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Advantage 2020

Why You Should Attend Sage Intacct’s Advantage 2020 Conference

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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.

cash management

September Sage Intacct Video Release

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Take a look at why Sage Intacct’s core system can save your company hours of work with its automatic cash management capabilities. Customers have been able to reduce their consolidations across all accounts from five hours to five minutes. This allows you to get a complete and accurate picture of your cash footprint and working capital.  With Sage Intacct’s cash management software you will have the ability to see all payments and transactions across all accounts across locations and entities.  Take control of your cash and create growth.

 

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


financial firms

The Top Three Reasons Why Sage Intacct is the Best ERP for Financial Firms

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Forward-thinking financial leaders need technology to work for them allowing them to be strategic leaders in their companies. For financial service firms managing your investments through a true-cloud ERP allows your team to be on the go and still have insight into every entity with ease. Executives need more than access to perform at their best.

Financial service firms are able to nurture their assets under management through direct investments, easily add new legal entities in minutes, and make data-driven decisions based on multi-entity consolidated financial reports through Sage Intacct. This solution is not only a true-cloud ERP but a best-in-class ERP that gives companies complete visibility, minimizes overall risk, and allows for fast consolidations.

Visibility:

Sage Intacct provides real-time visibility into custom dashboards and reporting. Unlimited dimensions allow for drill down into any and all data. The insight financial leaders gain allows them to be forward-thinking leading to improved productivity, reduce costs, and streamlining processes.

Minimize Risk:

Sage Intacct offers one fully integrated system with their large marketplace saving companies hours and minimizing human error. The solution also offers the ability to implement user access controls limiting insight for different levels of management, and secure access in the cloud. Seamlessly scale as your business grows without the headache and the worry about your data.

Fast Consolidations:

Sage Intacct offers push-button consolidations for multiple entities, currencies, asset types, and locations. Within minutes, companies can close their month allowing for maximum impact on your financial firm’s performance.

Sage Intacct is rated the #1 accounting software solution in customer satisfaction by G2 and there is a reason why. Financial firms are thriving and creating dynamic growth.

outsourced accounting value

Uncertainty in the World Drives the Value of Outsourced Accounting Home

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The uncertainty of when life will go back to “normal” has consumers still skeptical about spending like before COVID-19 unless of course, it’s on toilet paper or hand sanitizer. That thought has driven home the value of outsourced accounting. The value of having a team that helps manage and analyze your company’s finances can make or break any business during this time. Reacting quickly to regulation changes, new opportunities, and customers’ feedback will help companies not only remain in business but thrive in uncertain times. Outsourced accounting firms help companies focus on their using their data through access to scalable technology, deeper insight and better reporting, and a reduction in total costs.

Access to Scalable Technology

The newest and greatest cloud-based accounting software drives efficiency for the outsourced accounting firm. These platforms can deliver real-time results and couples with the knowledge of their team can deliver month-end reports quickly that drive your business decisions. An outsourced team also automatically grows your ERP ensures it scales as your company grows without a huge project for your internal team. They have the knowledge to quickly add on modules, new reports, integrations, and more.

Deeper Insight and Better Reporting

Outsourced accounting firms have been the lifeline for many companies trying to make sense of payroll protection act and understanding the implications of how COVID has been changing the year. Having a team that is centered around all new accounting updates, standards, and laws that change constantly gives companies the advantage when reaction time can make or break you.

Reports are sent over efficiently and with insight into what is creating your results. Their knowledge allows for the focus to remain on management and core operations.

Reduction in Total Costs

The cost difference between having an entire accounting team vs. one in-house team member may be small but the reporting, data, and time frame of completion is infinite. An outsourced accounting team adds highly qualified experts while ultimately reducing your payroll cost. It also reduces stress, manual efforts, and humor errors every month.

The decision to work with an outsourced accounting firm is the first step to making life easier.

Increase Your Predictable Income with Sage Intacct’s Automated Subscription Billing

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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.

 

 


manage finances remotely

Workshop Recording: How to Manage Your Finances Remotely

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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.


Outsourced CFO

The Top 3 Reasons To Hire A Fractional CFO

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Successful CFOs can bring an extensive amount of knowledge, experience, and expertise to a company’s financial health with the added benefit that they also cost the company a fraction of the cost. A Fractional CFO is a great way for a company to have access to dynamic CFO on their own terms. Wondering what is makes this the better move for small to medium-sized businesses? How about professional experience at a fraction of the cost, robust strategic planning for growth, and an expanded network to help get you to your goals

Professional Experience at a Fraction of the Cost

An outsourced CFO provides Fortune 500 guidance in-process structure, reliable financial statements, compliance, and company direction. The professional competency a CFO brings to a company is the basis for expansion and dynamic growth. They have unique outlooks and business competency from working with multiple different types of businesses. Since they have multiple companies at once or within a short period of time that have a unique perspective on how to handle different situations that may arise.

Outsourced CFO’s typically have years of experience at top accounting firms, and/or fortune 500 companies. At rinehimerbaker our team has over 115 years of combined accounting experience in helping companies save hundreds of hours, expand into new locations, and save hundreds of thousands annually. When looking for a Fractional CFO or firm looking into the industries and years of experience ware immensely important in finding the right guidance.

While typically this type of expertise can cost a company 6 to 7 figures annually on top of an executive benefits program that’s not the case with a fractional CFO.

