data driven

How Financial Leaders Can Become More Data Driven

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As we head into the next decade, financial leaders of fast-growing companies are focused on how they can better drive decisions based on real-time data. Having access to financial and operational metrics in real-time can influence strategic company decisions. Below are some ways the tech-savvy leader can continue to evolve.

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1)    Eliminating manual work through technology – The top way that financial leaders can become more data-driven is by eliminating manual work by modernizing technology. Companies that are taking advantage of integrated solutions and automation have shorter month-end close cycles, streamlined processes and reliable, real-time information.  By moving to the right cloud-based financial solution, finance departments gain the ability to use seamless API’s connecting multiple systems in one low maintenance ERP solution. Open API allows organizations to choose the systems that work best for them.  Having integrated systems eliminates duplicate entry, reduces the risk of human error and improves job satisfaction. Utilizing cloud technology allows leaders to have visibility to critical data and attain real-time insights.

2)    Shift the direction of the finance department to value-add analysis – Once manual work has been eliminated, your team can now focus on understanding the story the data is telling and predicting the future. By reducing the amount of time spent recording transactions, resources can be redirected to support organizational initiatives such as cost savings, growth, and pursuing your organization’s strategic mission.

3)    Use financial data to create strategic goals – Financial leaders are in a prime position to drive company goals, set KPI’s and achieve measurable results when they have accurate and timely data.  Key performance metrics may include those related to revenue, margins, sales cycle, or other operational measures of success.  A fully integrated, flexible, cloud-based ERP system allows Finance Leaders the ability to quickly model scenarios and analyze the impacts on revenue, profits and cash flow.

Make this decade one of distinguishing your organization’s strategic vision and differentiate yourself as a leader who adds value, drives growth and sets your CEO up for success.  How? Make technology a priority and move to the cloud. It is the first step in driving your company forward and becoming a data-driven financial leader.

 

Contact rinehimerbaker at accounting@rinehimerbaker.com  to find out how you can become more data-driven. 


Sage Intacct Advantage

rinehimerbaker’s customer recognized at Sage Intacct Advantage

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At this year’s Sage Intacct Advantage conference, our customer MemberClicks was recognized as a recipient of the Sage Intacct Customer Success Award, an award designed to celebrate customers who have made dramatic improvements to their business and financial operations using Sage Intacct.

MemberClicks’ mission is to “Empower member-based organization to thrive through refreshing technology and a heart for service.” Their purpose-built suite of technology and customer-centric culture helps them achieve this allowing their customers to focus on serving its members.

For MemberClicks, 2017 was a year that largely focused on growth. With that came the challenges that all growing companies face and in 2018 they decided it was time for a new system that would help, not hinder, their company.

Sage Intacct was implemented for its ability to automate their order to cash process, manage customers’ subscriptions, and automate revenue management to keep them compliant with ASC 606, along with many other benefits!

Using Sage Intacct, MemberClicks was able to increase efficiencies throughout the organization with capabilities like:

  • Producing consolidated financials from multiple entities with various currencies in just a few clicks
  • Closing their books in just four days and spending the ten days they saved to analyze the data rather than reconcile it
  • Seamless order to cash process starting in Salesforce and creating contracts when deals are closed/won
    • Automating revenue and billing management across 3,000+ contracts
    • Automating customer payments through recurring subscription billing

Using Sage Intacct, they now have a consistent customer experience across the entire organization from orders to renewals to payments and everything in between. This consistency provides key members the visibility into every stage of the contracts’ lifecycle.

rinehimerbaker worked with MemberClicks to design and deploy this fully integrated solution centered around Sage Intacct. As a group, we were committed to helping migrate the company’s entire accounting operations onto a system up to the challenge of supporting their dynamic organization.

With MemberClicks recognized as one of a few winners selected out of hundreds of applicants, the journey for them proved worthwhile and demonstrates that success like this can be achieved by organizations of all sizes when you work with people and software that strive to achieve great results!

Congratulations again to MemberClicks from the entire rinehimerbaker team!

Find out how rinehimerbaker can help your company get similar results by reaching out to accounting@rinehimerbaker.com.


Sage Intacct Payroll

Does Sage Intacct have Payroll?

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A question our team gets asked often is does Sage Intacct have payroll?

The answer is yes and no. Sage Intacct has a philosophy that they want their customers to have a best-in-class solution allowing them to stay focused on continuously adding innovation to the ERP.

Sage Intacct’s open API allows other likeminded vendors to build best-in-class solutions that integrate directly with the ERP. This allows every Sage Intacct customer to choose the best payroll solution for them. All of the marketplace partners have created seamless integrations with Sage Intacct.

