As Infinex grew, the organization noticed difficulties with its current systems for reporting and data. Their legacy systems required numerous spreadsheets and manual work and were unable to report financial results. Many bottlenecks and inefficiencies resulted—from needing to manually calculate the numbers, to assembling and distributing the reports, to recording all inter-company entries twice. If even one item changed, the staff would have to go back into these spreadsheets to recalculate and create new reports. With continued growth expected, the Infinex accounting team would need to complete a brand new grouping of spreadsheets for each acquisition. The manual effort that went into maintaining the previous system took away valuable time that could be spent on more strategic work for the organization.
Additionally, their previous systems were hosted on-premise with no external access to the data. Due to this structure, if an employee needed to access information outside of the office, they could not do so, hindering them from having access to their data in real-time, no matter their location. Relying on on-premise hosting gave Infinex some issues as the network problems struck multiple times. From outages to data that wasn’t backed up properly, hosting in an on-premise setting gave the organization numerous problems to deal with.
Due to these issues, Infinex determined that they needed to find and implement a new cloud-accounting software system. Fortunately for Infinex, blum– combined with the power of Sage Intacct–was able to provide a solution to these problems.
Moving to Sage Intacct would provide Infinex with new ways to enter, report and analyze their information and data.
With the help of Intacct, Infinex can now simply add an entity to the system without having to restructure the chart of accounts and modify the financial reporting packages. In fact, Infinex went from the ability to look at data in one dimension to six. They could now get the level of detail they needed to create better forecasts and budgets.
Another key benefit was the ability to drill down into data on specific dimensions that were of importance to Infinex. Just as each entity was on a separate spreadsheet, the same went for the different dimensions that Infinex kept track of. For example, an important dimension for Infinex was the budget spent per vendor. With the help of Intacct, an employee could hone in on this specific dimension and instantly have the numbers and data they need.
By working with blum, an Intacct Partner, Infinex also gained access to our team for both training and implementation support. Our implementation methodology spans a wide range of topics from defining business processes and requirements with the client, to building the system to meet these needs, provide testing, culminating with deploying the systems and working with the team at the launch. Following the implementation, our team is there to help with any updates or new product features and consult on any additional issues that might come up.
Through the use of Intacct, blum was able to provide a cloud accounting and financial reporting solution that met the growing needs of Infinex. The organization was able to reap the benefits of having a first in class accounting and financial software that provided them with the ability to drill down on new dimensions of data they previously didn’t have along with the ability to add new entities with the simple click of a button. As a result, Infinex had more time gain better insights into their data to make strategic decisions.