Since Intradiem began using Sage Intacct, the company’s controller Michael McMahon rests easy at night, knowing there is no missed billing. He has no doubts that all billing is being captured when due, though that wasn’t always the case.
Intradiem is a fast-paced solution for contact center operators, primarily in the financial services, banking, retail and telecom space. The company has been in business for about 20 years and has been operating in its current form for the last five years.
A better way to manage billing
When McMahon joined Intradiem almost three years ago, it needed a different way to manage revenue and billing, particularly current and future billing schedules for customers. The company has been using a combination of Excel and QuickBooks, sometimes even relying on email and calendar notes to keep up with billing. It was very easy for invoices to get missed sometimes. He was tasked with finding a more effective way to manage revenue and billing operations.
Though he’d used Sage Intacct at a previous job, McMahon still shopped around, comparing enterprise resource planning (ERP) software products, like NetSuite, to see which one would work best for Intradiem. Ultimately, the company chose Intacct, because McMahon was familiar with the way it worked and he liked all of its features and functionality.
He also knew that Sage Intacct resellers serve as a valuable resource, both for installing the software and for ongoing needs. He had a good relationship with InCloud360 from a previous job and was particularly impressed with the support offered.
Intradiem made the switch to Sage Intacct two years ago. “I think it has been a great investment,” McMahon said.
One of the reasons Intradiem, which is privately held, began using Sage Intacct was to be ready for a future acquisition. When potential buyers see that a company is not using an ERP system, it looks pedestrian and they may question scalability, McMahon said. With Sage Intacct, he can tell buyers that all the schedules auto-reconcile and won’t be out of balance.
Using Intacct shows potential buyers due diligence and is much better in terms of value, he said. Potential buyers can easily review the company’s accounts using Intacct’s digital dashboards and view key performance indicators day to day, week to week and month to month. “When you show that to a potential investor, they like that,” McMahon said.
In addition to helping make a good impression on investors, Sage Intacct has streamlined everyday tasks and long-range projects at Intradiem. “One of the first things was getting control of visibility into the future billing for our company. That drives our cash, which is our lifeblood,” McMahon said.
One of McMahon’s favorite features is the contracts module, which allows for scheduling for the entire life of the contract. All of the billing and all of the revenue recognition is accounted for and contracts balance with Sage Intacct. Also, answers to any and all questions from managers and customers can be found easily. With customized dashboards, every stage of the contract, from fulfillment of performance obligations and revenue recognition to billing and collection, can be closely examined.
Audits have gone more smoothly since the company began using Sage Intacct. Using the system has made audits much cleaner than previous audits that were based on Excel spreadsheets, which are prone to human and system error, McMahon said.
Using Sage Intacct has also been beneficial to the company’s changeover to ASC-606 compliance. The system supports dual ledgers. “Being able to toggle between 605 and 606 is a great feature,” McMahon said.
Though he can imagine doing his job without Sage Intacct, “why would I want to?” McMahon asked.