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Sage Intacct Advantage

rinehimerbaker’s customer recognized at Sage Intacct Advantage

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 Advatnage

Sage Intacct Advantage Conference Recap

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?

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.

outgrowing quickbooks

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

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. 


Open API

The Power of Sage intacct’s Open API and Maketplace

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.  


Sage Intacct Partner of the Quarter

Sage Intacct Names rinehimerbaker, llc Partner of the Quarter Q4 2017

Some big news from the team at rinehimerbaker. Earlier this month, we were named the Sage Intacct Partner of the Quarter for our strong sales performance and high levels of ongoing customer satisfaction. Learn what this means for our prospects and customers below. Read more

Lure the right talent with cloud ERP

Meet the Expectations of Top Financial Talent with Cloud-Based Software

The benefits of cloud-based software are usually cited as lower costs, process and workflow optimization, and scalability. But the attraction and retention of key finance and accounting department personnel is another benefit of implementing the best-in-class technology—one that’s not included in the “top 5 benefits” lists, but should be. The reality is that today’s top financial talent—and tomorrow’s leaders—operate in a digital world, where 24/7 access, insight, and productivity reign. Read more

Financial Services and Cloud Accounting

Focus on Customers Drives Cloud Computing Adoption in Financial Services

Remember the “no-internet policy?” It wasn’t so long ago that companies were keeping their employees from exploring the world wide web on company machines. But as all-things-internet have become ubiquitous, including mobile devices and, yes, cloud computing in the workplace, hopping online to get things done—to perform essential professional tasks, let alone browse favorite website—is commonplace. No wonder Gartner reports that by 2020, a corporate “no-cloud” policy will become as rare as a “no-internet” policy is today. Read more

Choosing an accounting basis at your nonprofit organization

How to Choose the Right Basis of Accounting for Nonprofits

Being successful as a nonprofit means that everything needs to fall into place when and where it needs to fall into place. Knowing this, there are many different considerations and moving parts that you can control in order to gain additional visibility, save time, and improve outcomes.

While we discussed some of these factors, including the shift to outcome metrics and things to understand before selecting or changing from a calendar year to a fiscal one, today, we would like to turn our attention to another important consideration: How to choose a basis of accounting.

A recent AICPA article explored the basics on selecting a basis, and how to decide on whether a cash basis, accrual basis, modified cash basis, or tax basis is the proper way to look at the numbers, comparing these options and offering tips on how to select the one that makes the most sense to your nonprofit.

Different Bases of Accounting for Nonprofit Organizations

Whether cash, accrual, modified, or tax year, each basis of accounting listed below poses opportunities and challenges in measurement, disclosure, and reporting.

Cash Basis

If a nonprofit organization uses the cash method of preparing its accounting records and statements, it recognizes income and expenses when they occur. In other words, the nonprofit would record income when it received the funds and not when it is actually earned. It would also record expenses at the time it paid the bill rather than when it incurred the expense.

Example

This is a common approach for smaller nonprofits, as it mirrors a personal “checkbook accounting,” entering debits or credits as they are completed. For example, under a cash basis, if you receive a $10,000 pledge today, you do not record the $10,000 until the money is in the bank.

Pros and Cons

Pros and cons of the cash basis are as follows:

  • Pro: Easier to use on a day-to-day basis as it only requires one entry per transaction.
  • Pro: Due to its straightforward nature, cash basis requires less work and less stress when working with slow-paying funding sources (as opposed to accrual accounting, where money would be booked but the bank accounts could be barren)
  • Con: Must put a disclaimer on year-end reports that you use a cash basis.
  • Con: Presents challenges in visibility, especially for larger nonprofits.

Accrual Basis

Using the accrual method of accounting, a nonprofit recognizes income when they earn it, rather than when they receive it. It would also recognize expenses when they were incurred instead of when the organization paid the bill. For example, using the accrual method a nonprofit would recognize a pledge as income. That would hold true even if it had not yet received all the money, or even any amount of the donation pledged.

Example

Under the accrual method, nonprofits would record revenue and expenses when the transaction takes place, regardless of whether the cash has changed hands. For example, a $10,000 pledge would be recorded immediately and would create a receivables account for outstanding cash.

