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The Top 3 Take Aways From Advantage 2020 for a CFO

Sage Intacct hosts a spectacular conference every October that provides top trends, new technology, and guidance for the financial teams throughout the world. This year’s virtual conference brought new Sage products, and ways for CFO’s to take charge and lead as the world around them continues to change. Below are the top three take-aways for CFO’s in any industry.

 

1) The Evolution of the CFO

 

The CFO role has changed in the past decade as technology has evolved. The CFO is no longer just the historical record keeper or information protector but rather the data enabler, or strategic business partner. The change has come from technology being able to provide accurate real-time data allowing the CFO to transition from trying to sort the data to analyze what the data means for the company and how to use it for their advantage.

 

Nowadays a great financial leader can be a peer collaborator and bring real data to back initiatives. They have more of an operator mindset and help the CEO plan for the future with their forecast. They can drive strategical planning through multiple scenarios to allow for better decision making. They are also a technology evangelist because technology is what is helping take the manual work away from them and their team to allow them to be more business influencers.

 

Overall CFO’s today are just as important to a company’s success as the CEO because they are the ones with all the data at their fingertips.

 

2) Using Technology to Drive Change in Your Organization

 

Building on the concept that a CFO should be a technology evangelist is that CFO should be using and implementing the newest technology to drive change in your organization.

 

Technology is eliminating hours of manual work, the use of old data for decisions, and the back and forth between departments for payroll, insurance, sales, etc. The financial leaders embracing technology are the ones that are creating a profit or growth within their company. They are allowing the senior management team to work on new data, focus on initiatives vs. managing the manual processes.

 

What did the CFO’s say they were able to do better through technology now? Track labor costs manage their pipeline, people management, have on-demand insight, and be a forward-thinker. Embracing technology allows the CFO to deliver what the CEO/owners/investors/board needs in a timely fashion.

 

3) Seeking Ways to Continue to Learn

 

2020 has brought upon a crisis that has forced CFO’s to go outside of their comfort zone. This created a cross-learning opportunity for financial leaders to work with companies larger than themselves, to meet with other leading industry experts ultimately resulting in new and exciting ways to operate. As business is starting to return to normal in most areas the thought is to not go back to the previous bubble but rather continue to learn from one another to strengthen your knowledge base. Step outside your comfort zone to learn from colleagues, stakeholders, clients, and other industry financial leaders and collaborate.

 

 

Adapting in 2020 for company leaders can be the difference between growth and standing still.

Fill Out Our Form Below To Have Our Team Contact You Today


purchase order

October’s Sage Intacct Video Release

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.

 

Fill Out Our Form Below To Have Our Team Contact You Today


Advantage 2020

Why You Should Attend Sage Intacct’s Advantage 2020 Conference

2020 has brought upon cancelations, decreased opportunities, and a lack of interactions. From a business perspective its less interaction with vendors, and customers. It less learning opportunities at conferences, lunch and learns, and networking events. This can be overwhelming and seem to halt your business’ forward movement. However, Sage Intacct has taken this opportunity to provide a virtual connection by turning the Advantage 2020 Conference into a virtual event. So why should you log in for the two-day event?

 

Virtual-

 

It’s virtual, therefore you can remain safe from your office or home while still having the ability to learn about best-in-class practices, new marketplace partners, and more. Plus, who doesn’t want to stay in their pajamas for a conference??

 

Another bonus of it being virtual is the lower price tag. Your entire team can attend this year for only $79 a person. This is great for new team members, entry-level positions, and those outside the financial team.

 

The sessions will be available for an additional 30 days after the conference in case there are multiple sessions at a time you want to watch. It also allows you to engage in the session and go back for notes afterward.

 

Connect-

 

Since this year has taken away so many of the “normal” opportunities to connect with others in your industry take this opportunity to virtual meet and greet others on the same journey as you, those in similar industries, and others that can provide guidance on what they are doing to keep their financial team moving forward.  Get inspired by new connections!

 

 

Finding out what’s new-

 

Advantage 2020 has always been a leading conference in the ERP world. Take this opportunity to learn about product innovations, industry insight, and best practices from top professionals. You will also have the ability to schedule private meetings with the experts to get your product questions answered.

 

Sign up today to reserve your spot and start planning your schedule. Don’t miss out on Sage Intacct’s Advantage 2020.

true cloud based

What Does True Cloud-Based Mean?

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:

  • Automate processes and close the books up to 79% faster
  • Consolidate hundreds of entities in minutes not days
  • Reduce AP costs by 60%

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.

multi-consolidation

The Impact of Multi-Consolidation in Growing Businesses

How long does it take you to consolidate your financial data? If your mind began picturing Excel tabs, then the answer is going to be “too long.”

With “beginner” accounting systems many businesses quickly face the problem of not being able to consolidate their financial data quickly and efficiently. This ultimately leads to countless hours of manual work. Taking the next step to implement a robust ERP solution will make your company more strategic and increase your ability to respond quickly to any business changes. 

