Professional Services Firms Embrace Best Software's MAS 500 Project Accounting

Business Wire, Sept 23, 2002

Business Editors & High-Tech Writers

IRVINE, Calif.--(BUSINESS WIRE)--Sept. 23, 2002

Integrated Business Management Solution Streamlines Project

Management, Lowers Overhead Expense, Enhances Profitability

Best Software today announced that dozens of professional services customers have embraced MAS 500 Project Accounting, the company's complete project accounting solution, since purchasing the product earlier this year.

Offered as an integrated module for MAS 500, Project Accounting is used by mid-sized professional services firms, including IT consultants, design and engineering firms and advertising agencies, that need a complete solution to connect project data with their accounting and business management systems. MAS 500 provides business management applications to mid-market enterprises with 20 to 1,000 employees.

The more than 60 customers that have purchased the product since its introduction in December 2001 represent a broad range of industries, from metal fabrication and health-care services to IT consulting and creative design.

The Hurwitz Group, a Framingham, Mass.-based technology industry research firm, uses MAS 500 Project Accounting to recognize revenues based upon percentage of completion, a capability they could not find in competing products. MAS 500 also lets the firm merge percentage-of-completion income with retainer income, giving a comprehensive, accurate view of revenues quarterly and at year end.

"(MAS 500) Project Accounting does everything we need it to do," said Wendy Hinckley, Hurwitz's controller. "We can get an accurate view of our revenues quickly, without redundant key stroking or importing from another program. As soon as we saw the demo, we knew this was just what we were looking for and couldn't wait to get the program installed."

    Other recent Project Accounting customers are enjoying similar
benefits:

--  Creative Media Development, a graphic design shop that creates
    multi-media tools and applications, selected MAS 500 Project
    Accounting for its billing and analysis capabilities, and
    eTimesheets for time tracking. The firm was looking for a solution
    that would provide automated fixed fee billing, track time for 200
    consultants and analyze actuals for future bids.

   "We believe (MAS 500) Project Accounting will keep us competitive
    in the marketplace while improving profitability," said Dave
    Eakin, the company's CFO.

--  Trican Wells, a Calgary-based oil field services company, uses MAS
    500 Project Accounting to track the construction of individual
    equipment units as projects, allocating time and material expenses
    accordingly.

   "Building one piece of equipment can take up to six months," said
    Mike Baldwin, Trican's manager of finance. "MAS 500 Project
    Accounting allows us to track units as the assembly project
    progresses. We create a budget for each unit, then charge invoices
    against it -- easy to do because the module is integrated with AP.
    In addition, Project Accounting tells our managers exactly how far
    along a new unit is, and when we can expect to put it into
    operation. I can't stress enough how valuable this information is
    to us."

--  Waco International, one of the world's largest manufacturers of
    scaffolding and shoring equipment, chose MAS 500 Project
    Accounting for its ability to deploy a remote access-compatible
    system on a robust technology platform, control and manage
    inventory effectively and standardize operations for all sites.
    They also noted the product's ease-of-use and drill-down
    capabilities as other factors leading to their Best Software
    decision.

According to David Butler, president and chief operating officer of Best Software's Mid-Market Division, the recent customer wins demonstrate how MAS 500 Project Accounting enables professional services organizations to better streamline the management of complex projects.

"By integrating with other MAS 500 modules, Project Accounting enables managers to be in sync with their accounting counterparts where costs and profits are concerned," Butler noted. "The solution provides ample flexibility to structure projects to meet specific customer criteria, while effectively tracking time, labor and costs."

Designed for projects requiring teams of all sizes, MAS 500 Project Accounting gives deep, up-to-the-minute updates on actuals vs. estimates and forecasts in addition to a complete audit trail of all labor, expense and material costs for any given project. Empowered with such information, managers can identify and prevent cost overruns before they occur, helping to better ensure bottom-line savings.

Project Accounting's tight integration with MAS 500 Purchase Order, Inventory Management, Inventory Replenishment and MRP modules lets users quickly access information on material purchases, transfers and demands through one turn-key application.

The solution also provides remote time and expense entry, as well as project status inquiry and approval, from anywhere in the world via the Internet. With this knowledge-management capability, project managers and supervisors can obtain timely information about project profitability, while remote workers are assured that their time and expenses are accurately tracked and entered.