Category: Accounting/Financials

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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Sage Intacct: The Advantage of a True Cloud Financial Solution

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Time to Move Your Wholesale Distribution Software to Cloud?

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