Intacct Accounting Unveils New Application Suite

LOS GATOS, CA - Intacct Corporation, the leading provider of online professional accounting solutions, today unveiled the latest version of its Professional Time & Billing and Business Development applications, a suite of billing and expense reporting applications fully integrated with Intacct’s online accounting system.

A result of the September 2000 strategic alliance between Intacct and OpenAir, a leading provider of web-based professional services automation solutions, the new application suite gives CPAs and financial executives in other professional services firms the ability to input, analyze, and manage their professional services engagements - including project profitability, employee utilization, and time and expense metrics in -real-time. With the OpenAir integration, Intacct users can now enter time and expense data once, from any Internet connected computer; the data then flows directly into general ledger accounts, approval, billing, and reporting processes within the Intacct accounting system.

“Accounting and other professional services are increasingly competitive fields,” noted David C. Thomas, CEO of Intacct Corporation, on announcing the new applications suite. “Solutions like the enhanced Intacct/OpenAir integration saves these professionals a significant amount of time formerly consumed by such tasks as re-entering and reconciling data, allowing them to focus their attention more fully on their clients.”

Added OpenAir CEO Morris Panner: “OpenAir offers professional services organizations both an extremely efficient and flexible way to input critical time and expense data and a sophisticated set of analytical tools to help them make smarter business decisions. Combined with the Intacct online accounting solution, this is an exceptionally powerful system for a project-based organization to manage operations and finances.”

In addition to its core time, billing, and business development functions, the new application suite’s enhanced accounting features include more intuitive navigation, advanced editing capabilities to reflect department and location information, multiple invoice formats, and a single login requirement. As another timesaving enhancement, the OpenAir application is now displayed within the Intacct window, eliminating the need to open multiple browser windows.

The Intacct/OpenAir Solution has enabled Theikos, an emerging technology consulting and software outsource firm, to efficiently deliver and manage their projects across clients while maintaining an accounting system that works in tandem with their core business.

“As a global distributed development firm with offices in the United States and India, our efficiency and business profitability relies heavily on OpenAir to manage our resource utilization and on Intacct’s accounting solution to enable smooth delivery of accounts payable, accounts receivable, and payroll,” explained Jason Masciarelli, CEO of Theikos. “The synergy between OpenAir and Intacct’s solutions has made it possible for us to create virtual enterprise structures across diverse business locations and a project delivery mechanism that even the largest players in the service market cannot provide.”

Intacct’s Alliance Strategy

The Intacct/OpenAir alliance is the latest of several strategic alliances developed to integrate key services into Intacct’s core accounting system using eXtensible Markup Language (XML), the Internet standard for sharing data across applications. These alliances allow Intacct’s client base of accounting and financial professionals to take advantage of the Internet’s anytime/anywhere access capabilities for business processes including: online auditing, financial analysis, professional billing, expense reporting, payroll, and human resource services.

Because the Intacct system is entirely web-based, integration with other third-party web-based services is greatly facilitated through the use of the XML standard. Intacct recently released its XML Developer Kit (XDK) to further simplify integration with potential integration partners. Theikos CEO Masciarelli notes, “We’ve extended the Intacct/OpenAir XML API’s and built a unique client extranet that provides real-time intelligence to our clients throughout the project lifecycle. This communication is so unique and valuable to our clients that it truly differentiates their experience with Theikos from all other service providers."

(For more information on Intacct’s use of XML, please review Intacct’s July 9, 2001 press release titled: Intacct Web-based Accounting System Extends XML Developer Kit to Potential Integration Partners).

About Intacct Corporation (www.intacct.com)

Intacct Corporation is the leading provider of online professional accounting solutions. The Intacct accounting system is designed for companies that need more than an entry-level PC-based accounting package but want an alternative to complex, IT-intensive client/server solutions. In addition to its core accounting functionality, the Intacct accounting system also includes Intacct Audit, co-developed with Deloitte & Touche. Offered on a monthly subscription basis, the Intacct accounting system can be accessed via any current web browser and is both PC and Mac compatible.

About OpenAir

OpenAir is the Web-native professional services automation solution that helps organizations improve operational efficiencies and gain insights into key management metrics. OpenAir customers increase profits by capturing additional billable hours, increasing employee utilization, streamlining project management, accelerating revenue, enhancing collaboration, and by sharing knowledge and best practices throughout the organization. OpenAir has helped over 55,000 professionals in over 500 companies across six continents increase profits through its subscription-based solution. For additional information, visit www.openair.com.

About Theikos

Boston, Mass.-based Theikos helps businesses to rapidly deploy technology solutions that maximize profitability per client and build business efficiency. Theikos does so by bringing together the right team with the right skills at a reasonable cost. The company has offices in Boston, Mass. and New Delhi, India. To request a quote for a business issue or know more about the company, please visit www.theikos.com.


Contact: Wendy Bednarz
Company: Intacct Corporation
Title: Manager, Public Relations
Phone: 408-395-7549
Email: wbednarz@intacct.com

Contact: Jeff Hunt
Company: OpenAir
Phone: 617-351-0236
Email: jeffhunt@openair.com


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