Category: Accounting/Financials

Advanced Accounting Software for Non-Profits Organizations

Accounting Software for Non-Profits

Non-profit organizations function under unique financial circumstances, necessitating tailored accounting software solutions. These entities face challenges distinct from for-profit businesses, focusing heavily on transparency, accountability, and meticulous management of funds. The accounting processes in non-profits demand a system that efficiently handles multiple revenue sources and effectively tracks funds allocated to various programs.

Non-profit accounting software is designed to cater to these specific needs. It ensures accuracy in financial reporting, streamlines grant management, and meets compliance regulations unique to this sector. This specialized software significantly contributes to non-profits’ successful operation and credibility by addressing these distinctive requisites, fostering trust among stakeholders and donors.

IMPORTANCE OF ACCOUNTING SOFTWARE FOR NON-PROFITS

Specialized accounting software plays a pivotal role in fortifying the financial management of non-profits. It acts as the cornerstone for maintaining the transparency and accuracy demanded by donors, regulatory bodies, and the public. This software offers a cohesive platform that facilitates meticulous tracking of funds, ensuring that donations and grants are appropriately allocated to specific programs or initiatives.

Moreover, non-profit accounting software enhances financial transparency, enabling stakeholders to scrutinize financial records easily. It streamlines reporting processes, ensuring compliance with the stringent regulations governing non-profits’ financial operations. By centralizing and automating financial processes, the software ensures that non-profits can dedicate more resources to their missions rather than spending extensive time managing financial affairs.

KEY FEATURES AND FUNCTIONS

Specialized non-profit accounting software encompasses essential features tailored to the distinct needs of these organizations. Fund accounting is a primary function, enabling the segregation of funds for various programs or projects, ensuring precise tracking and reporting. Grant management features streamline the process of applying for, tracking, and reporting on grants, thereby ensuring accountability to grant providers.

Additionally, reporting features allow non-profits to generate reports detailing fund allocation, budget utilization, and financial health, facilitating transparency and compliance. Donor management functions aid in maintaining donor relationships by tracking donations, donor preferences, and interactions.

CHOOSING THE RIGHT SOLUTION OF ACCOUNTING SOFTWARE FOR NON-PROFITS

Selecting the most suitable accounting software is a critical decision for non-profits. It involves evaluating various factors to ensure the chosen solution aligns with the organization’s unique requirements. Factors to consider include the organization’s size, budget, scalability, user-friendliness, compliance with regulations, and the adaptability of the software to the specific needs of the non-profit.

Non-profits should comprehensively evaluate available solutions, considering demonstrations, trial periods, and consultations with software providers. Assessing the software’s capacity to handle fund accounting, grant management, and reporting, along with its compatibility with existing systems, is pivotal to making an informed decision.

CASE STUDIES OR EXAMPLES

Real-world case studies exemplify the impact and efficiency of accounting software in non-profit organizations. They showcase successful implementations, demonstrating how these solutions improve financial reporting, streamline grant management, and enhance overall operational efficiency. These examples provide practical insights into the challenges faced by non-profits and how accounting software addresses those challenges.

These case studies illustrate the software’s role in facilitating financial transparency, compliance with regulations, and its ability to adapt to the diverse needs of different non-profit organizations. They serve as a guide for other organizations contemplating the adoption of similar solutions.

IWI Consulting Group has a success story with Hopes Home. Additionally, Sage Intacct has more than 40 success stories exclusively for non-profit companies.

IMPLEMENTATION AND BEST PRACTICES

Implementing accounting software in a non-profit organization demands careful planning and execution. It involves thorough training of personnel to ensure they effectively utilize the software’s features. Best practices include establishing clear guidelines for data entry, regular reconciliation processes, and maintaining compliance with regulatory standards.

Non-profits should strategize the implementation process, identify key stakeholders, set achievable milestones, and ensure a smooth transition to the new system. Regular audits can further optimize the software’s utilization. They ensure that the organization maximizes the benefits offered by the technology. Ongoing training sessions also play a vital role in this optimization.

REGULATORY COMPLIANCE AND REPORTING

Regulatory compliance is a critical aspect of non-profit accounting. Specific regulations, such as IRS Form 990 for tax-exempt organizations, demand strict adherence to ensure compliance. Accounting software assists non-profits in meeting these obligations by simplifying the reporting process and ensuring accuracy and timeliness in financial disclosures.

These solutions generate reports tailored to regulatory standards, ensuring that non-profits meet their reporting obligations. Additionally, they facilitate transparency and accountability, which are crucial for maintaining trust among stakeholders, donors, and regulatory bodies.

CHOOSING THE BEST ACCOUNTING SOFTWARE FOR NON-PROFITS ORGANIZATIONS

Among the various options available in the market, Sage Intacct stands out as an ideal choice for non-profit organizations for several fundamental reasons. Here are some of the most prominent reasons that make Sage Intacct a standout option for non-profit organizations:

Specialization in Non-Profit Requirements: Sage Intacct was specifically designed to meet the unique needs of non-profit organizations. It offers tailored features for fund management, allowing clear segregation and tracking of revenues and expenses for different programs or projects. This functionality is critical for non-profits needing to maintain transparency in resource allocation.

Accurate and Customized Financial Reporting: The software provides a comprehensive range of reporting tools. This not only allows a clear view of the organization’s financial health but also facilitates generating custom reports to meet specific requirements of donors, boards, or regulatory agencies.

