Posts

ERP Upgrade

Controllers: How to Make the Case for an ERP Upgrade

Making the case for an ERP upgrade can be a daunting task.  Below is our cheat sheet on how to know when you are ready, tips for making your case, and what to expect once you have the approval to move forward. 

 

How to Know When it is Time for an Upgrade 

There are different types of “key experiences” you can have that would signal it is time to upgrade your software solution. Being able to recognize these signals early on will save your company money, time, and keep you ahead of your competition. Read below about the different signals that show it’s time to make the case and present it to your executive team.  

 

  • When your close is taking too long– When your end of month close is taking 6-15 days causing your executive team to work off “old data”. Real-time data is key to growth for a company. Decision-makers within a company need data almost instantly in this technology-driven time.  
  • When the manual processes become too much– It is time to upgrade when manual data entry is taking up too much time, leaving your finance team constantly behind. Also, manual entry becomes a problem due to data entry errors. 
  • When it takes too long to understand your data- Your data should work for you. Reports should be easy to create based off dimensions you set. In a cloud-based ERP solution, you can slice and dice your data any way you need quickly to make decisions and create dashboards to quickly find key indicators that drive critical business decisions. 
  • You are adding new entities (additional locations or brands/product lines)– Being able to have granular insight into all locations as well as consolidated reporting is key to being able to grow. 
  • When you are adding new staff and want to limit their access to certain sensitive data- a cloud-based ERP will allow you to restrict user access to specific entities and allow you to control their permissions to perform certain tasks or view types of sensitive data such as payroll.    
  • You are expanding to multicurrency– When you are adding an additional currency you will need to evaluate if your system allows more than one currency and if so, does it have the capabilities to produce the consolidated reporting you need? When evaluating the capabilities of your current system, look for the ability to automate conversions for transactions or reporting. Also, having the choice on which currency reports will be produced in is important 

Join us for our Coffee Demo Today!

 

How to Make Your Case 

The best way to make your case for an upgrade is to show your executive team the time you can save, the money they can save, peace of mind they will have by having a more secure system, and the impact of adding capabilities that will help them make decisions that can grow their business 

For time savings, show how you can cut your closing time in half by having data available almost immediately. You can also demonstrate how you and the finance team will be able to cut down on manual processes through automation, freeing up time for new, value-add projects all while limiting the need to hire more finance employees in the future.  

Money savings are key when asking your executive team for an upgrade. The right cloud-based ERP solution can save money by cutting down on manual processes, improving employee engagement and growth, the ability to do more with a smaller team, and cutting closing time in half. 

Security for your data is extremely important as your company is growing. With Sage Intacct, the days of worrying about loss of data are over.  You also have the flexibility to restrict user access from viewing sensitive data.  User permissions can be set for only what a team member needs to access User permissions are granular with options down to letting a team member view but not edit or edit but not delete. This allows for peace of mind, and complete data security. 

Upgrading to a cloud-based ERP solution means that it is cloud supported with automatic upgrades multiple times a year. You will be able to operate with a lean team and your IT staff won’t have to complete or test system upgrades/changes for you. This helps cut down on time spent in-house trying to solve problems and empowers your finance team.  

Lastly, and an important part of getting approval is showing how the system will give your executive team better insight, better data, and flexibility. With a cloud-based solution, the executive team would have access to their own log-in that show cases Dashboards built specifically to their needs with real-time data that can be accessed from anywhere. With Sage Intacct, you have the ability to see your full customer experience from end to end. You can connect your CRM such as SalesForce, into Sage Intacct. This gives complete visibility for your sales team and improves your customers’ experience with your company.  

  Join Our Daily Coffe Break Demo

After Approval to Move Forward 

Once you have received approval to move forward, the next critical step is finding a consulting firm that will meet your needs. At rinehimerbaker, we strive to identify your pain points during our discovery session and find solutions to make your life easier. Listening to your needs, helping identify areas or processes that are holding you back and finding solutions is what we are all about! 

Following the discovery session, we typically schedule a time for a live demonstration so you can see first-hand the functionality and just how easy it is to use Sage Intacct.  As your trusted partner, ensuring we meet all the requirements outlined during discovery is critical. After discovery and demo, we will document an implementation plan that works for you including what you can expect before and after go-live.    

