Intacct Alliance with OpenAir.com Extends Benefits of Web-based Accounting System to a Variety of Workers

Business Wire, Sept 20, 2000

Business Editors and High Tech Writers

LOS GATOS, Calif.--(BUSINESS WIRE)--Sept. 20, 2000

Expense and Time Tracking Service Lets Workers Help Accounting

Department Control Company Costs

Intacct Corporation, the leading provider of professional-strength, web-based accounting and related business services, today announced a strategic alliance with OpenAir.com, a top provider of web-based time, billing and expense reporting services. The alliance allows Intacct accounting clients to extend the service's time and cost savings to a variety of workers, who can quickly and easily log expenses and hours into their Intacct systems via OpenAir.com. Intacct and OpenAir.com have arranged for their systems to communicate with each other automatically over the Internet.

Intacct customers enter their time, expense, and billing data into their account in the OpenAir.com website. After entering an identifying code, OpenAir.com automatically routes the information to the user's Intacct system. This service will be available in November.

"OpenAir.com takes the sting out of performing the many administrative tasks accounting departments demand of employees," said William O'Farrell, CEO of OpenAir.com. "Intacct employees and clients will benefit enormously from the more timely and accurate data that pours into accounting."

"Accounting is an organization's engine room. It is where money is gathered and disbursed to power corporate objectives," said David C. Thomas, CEO of Intacct. "By expanding access to a company's web-based accounting center, Intacct allows an important new group of workers to stoke the accounting engine with crucial cost information. The result is that Intacct will allow all business functions to run even faster and more efficiently."

Tracking your burn-rate in real-time

Remote salespeople, billable employees, project workgroups, and satellite offices can electronically log hours and expenses directly into Intacct's accounting system, via OpenAir.com, without having to master any accounting functions or re-key data. Rather than accounting being forced to wait for expense reports until traveling workers return to the office-based system, a common bottleneck, these workers can now file expenses via the web from anywhere and at any time. OpenAir.com users save an average of four hours a month by filing their expenses and hours on-line. That is equivalent to approximately $600 per month, enabling multi-user organizations to save tens of thousands of dollars per year.

In addition to saving time for accounting and non-accounting staff, companies can also use this new service to more closely monitor costs. Product development teams can log time directly into Intacct on a daily basis, giving companies real-time expense management and cost control. CPAs can take advantage of the OpenAir.com service to expedite client billing.

Intacct's alliance strategy

The OpenAir.com alliance is one of several strategic alliances that will integrate key services into Intacct's core accounting offering. The alliances will enable Intacct subscribers to take advantage of the benefits of the Web for such tasks as online auditing, contract management, and property management.

Because Intacct is entirely web-based, integration with OpenAir.com and other web-based services is facilitated through Extensible Markup Language (XML), the standard for web-based sharing of business data. Deeper levels of integration are possible through co-development ventures, such as Intacct's agreement with Deloitte & Touche to co-develop the industry's first web-based auditing tool. (See separate release, Deloitte & Touche and Intacct to Pioneer First Web-based Auditing Service, June 26.)

About OpenAir.com (www.openair.com)

OpenAir.com, founded in 1999 as Timebills.com, is a trusted web-based platform of seamlessly integrated services that efficiently and economically streamlines business processes. Headquartered in Boston, OpenAir.com expedites the circulation of company information through a network of linked administrative services. These services allow professionals to analyze employee time, report and approve travel expenses online, track and bill time, create and deliver invoices, track projects, build proposals and outsource payroll and expense reimbursement. OpenAir.com currently helps more than 35,000 professionals to remove the frustration associated with common business tasks to drive revenue more efficiently. OpenAir.com is free for the first user. Each additional user pays only $9.95 per month for all five integrated services.

About Intacct Corporation (www.intacct.com)

Intacct Corporation is the first company to provide professional-strength, web-based accounting and related business services. Intacct is designed for companies that need more than an entry-level PC-based accounting package but want an alternative to complex, IT-intensive client/server solutions. Offered on a monthly subscription basis, the Intacct service can be accessed via any browser.

Founded in June 1999 by accounting software pioneer David Thomas, developer of one of the first PC-based accounting systems, Intacct is funded by the venture capital firm Hummer Winblad Venture Partners.