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Delaware Technology Park
Cutting edge office park moves financials to the cloud with Intacct
Automated calculation of cost allocations, tenant billing, and consolidations
Reduced the time required to manage and complete critical processes from days to a few hours.
A secure, cloud-based system that allows access to financial information at any time, from anywhere, so decisions can be made quickly
- Delaware Technology Park had two separate systems to handle their accounting needs.
- A decision was made to move to the cloud to allow for more timely access to information. Intacct was seen as the right software solution.
- Delaware Technology Park chose Intellitec Solutions as their implementation partner, based on long standing relationship with the firm.
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 wanted a cloud-based accounting solution to help them get up-to date information and make appropriate decisions. They needed a system that would scale to assist their growth, and would not require new IT infrastructure.
Intacct Cloud Accounting from Intellitec Solutions - Intellitec Solutions implemented Intacct's financial modules to enable access to financial information at any time, from anywhere .
The complete story
The Delaware Technology Park (DTP) is a recognized, leading East Coast nonprofit research park that stimulates economic growth and creates high-value jobs in the mid-Atlantic region. DTP fulfills its mission by providing development-stage life science, information technology, advanced materials, and renewable energy companies with affordable, state-of-the-art facilities, access to necessary resources, and connections to the region’s industry, government, and academic leaders. Located in northern New Castle County, DE, adjacent to the University of Delaware, DTP is within a 35-mile radius of 30 colleges and universities, providing access to research and a highly skilled, educated technology workforce.
DTP welcomed its first company in 1992. Since its inception, DTP has housed more than 75 companies, including 25 companies that have matured and graduated from the Park. DTP has helped create more than 16,000 new jobs in the community. In 2005, the Association of University Research Parks (AURP) recognized DTP as the Outstanding Research/Science Park of the Year. Additionally, the U.S. Council on Competitiveness recognized DTP as a model research park for its regional economic development initiatives across the U.S. and Mexico.
DTP currently comprises three separate corporate entities: DTP, UPA I, and UPA II. DTP is the sole owner of UPA I and UPA II. These companies are consolidated for financial reporting, and they also run their own separate financials. They operate with both calendar and fiscal year structures. DTP Company also owns and manages four buildings; office space in those buildings is leased to various startup technology companies.
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.
Goals for New System
DTP wanted a user-friendly solution that would automate manual processes, support data entry from anywhere, improve financial controls, and reduce the need to export data to Excel. The system needed to allow them to grow and scale while operating with limited IT support.
DTP desired a cloud-based solution that would provide access and metrics to key managers, giving them up-to date information to help them make appropriate decisions and take necessary action. Such a solution would facilitate disaster recovery and ensure data security. The ability to electronically store supporting documents would help with transaction review, approval, and research.
Working together with Intellitec Solutions, DTP selected and implemented Intacct as their new accounting system. A secure, cloud-based system, 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 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.”
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