Small to mid-sized businesses are engaging with new and constantly changing paradigms to gain the financial insight needed to succeed.
They change market focus, distribution strategies, and product mixes continuously to stay ahead of their competition. Business leaders need accurate, real-time data in an accessible format to make strategic changes quickly.
Sage Intacct is a cloud-based integrated platform of accounting and financial applications for growing small to mid-sized businesses featuring core accounting, purchasing, human resource, and analytical features. The platform includes features for fast-growing service, hospitality, and financial service businesses operating in multiple entities, as well as for non-profit organizations.
In this article, we’ve identified six ways to manage all your service businesses and gain benefits from cloud-based accounting software from Sage Intacct.
Core Accounting Features
Small to mid-sized businesses require financial systems that are flexible, easy to use, and provide real-time analytics. Modern enterprises operate remotely and work in different industries, including services, hospitality, technology, and eCommerce. The leaders of these businesses need to be flexible and pivot the business operations at a moment’s notice. They also need a financial management and accounting system to meet their ever-changing needs.
Accountants are responsible for meeting the legal and professional financial reporting requirements for their clients. As a result, they require accounting software that provides a comprehensive set of reporting and analysis tools integrated with different business systems. Since they also need to have the ability to pivot, professional accountants prefer cloud-based financial management and accounting systems that will grow with their clients’ businesses.
Best-in-class cloud-based accounting software must do more than just report income and expenses. Modern systems use predictive analytics to report on the past and provide future results based on past activities. These systems must also integrate with many customer-facing and back-end software systems from CRM to PLM and ERP systems. Growing mid-market businesses depend on complex, automated systems to service their global customer base.
- Automated Core Financials Reduce Manual Processes
Accountants around the world prefer world-class core financial solutions. The Sage Intacct core financial platform includes accounts payable, account receivable, intelligent general ledger, order management, cash management, and purchasing modules. These core financial features are powered by artificial intelligence and powerful workflow automation tools to take the pain out of managing a fast-moving flow of business transactions.
The automation inherent in the Sage Intacct core accounting software reduces the time it takes to complete manual tasks, such as bank reconciliations, from hours to minutes.
- Transform Your Business with Data-Driven Investment Choices
Many businesses consider reporting to be a separate function from accounting. Many accountants and controllers spend endless hours exporting financial data into spreadsheets and manually generating graphs, pivot tables, and complex, multi-sheet reports. With Sage Intacct, you can delete the spreadsheet and utilize a comprehensive set of reporting and analysis tools inside the core financial platform.
Sage Intacct uses advanced artificial intelligence and machine learning tools to generate on-demand dashboards with one-click access to underlying data. Some of these features include capturing and posting transactions in real-time, reviewing thousands of transactions in minutes, and sharing data with only those employees who need to see it.
- Streamline Multi-Entity Financial Operations with Continuous Consolidations
Managing the financials for business entities in different countries can be a nightmare if you don’t have a well-integrated financial accounting platform. Sage Intacct brings all of your business entities together under one roof, helps centralize global transactions, and automatically calculate exchange rates and eliminate errors.
- Industry-Focused Financial Accounting Solutions Improve Efficiency for Hospitality Businesses
Companies in the hospitality sector, such as hotels, lodges, restaurants, and event venues, face a unique set of financial accounting challenges. These businesses often have complex organizational structures with challenging payroll and human resource issues. The Sage Intacct platform for the hospitality industry provides special tools for dealing with franchises, global accounting practices, and other hard-to-solve financial situations.
- Centralized Access and Automated Workflows Benefit the Financial Services Industry
Financial service firms utilize Sage Intacct’s automated workflows to help accelerate business processes. Now, financial service firms can create reports and dashboards without creating an endless stream of Microsoft Excel spreadsheets. In addition, multi-country consolidations are streamlined to save thousands of hours of manual entries.
- Cloud-Based Financial Accounting Expands Access for Remote Working Employees
It wasn’t long ago that accounting and finance employees were forced to work from their offices because of on-premise accounting software. These legacy systems required banks of servers and backup drives to power enterprise-grade financial solutions. However, the evolution of cloud-based computers and improved server and security options mean that businesses are no longer tied to on-premise software.
Cloud-based financial accounting systems offer several benefits for geographically diverse organizations. Accounting, finance, and human resource employees can now work remotely and access centralized accounting assets from a safe, cloud-based server environment. Companies benefit by outsourcing their IT infrastructure. A full complement of security safeguards protects all files shared on cloud-based drives.
Remote employees access data within the system from anywhere at any time. The cloud accounting software allows access from anywhere globally, eliminating the need for data silos and rigid access rights. This new level of access allows cross-functional teams to operate in different countries across service lines. Today’s remote workforce allows organizations to simultaneously attract new talent and retain existing talent with ease.
Sage Intacct: Cloud-Based Accounting Software Solutions Preferred by Business Leaders and Leading Accountants
Accounting software must meet the financial visibility and efficiency needs of business leaders and the accountants and controllers who must use the software to meet global taxation and regulatory requirements. Sage Intacct is recognized as a leading software solution for creating processes by data-driven standards, utilized by thousands of businesses and their accountants worldwide. The integrated platform meets the needs of modern businesses by providing robust reporting and analytics features, AI-based predictive analytics, and world-class automation. These tools combine to help enterprises save thousands of dollars by eliminating manual routines.
Most importantly, as a cloud-based accounting software solution, Sage Intacct is available to global teams and remote employees to support customers and manage complex financial processes. Businesses will save money by eliminating costly on-premise server and network facilities and improving access with state-of-the-art security features built into the solution platform.
Unique industry solutions are an added benefit for business leaders. Sage Intacct provides real time financial visibility with integrated solutions for hospitality, service businesses and financial service firms.
To learn more about Sage Intacct’s cloud-based solutions, visit https://www.sageintacct.com /company/contact-us?referral=ibconcepts.
About IBC: At IBC, we have a deep understanding of the critical business needs and processes specific to associations, non-profits, and unions. We ‘get’ your culture, your goals, and what drives you, too. Focused exclusively on and dedicated to delivering the most effective AMS, LMS, and Cloud Financial Software for our clients, we’re well-versed in identifying and applying the integration techniques that will save you time and money. Since 2001, our cutting-edge products, unparalleled responsiveness, and award-winning services have helped organizations like yours increase their operational and financial performance by leveraging best practices and proven solutions. For more information about IBC, please visit the website at www.ibconcepts.com or call 443.603.0215.