Intacct for Education Organizations
Every single month in order to close the books, IslandWood, an outdoor learning center on Bainbridge Island, WA, had to: enter all school and customer invoices into QuickBooks; put the summary entries from QuickBooks into Blackbaud Financial Edge; and managed credit card transactions with Excel spreadsheets and then entered into the general ledger.
As a result, the organization didn’t have real time access to track expenses, incomes streams, or cash position.
Now, instead of using two different accounting systems and spreadsheets, IslandWood has automated its financial processes such as invoicing, accounts receivables, credit card reconciliation, accounts payable, and reporting with Intacct.
Intacct for Education Organizations “Better than we could have imagined”
“The efficiencies we’ve achieved by moving to Intacct have been better than we could have imagined and are extremely valuable to our organization,” said Jennifer Sharp, Senior Accounting Manager, IslandWood. “Not only has Intacct saved us several days of cobbling together spreadsheets each month, it has allowed us to keep up with increasing complexity without additional headcount. If we didn’t have Intacct, we would have needed another half-time resources at around $15,000 per year – not an insignificant cost for a nonprofit like us.”
By tagging specific projects, grants, and special events expenses in Intacct, IslandWood can slice and dice its financial data however it wants. This flexibility saves the finance team at least half a day of reporting time each month. More importantly, IslandWood benefits from error-free insight into its different grants and fund types because it can run any report on an individual fund, or across a whole category.
Intacct for Education Organizations – Additional Resources
To read the entire case study of how IslandWood improved it financial processes and reporting with Intacct, click here.
Here are some additional resources from Massey Consulting that may assist you:
Moving to the Next Level: Life After QuickBooks – A white paper for growing businesses
13 Questions to ask when selecting an Accounting System for your private or charter school