Managing the finances of a company whose holdings span the country - from Ohio to Alaska and Hawaii - can be a major logistical challenge, particularly when handled using manually prepared Excel spreadsheets. Today's fast-paced business environment requires more automation and more points of access, which is why companies such as Cincinnati-based Kith Media are adopting cloud accounting software solutions such as Intacct.
Kith Media, a phone book and local search publisher with a number of separate subsidiaries, recently announced that it had switched to Intacct's cloud financial software platform after determining its existing solutions were too limited. The company needed to maintain separate books for each business property and eliminate the use of tools such as Excel, which kept data outside of its current financial system. Additionally, its use of single-entity QuickBooks software made it difficult to manage finances and processes across a distributed infrastructure.
To handle the revenue recognition and expense management challenges created by a business footprint that includes properties in a far-flung group of states, Kith Media turned to the cloud. Cloud solutions for business such as Intacct offer multi-point access, better operational oversight and increased automation, making them an obvious solution for companies whose bookkeeping requires input from multiple locations. The pay-as-you-go pricing model of Intacct also made it easy for Kith Media to quickly roll it out without a major initial expense.
"As a new business with a compressed timeline for launch, we were looking for a flexible and economical cloud-based financial management system that could adapt to our changing needs," said Jim Henderson, Kith Media's CFO, adding that Intacct had the best capabilities and pricing structure to support his company's business model.
The flexibility advantage of the cloud
Intacct and other cloud financial software solutions are increasingly popular as companies look to move beyond the limitations of on-premise software. The company noted in February that it had expanded its client base by nearly 50 percent following a wave of cloud interest, even as on-premise financial software growth remained relatively flat. Compared to on-premise solutions, cloud software offers added flexibility, as users can access it from anywhere. Additionally, it runs on external servers, keeping business data safe from outages and preventing data loss.
"Intacct has all the features and flexibility we could ask for in an accounting solution, and it is very easy to use," Henderson explained. "After setting up our financial processes in Intacct, revenue and expense management became simple and painless. We appreciate that Intacct is up and running 24x7, and we never have to worry about the system being down, getting outdated, losing data, or requiring IT support."