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Success Story: Regent Entertainment

Success Story: Regent Entertainment


Challenges:
  • Needed a financial management system that could handle multiple entities
  • A complex corporate structure was impeding Regent's agility in the fast-moving entertainment industry
  • Costly in-house systems would take 2-3 months to implement

Previous Solution:

  • QuickBooks
Results with Intacct:
  • Gained a single, unified, real-time view of all affiliates
  • Saved money, without the need to add costly hardware, software or IT personnel
  • Deployed Intacct in their new office in New York in less than a week

Regent Entertainment Easily Manages Its Multiple Business Units with Intacct


Problem
With offices in Los Angeles and Dallas, Regent Entertainment could no longer rely on QuickBooks to manage its four major business units which included Regent Studios (a full-service motion picture studio), Regent Worldwide Sales (International sales force), Regent Releasing (theatrical releasing division) and Regent Theaters (movie).

Having recently opened a corporate office in New York to support its latest venture - a digital television network reaching over 25 million households - Regent's increasingly distributed organization required a solution that could easily scale without absorbing vast amounts of capital expenditure and labor resources.

"We required a business solution that would mirror and support our dynamic processes, rather than reengineer our business," said Stephen P. Jarchow, president of Regent.

Solution
To manage the financials of its network of companies, Regent selected Intacct's financial management applications, the only Web-based financial management solution with robust multi-entity functionality.

Intacct gave Regent a single, unified, real-time view of all its affiliates. Through Intacct's Web console, corporate headquarters can run budget comparisons and simultaneously collaborate with production sites, sales and distribution offices and movie theater operations. Granular permission controls further allow the head office to redistribute resources between affiliates and grant access to critical data for stakeholders such as auditors, board members and business partners.

As Regent Entertainment continues to grow, the company doesn't need to add costly hardware or software. Intacct simply extends its Web-based services to any office and any user, on demand.

Result
With Intacct's easy integration, Regent was able to implement the back-end operations of its New York office in less than a week. Moreover, as Regent continues to expand, notes Jarchow, "Intacct's multi-entity technology immediately extends transparency and real-time collaboration capabilities to our new locations and companies."

Intacct has also allowed Regent to quickly adjust to a changing market. Utilizing Intacct's analytical tools, for example, executives can immediately access sales figures and budget projections posted by its companies. "Intacct makes us a dynamic enterprise capable of solving business problems and creating new market opportunities," Jarchow concludes.