By implementing both Sage Intacct and a marketplace partner payroll solution you will be creating a system that is tailored to your company, not someone else’s. This is unique when compared to other mid-market accounting and ERP solutions that are a suite of products that limit your functionality.

At rinehimerbaker, we have access to market leading payroll solutions and the expertise to implement them. We’ve helped our clients save time and money by eliminating manual entry and paper processes by leveraging the strengths of cloud-based payroll solutions. These solutions offer many of the benefits employers, and employees, are looking for today. Such as, access from anywhere anytime, employee self-service, mobile apps, compliance support, and advanced reporting tools.

Benefits of Integrating Your Payroll Solutions: 

· Real-time data that is easily accessible

· Ability to report on financial and statistical data for key metrics

      o Active employee headcount on your dashboard

      o Avg. cost of benefits per employee

· Robust departmental reporting

· Reduction of human error through automation

· Reduction in manual work returning hours of time to your team

Our team works with a few different payroll solutions to ensure that you get the perfect match for your company. Our top choices from Sage Intacct’s marketplace partners are Workforce Go! HCM, APS online, and ADP Workforce Now. If you want to keep it in the Sage family take a look at Sage People and keep your eye out for their upcoming integration into Sage Intacct.

Not sure if your current system can integrate? 

With Sage Intacct’s open API, if your current solution isn’t listed on Sage Intacct’s marketplace an integration can be built. This allows you to work with any software you choose. If it works for your accounting department, it works for our team, we can help you implement and go-live creating your own custom best-in-class solution. 

Contact our team at rinehimerbaker to learn how your business could benefit from an integrated payroll solution and a true cloud-based ERP .


Sage Intacct Advatnage

Sage Intacct Advantage Conference Recap

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The annual Sage Intacct Advantage was an amazing event again this year with great opportunities to learn about the future of finance, network with our customers and the Sage Intacct team, and enjoy Las Vegas! Below are our team’s top takeaways from this year’s conference.

Sage Intacct Advantage

1) MemberClicks won a customer success Award- rinehimerbaker’s customer, MemberClicks was honored with the customer success award this year at Advantage! This award celebrates customers who have made dramatic improvements to their business and financial operations using Sage Intacct.  Congratulations Brent Stringer and team!

 

2) Change in Thinking-There was a strong focus on how the accounting function is moving from the age of information to the age of answers. Gone are the old ways of simply reporting “what happened”; now we are focused “why it happened” which is quickly moving to “what will happen next and what should we do about it”. This focus shows how finance teams are moving away from manual work and utilizing technology to deliver strategic value so that organizations can further their mission, grow and scale more quickly.

 

3) Eliminating the Close– Sage Intacct continues to look for innovative ways to make accountants lives easier. They are currently working on AI capabilities that are embedded directly into the Sage Intacct Intelligent GL.  The goal is to have continuous GL and eliminate the close. How? By using AI to accelerate the capture of data, to detect anomalies and ensure data is accurate and compliant, and to analyze and make intelligent decisions.

 

4) Sage People– This was an exciting announcement. Sage People is a new HR/benefit/onboarding/payroll solution that will be fully integrated with Sage Intacct. With this full integration, users will be able to quickly and easily view analytics, reports, graphs and dashboards related to the HR function.

 

5) Growth in Use– Currently 38% of the top CPA firms are using Sage Intacct. The continued growth of users shows how impactful Sage Intacct has been in revolutionizing the cloud accounting world throughout many different industries. The fastest growing verticals adopting Sage Intacct are hospitality and healthcare.

 

6) Orlando in 2020– Next year’s Advantage conference will be held in Orlando, FL the week of Oct 13th. For everyone that couldn’t make it this year, mark your calendars for next October. It will be a great week to learn, and network!

Sage Intacct Advantage


Where is Cloud Accounting Technology Headed?

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What is cloud accounting technology?

 

Everyday companies make the decision to move from on-premise solutions to the cloud. With so many companies choosing to move to a cloud-based ERP solution to drive their finance department, what’s next with the cloud is always at the forefront of their minds. You are probably already familiar with the benefits of the cloud such as, not needing IT resources to support your finance function, one login with anywhere-anytime access, and API connections with other cloud solutions. For certain cloud solutions, you can also get real-time data, easy to create reports, company roll-ups, customized dashboards, dimensions to eliminate additional general ledgers, easy intercompany payments, and a notes section for communication between your team about changes.

Join us for a cocktail hour where we discuss where cloud accounting technology is headed

Where is cloud accounting headed?

