Intacct Earns A Visionary Spot on the New Gartner Magic Quadrant
Gartner has recently published a new Magic Quadrant covering cloud-based Core Financial Management Applications—and they’ve positioned Intacct it its visionary quadrant. This means the company has a completeness of vision and understands where the market is headed. Intacct is considered a cloud solution vendor that businesses can rely on to help bring their finance and accounting departments into the future.
Let’s break down what this means for Intacct and their customers, including EIS clients who are using Intacct or considering its implementation.
What is a Core Financial Management Suite?
First, Gartner defines core financial management suites as follows. It contains:
- Core functional areas of general ledger (GL), accounts payable (AP), accounts receivable (AR), fixed assets (FA), and project accounting, project costing and project billing.
- Financial analytics and reporting includes provision of financial information (such as P&L and balance sheet) and the ability to provide financial information such as KPIs to managers and executives.
- Basic indirect purchasing functionality (from creating a requisition through to purchase order processing and AP invoice matching and payment), because many organizations, especially midsize organizations, need some basic procurement functionality as part of a core financial applications deployment.
According to Gartner, over the last year and a half, these solutions have matured significantly and have disrupted the market. They are part of financial organizations’ movement “from traditional on-premises deployment to cloud services” due to changing enterprise priorities and technology evolution.
What is Gartner’s Magic Quadrant?
Gartner’s Magic Quadrant is a result of thorough research in a specific market. It’s created to help decision-makers understand the various competing technology solutions available to them today and make an informed selection that aligns with their business needs and goals. Gartner uses a graphical treatment and a uniform set of evaluation criteria to help the user quickly ascertain how technology providers are executing their stated visions and how well they are performing in the market.
- Leaders execute well against their current vision and are well positioned for tomorrow.
- Visionaries understand where the market is going or have a vision for changing market rules, but do not yet execute well.
- Niche Players focus successfully on a small segment, or are unfocused and do not out-innovate or outperform others.
- Challengers execute well today or may dominate a large segment, but do not demonstrate an understanding of market direction.
Intacct: A Magic Quadrant Visionary
According to Gartner’s report, Intacct has been named Visionary “due to its cloud commitment, focus on financial functionality and marketing initiatives for finance.” Gartner notes Intacct’s strengths are that it’s a scalable and functional core financial system with a wide range of APIs, it has a strong vision to use cloud and new technology to support process improvement, and customers consistently provide positive product reviews. In terms of areas for improvement, Intacct has the opportunity to further extend its presence outside of North America as well as into larger and more global organizations.
All of this is great news for EIS’s Intacct customers. The cloud-based software is recognized for its key strength, which is serving growing companies’ needs for more powerful financial and accounting management capabilities. The fact that Intacct is in the Visionary quadrant validates the solution as a trusted go-to for organizations who want to invest in reputable technology that’s positioned to take them into the future.
For details, download Gartner’s report. Contact us if you’d like to learn more about Intacct and find out if the cloud-based solution is the right fit for your company.