Halstatt is a family owned investment firm that switched to Intacct in 2014 amid accelerating growth. As a mid-level firm that has up to a billion dollars in assets under management, Halstatt needed a way to better track and understand asset valuations. Closing the books and producing consolidated financial reports across multiple operating companies with the firm’s previous financial system used to take hundreds of hours. In fact, it was so painful, they only did it a couple times a year. Now, Intacct enables Halstatt to essentially continuously close the books and have instant access to critical business metrics—empowering them to more proactively analyze results and reduce risk and exposure by making data-driven decisions.
Halstatt was also an early adopter of the Intacct Check Delivery Service from American Express. The firm found that this service cuts the costs to process and send out each vendor payment check from approximately $36 down to less than $4. When extrapolated across the all the checks the firm sends each month, this represents an incredible cost savings.
When comparing Intacct to other traditional, on-premises options on the market, Halstatt found that Intacct’s cloud-based software was about one-tenth the cost. In addition, due to the streamlined processes and ability to provide real-time access to reports and key business metrics, Intacct only required one-third the staffing to support the firm’s needs.
“A lot of the investment decisions at Halstatt need to be made quickly so we can decide whether we’re going make an investment or walk away because it’s not the right decision,” said Jason Gabauer, Controller at Halstatt. “In the past, it could take hours, days, upwards of a hundred hours and many staff in order to get that information together to make a decision. Now, at any point in time we can go into Intacct, click on a report or use the dashboard to gather this information for decision making purposes.”