Intacct surges to 68 percent year-over-year growth
by AccountingWeb on
The quarter was highlighted by 68 percent year-over-year growth in new client subscriptions, as well as all-time records in existing customer upgrades and add-ons. The end result was the best quarter in the history of the company.
A gain of more than 800 net new clients for the calendar year drove Intacct's market penetration to an all time high; more than 4,000 organizations worldwide are now enjoying the benefits of Intacct for cloud-based financial management. Such rapid subscriber growth is enabled by very high client retention and record customer satisfaction. In Intacct's most recent quarterly customer satisfaction survey, compiled in December 2010, an all-time high of 94.2 percent of clients surveyed indicated they would recommend Intacct to their colleagues.
The company's channel investments also are bearing significant fruit, with 24 new and nine expanded business partner relationships. Some of the leading companies that have recently joined or expanded their role in the Intacct channel program include AccessTek, Aktion Associates, Armanino McKenna, Clifton Gunderson, Eide Bailly, JMT Consulting Group, LarsonAllen, McGladrey, Navigator Technologies, Nims and Associates, Sererra, SingerLewak, Synergy Business Solutions, and Tendras Business Advisors.
Intacct's alliance with the AICPA continued to deliver strong results in 2010. Interest in cloud computing within the CPA profession rose to an all-time high. 11 of the top 100 largest CPA firms in North America have joined the Intacct Accountants Program from CPA2Biz, and CPA firms of all sizes on-boarded record numbers of new Intacct Accountant Edition clients in 2010. A significant trend that developed during 2010 was large CPA firms standardizing on Intacct across both their consulting and business process outsourcing practices. Intacct also announced a new partnership with SCORE designed to bring cloud computing to the more than one million small businesses SCORE nurtures every year, by connecting them with AICPA member CPA firms in the Intacct Accountants Program.
Intacct's business in 2010 was particularly strong in several sectors of the economy, including the software, business services and not for profit vertical industries. In addition, companies already using salesforce.com continued their strong adoption of Intacct's best of breed cloud-based financial applications. The year was also highlighted by an increasing number of organizations switching their financial software to Intacct from Intuit, Microsoft, NetSuite and Sage.
"From all angles and across all measures, Intacct really delivered in 2010. With 68 percent year-over-year new business growth last quarter, we continue to grow significantly faster than our rivals," said Robert Reid, CEO of Intacct. "Our partnership with the AICPA continued to accelerate this year, we delivered more new applications and enhancements than ever before, and our client satisfaction and retention both hit all-time record levels. Looking ahead to 2011, we foresee unprecedented growth and new business opportunities for both Intacct and our partners, as our new and expanded channel partnerships take off."
2010 year in review
Reflecting more broadly on 2010, Intacct achieved many significant milestones. Here is a review of some of the company's key accomplishments over the past year:
- Continued, Rapid Product Innovation -- Intacct stands out by delivering rapid innovation in the financial applications marketplace, focused on innovative solutions that provide significant value to clients and partners. Intacct performs regular updates, including monthly enhancements and quarterly major releases, so all new functionality automatically becomes available to every organization on the system. Throughout the year, Intacct delivered more than 200 new features and enhancements -- many in response to ideas submitted and prioritized by Intacct's clients and partners. Product highlights in 2010 included:
- Extending Intacct's multi-dimensional architecture to support eight additional dimensions, for a total of up to 13 dimensions in any report or analysis
- Enhancing Intacct's world-class revenue management applications to support the latest FASB and IASB guidelines
- Delivering brand new project accounting applications and partnering with Clarizen for project management applications
- Deploying new purchasing, time & billing, expense management and workflow & approvals applications
- Creating automated tools that reduce the time required to migrate data from QuickBooks to Intacct to just minutes
- Completing the conversion of Intacct's underlying architecture to support UTF-8, so all data in the system can now be stored in any major language
- Tremendous High-Quality Channel Momentum -- led by industry veterans Taylor Macdonald and Peyton Burch, both of whom joined Intacct in 2010, Intacct's channel programs are developing serious momentum. Intacct is partnering with high quality partners, including 11 of the top 100 CPA firms in the nation, seven "VAR Stars," and 10 "Killer VARs."
- Corporate and Product Awards -- Intacct earned numerous company and product awards and accolades, including:
- 2010 SIIA CODiE Award Finalist for Best Financial Software Solution
- Top rated SaaS Accounting Software Solution from CPA Technology Advisor
- 2010 K2 Quality Award for the Best Installation Channel and Methodology
- Named to Accounting Today's list of the Top New Products of 2010
- Named One of the Top 20 Coolest Cloud Productivity App Vendors by CRN
- Named One of the Top 10 Small Business Financial Applications by SmallBusinessComputing.com
- Named to Inaugural 'OnDemand 100' List of Fastest Growing Private Companies
- Finalist for a TechAmerica Foundation's 2010 American Technology Award
- World Class Operations -- Intacct continues to offer its market-leading Buy with Confidence service level guarantees. Across all of 2010, Intacct delivered 99.993% uptime, with perfect 100% uptime for seven of the 12 months -- setting the pace for availability and security.
In 2010, Intacct also furthered its strategy of partnering with market leading cloud computing companies to offer a complete, best of breed cloud-based solution to its clients and partners. New 2010 partners include 2C Processor USA, Avectra, Clarizen, PaceJet, Thomson Reuters, Track1099, Transactional Web, Xactly and Zip2Cloud. These companies join Intacct's growing portfolio of partnerships that includes cloud computing leaders such as Adaptive Planning, ADP, Authorize.net, Avalara, Avankia, BNA Software, Boomi, CCH, CompuPay, ExpenseCloud, Fellowship Technologies, IBM, Intuit, PayPal, Pervasive, RealPage, salesforce.com, SmartTurn, Wells Fargo and Zuora.
About Intacct: Intacct is a market and technology leader in Web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct's award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing. Intacct is headquartered in San Jose, California. For more information, please visit the company Web site or call (877) 437-7765.