 

As cloud accounting continues to develop the user interface and open API’s are a top priority for ERP solutions. Both of these factors are leading the way due to users continuing to want easy-clean way to run real-time reports and create an audit trail. The evolution of the user interface is a top priority. These changes will make or break companies’ decisions to move to their solution based on the quickness their employees can get through tasks.

 

The open API is an important factor for continued development as companies continue to want a best-in-class solution instead of a one-in-all solution. This means continuing to create seamless API connections on the back end with other top cloud software vendors.

 

Finally, the most exciting trend for cloud accounting technology is the use of artificial intelligence and the influence it will have in ERP solutions. Companies demand their technology to work for them and eliminate manual work, coding, and clerical employees will continue to lead to a need/desire for technology that can do more automatically.

 

Overall, over the past decade, cloud accounting technology has continued to go develop and change the landscape of finance departments. With the anywhere, anytime access, and consistently updates throughout the year, the technology can only allow for capabilities to drastically improve with less and less manual effort to accomplish tasks.

Sign up for our Cloud Accounting Technology Future webinar

Join us for our webinar on November 21st at 1 pm eastern time to deep dive into where cloud accounting technology is headed, and the updates we see with the software we provide every day to customers.


Sage Intacct dimensions

Sage Intacct Dimensionality that Goes Beyond the Competition

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Sage Intacct dimensionality replaces the old with the new to simplify the way businesses manage their general ledger. The days of having thousands of accounts to track different business segments (department, location, etc.) are over.

 

Sage Intacct has several native dimensions making it easy for you to streamline the general ledger and increase the trust and visibility of your company’s finances. 

 

Simplify Your Accounts: 

The dimensions within Sage Intacct simplify your company’s general ledger and allow you to easily tag transactions recorded within a primary account code.

 

For example, traditional systems would require 30 account code combinations to be able to track consulting fees across 3 locations and 10 departments. Sage Intacct keeps it simple by having a primary account code and transaction tagging with your location and department.

 

As your business changes, you can add on dimensions and tags, there is no need to create hard-coded account combinations to segment your business.

 

Tracking – How it Works: 

Sage Intacct has innovated the way tracking can be done. Once a dimension is created you can use it for any transaction as well as operational data. This allows you to easily organize your data without hard coding the transactions to individual accounts. Filtering through data from an overview of the entire company to a specific segment has never been easier. A great example is a Country Club viewing the organization as a whole and filtering down to see activity by the type of membership (social, golf, etc.) as well as different areas such as the grill room or pool snack shack and bar. This can be done in just a few simple clicks within one system. 

 

Streamlining Your Reports: 

Using dimensions and “tagging” allows you to have a flexible financial foundation to view performance from any angle. With this level of visibility into the financial and operational data, decision makers can quickly access the data needed to make decisions in real-time. Sage Intacct made this easy by integrating dimensions into the user interface of their financial report writer.

 

A Sage Intacct customer was able to go from thousands of separate accounts to few hundred primary codes saving them more than 30 hours of manual work each month. To find out more about this transformation download the case study.  

 

Sage Intacct’s Dimensions are one of their unique features that differentiates their ERP software from the competition. At rinehimerbaker we want to help you see how dimensions can transform your business. Fill out the form below to set up a call with one of our top accountants. 



1000 North Case Study

Hospitality Finance Departments Save Big with Cloud ERP Solution

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Hospitality Finance departments have been able to save money, and time by moving their ERP solution to the cloud. The cloud gives finance employees access anywhere anytime with easy to create reports that help cut close times every month. Below you will find examples of how companies have saved big by moving to the cloud. If you want to find out more about how they were able to get these results sign up for our webinar on October 30th at 1 pm Eastern.

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hospitality finance


outgrowing quickbooks

How to Know When It’s Time to Kiss QuickBooks Goodbye

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Many small to medium companies start with QuickBooks because of its easy accessibility and low entry point cost. However, as your company continues to grow, you will likely find yourself rapidly outgrowing its capabilities.  Many companies deal with the manual aspects of outgrowing QuickBooks because they don’t realize there is are better cost-effective solutions.  Below we will give you some things to consider when looking to switch and what the ROI will be once the switch is made. 

 

How to know when it is time to consider a change 

 

While QuickBooks is a great starting point there are many points in the journey that are signals that you are out growing this solution. As you are reading through the list, if you relate to one or more of the bullet points it is time to start considering a change in accounting solution.  

