Category: Accounting/Financials

Sage Intacct: Accelerating Productivity with Automation and Multi-Entity Consolidation

Multi-entity organizations are becoming mainstream as companies look for ways to diversify supply chains and ensure they establish a solid presence in disparate operating locations.

The challenge? More locations mean more complexity, especially when it comes to reconciling financial and accounting data. Here’s how Sage Intacct can help accelerate productivity with robust automation and accurate multi entity consolidation.

The Benefits of Going Multi-Entity

As noted by Investment Monitor, the world’s leading businesses have created more than 370,000 subsidiaries worldwide. And this doesn’t account for other multi-entry options such as franchise locations and satellite offices that help companies generate revenue or ensure they have access to relevant local data.

Look at the growing impact of legislation such as the EU’s GDPR. Any company that does business in the EU or collects data from EU citizens is responsible for both the secure storage of this data and for notifying individuals about how and why their personal information is being used. Failure to do so can result in significant fines or operational sanctions.

As a result, it’s often easier to have a satellite entity in an EU country to help streamline the compliance process and ensure consumer data is effectively handled.

Multi-entity options can also help companies increase revenue while providing a separate presence in multiple locations. Consider a franchise operation with businesses in 10 states. Each of these franchises represents potential ROI but depending on the state and city of their operation, may be subject to different regulations. By opting for multi-entities, companies can ensure that each location aligns with local rules.

multi entity consolidation

Potential Drawbacks of Multi-Entity Management

Operating more than one entity also comes with potential drawbacks, however.

First is complexity. As the number of locations increases, so do the number of regulations that must be met and the documents that must be filed. For example, one state may have additional tax forms or operational permits you need to obtain, which creates more data for your finance and accounting teams to manage. This is especially problematic as companies leverage the cloud to streamline accounting processes — while businesses benefit from the on-demand resources and scalability offered, it’s often challenging to sort through multiple entity records and ensure the right actions are applied to the right location.

The multi-entity approach can also lead to accounting errors, which in turn wastes time and money. This becomes even more challenging if you’re manually creating spreadsheets with relevant entity data — even small errors can cause significant problems down the line.

Sage Intacct supports Multi Entity Consolidation

Sage Intacct offers multi currency and multi entity consolidations globally to help companies coordinate hundreds of entities in minutes, not hours or days.

With Sage Intacct, you can:

  • Bring it all together, quickly and accurately

The Sage Intacct platform automatically consolidates financial consolidation activities including currency conversions, inter-entity transactions, and local tax reporting. This makes it possible for teams to more quickly close the books and bring on business growth.

  • Continuously multiple entity consolidation

Get granular visibility into all your entities with eliminations and currency impacts recorded as journal entries, and easily consolidate multiple ownership types such as minority and partial ownerships to get a clear picture of what’s happening, when, and why.

  • Streamline multi-currency management

From automated currency conversions to multi-currency conversions, Sage Intacct has you covered. Using up-to-date exchange rates, you can create cumulative currency adjustments (CTAs) and product reports in either the entity’s local currency or the currency used by your head office.

  • Unify multi-entry architecture

Easily handle domestic and global locations, single and multiple base currencies, and multiple ownership types with our unified architecture. Then, leverage shared definitions to collaborate on vendor, customer, and item lists.

  • Easily set up multi-entry consolidation

Get up and running ASAP with Sage Intacct. Instantly set up new entities with configurable rules, or have new entities inherent existing rules. Quickly configure each new entity with your own definitions, then choose whatever works best — centralized payables and receivables, or multiple charts of accounts. Whatever works best for you.

The result? Companies can reduce error rates, improve close times and boost productivity by more than 50%.

Opting for a multi-entity approach can help companies expand business operations and ensure they have a local presence where it matters most. But multi-entity operations come with increased complexity and the risk of accounting errors — take control of your multi-entity enterprise with Sage Intacct. Effectively manage your multi-entity business with Sage Intacct. Contact IWI Consulting Group today. Let’s talk.

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Sage Intacct Dimensions: An Intelligent Solution for Hidden Problems

You can’t fix what you can’t see. This is the challenge for many small and midsize businesses when it comes to accounting and financial reporting processes. Critical data is often obscured thanks to increasingly complex processes, and many companies struggle to keep pace with the speed of reporting necessary for digital transactions.

The result? Hidden problems which can lead to significant and far-reaching impacts on your finances. Sage Intacct Dimensions offers an intelligent, automated solution to help fix financial frustrations. Here’s how it works.

Big Challenges for Small Businesses

As both B2C and B2B sales have shifted to a digital-first model, the volume of financial data handled by businesses has increased exponentially. Despite best efforts by companies to keep up, the multi-state nature of data generation and storage — from internal processes to customer websites to mobile applications — creates a situation where businesses are often flying financially blind.

Best case scenario? Some data points are missing or incorrect, leading to minor errors in calculation and reporting. Worst case? Financial errors create compound problems that could put business operations in jeopardy.

