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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Take a look at how Sage Intacct’s purchase order software and how it can help cut your invoice to payment time by 50% and eliminate hours of tedious manual work. Find out what results other companies have seen by implementing Sage Intacct’s core package. The purchase order software works simultaneously with AR, AP, inventory, and cash management to reduce manual work.
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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.
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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.
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.
right partner.
On July 31st, rinehimerbaker and Palm Beach Tech partnered together to host a workshop on How to Manage Your Finances Remotely. This webinar focused on how the right technology can help a company pivot and grow even in an uncertain market. Zach Merschdorf includes tips on best practices as well as best-in-class solutions that we currently recommend to our own clients.
Contact our team today to get started on the journey with the right partner.
