Gemstone Hotels & Resorts Upgrades from Microsoft Dynamics to Intacct for Its New Financial Management and Accounting System

Published on November 24, 2008 in Computer & Electronics, Computer Software, Internet, Technology

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Intacct Chosen for Its Low Total Cost of Ownership, On-Demand Delivery Model and Robust Financial Reporting and Analysis Capabilities

SAN JOSE, Calif. (November 24, 2008) –

Intacct, a leader in on-demand financial management and accounting applications, today announced that Gemstone Hotels & Resorts, LLC has selected Intacct as its new financial system of record. Gemstone, a company that specializes in managing upscale boutique hotels and unique resorts across the U.S., chose Intacct to improve financial visibility, decrease IT costs and streamline financial management of its multiple properties.

Gemstone, based in Park City, Utah, currently manages a dozen hotel and resort properties across the U.S. The company is growing fast and expects to double its number of properties within the next two years. This growth and the added complexity these new properties will bring to Gemstone’s financial processes and IT infrastructure led the company to reevaluate its previous Microsoft Dynamics(TM) AX ERP system.

In evaluating potential options for a new financial management and accounting system, Gemstone looked at solutions from Intacct, Microsoft and Aptech, which offered a solution tailored specifically for the hospitality industry. Gemstone quickly determined that the Microsoft and Aptech solutions would require a significant investment in IT infrastructure to implement and maintain, something they wanted to avoid. Gemstone was also looking for a solution that offered robust reporting capabilities. Intacct, with its Software as a Service (SaaS) delivery model and powerful reporting and analysis capabilities became the obvious choice.

“We were very impressed with the deep functionality provided by the Intacct financial management system. The increased financial visibility from Intacct’s reporting and dashboard capabilities will enable us to better manage our business as we grow,” said Greg Hooper, director of property accounting. “We wanted a stable solution that was independent of our corporate computer infrastructure, with its related support requirements and periodic downtime.”

Intacct will provide Gemstone with a financial management system that helps deal with the complex accounting involved with running multiple properties, each with their own finances, staff and vendors. Intacct delivers real-time visibility into operations, allowing resort managers to easily view per-bed profitability reports and corporate managers to view property-by-property comparisons. Intacct’s multi-entity functionality will also enable Gemstone to easily consolidate the finances from all its properties, while allowing each unit to function completely autonomously.

Key benefits of Intacct for hospitality management companies like Gemstone include:

* Superior financial and accounting applications that automate key processes and ensure GAAP and SOX compliance
* Real-time business visibility into each property individually, as well as into the business as a whole, ensuring that companies are always on top of their finances
* Granular permission controls so staff can enter information for their specific properties and locations, without accessing the rest of the company’s financial management system
* Financial consolidation in whatever way makes the most sense to their business – whether its by geography, currency, ownership or operations

“One of the most impressive things about Intacct is its multi-entity management capability,” added Hooper. “We wanted a solution that would allow us to easily add and remove financial entities as we acquire and divest various properties. In addition, we needed a solution that would continue to allow us to do both centralized and decentralized accounting. Intacct meets these needs perfectly.”

For more information about the Intacct financial management system, please visit http://us.intacct.com/pr/products.

About Gemstone Hotels and Resorts, LLC
Headquartered in Park City, Utah, with offices in Stamford, Conn., Gemstone Hotels & Resorts, LLC, is a full-service management and asset management company that specializes in luxury and upscale urban hotels and complex resorts. The company is engaged in resort and unique hotel marketing and management and asset management for a variety of major hotel real estate investors and owners. Gemstone currently manages or asset manages more than 20 projects. Additional information about the company may be found at www.gemstoneresorts.com.

About Intacct
Intacct is a market and technology leader in on-demand financial management and accounting applications. The company’s award-winning solutions are used by thousands of businesses, from startups to public companies, and are designed to improve company performance and make finance more productive. Intacct automates key business processes from order entry through cash collection and procurement through vendor payment. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Web via Software as a Service. Intacct is the only on-demand financial management solution seamlessly integrated with salesforce.com. As a company grows, Intacct’s deep and mature applications, SAS 70 Type II certification, and documented processes support Sarbanes-Oxley compliance for public enterprises.

Intacct is headquartered in San Jose, California, with operations in Bangalore, India. For more information, please visit www.intacct.com or call 877-437-7765.
Media Contact:
Peter Olson
Tel: 408-878-0951
Email: polson@intacct.com

Source: Intacct

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