Industry Insights: TokenEx
Jeffrey Rudd is the vice president of finance at TokenEx, a cloud-based data security platform that offers solutions such as tokenization, encryption, and key management via a highly flexible solution in the way that customers can secure, store, and interact with their data.
Armanino recently interviewed Jeffrey on why TokenEx chose to partner with Armanino during their selection of Intacct and the criteria TokenEx used.
Armanino: Can you share with the readers a little bit of where TokenEx is at right now?
Jeffrey Rudd: Sure! TokenEx has recently experienced tremendous growth over the last three years, averaging 318%. And we received Oklahoma City's Metro 50 award for fastest growing company.
Armanino: That’s fantastic. What was it that led you to look for a new accounting solution?
Jeffrey Rudd: Some of the biggest challenges for our finance department, before our integration with Intacct, was visibility; and being able to have data today versus acting on data from three months ago.
Being a technology-based company we are very forward thinking and so decision-making and being able to have the right data in real time is very important. For TokenEx our vision for implementing Intacct was visibility.
Armanino: What was some of the criteria you used during your selection process?
Jeffrey Rudd: TokenEx is a cloud-based solution. For us, Intacct's cloud-based accounting system was the only way. There was an evaluation of various accounting systems, but Intacct certainly had the better offering.
For TokenEx, being a software-as-a-service company, the decision was easy for us at the end of the day. And being able to have a cloud-based solution in this day and age, it's the only way.
Also, selecting Intacct for TokenEx's accounting system was driven by a system that we can grow into. We have experienced tremendous growth over the last three years and we have big growth plans over the next 3 to 5 years. And I was not going to be doing another integration or outgrowing another accounting system in the short term.
Armanino: How did the implementation process go?
Jeffrey Rudd: The integration of Intacct was very positive for TokenEx. First and foremost, you can have great software packages, but you have to have a great integrator. For TokenEx that was Armanino. Armanino is the company that I still spend a lot of time working with as we phase in multiple projects for our Intacct system. Armanino brought invaluable expertise to the table.
Armanino has been a great partner and advisor for TokenEx during the process of integrating Intacct. There's a lot of sensitive information and conversations when you're integrating an accounting system and it's very important to be able to have a trusted partner. I had that immediately with Armanino and the team.
Armanino: That’s wonderful to hear! Can you share some of the benefits that you’ve seen?
In regards to Intacct and TokenEx, we talk about being able to go to work every day and enjoy what you do. Intacct plays a big part of that.
The TokenEx staff’s response moving from QuickBooks to Intacct has been very positive; tremendous in fact. What I'm able to provide our team on a moment's notice to our investors and our executive team is critical. After not being able to do that before, they are very happy with the transition that we've made from QuickBooks to Intacct.
I remember one of the first reports that I ran was the budget versus actual and forecast. It's still my favorite report. Being able to now present a budget to our executive team which used to take months and now can be done in a matter of weeks, that's incredible!
To be able to have accurate data at a moment's notice for when the CEO places a phone call is important.
Armanino: Those are some phenomenal benefits. Is there any else you would like to share?
Jeffrey Rudd: TokenEx selecting Intacct was about selecting a partner that we could grow with. For TokenEx we very much view the partnership with our customers as, as they grow we grow. And I view the very same for Intacct. As we grow, they're going to grow with us.
Also, integrating an accounting system, whether you have a small finance department or a large finance team, can be quite daunting. But to be able to have a partner like Armanino made the integration seamless. Being able to have a partner like Armanino to contact during the integration process with any problems and being able to have a consultant after you go live with Intacct has been invaluable for TokenEx.
Armanino LLP is the largest independent accounting and business consulting firm based in California. They are a nationwide leader in serving privately-held companies, as well as, non-profit organizations and public entities. The organization provides four main areas of service – assurance/audit, tax, consulting and business management. Our technology focus and global services are key aspects of our service lines. Armanino works with clients in a large range of industries including technology, manufacturing, and distribution, consumer-retail, nonprofit, private schools, real estate, professional services, life sciences, insurance and healthcare.