA's history that it recognized a single technology vendor as a preferred provider. The AICPA and its subsidiary CPA2Biz aligned with Intacct, naming the company as their preferred provider of financial applications to CPA professionals and AICPA members. The stated goal of the partnership is to help CPA firms and small and midsized businesses adopt cloud computing to improve their financial performance, take better advantage of financial advice and make better and faster business decisions.According to Barry Melancon, president and CEO, AICPA: “In today's economic climate, small and mid-sized businesses need to actively manage their financial performance by becoming continuously aware of their financial position and collaborate with trusted CPA advisors to make the best possible business decisions. Our vision for this new alliance is to improve productivity, increase transparency and reduce costs for both AICPA member firms and the millions of small and mid-sized businesses they serve.”
Investors
Intacct has raised $95M in venture capitalVenture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
backing, with the most recent funding coming from a $12.3 million round in June 2011, lead by Split Rock Partners and including all previous active investors. The company stated it would "use this new infusion of capital to fund its aggressive hiring plans and further accelerate the company's growth rate."
Intacct's backing comes from the following firms:
- Bessemer Venture PartnersBessemer Venture PartnersBessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, Israel, China, and India.Bessemer Venture Partners is the longest-standing venture capital practice in the United States...
- Emergence Capital Partners
- Hummer Winblad Venture Partners
- JK&B Capital
- Sigma Partners
- Split Rock Partners
- Sutter Hill VenturesSutter Hill VenturesSutter Hill Ventures is a private equity firm focused on venture capital investments in technology-based start-up companies. The firm is based in Palo Alto, CA....