Take a look at how Sage’s Intelligent Time works seamlessly with Sage Intacct’s software. The newest in AI-powered automation for timekeeping is built into Sage Intacct’s financials with an easy to use app for end-users. This allows a business to better predict project costs, and increase their cash flow. Find out more in the video below.
Sage Intacct hosts a spectacular conference every October that provides top trends, new technology, and guidance for the financial teams throughout the world. This year’s virtual conference brought new Sage products, and ways for CFO’s to take charge and lead as the world around them continues to change. Below are the top three take-aways for CFO’s in any industry.
1) The Evolution of the CFO
The CFO role has changed in the past decade as technology has evolved. The CFO is no longer just the historical record keeper or information protector but rather the data enabler, or strategic business partner. The change has come from technology being able to provide accurate real-time data allowing the CFO to transition from trying to sort the data to analyze what the data means for the company and how to use it for their advantage.
Nowadays a great financial leader can be a peer collaborator and bring real data to back initiatives. They have more of an operator mindset and help the CEO plan for the future with their forecast. They can drive strategical planning through multiple scenarios to allow for better decision making. They are also a technology evangelist because technology is what is helping take the manual work away from them and their team to allow them to be more business influencers.
Overall CFO’s today are just as important to a company’s success as the CEO because they are the ones with all the data at their fingertips.
2) Using Technology to Drive Change in Your Organization
Building on the concept that a CFO should be a technology evangelist is that CFO should be using and implementing the newest technology to drive change in your organization.
Technology is eliminating hours of manual work, the use of old data for decisions, and the back and forth between departments for payroll, insurance, sales, etc. The financial leaders embracing technology are the ones that are creating a profit or growth within their company. They are allowing the senior management team to work on new data, focus on initiatives vs. managing the manual processes.
What did the CFO’s say they were able to do better through technology now? Track labor costs manage their pipeline, people management, have on-demand insight, and be a forward-thinker. Embracing technology allows the CFO to deliver what the CEO/owners/investors/board needs in a timely fashion.
3) Seeking Ways to Continue to Learn
2020 has brought upon a crisis that has forced CFO’s to go outside of their comfort zone. This created a cross-learning opportunity for financial leaders to work with companies larger than themselves, to meet with other leading industry experts ultimately resulting in new and exciting ways to operate. As business is starting to return to normal in most areas the thought is to not go back to the previous bubble but rather continue to learn from one another to strengthen your knowledge base. Step outside your comfort zone to learn from colleagues, stakeholders, clients, and other industry financial leaders and collaborate.
Adapting in 2020 for company leaders can be the difference between growth and standing still.
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2020 has brought upon cancelations, decreased opportunities, and a lack of interactions. From a business perspective its less interaction with vendors, and customers. It less learning opportunities at conferences, lunch and learns, and networking events. This can be overwhelming and seem to halt your business’ forward movement. However, Sage Intacct has taken this opportunity to provide a virtual connection by turning the Advantage 2020 Conference into a virtual event. So why should you log in for the two-day event?
Virtual-
It’s virtual, therefore you can remain safe from your office or home while still having the ability to learn about best-in-class practices, new marketplace partners, and more. Plus, who doesn’t want to stay in their pajamas for a conference??
Another bonus of it being virtual is the lower price tag. Your entire team can attend this year for only $79 a person. This is great for new team members, entry-level positions, and those outside the financial team.
The sessions will be available for an additional 30 days after the conference in case there are multiple sessions at a time you want to watch. It also allows you to engage in the session and go back for notes afterward.
Connect-
Since this year has taken away so many of the “normal” opportunities to connect with others in your industry take this opportunity to virtual meet and greet others on the same journey as you, those in similar industries, and others that can provide guidance on what they are doing to keep their financial team moving forward. Get inspired by new connections!
Finding out what’s new-
Advantage 2020 has always been a leading conference in the ERP world. Take this opportunity to learn about product innovations, industry insight, and best practices from top professionals. You will also have the ability to schedule private meetings with the experts to get your product questions answered.
Sign up today to reserve your spot and start planning your schedule. Don’t miss out on Sage Intacct’s Advantage 2020.
