IFAC is the global organization for the accountancy profession. IFAC is comprised of over 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.
IFAC switched to Intacct several years ago to gain a modern cloud-based system. They have seen outstanding results so far, including reducing the burden on their IT team, gaining more timely insights, and streamlining processes. Intacct has reduced IFAC’s data processing by about 50% and significantly reduced the time it takes to close the books each month.
Previously, IFAC had to wait up to six weeks before they had any insight into their financial position for that particular period. Now they can log in to Intacct and check to see where they are in real time. The ability to have that instantaneous insight and confidence in the numbers has made a huge difference for IFAC as an organization.
IFAC is also using Intacct to manage detailed costing for departments and individual projects. As a nonprofit organization, they are accountable to a variety of stakeholders and receive grant funding from a number of different sources. The ability for them to segregate costs and report things down to the project level has enabled IFAC to have the insights necessary to better manage spending, as well as to report to their external stakeholders how their money is being used for various projects.
“From my standpoint as a CFO, the key process improvement that Intacct has provided really is around timeliness,” said Russell Guthrie, CFO of IFAC. “It allows us to focus on other strategic aspects of the business. We can spend less time doing our internal accounting and focus more on what we want to accomplish as an organization.”