Pros and Cons

  • Pro: Offers a more complete view for monthly and quarterly financial statements, allowing you to get a more complete picture of your organization’s financial condition.
  • Con: More work—two entries per transaction and necessary cash flow statements.
  • Con: Requires more time and effort to keep books on a pure accrual basis.

Fund Accounting

Funds accounting is a form of accrual accounting that is specific to nonprofits. As a nonprofit grows, its funding sources can become more diversified. It may receive multiple grants, a government contract, personal donations of cash and goods and donations of time. With the funds basis of accrual accounting, each income stream is given its own accounting code. For example, your Department of Education grant would have its own code. Beyond that, you would be able to assign codes within a category so that you could break up DOE funds between general revenue, service revenue and administrative.

Modified Cash Basis

Modified cash basis statements combine elements of cash basis and accrual accounting. Certain transactions are reported on an accrual basis and others on a cash basis (for example, liabilities may be presented, but fixed assets may not).

The modified cash basis establishes a position part way between the cash and accrual methods. The modified basis has the following features:

  • Records short-term items when cash levels change (the cash basis). This means that nearly all elements of the income statement are recorded using the cash basis, and that accounts receivable and inventory are not recorded in the balance sheet.
  • Records longer-term balance sheet items with accruals (the accrual basis). This means that fixed assets and long-term debt are recorded on the balance sheet, and depreciation and amortization in the income statement.

Pros and Cons

  • Pro: Makes accounting for small transactions easier while allowing for a more accurate position when looking at fixed assets or large transactions.
  • Pro: Does not need disclaimer on year-end forms.
  • Pro/Con: Very conservative method of recording income and expenses. In this method, you only report cash which has been received, but include expenses whether or not they have been paid.

Tax Basis

While rare in the nonprofit world, there may be some cases for a tax basis for accounting. The tax method of accounting would ensure the financial statements match the organization’s Form 990.

Factors to Consider When Deciding on an Accounting Basis

AICPA author Marc Kotsonas, CPA, Officer- Mahoney Ulbrich Christiansen Russ shared the following six factors in choosing a basis of accounting.

  • Simplicity. The cash method may be the easiest to maintain and understand. Either the money came in or it went out. There are no accruals or allocations to compute. Cash basis financial statements are most common with very small not-for-profits.
  • Savings. Cash basis financial statements may provide administrative savings. With no accruals or allocations to consider, less time is required for accounting. In addition, if the organization has a financial statement audit, there are fewer statements for an auditor to test and issue an opinion on. This would generally reduce the cost of an audit.
  • Regulatory Requirements. Do you have to use a particular basis of accounting? For example, in Minnesota, the Attorney General’s office requires not-for-profits with more than $750,000 in revenue to have audited financial statements under GAAP. The IRS also addresses accounting method in its Form 990 Instructions, so be sure to consider the tax compliance implications of your choice.
  • Organizational Documents. Like regulatory requirements, a not-for-profit’s by-laws may specify the basis of accounting the organization must use. Consider reviewing your organization’s by-laws before undergoing extensive research to make sure you have the flexibility to choose a basis of accounting.
  • Understanding of Financial Position. Financial statements prepared under GAAP typically give readers a better understanding of the financial position of the organization at year-end. GAAP-based financial statements will show payables and other outstanding obligations, as well as any committed receivables or pledges. Cash basis statements often provide limited information. For instance, a not-for-profit that receives donated supplies and materials used in its programs would not capture their value or impact to the organization using cash basis statements.
  • Established Framework. Financial statements prepared using GAAP are based on a familiar framework. Since GAAP is commonly used, it also allows for financial statement comparability. Modified cash basis financials can be presented in any format management chooses, so they may not be comparable with the statements of other organizations.

Learn More: Nonprofit Success with rinehimerbaker

At rinehimerbaker, we are committed to helping you succeed. This is why we have written a series of helpful articles on running the finances at a nonprofit organization. We invite you to learn more by reading our articles on Outcome measures,  improving reporting, and increasing efficiency. Learn even more by reading these two nonprofit success stories from our friends at Sage Intacct, and contact us for more details.