Revenue Recognition is the cornerstone of accrual accounting with the matching principle. They determine when revenues and expenses are recognized for businesses. This is particularly important for industries like software as a service. The stakes are high for companies to ensure proper tracking for EOY reporting and audits. Using technology to automate revenue recognition can eliminate the risks of an employee handling it manually. There are a few common risks that manually completely rev rec comes with, and how technology reduces them.
Event-Based Revenue Triggers:
Revenue release can be deferred until certain events take place such as delivery, acceptance, or consumption. This can be a serious complication for manually tracking revenue recognition and is considered one of the most complicated tracking tasks associated with rev rec. A cloud-based automated solution makes it far more straightforward to rack and report event-based revenue. An automated solution also leaves a complete audit trail and helps complete accurate forecasts.
Calculating Standalone Selling Points:
Standalone selling prices can take accountants weeks out of every quarter to calculate. From there, they have to work out how to apply it to a contract which may include varying aspects and numerous performance obligations.
Automating this task saves both time and labor which enhances visibility. An automation tool allows the calculations to easily be recalculating multiple times and facilitate easier management for large amounts of data.
Contract Changes:
Contracts are rarely static for the customers’ entire life duration with you. As your business grows and their needs change it is necessary to make changes. This task is hard to keep track of through spreadsheets manually. An automation tool can complete this task promptly and accurately.
Automation can transform how a company can accurately track revenue recognition as well as save hours of manual work for your accounting team.
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One of the features that attract executive teams to a cloud-based ERP solution is the automatic updates that happen throughout the year. It eliminates expensive upgrades, teams working with outdated technology, and countless manual hours. Sage Intacct delivers four upgrades a year keeping its customers at the peak of technology, and ahead of their competitors.
Release three for 2020 includes streamlining cash management, automating allocations across entities, and accelerating budgeting and planning. Take a deeper look at each update below.
Streamlining Cash Management
In release 3, Sage Intacct has made enhancements to how they handle credit card transactions. When generating and matching credit card transactions within the solution, your finance team will save hours and increase accuracy when reconciling and recording transactions. When creating missing transactions, you can create the matching credit card transaction/journal entry directly from the transactions and automatically populated details. This unified experience gives you valuable daily insight into your cash and saves time closing the books.
Automating Allocations Across Entities
In this release, Sage Intacct has enhanced Dynamic Allocations to support the allocation of costs, revenue, assets, and liability amounts across entities, including entities with different base currencies. By fully automating your cross-entity allocations you will save a significant amount of time. You will also reduce errors, eliminate manual processing time, and increase transparency with the centralization of the creation, management, and audit trail for cross-entity allocations. You can easily control this with a click of a button. All transactions will automatically be converted into the base currency for each entity. This update continues building upon Sage Intacct’s industry-leading multi-entity functionality.
Accelerating Budgeting and Planning
Sage Intacct had three updates for their budgeting and planning which are:
1)Drag and Drop up to Four Dimensions- You can easily now drag and drop up to four dimensions and subdimensions when setting up your budget structure.
2)Import Actuals from All Sage Intacct Reporting Books- With this update, you can now select all available books, in addition to your default book, from the budget wizard for the import process. This will increase the data you can use to seed budgets and forecasts.
3) Import model lines from Microsoft Excel- The new model line import wizard walks you through the process and saves time by eliminating the need to rekey models from Excel. From there you can add, edit, or remove without breaking your model.
If you have any questions regarding the upgrade’s new feature, please reach out to our team in the below form.
Take a look at why Sage Intacct’s core system can save your company hours of work with its automatic cash management capabilities. Customers have been able to reduce their consolidations across all accounts from five hours to five minutes. This allows you to get a complete and accurate picture of your cash footprint and working capital. With Sage Intacct’s cash management software you will have the ability to see all payments and transactions across all accounts across locations and entities. Take control of your cash and create growth.
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Forward-thinking financial leaders need technology to work for them allowing them to be strategic leaders in their companies. For financial service firms managing your investments through a true-cloud ERP allows your team to be on the go and still have insight into every entity with ease. Executives need more than access to perform at their best.
Financial service firms are able to nurture their assets under management through direct investments, easily add new legal entities in minutes, and make data-driven decisions based on multi-entity consolidated financial reports through Sage Intacct. This solution is not only a true-cloud ERP but a best-in-class ERP that gives companies complete visibility, minimizes overall risk, and allows for fast consolidations.
