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

Integrated Business Management Solution Streamlines Project Management, Lowers Overhead Expense, Enhances Profitability

Irvine, Calif. - September 23, 2002 - Best Software announced today 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 that connects 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 healthcare 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,” says 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," says 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,” says 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 notes. “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.

MAS 500 modules include financials, manufacturing, distribution, customer relationship management (CRM), project accounting, human resources, payroll, enterprise reporting and electronic commerce. MAS 500 has won three consecutive Microsoft Best Technology Integration Awards and three consecutive Software Technical Assistance Recognition (STAR) awards for outstanding customer service.

Pricing
The average selling price of MAS 500 is $20,000 for a multi-user system with a range of modules; discounts are available for existing Best Software customers. Actual list price varies depending on additional purchased modules and the number of concurrent users.

For further information, call (800) 854-3415, or visit www.bestsoftware.com.

About Best Software
Best Software offers leading business management products and services that give over 1.6 million small and mid-sized customers in North America the insight for success throughout the life of their business. Its parent company (London: SGE.L) supports nearly three million customers worldwide and has revenue of nearly $700 million. For more than 25 years, Best has delivered easy-to-use, scalable and customizable applications through its portfolio of leading brands, including Abra, MAS 90, FAS, MIP NonProfit Series, SalesLogix, Peachtree and ACT!, among many others. For more information, please visit the Web site at www.bestsoftware.com/moreinfo or call (866) 308-BEST.

Printer Friendly

Email Page

Sponsor Message