Join us on 11th June for a webinar on how multi-entity consolidation can be done with a few clicks in Sage Intacct’s financial software. No Excel needed.
This webinar is free, painless and (just like our multi-entity consolidation) it won’t take long. In this webinar we’ll discuss how to:

·       Reduce reporting time by 80%, like Laird Management did with our solution.

·       Slice and dice data in real-time dashboards and eliminate Excel spreadsheets. Tandem HR used our dashboards to reduce 500 work hours from their year.

·       Delegate accounting tasks across entities while keeping individual and top-level entities secure

 Register here to reserve your spot today. If you can’t make it go ahead and register to ensure you receive a copy of the recording.

 

Using a Slow in Business to Your Advantage

Businesses have stagnant periods throughout their longevity that sometimes are caused by actions that are out of their control such as large customers going out of business, changes in the supply chain, or pandemics.

Currently, the world is facing a business slow due to COVID-19 that companies haven’t experienced before. Employees are quarantined, customers are shutting down for extended periods, and states are calling for mandatory shut-downs. While many executives see this time as a negative to their bottom line there is a silver lining- It’s a time to complete improvement projects that will allow your organization to come out stronger. We have pulled together three ways executive teams can maximize a slow-down.

• Accessing current processes and how they can be improved
Many times executives are faced with needing to automated and improve processes but they lack the time to get these projects completed efficiently. With the inability to travel, and the reduction of travel time from everyone’s day there is more time to look into how to upgrade technology and eliminate manual work. Where should a company start? First look at the processes or business tasks that currently can’t be done remotely. Is there a solution that would allow team members to executive this at home? If so, set up a demo and evaluate the pros and cons of implementing it now. Secondly, take time to follow up on current best practices for HR, finance, sales, and marketing. Is there anything your team has tabled for the year that would be a benefit if you took the slow time now to evaluate? Any improvements that can help with a remote team will only increase your overall strategic power once COVID-19 is controlled.

• Elevating Your Customer Experience
This is a great time to check in with your customers and find out how they are doing during this economic crisis. It’s also a great time to send out a survey through your preferred platform on how they enjoy working with your company. It’s a great time to find out what your team does well, and where opportunities lie to improve.

• Education
Many companies are offering FREE webinars, web series, and information daily to provide thought leadership and helpful advice. Take advantage of these opportunities and use them for the above two bullet points. Rarely in the day to day operations do we have time to work on improving our business

Not just focusing on the bad during the time, but the ways you can improve your own business, and provide value to your customers. At rinehimerbaker, we can help you evaluate your current finance processes and technology package. Contact our team through the form below to get started today.


CFO

How Your CFO is Leading the Charge in Change

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.

 

 

 

 

 



Intacct customer success

Become a Sage Intacct Customer Success with rinehimerbaker

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.


dashboards

Transform Your Business Through Sage Intacct Dashboard Feature

For business leaders a clear, concise dashboard that showcases real-time information allows them to easily see a digestible snapshot of their company’s status. Without a dashboard providing performance cards, reports, and graphs an executive or financial leader could be left in the dark on what is occurring in their business. Companies without dashboards often waste time on pulling, sorting, and formatting data rather than focusing on understanding their finances and strategizing on steps for improvement.

What does a customized dashboard look like?

8-10 key performance metrics, covering both financial and non-financial data, that are important to you and your company. You can even harness the power of Sage Intacct’s open API to integrate other software programs, allowing your dashboard to incorporate key data from other company systems, like volume, pricing, shipments, market share, and more.
Dashboards are modern and interactive, allowing you to quickly drill down with the click of a button to find out what is driving the results you are seeing. You can sort, filter, or slice and dice the data any way you want to dive deeper and truly understand your financials, ultimately giving you total power over your financial well-being.

How are you transforming?

Since the data being displayed is real-time financial leaders can use these metrics to make business-changing decisions and drive their management team’s actions. What’s even better? Each user’s dashboard can be customized to the metrics that pertain to their job. With each executive and finance team member having their own dashboard they have anywhere, anytime access to the data they need to deliver at peak performance, without comprising data security.

Dashboards will become your “finger on the pulse” of your company, forever changing how you and your team react to changes. At the end of the day, your company will have an edge on the competition by shifting from spending time aggregating data to spending time analyzing and acting upon insights.

rinehimerbaker is an outsourced cloud accounting company that can do it all. We offer consultation and implementation of cloud-based ERP solutions, outsourced accounting, and more. Contact our team at accounting@rinehimerbaker.com to find out more about how we can help you keep up with 2020’s biggest accounting trends.

 


Where is Cloud Accounting Technology Headed

Watch our webinar this week on Where Cloud Accounting Technology is Headed. The webinar was lead by Tonya Lilly and Michael Garrison. They discussed what the cloud is, what current benefits of the cloud are, where cloud accounting technology is headed, and how our team works with the cloud.

As you watch if there are questions you have please reach out to our team at accounting@rinehimerbaker.com.