At rinehimerbaker, we are dedicated to understanding your business so we can help you move faster with greater clarity.  

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

The self destructive charge of the Excel Brigade

The Self-Destructive Charge of the Spreadsheet Brigade

“Half a league, half a league, Half a league onward, All in the valley of Death Rode the six hundred.” These words open one of the most famous poems in British History, written by Alfred Tennyson, which commemorated the loyalty, valor, and fortitude of the Light Brigade as they fought Russian forces in the Battle of Balaclava on 25 October 1854.

What the Charge of the Light Brigade Has in Common with Your Excel Loyalists

Greatly outgunned, the men of the Light Brigade valiantly charged against Russian Artillery Forces, charging with as many as 600 men as they approached a well-fortified artillery unit.

Knowing this, the Charge of the Light Brigade is less a story of heroism, and more a story of incompetence. Poor communication resulted in losses of nearly 20% of the brigade, and war reporter William Russell documented the destruction, quoted, “our Light Brigade was annihilated by their own rashness, and by the brutality of a ferocious enemy.”

Now that you’ve gotten your history lesson for the day, you may be wondering what this has to do with finance, accounting, or a personal spreadsheet software invented some 131 years after the battle. The answer? These two things have more in common than you’d think.

Three Parallels between the Failed Charge and Your Company’s Spreadsheet Jockeys

There are many parallels between your Excel loyalists in the finance and accounting departments and the destined-to-fail charge that occurred on 25 October 1854. We’d like to explore a few of them below.

The Wrong Tools for the Job

The Light Brigade was a fast-moving reconnaissance and flanking unit, poorly suited for a frontal assault. While they were perfect for capturing Russian units attempting to carry away guns, the heavy brigade was better for attacking the fortifications (redoubts) held by the Russians.

Just as the light brigade was sent to do the heavy brigade’s job, many organizations are using Excel to accomplish tasks that Excel is not designed to handle—planning, analysis, closing the books, and more; where there’s a will, there’s a formula. This is a dangerous way of thinking akin to thinking that the light brigade would have been fine if it just had armor.

We’ve gone on the record saying that Excel has value for some purposes—like a personal budget or other simple tasks. However, there are many medium and large companies that attempt to stretch the software beyond its usefulness—often with dire results.

Blind Loyalty

Of course, The Charge of the Light Brigade documents another thing—loyalty. Valiantly, they rode “into the jaws of death, the mouth of hell,” facing surefire death.

If we could use one word to describe Excel loyalists, it would be loyal. As we discussed in our last blog on the software, “There’s a Red Badge of Courage that people wear when they stay up all night and work a spreadsheet to get something that they think is unique and artisanal.”

However, Loyalty as it pertains to Excel is by choice, while the Light Brigade was loyally following orders as they fought for the crown. There are many other, much more capable, less risky tools available to company. In fact, some Excel Loyalists are so stubborn that they will eschew a multi-million dollar implementation to use their software of choice.

A Huge, Costly Mistake

The Charge of the Light Brigade likely was the result of a misinterpreted order by one of the officers. People make mistakes. Some are costlier than others. The Charge of the Light Brigade stemmed from an unclear order and a sweeping motion of the arm, when Lord Raglan sent the following message:

“10:45. Lord Raglan wishes the cavalry to advance rapidly to the front — follow the enemy and try to prevent the enemy carrying away the guns — Troop Horse Artillery may accompany – French cavalry is on your left. R Airey. Immediate”

Unfortunately, it was delivered as “Tell Lord Lucan the cavalry is to attack immediately.”

Excel users make mistakes. Writers make mistakes, financial professionals make mistakes, and commanders make mistakes. We all make mistakes.

The difference of course, is this: If we write a typo on a blog, it doesn’t affect the other blogs, it won’t crash our website, and it will do little more than annoy a few of the sticklers among us.

In Excel, a misplaced decimal, an extra zero, or an improperly selected cell in a formula may not be caught for months, quarters, or years. As time passes, this one missed number creates a chain reaction, as concurrent spreadsheets are built upon this mistake, and the mistake becomes your truth.