  • You or your team are having to create reports manually 
  • You are exporting data into Excel and manipulating the data to get reports instead of being able to run the reports out of your accounting system 
  • You are having trouble coding because of the extensive structure created in QuickBooks to track things separately 
  • You are manually entering or tagging many entries 
  • You are up late at night just trying to get the accounting work done 
  • Auditing is next to impossible because everything is done manually 
  • You cannot rely on some data as you suspect it contains errors  
  • You are tired of signing manual checks and storing paper documents in filing cabinets 

 

What you should consider when changing 

Once you have realized your company is ready for the next step in accounting solutions there are a few different aspects you should be considering. Below is a list of internal company considerations that will affect what you buy, how you buy it, and any additional software that will need to be integrated/purchased. 

  • Do you have an in-house finance team you want to grow or is the owner currently doing the finance work? 
  • What key metrics or indicators do you need to make business decisions and when is the ideal time to receive them?  
  • What reports do you currently produce? How long does it take it to produce them? If you could have more, what other reports would you want to have? 
  • Does your business currently have contracts? 
  • Can you currently see project profitability? If not, is being able to produce those financials important to growing your business? 
  • Can you currently predict resources and staffing levels?  

 

ROI you can expect with a cloud ERP 

Changing to a robust ERP can seem overwhelming from an implementation or upfront cost perspective. However, the return on investment is vast and long term can end up saving you money.  How you ask?  

  • Accurate reporting – eliminates errors from manual processing and reporting 
  • Accelerate financial team productivity – automated processes take away clerical work and let your team focus on analyzing the data and making decisions needed to grow the business 
  • Employee engagement and retention elevates – when your employees are able to do work that matters such as strategy, planning, and analysis, they are happier and will stay longer 
  • Better numbers quicker – with the ability to easily create new reports and run custom or standard reports fast you will have access to your financials in real-time and shorten your month-end close 
  • Reduce total overhead costs – with a cloud ERP system you will eliminate the clerical work that comes with Quickbooks and the workarounds. Therefore, you eliminate the overhead of clerical employees and overtime. You can focus on hiring on key employees that are pushing the company forward 

 

Fill out the form below to contact rinehimerbaker if you would like a free consultation to discuss the possibility of moving off QuickBooks. 



Cloud Solutions

Hospitality Companies Score a Hole-In-One with Cloud Solutions

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Hospitality companies can grow quickly with new locations, and new business lines (such as an additional bar, restaurant, golf lessons department, etc). With quick growth companies who aren’t using the best software can feel growing pains and create their own automation gap unknowingly. Below we review what the top pain points are and where the automation gap is created. At the end we discuss what the best steps are to eliminate your growing pains and get rid of the manual work through cloud solutions.  

 

Hospitality Company Growing Pains 

Growing pains can be sometimes be hard to distinguish because you find them becoming an accepted part of your day-to-day operations. Only when you start looking at best practices and how competitors are operating do you realize you are behind the curve in technology that gives time back to your organization. Top growing paints for hospitality companies are: 

  • Less time to focus on financials therefore you are taking shortcuts which is creating errors 
  • Your current team has a lack of finance or accounting knowledge leading to more time trying to figure out how to do basic bookkeeping vs. Leading the company to growth 
  • Multiple locations or lines of business (such as a country club with different entities or a franchise with 3 locations) 
  • Currently you have a lack of visibility and control into the total company 
  • Have a need for consolidated reporting that gives insight into your vendors across all business lines or locations 
  •  

Where the Automation Gap can be Created for Hospitality Companies  

The automation gap is created in hospitality companies when their growth is faster than their current software solutions can scale. This leads to manual processes for your team and creating hours of additional work. While at first this process many seem simple such as signing 5 checks a week, by the time you get to 40 checks a week you are now taking up hours a month on something that could be automated. Another example is timesheets. When you start out with one business area or location you may have four people which is easy to do manually. You oversee this team directly and can validate they worked the hours they have written down. By the time you have 35 employees you are looking at additions to your total business, more on your plate taking you out of the day and day, and managers that are now in charge of payroll. By leaving this process on paper and manual you will be prone to errors as well as inaccuracies because you aren’t there to know exactly what time everyone worked. This is the automation gap.  

 

If you have said yes that is an opportunity in my company, yes I face that same difficulty every week, then we have a few solutions that will work for you. Read through the chart below to identify where your company falls, and then fill out the form below to talk with our team.  