According to recent survey data, complexity creates challenges on both sides of the payment paradigm. For businesses making payments, 45% said that manual invoice review was one of their top challenges. It makes sense: If mistakes were made on invoice calculations or data was entered incorrectly, the resulting errors could have negative impacts on the entire business ecosystem. For B2B purchasers, meanwhile, 47% said they faced challenges in anticipating when payments would arrive, in turn making it difficult to predict cash flow and liquidity.

How Sage Intacct Dimensions can Help

Sage Intacct Dimensions offers a flexible foundation for your financial reporting. Instead of relying on legacy tools and manual processes that could introduce data entry errors or duplicate efforts that mean more work for you and your team, Dimensions lets you get the best of both worlds: Complete financial control backed by robust cloud resources.

iwi consulting group sage intacct dimensions blog

iwi consulting group sage intacct dimensions blog

 

Dimensions offers four key benefits to help boost your business impact:

1) Real-time reporting

First up is real-time reporting. Rather than waiting for daily or weekly data roundups, Dimensions makes it possible to produce up-to-the-minute financials that reflect the current state of business operations, rather than an out-of-date picture that could negatively impact decision-making.

2) Simplified account charts

For most companies, a hard-coded chart of accounts structure remains the most common approach to tracking and managing account data. The problem? As the number of account codes increases across locations, departments, and projects, you can end up with an unmanageable set of codes. Consider a company with 3 locations, 5 departments, and 5 projects. Just to manage this small slice of business operations requires 75 codes — while adding a new project or location could add hundreds of new codes. With Sage Intacct Dimensions, you simply set up your primary account code and the software handles the rest.

3) Complete business tracking

Dimensions lets you “tag” both transactions and operations data with specific values, in turn letting you easily add business context. Tagging can be used for general ledgers, receivables, payables, time revenue management, and fixed assets, just to name a few. As your business grows, add more tracking dimensions to help reduce total complexity.

4) Streamlined reports

Featuring full integration with Sage Intacct’s financial report writer, Dimensions makes it easy for your teams to add context and improve reporting accuracy. Simply select from drop-down lists to filter, group, and organize data by dimensions to connect key reports and provide on-demand data access.

In combination, these benefits not only help your business better manage accounts payable (AP), procurement, and supply chain processes but also make it possible to detect and address previously hidden problems.

Consider a financial reporting system that seems to be working as intended. With Sage Intacct Dimensions, your team can take a deep dive into the system itself to see where financial functions are effectively operating and where improvements can be made. Moreover, you may discover areas of potential conflict that were previously hidden. For example, real-time reporting with simplified account codes could help you pinpoint issues such as duplicated invoices or accounts that are costing your business time and money.

Ready to discover what’s happening under the surface and discover new ways to improve financial operations? Start with Sage Intacct Dimensions.

Contact IWI Consulting Group today to get started. Let’s talk.

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More to Core: Three Hidden Features of Sage Intacct

Sage Core Financials software offers a host of benefits to help keep finances on-track. From accounts payable and receivable to general ledger, purchasing and cash management, Sage Core has what you need to empower finance functions across your organization. The benefits are substantial: Businesses report accelerated finance team productivity of 40 percent or more, while close times are slashed in half.

But it doesn’t stop there. There’s more to Core than meets the eye; here’s a look at three hidden features of Sage Intacct that can help streamline operations and provide ongoing financial insight for organizations.

Hidden Feature #1: Modelling

If you don’t know what you have, you can’t make informed decisions. Financial modelling tools in Sage Intacct make it possible to create a complete summary of your company’s expenses and earnings to help model the impact of future decisions or events.

Take the example of a company considering the purchase and takeover of another business. Beyond the initial cost of the purchase, the company must also examine the impact on both spending and earnings over time. For example, onboarding new staff can be time-consuming and costly but pay off down the line. In-depth modelling helps businesses understand both the initial impact and potential consequences of business decisions.

Modelling can also help prepare your company for unexpected events such as disasters or system failures. By understanding how finances are tied to operations, businesses can pinpoint the cost of downtime and its impact on both expenses and earnings.

Sage Intacct | IWI Consulting Inc.

Hidden Feature #2: Budget Planning

Historically, budget planning relied on inflexible and insecure spreadsheets that made it hard for companies to change their budgeting approach in light of new circumstances or conditions. Budget planning from Sage Intacct lets you team create a real-time, single source of financial truth to help drive confident decision-making.

Consider a company budgeting for the shipping and logistics costs. Given the rapidly-changing nature of supply chains and shipping frameworks, data obtained last month — or even last week — may no longer be accurate. Using this data leads to budgets that don’t match up with reality. For example, if existing data predicts a set shipping cost but recent changes have increased shipping prices by 50%, budgets won’t be enough to cover the expense, requiring companies to spend more than anticipated.

Budget planning with Sage Intacct allows organizations to quickly and accurately integrate multiple data sources into their budget plans using intuitive cloud planning solutions. Instead of collecting data and hoping for the best, companies are equipped confidently make decisions that are connected to a single source of truth.