With at least one error on nearly 90 percent of spreadsheets, the only time this might work is the rare possibility that two errors counteract each other.

Winning the Great War against Spreadsheets

There are many risks in pushing Excel beyond its limitations, and it appears that the business community is starting to realize this. With scathing articles on the failures of Excel being featured in Forbes and the Wall Street Journal in recent months, the future of the spreadsheet cavalry is in doubt.

Knowing this, as you push to shun spreadsheets from your financial processes and fight to increase accuracy and security by eradicating Excel, it’s vital to look at opportunities to sway Excel loyalists from the software—which is easier said than done.

As you push through 2018, you need to slowly convince the spreadsheet jockeys that Excel is not the right tool for the job by demonstrating to them just how user-friendly and intuitive an alternative can be (which seems less heartless than the alternative pitched by Forbes contributor Meta S. Brown).

The great war against spreadsheets will be long and arduous, and needs to be done subtly—because no one likes having a decision forced upon them. One of the best ways to convince the loyalists is to demonstrate how much time and effort they can save by giving them a chance to test drive a platform like Sage Intacct that can show them how much easier life could be.

Looking at the rest of 2018, we will be writing many more blogs on the pitfalls of using Excel for finance—as well as its partner in crime QuickBooks—so be sure to subscribe to our email list for all the latest.

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.

Security in the Cloud

Intacct Delivers Security and Peace of Mind to Today’s Financial Teams

For some, making the move away from traditional financial and accounting management systems toward an automated, digital solution can feel like a leap of faith. There’s a level of perceived security in something you can hold in your hands—the paper spreadsheets, for instance—and imagining your data floating out there in the cloud is might make you feel apprehensive. But in reality, cloud-based systems offer more control, security, and peace of mind than any manual system ever could provide. Let’s find out why.

There are Inherent Risks in a Paper-Based System

Consider an environment that depends on paper. Paper invoices, paper expense reports, paper payments, paper-filled drawers and filing cabinets, etc. Offices operating in a paper paradigm are vulnerable to data compromise and loss due to human error, misplacement of files, and even theft. What’s more, the technology they do use may run with sub-optimal environmental and system security measures, including out-of-date software, insufficient redundancy and backup, and weak firewalls.

Related: Stop Relying on Spreadsheets and Luck—There’s a Better Way

Cloud Solutions Offer Outstanding Application Security

It was uncovered at a 2013 Digital CPA Conference that information security is the primary barrier of adoption for starting to use cloud accounting services. Even so, nearly half of survey takers said they were using cloud-enabled business services to some degree in their firms, up from 44% 2012. Fast-forward to 2017, and cloud-based solutions are even more popular, as professionals get the message that the technology is sound and technology vendors are doing their due diligence to keep their customers’ data secure.

As for lingering concerns about web-based data storage, “Cloud-based accounting systems don’t actually store your data in a vapor mist in the sky,” CPA J. Carlton Collins explains in Journal of Accountancy. “Rather your accounting data are stored in world-class data centers with fortified concrete walls, steel doors, retina scans needed for entry, world-class firewalls, state-of-the-art anti-virus technology, continuous backups, and often a mirrored backup of the entire data center.

A Closer Look at Intacct’s Secure Solution

Intacct’s world-class financial management and accounting system is built on the highly reliable Oracle database infrastructure. It includes various security features that help prevent outside attacks as well as unauthorized user and program access into system processes, resources, and data—ensuring optimal safety of your digital assets.

Highlights of Intacct’s Security Features:

  • A data center that’s monitored around-the-clock and is equipped with backup power supplies and redundant network components.
  • Applications that require 2-step user verification every time a user signs on through an unrecognized device, enforced password changes and automatic session timeouts, and the option to set acceptable user log-in IP ranges.
  • System security that’s SSAE 16 SOC1 Type II and PCI DSS Level 1 certified, designed to protect your business via restricted access to production data, hardened networks and firewalls, real-time activity log tracking, automated security scanning and third party white hat penetration testing, and minimum 128-bit encryption for all data transmission.
  • Data that’s safeguarded through full daily backups to multiple locations, Continuous backups of transaction data, and secure streaming of transaction data to remote disaster recovery center.