QuickBooks has stopped working and must shut down

QuickBooks Has Crashed… Again: What it Means and What You Can Do about It

Contrary to popular belief, the nine most terrifying words in the English language are not always “I’m from the government and I’m here to help.” For small business finance and accounting professionals, there is another phrase that strikes even more fear, anger and disdain: “QuickBooks has stopped working and must be shut down.”

“QuickBooks has stopped working and must be shut down.”

So how do you go about trying to tackle the problem? You run a clean reinstall. You download the diagnostic tool. You run a second clean reinstall. You attempt to run it without antivirus. You rename the .tlg file. You update it, you repair it, you download every tool in the book, and you still see those nine terrifying words: “QuickBooks has stopped working and must be shut down.”

It’s infuriating. It’s painful. It happens over and over and over. Those nine terrifying words are etched in your memory. Yet it’s all too common. You search the knowledge base for answers, and you see that you’re not alone. A quick Google search for the exact phrase “QuickBooks has Stopped Working” yields 959 results on the Intuit Community alone, and over 16,000 results across the web.

8 Common QuickBooks Crashes

So when is QuickBooks most likely to crash? As a company that has helped many companies outgrowing QuickBooks to make the move, we have heard many complaints about the platform.

  • On Startup
  • When Attaching a File
  • When Opening a File
  • When Clicking “Send Forms”
  • When Opening Check Register
  • When Opening a Company File/Changing from One Company to Another
  • When Emailing an Invoice
  • When Saving

However, it’s not only the crashes that present a problem. QuickBooks might run slowly in multi-user mode. It might run slowly if your audit trail gets too long. It might run slowly when your data file gets too big.

Reasons QuickBooks Crashes

There are many reasons for this. Some of the most commonly referenced ones on the Intuit Community:

  • Your computer is too old.
  • Your computer is too new.
  • Your data file is too big.
  • You like to protect your computer with anti-virus.
  • Your hard drive is corrupted.
  • Your data file is damaged/corrupt.
  • Your company name is too long.
  • Damaged program files or QuickBooks Desktop installation.

For a software that’s been around as long as QuickBooks has, there’s certainly a lot that can go wrong.

Two Reasons the Problem Isn’t Going Away

QuickBooks users around the world face the same struggles—especially as it pertains to the software crashing. Unfortunately, there are two reasons that you will continue to face problems.

QuickBooks was Built to be a Desktop Application

QuickBooks was built as a desktop application, which is why most of the reasons above revolve around computer and file-based issues. This is something that isn’t going to change. Anything from a change in operating system to the use of an anti-virus software can derail the entire QuickBooks desktop experience, causing crashes and other poor experiences.

It was initially thought that QuickBooks would address this when it introduced QuickBooks Online, but customers quickly found that it didn’t hold up to customer expectations. QuickBooks wasn’t built to be an online application, so when Intuit tried to rebuild QuickBooks for the web, it ended up putting up a web application that is lacking, according to G2Crowd reviews.

You’ve Outgrown QuickBooks

QuickBooks’ other fatal flaw—at least as it pertains to growing businesses, is that you’re asking it to do too much. Just as QuickBooks was designed to be a desktop software (i.e. run on a personal computer), QuickBooks was designed to make life easier for the small business owner. Again, we’ve said it on our blog before—QuickBooks is great for small businesses. It’s the larger businesses that push the software to (and past) its limitations.

While not always why the software crashes, a large file size is one of the main reasons that the software runs slowly. Also, as the file size grows, so does the risk and impact of the file being corrupted.

Barring an unfortunate turn of events, the latter of these two isn’t going to change—once you’ve outgrown QuickBooks, there’s no looking back.

Looking Forward: Moving Past QuickBooks

When your business was just starting up, adopting QuickBooks was almost a rite of passage. It was a welcome sign of your company’s growth and the accounting system met your needs for a time. But your business has kept growing, and now you’re seeing the limitations of the system you once depended on. QuickBooks simply doesn’t offer all the capabilities you need today—or tomorrow. The time has come, once again, for a change.

We invite you to learn more about additional warning signs, pain points, and opportunities for improvement from downloading our guide for companies outgrowing QuickBooks, which you can preview below.