Visibility:
Sage Intacct provides real-time visibility into custom dashboards and reporting. Unlimited dimensions allow for drill down into any and all data. The insight financial leaders gain allows them to be forward-thinking leading to improved productivity, reduce costs, and streamlining processes.
Minimize Risk:
Sage Intacct offers one fully integrated system with their large marketplace saving companies hours and minimizing human error. The solution also offers the ability to implement user access controls limiting insight for different levels of management, and secure access in the cloud. Seamlessly scale as your business grows without the headache and the worry about your data.
Fast Consolidations:
Sage Intacct offers push-button consolidations for multiple entities, currencies, asset types, and locations. Within minutes, companies can close their month allowing for maximum impact on your financial firm’s performance.
Sage Intacct is rated the #1 accounting software solution in customer satisfaction by G2 and there is a reason why. Financial firms are thriving and creating dynamic growth.
The uncertainty of when life will go back to “normal” has consumers still skeptical about spending like before COVID-19 unless of course, it’s on toilet paper or hand sanitizer. That thought has driven home the value of outsourced accounting. The value of having a team that helps manage and analyze your company’s finances can make or break any business during this time. Reacting quickly to regulation changes, new opportunities, and customers’ feedback will help companies not only remain in business but thrive in uncertain times. Outsourced accounting firms help companies focus on their using their data through access to scalable technology, deeper insight and better reporting, and a reduction in total costs.
Access to Scalable Technology
The newest and greatest cloud-based accounting software drives efficiency for the outsourced accounting firm. These platforms can deliver real-time results and couples with the knowledge of their team can deliver month-end reports quickly that drive your business decisions. An outsourced team also automatically grows your ERP ensures it scales as your company grows without a huge project for your internal team. They have the knowledge to quickly add on modules, new reports, integrations, and more.
Deeper Insight and Better Reporting
Outsourced accounting firms have been the lifeline for many companies trying to make sense of payroll protection act and understanding the implications of how COVID has been changing the year. Having a team that is centered around all new accounting updates, standards, and laws that change constantly gives companies the advantage when reaction time can make or break you.
Reports are sent over efficiently and with insight into what is creating your results. Their knowledge allows for the focus to remain on management and core operations.
Reduction in Total Costs
The cost difference between having an entire accounting team vs. one in-house team member may be small but the reporting, data, and time frame of completion is infinite. An outsourced accounting team adds highly qualified experts while ultimately reducing your payroll cost. It also reduces stress, manual efforts, and humor errors every month.
The decision to work with an outsourced accounting firm is the first step to making life easier.
Wouldn’t it be nice to easily access data to predict your cash flow based on current subscriptions? Wouldn’t it be great if those subscriptions were seamlessly automated to allow for a faster quote-to-cash process getting your company’s cash faster? How about if revenue recognition was easily completed and not a pain for your finance team?
Implementing Sage Intacct with a subscription management module makes growing your SaaS company a breeze. How?
Their subscription module can easily automated subscriptions, manage your revenue recognition, and forecast your future cash flow. Billing complexity for SaaS sales can easily overrun a finance team without the right software to eliminate the manual mistakes and push data between departments. Bi-directional automated integrations are key.
An example of how easy this can be is with Sage Intacct’s ERP, their add-on subscription module, and Salesforce. Once a sale has been marked as completed within Salesforce it automatically pushes the data to Sage Intacct which then automatically creates an invoice and sends it. The overall process is almost instant which eliminates potentially hours out of your quote-to-cash processing. From there the subscription module completes revenue recognition in compliance with ASC 606 and IFRS 15. With the bi-direction integrations between the ERP and CRM, you can manage the customer lifecycle through one key component – the contract- which allows you to easily see contract changes including renewals, upsells, downsells, and holds. This makes forecasting a breeze because everything you need is in one place making the forecast predictable and reliable.
The automation also makes it easy to add value to your customers because it takes out the human error aspects of changing a customer’s invoices. Its automatic, quick, and correct.
Lastly, Sage Intacct gives your team data that shows your overall customers’ average spend, average lifespan, and more. This information gives your sales team and customer service team to see what the current average is, and quickly create a goal to increase their part of the customer journey. This results in increased and predictable income.
Take a deep time into Sage Intact’s reporting capabilities with our newest video. We take a look at the results of companies who have implemented Sage Intacct as well as a look into the software.
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