The Delaware Technology Park is a provider of office space for companies in the life science, advanced materials, information technology, as well as innovators in many other industries. Their mission is to stimulate economic growth and create high-value jobs in the Mid-Atlantic region by providing affordable state-of-the-art facilities, access to necessary resources and connections to the region’s industry, government and academic leaders
DTP faced significant technology- and process-related challenges in performing business accounting. They used a stand-alone PC running an older, DOS-based system with limited functionality. Only the bookkeeper was able to directly access accounting information in this system, making it cumbersome for company executives to obtain important financial information.
Many key accounting and business processes were performed manually, which hindered operational efficiency. For example, DTP used two stand-alone accounting products: MYOB and QuickBooks. QuickBooks was used to pay invoices related to maintaining the park facilities. Information from QuickBooks then had to be manually entered into the MYOB system. Manual consolidation of financial results for the three different companies was laborious and time-consuming; financial statements were prepared manually in Excel and emailed monthly to management and the board of directors.
Monthly invoices to tenants were manually prepared and emailed. And common expenses for buildings and grounds had to be manually computed, allocated, and billed to tenants. At the same time, DTP was (and still is) experiencing substantial growth, requiring a more robust, functional accounting system without increasing accounting or IT staff.
Clearly, DTP needed an up-to-date, flexible, scalable, and full-featured financial management and accounting solution that could streamline their financial processes. Key requirements included:
- Anytime, anywhere visibility and reporting, with drill-down capability and dashboards
- Real-time entity financial reporting, with consolidations for management and the board of directors
- Ability to facilitate a more formal accounting and reporting structure to accommodate growth
- Ability to store critical supporting documents related to financial transactions.
Working together with Intellitec Solutions, DTP selected and implemented Sage Intacct as their new accounting system. A secure, cloud-based system, Sage Intacct allows access to financial information at any time, from anywhere, so decisions can be made quickly. Critical documents that support financial transactions are available instantly to users within the Intacct system. And Intacct provides DTP with the ability to grow without adding staff.
DTP reports that automated calculation of cost allocations, tenant billing, allocations and consolidations in Sage Intacct not only has resulted in more accurate accounting and financials, but also has reduced the time required to manage and complete the entire process from days to a few hours.
According to Michael Bowman, President of DTP, “The key to the success of our new system was not only selecting the right software solution, but also the right partner to help us with the implementation. Intellitec was organized, professional, and friendly to work with. Their implementation process, methodology, and communication ensured that this project succeeded.”