Get full details here.

The Best Cloud Services from the Trusted Team at rinehimerbaker

As an Intacct Partner, we are proud to help growing businesses implement technology that makes it easier to manage their finances in the cloud. If you’re interested in upgrading from QuickBooks to Intacct, don’t miss the informative white paper, Outgrowing QuickBooks – How to Know When It’s Time to Change. Learn more about our services, and get in contact with us for more information.

Real Time Information Cloud Accounting

How the Cloud Provides Real Time Insights for Real Time Decision Making

Financial professionals at growing organizations face a ton of challenges. From ‘doing more with less’ to ‘taking on more roles to support the company and inform executives,’ there is little time to waste. Unfortunately, with this rapid growth comes the fact that there will only be more work to do in the future, and with the talent gap that exists, it’s unlikely you will have the help to do it. This is why it’s important to save time wherever you can and improve the speed and confidence in the way you make decisions.

The Need for Speed

One of the biggest challenges that growing organizations face is that employees need to do more without adding staff. However, as an organization grows, there are more transactions, more requests from stakeholders, and more numbers to crunch. This means more work inputting data into the accounting software (or worse—spreadsheets), manipulating the data into something useful, and creating actionable outputs in the form of reports.

Speed and automation were just a couple of the eight things you should look for in an accounting software solution. Click the aforementioned link to see part 1, and read part 2 of that blog here.

Three Reasons You Need Accurate Real-Time Information At Your Business

We briefly recognized lack of speed as one of the top challenges in our blog on knowing when QuickBooks no longer makes the cut, but would like to talk today about why speed and real-time decision-making is so important for organizations looking to jump on new opportunities when the time is right.

The Agility You Need

The beauty of working at a small business is that you can move faster than an enterprise. Unfortunately this agility can’t be recognized without the right information at the right times.

If you are spending too much time crunching the numbers that your company can’t recognize the first-mover advantage that exists when there are no committees and sub-committees of decision makers and influencers. Real-time decision making requires real-time information, when you need it, where, you need it, and how you need it:

  • When You Need It: With smarter accounting from Intacct, organizations can generate reports with the click of a button—no downloading of files or manipulation of data within Excel.
  • Where You Need It: Out of the office? Generate a report. On your phone? Approve an expense. Thanks to its cloud-based design, you can access Intacct securely wherever and whenever you need.
  • How You Need It: Slice and dice your information how you see fit. Intacct is the only mid-market cloud financial application that shows business and operational metrics by any dimension that matters to your business.

Accuracy You Can Rely On

Did you know that nearly every spreadsheet contains errors? If you are driving the decision making at your business with financial metrics, you need to make sure that the numbers are right, as an incorrectly calculated number could mean that you are jumping at an opportunity that you can’t fund, or taking a holding stance when you actually could make a move.

With over 11,000 customers, Intacct has a repeatable, accurate, and efficient way of stacking up the numbers, and has the development capabilities to provide the answers you need.

Time Savings to Deliver Better Strategy

With APQC estimating that nearly half of a financial professional’s time being spent on transaction processing—making sure the lights are on—they also estimate that only 18% is spent on control, 17% is spent on decision support, and 16% on management activities.

With all this time spent on basic activities, and so little being spent improving the business, there is a lot of room for improvement. Executives want fast, reliable, and concise information about how decision A will impact outcome B.

APQC found that successful companies have worked hard to boost the productivity of their transaction processing, simplifying systems, reducing the number of vendors, employing workflow automation for processes like invoice approvals, streamlining ERP environments, and standardizing to a single chart of accounts.

If you hope to take the steps to reduce the time spent processing transactions so you can get back to improving the business, you need to automate what you can so you can put those skills to better use.

Learn Even More

Our latest whitepaper, Taking Your Accounting System to the Next Level, explores some of the warning signs, challenges, and opportunities that organizations face when they outgrow entry-level accounting software. Download the whitepaper here, take your understanding even further by reading the 2017 Buyer’s Guide to Accounting Software on Intacct’s website, or learn more by reading the preview of our whitepaper below.

