SOURCE: Intacct

Intacct

January 24, 2011 10:30 ET

GlobalSCAPE Selects Intacct to Streamline Revenue Management and Improve Real-Time Financial Visibility

Publicly Held Software Vendor Consolidates Financial Management, Order Entry and Revenue Recognition With Intacct's Cloud Financial System

SAN JOSE, CA--(Marketwire - January 24, 2011) - Intacct, a leader in cloud financial management and accounting applications, today announced that GlobalSCAPE, Inc. (NYSE Amex: GSB) has selected Intacct as its new financial management, accounting and revenue management system. GlobalSCAPE previously used Microsoft Dynamics GP (Great Plains) coupled with custom-built applications for revenue recognition.

GlobalSCAPE is a growing, public software company that provides customers worldwide with secure, intuitive and efficient managed file transfer solutions. GlobalSCAPE's finance team had been striving to streamline financial processes that are essential to software companies, including revenue recognition, order to cash and financial reporting. Moving from Dynamics GP and custom-built revenue recognition applications to a complete cloud financial management, accounting and revenue management system from Intacct will enable the company to enhance business processes, improve operational efficiencies and gain greater and more timely insight into company finances.

Intacct's advanced and automated revenue management capabilities will allow the GlobalSCAPE finance team to significantly increase productivity and more easily satisfy compliance requirements. For example, they can now easily define reusable revenue recognition templates and rules from within Intacct. Based on these rules, Intacct can automatically generate amortization schedules and apply them across contracts, orders or line items. In addition, Intacct will help ensure the finance team continues to stay in compliance with the complex and rapidly evolving revenue recognition rules and guidelines from FASB and IASB such as EITF 08-1, EITF 09-3 and SOP 81-1.

Intacct's advanced reporting and analysis capabilities will also deliver considerable benefits to GlobalSCAPE. Intacct's flexible and extensible General Ledger provides GlobalSCAPE with a strong foundation for real-time multi-dimensional planning, reporting and analysis -- something they could not easily obtain from Dynamics GP. The finance team can now easily build real-time reports and dashboards that contain exactly the information that each executive, employee or other authorized user needs or wants to review. This ensures the most important and relevant business insights are at everyone's fingertips, whenever they need it.

"When we evaluated Intacct, we were excited about the dashboarding and reporting capabilities of the system, as well as the ability for all employees to have access to these reports at all times and from anywhere they have access to the Internet. The move to Intacct will provide us with the last piece of the puzzle in our overall level of financial visibility," said Mendy Marsh, CFO of GlobalSCAPE. "With our previous system, we did not have real-time reporting on revenues. For example, to generate reports on recognized revenue the accounting staff would have to go through a whole series of report conversions, which typically took at least half a day if no errors were found. With Intacct we will get all of that time back, so we can focus on far more important value-added activities."

Previously, GlobalSCAPE's order entry and revenue management system required a programmer to code any revenue recognition rules the finance team needed. This meant translating business requests into language the programmer could understand and code -- a difficult, tedious process that required iteration to refine and verify the rules implementation. The system also had certain challenges due to its reliance on Microsoft Access and offered limited reporting capabilities.

"When we started our search, the main goal was to find a new financial management system that was designed specifically for the revenue recognition requirements of a public software company," noted Marsh. "The new system had to be easy to administer, and it would have to work with our current CRM applications. In addition, we wanted revenue recognition to be invisible to our sales team so they could focus on the sales process."

The finance team initially evaluated other stand-alone revenue management solutions. However, there were significant concerns that the solutions were largely batch-based systems and wouldn't work as well with the real-time nature of GlobalSCAPE's current business. The team also considered several commercial revenue recognition add-on packages for Microsoft Dynamics GP, but they were quickly ruled out as not being sophisticated enough to support the specified requirement. When GlobalSCAPE evaluated Intacct, they found not only a solution to their revenue management needs, but also a lot more.

"Initially, we weren't really looking to switch our entire financial system; we thought we would just attack the revenue recognition aspects of our business processes and systems. However, we found that Intacct offered us all the functionality we needed from both a financial management and accounting perspective, as well as a revenue management perspective -- and Intacct delivered this at a lower total cost of ownership and level of complexity," continued Marsh. "With Intacct, we get everything a growing public software company needs in one system. This allows us to remove the typical integration challenges and get up and running faster."

To learn more about how Intacct helps leading software companies streamline their quote-to-cash process, automate revenue recognition and renewals, accelerate financial consolidation and close processes, and increase real-time visibility into their business, please visit http://www.intacct.com/solutions/software_saas.php.

About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San Antonio, TX, is a leading provider of secure information exchange solutions. Since the release of CuteFTP in 1996, GlobalSCAPE's solutions have continued to evolve to meet the business and technology needs of an increasingly interconnected global marketplace. Serving a customer base that spans more than 150 countries and includes the majority of Fortune 100 companies, GlobalSCAPE's primary focus is providing customers with intuitive and efficient managed file transfer (MFT) solutions while also ensuring end-to-end security. For more information, visit www.globalscape.com, Blog, or Twitter.

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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