Intacct has enhanced its cloud financial management and accounting applications for businesses and CPA firms with its Winter 2010 edition.

New features include enhanced multidimensional general ledger capabilities to perform planning, reporting or analysis for any business or industry in six new dimensions, for up to 12 dimensions. The six new dimensions include customer, project, vendor, employee, item and class.

“All of them can be renamed or repurposed,” said Intacct vice president of marketing Betsy Bland. “You can rename the customer dimension to the fund dimension if you’re a nonprofit.” One of Intacct’s CPA firm customers, LarsonAllen, is using the feature to build report templates for various industries for its own clients.

New revenue management features include support for multi-element arrangements. “You can automate revenue recognition to recognize revenue on a timely basis,” said Bland. “You can set up price lists with the appropriate allocation in advance, and recognize revenue based on the delivery status. If you deliver a smart phone and a cellular contract over the course of 12 months, in the past you had to bundle them all together. The newer features let you recognize revenue earlier and better match revenue to expenses.”

Other features support Web-based financial processes to allow employees to actively participate in financial workflows no matter where they are working. “The cloud provides 24/7 accessibility to your system,” said Bland. “You can extend the system out to a broad employee base, route approvals for expense reports and purchasing to finance, and to the CPA firm for processing.”

Intacct just experienced the second best quarter in the history of the privately held company, according to senior vice president of marketing and business development Dan Druker. “New customers grew 80 percent,” he said. “The dollar value of customers we signed grew 60 percent, on top of year-over-year revenue growth of 50 percent in the last fiscal year.”

The company now has 3,300 businesses using its product, compared to 2,700 a year ago. Druker credited much of the growth to an alliance with the American Institute of CPAs and the growing acceptance of cloud computing. “We’re growing like a weed despite the recession,” he said.

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