 

Current Accounting Situation 
  • Owner Operated 
  • Currently don’t understand your books 
  • None to limited reporting  
  • Results take 6-8 weeks to get 
  • Budget doesn’t allow to hire a controller 
  • Searching for professional advice 
  • Currently have an accounting staff  
  • Your team isn’t efficient because of manual processes that are time consuming 
  • 1-2 people currently working on your books 
  • Reports are error prone 
  • Your accounting team is new and could use guidance on how to purchase software 
  • Writing checks 
  • Complying special reporting 
  • You can’t access your data anywhere 
Solutions  Find an Accounting Solutions Firm that has an experienced team that can advise on new technologies, implement best practices, and lead your company to growth.  

They will provide: 

  • Real Insight into your operations  
  • Have ME close in 10 or less days a month 
  • Establish and provide a monthly report package 
  • Advice from a team that works with top companies in the hospitality industry 
 Find an Accounting Software partner that can implement a cloud-based solution that eliminates manual processes, and provides data faster 

 

They will provide: 

  • A list of cloud-based technologies that all integrate together to create a best-in-class solution specific to your company 
  • Enhanced insights and analytics 
  • Vendor insight for all locations or businesses 
  • Dashboards specific to real time data you need 

 


Open API

The Power of Sage intacct’s Open API and Maketplace

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Sage Intacct currently has over 200 software solutions listed on its marketplace with that number growing weekly. Currently, 75% of their users have integrations with 2 or more of their software partners creating seamless solutions within the cloud. The marketplace partners cover a range of categories including payroll, CRM, time & expense, inventory management, finance & admin, e-commerce, and business management. They have been able to create this best-in-class solution for their customers by having a completely open API. 

What is an open API? 

An open API is a publicly available application programming interface that allows developers to create their own unique integration into a certain piece of software. This is the backend system that creates a gateway between two solutions that need to be able to automate sharing information. Sage Intacct has made its API open allowing software companies to easily create their own custom integration. When marketplace partners have the ability to create their own integrations it takes away the coding process for customers.  

 

What makes Sage Intacct’s open API unique? 

When creating their API Sage Intacct created the backend before the user interface which creates a very robust and stable solution for all marketplace partners to build out integrations. The open API is so stable that they guarantee their API won’t change in any of their upgrades throughout the years. They currently have a 15-year proven streak.  

The seamless integration allows for all your cloud-based solutions to easily push information back and forth eliminating manual processes that can be time-consuming and create mistakes.  This also means that your IT department won’t have to spend valuable time maintaining and installing new solutions. All of Sage Intacct’s main partners are plug and play. This means your accounting team can easily turn on new software and for those integrations that have a slightly higher amount of customization your VAR partner ( rinehimerbaker) can have you up and running quickly. 

The marketplace offers 3rd party solutions that allow connections between smaller software solutions that haven’t yet built out their own integration into Sage Intacct’s API. These additional connection solutions make the marketplace rare and powerful for its customers.  It also offers huge cost-savings to customers by being able to skip hiring an outsourced service to build out custom integration.  

rinehimerbaker’s Top Choices on the Marketplace: 

While Sage Intacct works with a variety of strong partners, here at rinehimerbaker we have a list we recommend based on our history and clients’ success.  

Bill.com is a software solution that helps you automated your accounts payable process to save time. We have implemented this integration for multiple partners, and all have had great time savings due to the automation and elimination of manual mistakes.  

Expensify is a mobile expense reporting solution that cuts down the hours of manual data entry and makes it faster to review expenses, reimburse employees and close the month. They allow employees to log expenses on the go through an app, easily reimburse employees the next day, and reconcile corporate cards through a complete integration. 

2CP is a custom payment solution that offers e-commerce, recurring capabilities, merchant services, and email invoicing through an integrated solution. This software solution helps you invoice quicker and get paid faster while eliminating data entry.  

FloQast is a close management software that helps accounting teams close faster and more accurately. It was built to address gaps in your organization, collaboration, automation, and integration for the financial close process.  

Salesforce is the leading CRM that has complete automated integration with Sage Intacct allow a business to see their customer’s journey from beginning to end. This best-in-class software has streamlined the quote to cash process and allows for better communication between departments.  

Workforce Go is a cloud-based human capital management solution. It helps manage payroll, people, and time from pre-hire to retirement. This helps save your company time, reduce manual errors, eliminate reporting delays, and make functionality choices.  

Avalara Avatax is a strategic tax compliance solution that delivers instantaneous sales tax decisions based on more than 12,000 taxing jurisdictions in the United States. This solution assigns hundreds of thousands of taxability rules to get the correct rate for your company. This takes the stress out of tax.  

 

To find your best-in-class solution, fill out the form below to speak with one of our senior accountants and implementation experts.