Intacct Corp, maker of financial management and accounting software that competes with Intuit’s Quickbooks, announced that it has launched a cloud computing system that will be more consumer-friendly and cost effective for small to mid-size businesses looking to keep close tabs on their cashflow and budgets. The San Jose, Calif. company previously targeted its products primarily at CPA firms.
Called Intacct Winter 2010, this new edition allows companies of all sizes to record and view financial data as it changes in real time — making it easier to plan ahead. Because this system lives in the cloud, it can be accessed by more employees at any time to encourage better collaboration and compliance, Intacct says. Because more people will be able to use it more easily, the package comes with an application allowing employees to enter their purchases and expenses.
Just like previous products from Intacct, the system can be tailored to particular business sectors, like nonprofits, franchises, hospitality and consulting firms. The company will provide technical support and continuing training services for its clients as well. It now has a roster of 3,300, compared to 2,700 last year at this time.
Intacct says the revamped management system will not only be cheaper to deploy, but also save employee man-hours that might have otherwise been spent manually entering financial data into spreadsheets. Pricing for the package starts at $200 a month, with expense and purchase tracking features costing an extra $10 per user per month.
Intacct partners with accounting firms that use the software to manage their clients’ finances, companies like IBM and Oracle that help quickly implement its system across businesses, as well as makers of human resources, customer relations and payroll applications that complement its offerings. This holistic strategy seems to be working so far, with the company upping its customer acquisitions by 80 percent in its second quarter ended Dec. 31.
Intacct has raised $29 million to date from Sigma Partners, Sutter Hill Ventures, Bessemer Venture Partners and Emergence Capital Partners. It hasn’t gone back to the well for a while, bringing in its last $15 million in April 2008.
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