SOURCE: Intacct

Intacct

December 15, 2010 10:30 ET

Church of the King Switches to Intacct Cloud Financial Applications

Rapidly Expanding Not-For-Profit Seeks More Robust and Scalable Financial Management and Fund Accounting System

SAN JOSE, CA--(Marketwire - December 15, 2010) - Intacct, a leader in cloud financial management and accounting applications, today announced that Church of the King has replaced its on-premises fund accounting system with Intacct's cloud financial applications. Significant growth in the size of its ministry, coupled with expansion into new communities and new programs, led church leadership to seek a more modern, robust and scalable solution to support the ministry.

Church of the King currently has four campus locations in the Greater New Orleans and Gulf Coast regions. With plans to grow locally as well as globally, the church wanted a system that would enable easy access to financial data from anywhere in the world, thus helping to ensure informed decisions and fiscal execution at all levels and in all geographic regions. The leadership team considered traditional on-premises accounting software solutions, but found Intacct's system to be the most scalable, user-friendly and cost effective. Intacct's web-based approach, which enables anywhere, anytime access to financial information over the Internet and easy distribution of fiscal responsibilities across multiple locations and management functions, was a perfect fit. 

"As we researched potential solutions, including speaking with other current users, we were very impressed with Intacct -- both as a company and as a financial system," said Gary Borgstede, chief administrative officer at Church of the King. "In the end, Intacct offered us the best overall solution for our needs and provided a better total cost of ownership and expected return on investment."

There were several specific areas where Intacct stood out from the competition. Church of the King felt Intacct offered an intuitive, user-friendly interface and delivered extensive functionality that would increase productivity. Church of the King also liked that Intacct offered the ability to easily integrate their financial system with the church's existing IT infrastructure, including Fellowship One church management software. Intacct's flexibility around reporting and analysis was critical, especially the ability to report financial information using a variety of dimensions -- both financial and operational -- in standard as well as customized formats. The church will now be able to report departmental financial statements on a timelier basis, allowing the management team to make better-informed decisions about their respective ministry departments and also provide various financial ratio analyses not available in the former system.

Another key area Church of the King is looking forward to improving with Intacct is streamlining its purchase order and expense management processes. Previously using manual and paper-based processes, employees will now be able to quickly and securely create and submit purchase requisitions and expense reports online. Intacct provides managers and finance staff with automated e-mail notifications that their approval is needed -- allowing them to log in from anywhere to review and approve submissions or send back requests for more information. Since the entire system is real-time and web-based, purchase requisition and expense processing cycle time is reduced, accuracy is improved and costs are minimized. According to recent analyst studies, moving from manual, paper based processes to an automated, web-based system like Intacct can save organizations as much as $25 per employee transaction processed.

"We expect Intacct will provide us with much improved financial visibility across our organization," commented Borgstede. "Financial oversight, reporting, analysis, budgeting, and operational cash flow management will all improve with our switch to Intacct. I also expect Intacct to improve employee satisfaction and empowerment, as each leader will now be more capable of stewarding their respective areas of management with appropriate budgets that support our strategic plans and timely reporting of actual performance." 

Additionally, looking forward to Church of the King's future impact, the ability to easily consolidate and combine financial statements across different entities and geographies will be critical for its new financial system, as the church continues to reach people and build lives in the local community and around the world. Intacct features built-in multi-currency, multi-entity and financial consolidation capabilities that make enterprise-class global business management affordable for growing organizations like Church of the King.

"Throughout the entire due diligence and selection process, Intacct demonstrated the highest degree of excellence and professionalism," noted Borgstede. "Now that we have selected Intacct and are engaged in the implementation of the application, the same superior qualities are on display. We look forward to being an Intacct user for many years to come."

To learn more about how Intacct's cloud financial applications help not-for-profit organizations, please visit http://www.intacct.com/solutions/not_for_profit.php.

About Church of the King
Church of the King, with multiple locations in the Greater New Orleans and Gulf Coast regions, is a non-denominational church born in the hearts of Pastor Steve and Jennifer Robinson in 1999 and launched in September of that same year. Church of the King exists to reach people and build lives -- both locally and globally through local and foreign mission opportunities. Each year, the church gives more than ten percent of its income to these efforts that extend around the globe. For more information about Church of the King, please visit www.churchoftheking.com or www.facebook.com/churchoftheking.

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 www.intacct.com or call 877-437-7765.

Intacct and the Intacct logo are trademarks of Intacct Corporation. All other company and product names mentioned herein may be trademarks of their respective owners.

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