Free up your schedule with cloud accounting

How Cloud Accounting Delivers the Hidden Value of Wasting Time

Getting more done in less time and finishing a task early. Doesn’t it sound fabulous? Also too good to be true, perhaps, because there’s always something we can do to with that extra time to be even more productive. But why not take a counter-intuitive approach: use that extra time to do anything but work. You just might get more done in the log-run. Read more

Seven Deadly Sins of Financial Management

Infographic: Seven Deadly Sins of Financial Management

As your business grows, you begin to notice that the challenges of today take a little bit longer to address than they used to. With more growth comes more data, and with more data comes more time needed to complete basic tasks like closing the books each month. Unfortunately, in the wake of growth, too many businesses commit one or more of the following sins that limit visibility and cause business pain.

Related: What to Do When You Realize You’re Outgrowing QuickBooks

Seven Deadly Sins of Financial Management

A recently released infographic took a look at common business practices that hinder growth, especially when you’re outgrowing entry-level accounting software like QuickBooks, noting the following seven sins that finance leaders commit, many of which can slow your business to a grinding halt:

  1. Scattered Business Data: How much harder is it to close the books each month than it was last month or last year? As you grow, you have more financial data being generated each month, and managing this data in spreadsheets or on paper is not a good solution.
  2. Departmental Silos: Did you get that email? How about that invoice—that was sent three weeks ago? Communication between departments can make for a huge drag on company productivity, and for many organizations the best way to connect a multitude of departments is to set up an enterprise social network that cuts down on email strings and puts data in front of the necessary users when and where they need it.
  3. Spreadsheet Gluttony: Did you know that 88% of Spreadsheets have errors? With 89% of companies using spreadsheets for planning budgeting and accounting, a pretty hefty amount of organizations could have a fatal mistake somewhere in their books. Learnmore in our recent article, “Don’t Rely on Spreadsheets and Luck—There’s a Better Way.”
  4. Slothful Tracking: Another deadly sin is one that affects more than just finance. When an organization uses laborious manual processes for expense management, they are only managing and measuring, not optimizing. By moving expense management to the cloud, you could see cost savings of over 20% or more.
  5. Stale Financial Data: With so many manual processes in place, data not only takes forever to gather, it is inaccurate and has a short shelf life. Companies looking to overcome this should take a proactive stance, seeking a forward-looking system that can calculate information when you need it, where you need it, and based on the drivers you want.
  6. Lack of Compliance: With new ASC Revenue Recognition standards on the horizon, as well as increasing scrutiny into the numbers from customers and investors, compliance is a necessity moving forward—and spreadsheets can’t cut it.
  7. Antiquated Technology: Many of the solutions available to growing businesses were designed before the dawn of the internet, not for the modern needs of the modern business. Without forward-thinking technology, your organization is stuck in the past and unable to focus on technology.

See the Entire Infographic

The following infographic shares more about how you can gain absolution for these sins, so that you don’t end up in accounting hell (or worse—jail).

Related: Three Reasons Your Accounting Team Wants Intacct

Seven Deadly Sins of Financial Management

Gain Absolution with Modern Accounting

If you want to fight off expense tracking sloth, spreadsheet gluttony, and more, you need to swallow your pride and understand that it’s not you, it could be your processes or systems. Learn more about taking control of your organizations financial future by downloading the whitepaper, Eliminating the Risks of Spreadsheets in Finance, as well as by perusing the 2017 Buyer’s Guide to Accounting Software.

Ready to learn more? rinehimerbaker has released a new whitepaper for companies outgrowing QuickBooks.

Outgrowing QuickBooks—How to Know It’s Time to Change shares some of the biggest challenges that businesses face when growing, and the opportunities they have to ease growth.

Learn more by reading the first 3 pages of the whitepaper below:

Accounting Software Features

Eight Things to Look For in an Accounting Software (Part 2)

At rinehimerbaker, we know accounting. We also are pretty well versed in accounting software. We recently discussed some of the most important features you should be looking for from a new accounting software, and would like to continue that discussion in part two of this two-part series.

Note: Part one highlighted the importance of having focused software that eases your day-to-day and month-to-month operations, ready to grow with you. See part one of this series here.

