In May 2021, Gartner released its 2021 report on Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises. This independent report evaluates cloud-based financial solutions and is a helpful resource for business leaders who are considering cloud solutions.
Sage Intacct received the highest score in core financials for lower midsize enterprises for the fifth year in a row! It outranked Oracle (NetSuite), Acumatica, Microsoft, and other popular cloud financial solutions with an overall score of 4.58. View Gartner’s ranking of cloud financial vendors for lower midsize enterprises below.
About Sage Intacct’s core financials ranking
Sage Intacct earned the highest overall score for core financials, but it also claimed the top score for the following critical capabilities:
- Complex GL capabilities
- GL coding structures/processes
- Lower midsize focus
- Purchasing and accounts payable
Sage Intacct ranked second highest in the following categories:
- Accounts receivable,
- Project accounting/costing/billing
What are lower midsize enterprises?
Gartner defines lower midsize enterprises as organizations with annual revenue between $50 million and $500 million. Most operations occur in a single country. Enterprises require a good breadth of functional capabilities, so Gartner weighs usability more than other factors.
Why? Organizations don’t have large IT functions or resources that support user training. Therefore, the financial system’s ease of configuration, deployment, and integration are more important.
How did Gartner assess the cloud financial solutions?
When conducting research for its 2021 report, Gartner found that competition among cloud core financial management tools intensified since 2020. And, product functionality is the most important factor when buyers are evaluating cloud financial management systems. Therefore, Gartner ranks each software on 10 critical capabilities that are critical for product selection.
In addition, each vendor had to deliver a suite of core financial management applications that included the following features:
- General ledger
- Accounts payable
- Accounts receivable
- Fixed assets
- Financial planning and analysis
- Treasury and cash management
- Financial reporting and analytics
- Project accounting
- Financial account hub
Sage Intacct offers a free copy of Gartner’s full report. Download it here.
Why is Gartner’s report important?
If you’re responsible for assessing financial applications, you should use Gartner’s report as a starting point. Know your organization’s specific use case and needs, and use this report to assess which vendors are suitable for your organization.
Then, eliminate financial solutions that don’t meet your top requirements. Reach out to the remaining contenders to better understand their solution, network, and costs.
Bonus! Gartner releases an annual report, so you can see how the cloud financial management vendors evolve and compare over time.
Download the 2021 Gartner Report
Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises
Read the full report to learn about Gartner’s key findings, recommendations, and methodology. And, it shares Gartner’s definitions of enterprises, critical capabilities, and vendor requirements to participate. It’s the in-depth, independent, research report you must have when comparing cloud financial solutions!