WebassignWebAssign Streamlines Financial Processes and Increases Project Insights with Sage Intacct
"From smooth, painless financial closes each month, to quick AP entries, to easy-to-use accounts receivables features, every single process works in Sage Intacct."- Barbara Raess, Financial Planning Analyst, WebAssign
WebAssign is a leading provider of online learning solutions for higher and secondary education. Incubated at North Carolina State University, it has grown rapidly, and major academic publishers use its online homeworking and grading tools for over 600 math and science textbooks.
As its business became more complex, WebAssign struggled to capture and monitor data using QuickBooks and Excel.The company also needed visibility into individual engineering projects so it could make better forecasts about the resources needed to add new product features.
WebAssign initially tried to solve this by moving to Microsoft Dynamics GP but faced significant internal resistance because the system’s clunky timesheet interface created barriers for employees.
The company resorted to a paper-based timesheet approval process, but this created a cumbersome paper trail for human resources and no easy way to track if everyone on the 70-person team was turning in timesheets.
Massey Consulting helped WebAssign move ten years of historical financial data from both Dynamics GP and QuickBooks into Sage Intacct. Now, all employees – from the president on down – have user and role-defined web access to Intacct. Using Sage Intacct Project Accounting, the company can easily and accurately capture time and expenses. The finance team has streamlined several other processes using Intacct, from project accounting to accounts receivables and accounts payables, to reporting processes.
With full visibility around employees’ time and expenses, WebAssign benefits from deeper insight into the real-time status and margins of all active and completed projects across the organization. These accurate project report cards help the content services team monitor their revenue stream. Because of Intacct’s multi-dimensional architecture, the company can slice and dice costs and revenues by its most important academic disciplines. This kind of insight represents a key factor in the health of the business.
With the time it has freed from manual bookkeeping tasks, WebAssign’s finance team has been able to devote more energy to collaborating with operational managers. At least two to three times each year, they’re able to sit down with individual managers across the company and talk about each group’s expenses and budgets. With the visibility Sage Intacct provides, the team can get a more accurate reading of where the company is likely going to be by the end of the year, and re-forecast if needed.