5: Implementation

As you look into new accounting software, two of the most complex and time consuming processes you will face—regardless of the vendor or partner—is the implementation and training process. You are entrusting someone to move a lot of information from your old accounting software to your new one and set your company up for success.

In this, it’s important to look for an accounting software that meets your timeframe while still allowing you all of the functionality you will need. Knowing what to expect during the process—timeframes, costs (direct, indirect, and hidden), and more—can help prevent the project from getting derailed.

We’ve discussed some of the key factors in a recent blog, How Long Does It Take to Implement a New Accounting System?

6: Short Learning Curve

In addition to implementation, any end users will need to learn about the software—new features, how to accomplish basic tasks, how to accomplish advanced tasks, and more. This decision can’t be understated, because some of the software options on the market today require a highly specialized skillset to do something as simple as generate or customize a report.

There are many factors that go into how easy—or hard—it is for your team to learn a new accounting software, including:

  • Whether it is a best of breed (only train specific users) or suite (train for every module you implement),
  • The age of the solution (older software is built on older and more complex code—less point-and-click operation)
  • The initial focus of the software (the more bells and whistles, the more training—solutions that grow and become more robust when you need them to be are easier to train)

These are a few considerations and decisions need to be made based on the overall technical aptitude of your team and ability to learn new products. This should be discussed with vendors, implementation/training partners, and customers of the software who are similar to your organization.

7: Integration

As we discussed in our Suite vs. Best of Breed article, integration is one of the key selling points of best-of-breed options, as point solutions are designed to do one thing well and allow other departments to choose what’s best for them as well. Suites often have much more complex (read costly) integrations that rely on hand-coding to operate if you choose to use something from outside of the vendor’s suite.

Whether you’re looking for a suite to handle all of the following or are looking for the best of the best based on your needs with a best-of-breed option, you should be looking for convenient “point-and-click” integrations (straightforward enough not to require IT skills) with commonly used applications such as:

  • CRM and sales force automation, like Salesforce.com
  • Human resources
  • Inventory and fixed assets
  • Project management
  • Payment processing
  • Payroll and ACH

Learn more about some of the options you have in the Intacct Marketplace, a resource for business software purchasers looking to connect applications.

8: Support

Whether you’re purchasing directly through the vendor or through an industry- and location-focused reseller like us, you should expect a knowledgeable, supportive, and focused partner who can walk you through the purchase, implementation, training, and long term operation of the software.

Support from Partners Means Support from Vendor to Partner

A good vendor and partner should be recognized for their reseller/partner program, as quality vendor-to-partner training is the first step in customer success.

Each year, CRN—a magazine for the solution provider industry—ranks channel programs based on a vendor’s ability to prepare their partners for success and only gives five-star ratings to the best of the best. It’s a good way for companies who are considering reselling a specific software to decide on whether or not the investment is worth it, but it’s also a good way for you to learn if your partner will be well-trained and able to help you.

If you love slowly progressing slideshows, you can view the 5-Star vendor guide here. If you’d like us to get to the point, our accounting software vendor of choice, Intacct, received top ratings in the cloud category.

Getting Focused Support: It Pays to Work with Someone in Your Location

If you’re looking for a partner to implement and train, it’s helpful to work with someone who knows you. Some states and locations will have different needs, and it’s important to have a support partner who understands your needs. As a company who started as an accounting firm and expanded to focus on the software game, we know all of the laws and regulations that face your Florida business, and are able to get to know you very well.

Conclusion

Choosing a new accounting software is a tough process that should be done with the input of everyone who will be using it. Knowing not only what to look for but who to work with can separate a successful implementation from a failure.

It’s important to shop around—for both the software and resellers. Think of your accounting software decision as you would a more complex kitchen remodel. You’re not only deciding on whether you want a Viking, a Wolf, or a Thermador, you’re also deciding on the people who have to be walking around your house during the remodel process. The same goes for a software implementation project.

We think you’ll like us at rinehimerbaker. Get in contact with us to learn how we can help you.

Additional Reading

Learn even more by reading the just-released 2017 Buyer’s Guide to Accounting Software and the Intacct Guide, Essential Features of a Modern Accounting System.