Why are our clients so cool, calm, and collected? Because Sage Intacct provides them with strong internal controls. Now that we got the dad joke out of the way, we can get down to business. Specifically, the accounting business, and how we can help make it pain-free.
Sleep Better at Night
You know those pesky, annoying accounting consolidation processes that keep you up at night and take away your weekends? We’re highlighting those in this article, and the top six ways Sage Intacct’s cloud-financial solution can improve them using powerful business analytics tools – so you get your weekends back.
1. Ditch the Paperwork. In our #1 spot of how Sage Intacct improves the accounting consolidation process is reducing all the tedious preparation work. Sage Intacct minimizes preparation work, like reconciling accounts, adjusting currencies, and adjusting for the percentage of ownership. All your work and time spent before the actual consolidation process is decreased because Sage Intacct updates the account balances instantly across related entries.
2. Real-time General Ledger Updates. Coming in close behind the #1 spot is how Sage Intacct immediately updates general ledgers across all entities as soon as the transactions are entered. This is made possible because of its smartly built chart of accounts. Sage Intacct’s chart of accounts is shared among each of the entries, so you can also easily generate a consolidated report at any point without the need of reconciling intercompany accounts and generating a consolidated general ledger.
3. Automated and Accurate Multi-Currencies. Running a global business? Sage Intacct can make your life easier if your consolidated entities consist of related corporations in foreign countries. Sage Intacct adjusts currencies to the base currency automatically while eliminating calculation errors from uncredited sources. This also works to reduce human errors!
4. Efficient and Flexible Multi-Entity Management. Sage Intacct handles multi-entity organizations with grace and vigor. Sage Intacct helps streamline intercompany transactions in many ways, but our favorite is by posting a corresponding entry in the ledger of the companies. Now that’s some real talk!
5. Fewer Debit and Credit Adjustments. What do you call a trial balance that does not balance? A late night (sorry, we couldn’t help ourselves). Sage Intacct helps with the consolidation process by presenting the consolidated trial balance, profit and loss, and balance sheet. This improves the consolidation process by being able to see the combined balances quickly and immediately.
6. Enhanced Expense Reporting. Sage Intacct also provides the ability to designate the subsidiary and currency for a vendor/customer and the purpose of the expense. This helps with automatically allocating the expense to the correct subsidiary and the currency conversion to the functional currency of the subsidiary. Feel confident and sleep well knowing that your expense allocation is accurate with Sage Intacct.
It’s an accrual world out there (okay, last one, we promise) when it comes to managing your business accounting, especially if you’re working with business analytics tools that are fighting against you and not with you.
The accounting software market is big with it valued at USD $12.01 billion in 2020 and expected to reach USD $19.59 billion by 2026. The options out there are also a lot, and while we may be biased, we genuinely believe Sage Intacct is the best software for accounting activities. Trust us, we’re accountants, we know.
If you don’t know where to start (or if you want to hear another dad joke), contact Forbes Andersen Technology. Our team of accounting and Sage Intacct experts can show you how to improve your accounting processes using business analytics tools so you can once again enjoy your weekends.
