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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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.
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.
As the digital age continues to shift how companies operate, the responsibilities of the CFO are extremely vital to the pulse of the company. The amount of data that the CFO is responsible for producing and interrupting in real-time is vast and makes the difference between growth and being stagnetic.
CFO’s are not only in charge of making sure that the books are correct for tax purposes but providing clear data on where the business current financials are in real-time. CFOs are able to provide better insight into inventory, location by location profit and loss statements, vendor costs, employee costs, and more because of the technology they are implementing not only in the finance department but across the company. CFO’s are making the room in the annual budget to upgrade every department from HR to sales to accounting to cloud-based solutions that offer open APIs. This allows for information to seamlessly travel between systems automatically. This is eliminating human error and giving CFOs better insight into exactly what is the cause of each result. This alone is saving companies up to 75% of the time it currently takes to check the accuracy of their reports. The upgraded technology also allows CFOs to have custom dashboards with instant real-time results such as totaled up expenses, revenue, net income, and more.
What does better insight lead to? Better performance. Better performance leads to growth.
What CFOs are creating through technology upgrades, and better insight into their business is moving them into a strategic role instead of just the “numbers position”. With all of the data that is being created at a much faster rate than before the CFO role is now including interrupting the data at a higher level. This includes a recommendation on vendors, quick reactions to locations or lines of business underperforming, and more. The CFO is now flexing different muscles because they are creating the recommendations and bring them to the executive team vs. just the reports. This also gives them immediate insight into where money should be spent for expansion.
The CFO role is ever-changing due to their ability to drill down into the business faster giving them the ultimate insight into what is working. This role is becoming as equally as important as the CEO in order for a business to be successful.
Sage Intacct’s first update of 2020 has been released for February 21st. This release will include changes to inventory control, purchasing, contracts, and web services. Each update is described below.
Inventory Control:
For inventory control, the newest update is linked to inventory adjustments. Users are now able to create inventory value-only adjustments for specific source transaction lines. Sage Intacct’s instructions for how to use this new feature are as follows “To create a value-only inventory adjustment, create a new inventory transaction and provide the source transaction line you want to adjust. Only purchasing and inventory control transactions with a value-only inventory effect can be adjusted.”
Purchasing:
For Purchasing the newest update is purchasing transaction allocations. Users now have the ability to use transaction allocations to automatically distribute amounts for non-inventory purchasing transaction lines. This can be distributed among multiple dimensions. This feature only applies to purchase transactions that post to the accounts payable subledger.
Contracts:
For contracts, the newest update is centered around draft contract state. The update allows users to save a contract, contract line, or expense line as a draft without it affecting the general ledger or the contracts subledger. The data can be published by any users who have access once its ready.
Web Services:
For web services, the update includes a new query function. The query update will support more robust complex query statements using a XML-based syntax.
To find out more about click here to read the official report from Sage Intacct.
Transforming your business is essential to remain competitive in the complex and unsteady business world. However, this can be overwhelming if you don’t have a starting place. We suggest starting with your finance department since its connected to your employees, production, customers, vendors and more.
We have helped all of our customers save hours of manual work, close faster, get better real-time results, create growth, and keep a streamlined team including MemberClicks. They were able to achieve such amazing success that even Sage Intacct recognized them for the work they accomplished after implementing their cloud-based ERP with a Customer Success Award.
Find out more in the video below, and then fill out our form to start your journey to transformation today.
Creating growth for any company is the number one goal. However, overall profit growth can be hard to create since total growth creates extra work and costs to your bottom line. We have put together our top three recommendations on how to downsize those costs.
Elimination of Your Automation Gap
Elevate Your Customer Experience
Streamline Your Team
Fill out the form below to gain access to our web series. We will be releasing one video each week for the next three weeks. Week one will focus on eliminating your automation gap.
Family Offices are key to managing wealth and asset growth for current and future generations of a family. As they grow, the ownership structures become more complex and sophisticated, the diversification of assets widens, and their need for real-time information becomes imminent. With that type of responsibility on a company’s shoulders, the last thing they need is additional stress that comes with being behind in technology advancements including their accounting solution. If a family office is still using an on-premise solution for their accounting department, they are missing out on the elimination of manual work, real-time data, continuous consolidation, and easy access from anywhere. A cloud ERP solution provides all of that and more. Below are the top benefits we have seen family offices gain from switching to the cloud.
Cloud-Based
Being cloud-based is the number one asset we can provide for family offices. This gives the office and family members access anywhere, anytime. The office managers can travel with the family and, with internet access,still have access to all their data. This also means that family members can access their information at home, or on the go. Lastly, the office can be located wherever the best talent is, leaving the family with the flexibility to be where they are happiest.
Multi-Entity
Another top benefit of a cloud-based solution is a multi-entity platform with continuous consolidation. This allows offices to manage each family member individually with the option for a quick total family roll-up. Our recommended cloud-based solution allows users to manage separate entities (aka different family members or businesses) under a single log-in. This provides the capability to produce individual reports at the entity level or consolidate at the family level. The reports require a quick few clicks and are instantly completed. Report templates can be saved which allows users to swiftly access them again. With reports being easy to create and run users can quickly see their consolidation which eliminates the need to combine reports manually.
Dashboards
Custom Investor dashboards are a great asset as they can be the login screen for each user and can be customized to their daily needs. Since family offices typically deal with a large portfolio of investments, having the real-time data displayed immediately upon log-in gives the user an overall view of the financial information that’s important to them. The dashboards can be customized to each user based on their position or to a certain family member that only wants to see their personal information. The dashboards also give the user a quick way to drill down into the details of data if they want to know more about it.
Eliminating Manual Work
Eliminating manual work can save family offices multiple hours of staff work as well as help keep their team lean. An example of this is when a family office has to process dozens of checks each week. When they move to the cloud, they eliminate all of the manual work which can include the opening of the mail/ printing emails, scanning the bills, routing them via email for approval and coding along with tracking where are in the approval process, entering into QuickBooks, printing checks, signing checks, stuffing envelopes, trips to the post office, and filing. On top of eliminating all of these steps, you also get rid of the constant paper waste. This can all be automated using bill.com where the bills get emailed directly to the inbox, coded, routed for approval and paid either electronically or with a check generated by bill.com. The details are then automatically synced with your cloud solution.
Overall, the benefits a family office can gain from moving their accounting ERP to the cloud will transform how they operate. The elimination of manual efforts allows for a better run business, quicker decisions, and growth.
Find out how rinehimerbaker can help your company get results through the cloud by reaching out to accounting@rinehimerbaker.com.