Strategic Planning

Every company plans for the future. An executive finance leader is an important part of this process as they oversee ensuring that strategical development is robust and profitable. Their unique perspective due to the nature of their work brings invaluable insight and perspective. Working with multiple companies at the same time allows a fractional CFO to swiftly think on their toes and use innovative ideas for different industries. A CFO by nature will guide the owner or CEO to create achievable growth plans. This is invaluable to a company and its success.

Expanded Network

One benefit that isn’t typically thought of when considering an in-house CFO vs. fractional CFO is their network of connections. With the nature of fractional CFO’s days, they are constantly expanding their reach with partners, connections, and knowledge of additional resources. An in-house CFO will only have exposure to groups and connections that are active within the company’s industry.

Reducing your overall cost, robust strategical planning, and an expanded network are the top three reasons why working with a fractional CFO should be a top priority for all small to medium-sized businesses.

Contact our team today to get started on the journey with the right partner.


Why You Should Choose rinehimerbaker?

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Selecting an accounting partner can be overwhelming especially when you have a business to run. Choosing the correct partner to handle your accounting, implementing cloud-technology, and your tax work is crucial. Experience, expertise, and the mind-set to use the newest advancements are all important factors when deciding on the correct partner.

rinehimerbaker has over 115 years of combined accounting experience on our team and we also have a staff that is focused on how to use cloud-based technology to speed up monthly processes to give your company time back every month.  Find out more about our team below in our newest infographic.

 

Why rinehimerbaker?

 

 

 

 

Contact our team today to get started on the journey with the right partner.


How to Scenario Plan for Your Business

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Scenario planning for your business can make or break your long-term plans when adding in new products, services, or dealing with unforeseen business changes. Scenario planning or thinking is a strategical planning method that lets organizations have flexibility when making long-term plans. This results in multiple outcomes that could possibly happen based on different factors within the business and external world. Ultimately giving the company an advantage when looking to the future.

 

But how do you scenario plan?

 

There is a well-known 7 steps to Scenario planning which are:

 

1.Focal Issues- The first step is scenario planning is to discover what focal issue or issues a company will have in the short term and long term. This could be implementing new technology, adding a new product, expanding to a new region, or even a more open-ended issue.

 

2.Key Factors-Step two is ranked as the second most important step (behind discovering your focal issue) as it helps a company to understand everything that could affect their long-term goals. Most companies get to a list of 30 to 40 internal factors that could disrupt their focus remaining on their set focal issue. Once they are identified they can be addressed beforehand to ensure they don’t disrupt the process or they can show a business that they aren’t ready to move forward on an issue until other factors have been modified.

 

3.External Forces- Identifying external factors can be slightly daunting but it’s key to ensuring it’s the right time to move forward. These external forces can be economic factors, social factors, or geographical factors that are often left out of the original plan.

 

4.Critcial Uncertainties- Once factors that can be identified have been compiled it’s time to move to those that can’t be planned. This step doesn’t apply to every scenario, but a good example is the rise and fall of gas prices. This can’t be mapped out for the long-term since it’s constantly changing.

 

5.Scenerio Logics- This step is crucial before actually running your scenarios. Businesses have to take a hard look at all the factors they compiled and select the top few that might actual create a larger impact on their scenario.

 

6.Scenerios- Once the factors have been condensed, it’s time to run through many different scenarios to see what the outcome is for your company in the short-term and long-term. Did you see a profit or decrease? Did the scenario go off without a hitch? What obstacles did you still run into? All these questions will be critical before deciding to move forward.

 

7.Implications and Options- Putting together your final business proposal is the last step in scenario planning. The results from the planning or thinking that has been done come to the executive team for a final decision before moving forward.

 

Ultimately, scenario planning can be a huge time and money saver for companies who are looking to plan long-term.

 

Find out how rinehimerbaker can be the right partner to help create strategic growth for your company.


unprecedented times

How to Plan in Unprecedented Times

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Businesses creating their 2020 forecast and budget may have thought they planned for everything that could happen however none of them planned for a pandemic that would shut down the entire world for months. Suddenly, everyone was pivoting their business plan to accommodate the stay-at-home orders, and still connect with their customers. For those that were completely shut down, they spun their wheels on how they would enforce new safety guidelines upon reopening to prevent having to close again. However, the main challenge for every business was how would they keep their cash flow going to stay open. A very different goal than they had in January. So how are they now looking at their finances to replan for 2020?

Forecasting and Continue to Forecast

As businesses develop new plans, new services, and new budgets a new forecast is also needed to ensure strong execution. Keep a rolling forecast with an accurate budget and adjusting as cash flow and financial projections shift. Being fluid with your forecast allows for quick reactions and changes to the market.

Adjust

Businesses cannot operate the way they did at the beginning of 2020 due to new safety standards. This creates openings in the market for new and innovative products or services to reach your current and prospective customers. For some this may mean making their service available for an at-home experience, for retail it means creating online shopping experiences, and for others it means adapting. With this in mind running scenario analyses can help you decide which changes to your business will be profitable.

Monitor Your Cash Flow

Cash is king currently. By monitoring your cash regularly you can ensure there is enough for upcoming bills, and purchases. You will also have the insight early to see if you need to speak to your landlord about splitting the rent into two payments that month, or if you need to pull back on any upcoming purchases to keep cash within the company.

Planning in 2020 will help you not only survive but thrive.

Find out how rinehimerbaker can be the right partner to help create strategic growth for your company.