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.
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.
If you have any questions regarding the upgrade’s new feature, please reach out to our team in the below form.
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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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.
At this point everything is considered “cloud-based” but what does it mean to be a true cloud-based solution?
A true cloud-based solution or software is designed from the start for optimal performance in the cloud. The creator or owner of the solution manages every aspect within the cloud. There is absolutely nothing on-premise about the solution. This is why a true cloud-based software gives companies the ability to access their data anywhere at anytime.
Why would a company want to work with a strictly cloud product?
Working with a true cloud product eliminates the restraints that come with on-premise or partially on-premise solutions. The products are managed from the cloud which means that you can be anywhere updating, making changes, and handling any hiccups vs. having to go to a place where your servers are located.
At rinehimerbaker we choose to work exclusively with true cloud-based products with our recommended ERP solution being Sage Intacct. Join Sage Intacct on July 9th at 2:30 pm eastern to explore why they are the best cloud-based ERP.
“Sage Intacct has freed me up to look holistically at the business rather than just focusing on getting accounting tasks done.” – Kim Wegener, Director of Finance, Powell’s Books
See why Sage Intacct is the number one choice for fast-growing companies like yours. During this Product Demo, you’ll see how you can:
Register here to reserve your spot today. If you can’t attend, go ahead and register to ensure you get your copy of the recording.
What does it ultimately cost a company that decides to push off modernizing their finance solution? Does it actually cost a company anything? It turns out it does.
Overtime on manual processes
Old school on-premise software solutions can lead to long extended manual processes filled with human error for reports that need to be produced monthly. This ultimately leads to hours upon hours of overtime for the finance team which is a heavy expense for smaller to medium-sized businesses.
Lack of timely, accurate reports
Many companies that still use outdated technology have month-end processes that can take 15+ days. That’s 3 out of 4 weeks every month. By the time the data is pulled together its irrelevant for executives, lenders, and bankers. When a company chooses to stay with these processes they are choosing to prevent themselves from being relevant and staying ahead of the competition.
Derail Potential Investments and Purchases
Companies that don’t have real-time accurate reports that they can produce quickly can hinder a potential investment or purchase. Many investments will ultimately walk away during due diligence if they lose faith in your ability to drive your company based on data.
Ultimately companies can lose the growth the strive to create by deciding to not choose to update.
