Intacct Enables Faith Promise Church to Save More Than $50,000 Yearly from Improved Operational Efficiency
Cloud Financial Applications from Intacct Help Not-for-Profit Streamline Financial Processes, Enhance Reporting and Improve Fund Accounting
SAN JOSE, Calif. (December 15, 2009) –
Intacct, the leader in cloud financial management and accounting applications, today announced Faith Promise Church has moved its finances to the cloud with Intacct. Using Intacct, Faith Promise Church has eliminated duplicate data entry, automated financial processes, enhanced reporting and improved fund accounting. The church estimates that the operational efficiencies gained with Intacct result in a savings of more than $50,000 each year just in the reduced headcount required to manage its finances.
Faith Promise Church, based in Knoxville, Tennessee, had been using ACS Financial, but as the church grew it found the accounting system wasn’t scaling at the same level. The church struggled with manual and often duplicate data entry, paper-intensive processes and a lack of visibility into financial data. After evaluating a number of offerings, including Blackbaud, Microsoft Dynamics GP (Great Plains) and Sage MIP, Faith Promise chose Intacct’s cloud financial management system.
“Intacct stood out from competitors because of its rich functionality and its on-demand delivery model,” said Aaron Goin, finance director at Faith Promise Church. “As a not-for-profit organization, keeping costs down is critical – making a cloud-based solution appealing to us. We could gain all the process improvements and reporting capabilities we were seeking without worrying about the cost and hassle of installing, updating and maintaining any software or hardware.”
Since deploying Intacct, Faith Promise has dramatically streamlined its financial processes and improved productivity – from automating workflow to the elimination of duplicate data entry. Goin and his assistant previously spent 40 percent or more of their time entering data; today he estimates they spend only five percent of their time inputting information.
“Most churches of our size have four or more full time staff working in their finance office,” commented Goin. “With Intacct, we are able to increase our operational efficiency and keep the required number of staff low. This saves the church $50,000 or more a year in salaries and benefits.”
Faith Promise is also enjoying the rich reporting capabilities within Intacct. The church’s previous accounting package had only limited, standard reporting which offered no choice in formatting. Any changes required involving IT resources which delayed the finance team in getting the information they wanted. The flexibility and easy customization capabilities of Intacct enable Faith Promise to tailor reports to meet its particular needs – resulting in significant efficiencies. Reconciliation reports, for example, used to take 15 minutes or more every time and now can be created once and then repeated each future time with the touch of a button.
There were unexpected benefits Faith Promise gained as well. Like most not-for-profits, the church needs to keep track of contributions received for a specific purpose. By allowing the church to track donations and how they are used to support various missions and ministries, Intacct helps Faith Promise easily manage its fund accounting. Custom reports created by the church help showcase how contributions were dispersed to achieve the organization’s goals.
“By giving us the ability to create different types of transactions and report on them individually, Intacct enables us to more effectively manage our contributions,” added Goin. “We’re working to expand our reach throughout the state, so it’s critical we maximize our financial resources. Intacct is helping us to be more strategic with our finances, helping us pave the way to bigger and better things.”
A full case study on Faith Promise Church’s use of Intacct can be found here.
About Faith Promise Church
Faith Promise Church is a high-impact church based in Knoxville, Tennessee, that seeks to leverage technology to connect people to God. Faith Promise Church feature online broadcasts of their services each weekend, including streaming on the iPhone and Deaf interpretation. For additional information about Faith Promise Church, please visit the church online at http://www.faithpromise.org.
About Intacct
Intacct is the market and technology leader in on-demand 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 Software as a Service (SaaS).
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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Source: Intacct