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Bill.com and Intacct Merge Financial Applications

By Nitya Prashant, TMCnet Contributing Editor

Bill.com, Inc has announced a new partnership and integration with Intacct, a provider of on-demand financial management and accounting applications. Bill.com provides on-demand accounts payable applications.

The integration of the Software as a Service (SaaS (News - Alert)) financial applications of the two companies is expected to significantly improve their market reach, by helping clients streamline business processes and enhance visibility into financial performance.

Welcoming the partnership, Jeffrey Schultz, vice president of marketing at Bill.com, commented that the low cost ease-of-use and increased visibility into business performance were the fundamentals of the SaaS segment ensured that small and midsized businesses usually choose SaaS over traditional business software application.

Schultz added, “Organizations that are seeking greater control of cash flow and payables and have a desire to eliminate the burden of filing bills and writing checks, will benefit most from the integration of Bill.com with Intacct. By uniting these applications we've simplified the process of managing money, so our clients can focus on growing their businesses."

Clients of Bill.com and Intacct will have savings of between 50% - 80% both in terms of cost and time, company officials said. Vendors, general ledger accounts, departments, and locations stored within Intacct can now be synchronized with Bill.com. Invoice and payment information contained in Bill.com can be synchronized with Intacct.

The combined solution will now help clients have a consistent record of their payables transactions. Clients will no longer need to manually enter data from one application into the other, officials said.

Bill.com has also joined the Intacct-Ready Partner Program, which defines certified integration and aligned business practices between Intacct’s on-demand financial management applications and SaaS vendors.

As part of the integration, Intacct and Bill.com will coordinate service level agreements and customer service procedures and collaborate around product development and marketing programs, official sources said.

Daniel Druker, senior vice president of marketing and business development at Intacct pointed out that clients no longer had to ‘do the heavy lifting’ to combine or manage disparate business applications.

Calling the Intacct and Bill.com integration a new business model, Druker said this model “shifts responsibility for aligning, delivering and supporting business applications to the vendors - where it belongs. Aligning accounts payable with other accounting processes is critical to financial management - particularly in these challenging economic times.”

Bill.com automates critical tasks like accounts payable approval processes, financial document management, cash management, bill payment scheduling, check writing and advanced fraud protection.

Officials said the company offered a secure online system that eliminated paper costs, allowing users to route, approve, pay and file bills, as well as track these activities via the Internet- any time.

Bill.com integrates with desktop and on-demand accounting packages, ensuring consistency of financial data and streamlined financial planning, reporting and audit activities.

Headquartered in San Jose, California, Intacct is a financial management solution company. Its business solutions automate key business processes from order entry through cash collection and procurement through vendor payment, and are designed to improve company performance and make finance more productive.

Nitya Prashant is a contributing editor for TMCnet. To read more of Nitya's articles, please visit her columnist page.

Edited by Jessica Kostek