Hidden Feature #3: Forecasting

Modelling helps you understand what you have, and budget planning makes it possible to more accurately predict spending needs based on the most up-to-date information.

Forecasting takes this process a step further. With forecasting tools from Sage Intacct, your business can leverage collected data to predict future trends and anticipate what comes next. For example, by collecting both structured and unstructured data about customer purchasing behavior and current marketing spend, your team can develop a data-driven prediction that helps inform where spending more may lead to revenue increases and where greater investment may have minimal impact.

For one world-leading logistics firm, the use of Sage Intacct made it possible to boost budgeting and forecasting efficiency by 60 percent, in turn reducing the amount of time and effort required by staff to predict outcome and take effective action.

Armed with in-depth forecasting tools, it’s possible for your business to understand how existing data sets interact to produce a more reliable picture of future events.

Making the Most of Sage Core and Sage Intacct

Sage Core Financials is a powerful platform that lets companies take control of disparate financial processes. Sage Intacct in the cloud, meanwhile, increases the scope of this solution with hidden features such as modelling, budget planning and forecasting to help give your company the edge when it comes to understanding what’s happing in your organization right now, what budget changes can help address near-time challenges, and what’s likely to happen down the line. Ready to get started with Sage Intacct? Connect with IWI Consulting Group.

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Handling Multi-Taxes with Sage Intacct

What are the major concerns in financial management of Multi-taxing in midsize or large Global enterprises? What solutions are expected and needed in the complex multi-entity, multi-currency and multi-taxing environments? How sage Intacct has been successful for the 5th year in a row, in evolving cloud solutions to meet and resolve all the criteria of the digital business organizations?

Overview of Requirements

In the current Digital Global era, thousands of organizations are spanned across multiple domestic states, multiple countries and even multiple continents. Financial management requires a complex chain of integrated calculations, consolidations, audits in each aspect of transactions or workforce. 

Right from inventories of stock, payrolls, invoices, assess revenues and liabilities etc, the major issues are: 

  • transparent, multi-dimensional, error-free visibility in reporting and audits
  • payability across precise conversions to multi-currency for each transaction 
  • most importantly accurate multi-taxing in compliance with the jurisdictions of each location.

Multi-Taxing

Every transaction in a business involves end-to-end tax liability like use tax, sales tax etc. For example transactions with India require compliance with centralized domains of VAT, GST etc. But if we take transactions in or with Canada, the compliance has to be an integration within the multiple jurisdictions of territorial as well as provincial taxes – in short the Form T2203. Compliance with the taxation at each point of sale calls for a complex integration of accountability, calculations, invoicing and deployment. 

Sage Intacct Software

It is a core cloud software for multi-dimensional Financial management which has evolved in different domains since its inception in 1999. Developed by Odysseas Tsatalos and David Chandler Thomas, the software has won many accolades in terms of awards, recognitions and is the only one endorsed by the AICPA.  The software offers tailored business management suites streamlined with each aspect of business accounting and workforce integration. 

What sage Intacct offers

The functionality and provisions of this can be concised with Intacct as an acronym:

In – Inventories (multi-entities), Invoices, Integration (centralized)

T – Tracking Transactions, Taxes, Taxability (compliances)

A – Audits, Accounting (multi-dimensional), Accuracy, Assurance ( all simplified)

C – Calculations, Centralized reports and visibility (across multi-entity, multi-currency)

C – Consolidations, Compliance (end-to-end multi-taxing)

T – Time management, Timelines (multiple)

Tax Compilation

Capital management of multi-taxable proceedings of different entities at both points of each transaction, demands:

  • End-to-end tracking of changing taxation on each entity and deals and 
  • Generating invoices in compliance to each end-user tax liability as per the legislations of the concerned entity, province, nation, continent etc.
  • Ensuring accuracy and precision in all calculations and consolidations
  • Transparent centralized integration of multi-dimensional taxabilities for prompt reports and audits
  • Meeting timelines in different time zones – consuming minimum time for maximum  profitability.

Sage Intacct not only complies with all the above requirements but also customizes the cloud software in terms of the scale of complexity and size of the enterprise. It credits itself with at least 4 feature-rich updates every year.

Cloud Nine Multi-Taxing with sage Intacct

The reason for its endorsement by AICPA and the recognition as the best software for financial management in Global organizations is its automated and flexible usage. The complexities of end-to-end taxability has been packaged into a very flexible platform.

  • The automated tracking the changing laws of taxation allows a hassle free updation and accounting
  • The User-friendly, unified core built-in infrastructure ensures not only a cloud 9 multi-dimensional management but also cloud accuracy and visibility.
  • Visible growth in the rates of auditability and profitability due to its rapid updates and reports adds to the professional credibility of the organizations streamlined through sage Intacct.

In a nutshell, sage Intacct architects the complexity of multi-taxing into a simplified hassle-free Cloud Nine experience with the Impact features scaling new heights each year.

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