SEMI Moves to Intacct’s Cloud Financials to Slash TCO
Global Industry Association Expects 50 Percent Reduction in Ongoing Annual Costs with Switch from Lawson to Intacct
SAN JOSE, Calif. (May 26, 2010) –
Intacct, the leader in cloud financial management and accounting applications, today announced that SEMI has selected Intacct as its new financial management system. SEMI, the global industry association serving the manufacturing supply chains for the microelectronic, display and photovoltaic industries, expects to streamline financial processes, improve financial and operational reporting, and significantly reduce total cost of ownership (TCO) by moving its financial management system to the cloud with Intacct.
SEMI, founded in 1970 as Semiconductor Equipment and Materials International, is a not-for-profit organization focused on helping its members grow more profitably, create new markets and meet common industry challenges. The association has offices in major technology regions around the world. In a move to reduce costs and improve efficiency, SEMI set out to replace its outdated Lawson enterprise resource planning (ERP) system. The existing Lawson solution was not well suited for a not-for-profit, was not user friendly and often required manual work-around processes.
SEMI identified several requirements for its new financial solution. First and foremost, the system would need to be extremely user friendly while offering a reduced total cost of ownership. SEMI also wanted a solution that offered financial accountability, improved reporting and streamlined financial processes. SEMI reviewed several leading financial management solutions, including NetSuite and Microsoft Dynamics GP, before selecting Intacct.
“As time went on, our Lawson system had become a hassle for both our Finance and IT teams – requiring costly software upgrades, outdated manual processes and ongoing consulting engagements to accomplish a number of standard functions,” said Jim Jackman, corporate controller for SEMI. “With Intacct, we will now have a modern cloud-based solution that is well suited to the financial management needs of our organization. Intacct offers the best mix of functionality and quickly eliminates the need for us to manage and maintain any hardware or software going forward. We anticipate that Intacct will help us reduce the TCO of our financial system by at least 50 percent on an annual basis.”
For SEMI, having a solution that would allow for global business management was important, as they will be using Intacct across 15 separate business entities with eight distinct currencies. With Intacct Global Consolidations, each entity can utilize its own chart of accounts, taxation rules and financial reporting and then, in real time, the organization can consolidate all the financials together. In addition, entities can operate in their native, functional currency. When SEMI is ready to consolidate the information, it will automatically be translated into the main base currency of the global organization automating any foreign exchange gains or losses. This will enable SEMI to significantly shorten the time it takes to close its books and provide better global visibility into their organization.
SEMI also sees Intacct’s powerful reporting and analysis capabilities as an area where they can see immediate improvement. Intacct helps organizations like SEMI gain real-time financial and operational insight with pre-built and customizable dashboards, reports and analytics. Users can create dashboards using any report or graph from any application, for both financial management and operational reporting. Plus, Intacct’s live drill-down capabilities enable users to dig into the data at any level they need to greatly simplify research and audits. For example, SEMI’s budget managers will be able to directly view performance to actual results for their area and then drill into the details for analysis.
“We have been very impressed with Intacct’s reporting capabilities, especially how easy it is to create and run reports in various formats,” said Lisa Van Huystee, director of financial planning and analysis for SEMI. “Overall, we appreciate how simple the Intacct system is to use and the flexibility it offers for adapting to our organization. Intacct will enable us to implement best practices around employee expenses, reimbursement, purchasing, inter-company transactions and consolidations. We are very pleased with our decision to go with Intacct and know that this will have a positive impact on the overall performance of our organization going forward.”
To learn more about Intacct solutions for not-for-profit organizations, please visit http://us.intacct.com/solutions/not_for_profit.php.
About SEMI
SEMI is the global industry association serving the manufacturing supply chains for the microelectronic, display and photovoltaic industries. SEMI member companies are the engine of the future, enabling smarter, faster and more economical products that improve our lives. Since 1970, SEMI has been committed to helping members grow more profitably, create new markets and meet common industry challenges. SEMI maintains offices in Austin, Beijing, Bengaluru, Berlin, Brussels, Grenoble, Hsinchu, Moscow, San Jose, Seoul, Shanghai, Singapore, Tokyo, and Washington, D.C. For more information, visit www.semi.org.
About Intacct
Intacct is the 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 www.intacct.com or call 877-437-7765.
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Source: Intacct