Sage Intacct is transforming how businesses in the professional services industry operate and serve their clients. The cloud-based accounting software is customizable, allowing you to align its features with how you do business. Here are five Sage Intacct features that professional services firms enjoy, all common themes from customer case studies.
Sage Intacct provides a competitive advantage with its fast reporting, automated processes, and ability to handle a high number of transactions. Many professional services firms that used QuickBooks or Excel found these solutions couldn’t keep up with their business growth.
Sage Intacct automations allow customers to keep finance teams lean even as the business expands and finance requirements increase. And, they can continue to evolve the system with their needs – connecting new tools, building reports, and adding additional modules.
One customer reported uploading a newly acquired entity into Sage Intacct in minutes and entering financial transactions to it.
2. Multi-entity consolidations
Sage Intacct’s architecture is built to make financial management easy for multi-entity businesses. Sage Intacct gives you one instance that serves all entities in your company. You can manage all of them from the top level.
Other solutions offer multiple instances – one instance per entity. This approach silos your data, separates your chart of accounts, and forces manual consolidations.
The picture below is a sample Sage Intacct dashboard. It shows the top-level dashboard for the business and a drop-down menu with the individual entities. Viewing the financials for each entity is as simple as a click.
It’s common for professional services firms to leverage several technology solutions across their business – CRM, time entry, expense management, project management, etc. However, many companies struggle with integrating their tech stack, relying on exporting and combining data from several systems to understand their business and customers. This approach can be inefficient, slow, and error-prone.
Many Sage Intacct customers within the professional services industry appreciate its open API. Though there are many integration possibilities, several chose to integrate their CRM, time entry, and expense management solutions with Sage Intacct. This allowed them to build automations, sync data continuously, and create more comprehensive reports featuring customer and project data.
Take a look at ModSquad’s experience! It integrated business apps that positioned the business to increase its margins, improve estimates, and close faster.
4. Detailed dimensions
Sage Intacct offers standard dimensions – location, department, vendor, customer, employee, project, item, and class – to help users classify their financial data. But that’s not all! Users can create custom dimensions, defining how they want to tag transactions. This allows for insightful reporting based on how each user does business, giving them insights to make strategic decisions.
Professional services users report using dimensions to achieve project detail reports and monitor their actuals to budget. They appreciate Sage Intacct’s flexible reporting and customizable dimensions as they can analyze more aspects of your financial and operational data.
5. Financial reporting
Sage Intacct offers bank feed connections and key integrations to help your data continuously flow into the system. These features allow for real-time reporting and deeper financial visibility.
When financial transactions are posted live or daily, monthly closes happen faster, and discrepancies are caught early. Users can monitor their cash flow and pay bills faster.
Many professional services users like tracking their budget vs. actuals comparisons to see how work progresses. They can manage projects better – identifying when they go off track and adjusting the project scope. Many customers build reports to show project profitability, billing status, billing utilization, write-offs, and aging reports. These reports are available in Sage Intacct – no data exports or Excel manipulation required.
These Sage Intacct features are common favorites among professional services firms. They intertwine to provide key business insights – allowing companies to pivot their strategies and make decisions to grow their business. They can detect and solve problems in real-time, rather than waiting on an outdated report to find errors.
If your accounting software isn’t working for you, let’s discuss Sage Intacct!