RealTime IT News

Intacct Corp. Breaks Three Announcements

Web-based accounting services provider Intacct Corporation starts this week with three pieces of news regarding its services.

Today marks the launch of its complete line-up of accounting services designed for growth firms and start-ups, according to David Thomas, chief executive officer.

"We are the first company to announce and launch a service like this for the mid-market," he said.

The service offers double-entry accounting, customized reporting, true closing of books and flexible budgets.

According to Thomas, a key benefit of Intacct's design it its support for XML. Its XML interface provides a foundation for partners to integrate a variety of online business services, all accessible from within the context of the Intacct accounting service.

Intacct Corporation also announced today a partnership with professional services firm Deloitte & Touche LLP. The basis of this partnership will be to co-develop the first Web-based auditing tool that integrates with clients' accounting systems.

Deloitte & Touche will supply the content for the new tool. Intacct will provide the engineering and will host the service.

Thomas told ASP-News that the two companies will unveil this service in October.

"The service will be complete with Deloitte & Touche's logo on it," he said. "This service will enable small firms to provide the same level of content and methodology as the big 5 CPA firms.

Intacct also announced strategic alliances with DiCarta and OpenAir.com .

"Our vision is to offer a richer set of services to the small businesses," Thomas said. "We want to be able to offer more than someone like SAP can to a large business."

Founded in June 1999, Intacct raised $10 million during its first round of funding in March. Lead investor was Hummer Winblad Venture Partners, founded by Ann Winblad.

"It is great to have a venture capitalist who understands the business like I do," he said of Ann.

According to Thomas, Intacct has plans to announce additional alliances in the weeks ahead that will provide online bill presentment, bill payment, insurance processing and payroll processing services.