Donation and Grant Management: Sage Intacct streamlines the management of donations and grants. It facilitates accurate and detailed tracking of funds from various sources. This not only ensures accountability to donors but also streamlines the audit process, keeping the organization compliant with regulations.

Integration and Accessibility: The software is highly integrable, meaning it can easily connect with other systems used by the organization. Additionally, it is accessible from anywhere, allowing more effective collaboration even for dispersed or remote teams.

Support and Specialized Assistance: Sage Intacct offers robust technical support and regular updates, ensuring that the organization always has access to enhanced features and the necessary assistance. This reduces the workload on IT departments and allows the organization to focus on its essential goals.

Ease of Use and User-Friendly Interface: Its intuitive interface makes Sage Intacct easy to adopt by users, regardless of their previous experience with accounting systems. This streamlines the training and implementation process, minimizing the learning curve.

WHY IS THE BEST OPTION SAGE INTACCT WITH IWI CONSULTING GROUP?

The choice of Sage Intacct for non-profit organizations is based on its adaptability and ability to meet the specific needs of this sector. Its specialization and features are designed exclusively for non-profit organizations. This makes it a standout option to enhance financial efficiency and transparency, ensuring that resources are allocated accurately and responsibly. These attributes, combined with the support and expertise of IWI Consulting Group, the largest Sage partner in Canada, make Sage Intacct a tailored and reliable choice for non-profit organizations.

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Sage Intacct vs. Dynamics 365 Business Central: Choosing the Best Fit for Your Business

Sage Intacct vs. Dynamics 365 Business Central

In the ever-evolving landscape of business technology, finding the right financial management solution has become a critical decision for organizations seeking to optimize their financial processes and drive growth. Two prominent players in this domain, Sage Intacct and Dynamics 365 Business Central, stand out as leading cloud-based platforms, each offering unique features to cater to the diverse needs of businesses. This comprehensive comparison of Sage Intacct vs. Dynamics 365 Business Central aims to shed light on the strengths and capabilities of both solutions, empowering decision-makers to make informed choices tailored to their specific requirements.

This comparison aims to provide a comprehensive analysis of Sage Intacct and Dynamics 365 Business Central, assisting businesses in choosing the ideal financial management solution for their specific needs. We will explore various aspects, including features, user experience, pricing, security, and customer support. Additionally, we will analyze industry-specific functionalities and more to guide readers in making informed decisions.

Overview of Sage Intacct

Sage Intacct is a leading cloud-based financial management solution designed to cater to the diverse needs of businesses of all sizes. Renowned for its scalability and flexibility, Sage Intacct empowers finance teams with real-time financial insights and streamlines complex accounting processes. The platform’s multi-dimensional database architecture allows for in-depth reporting and analysis, giving decision-makers the tools they need for data-driven strategies.

With a focus on automation and efficiency, Sage Intacct offers comprehensive features such as accounts payable and receivable management, general ledger, cash management, and project accounting. Its seamless integration capabilities enable businesses to connect with other applications, enhancing overall financial management.

Overview of Dynamics 365 Business Central

Dynamics 365 Business Central, part of the Microsoft Dynamics suite, is an all-in-one business management solution for small and medium-sized enterprises. Built with scalability in mind, Business Central consolidates various business processes into a single platform. This includes finance, supply chain, sales, and customer service, providing businesses with a unified and efficient solution to manage their operations. The system’s user-friendly interface and integration with Microsoft 365 tools make it accessible to many users.

Business Central offers essential financial management features such as general ledger, accounts payable and receivable, budgeting, and cash flow forecasting. Additionally, the platform provides a comprehensive view of business data, enabling users to gain insights and make informed decisions.

Key Features of Sage Intacct

Sage Intacct offers a range of crucial features that streamline financial processes and elevate decision-making:

  1. Advanced Reporting and Analytics:
    Sage Intacct’s reporting and analytics capabilities provide real-time insights into financial performance, helping businesses make data-driven decisions.
  2. Multi-Entity Management:
    The platform efficiently manages multiple entities and currencies, making it an excellent choice for businesses with complex structures or global operations.
  3. Customizable Dashboards:
    Sage Intacct’s customizable dashboards allow users to access critical financial data and key performance indicators (KPIs) at a glance, facilitating better financial management.
  4. Seamless Integrations:
    With an open API architecture, Sage Intacct seamlessly integrates with other business applications, enabling enhanced functionality and data flow.

Key Features of Dynamics 365 Business Central

Dynamics 365 Business Central offers a set of critical features that consolidate various business processes:

  1. Unified Business Platform:
    Business Central unifies financial management, sales, supply chain, project management, and customer service, providing a comprehensive view of the business.
  2. Business Intelligence and Insights:
    The platform offers built-in business intelligence tools, empowering users with data-driven insights and analytics.
  3. Integration with Microsoft 365:
    Business Central’s integration with Microsoft 365 applications, such as Outlook and Excel, enhances productivity and collaboration within the organization.
  4. Scalability and Growth:
    Business Central’s modular approach allows businesses to start with essential features and scale up as their needs evolve, making it suitable for growing enterprises.

User Interface and User Experience

Regarding user interface and experience, Sage Intacct and Dynamics 365 Business Central offer distinct approaches. Sage Intacct boasts an intuitive and user-friendly interface, making it easy for finance professionals to navigate and manage complex financial processes efficiently. Its customizable dashboards allow users to access relevant financial data and reports, simplifying decision-making.

On the other hand, Dynamics 365 Business Central provides a unified user interface that is familiar to Microsoft 365 users. This interface facilitates quick onboarding and reduces the learning curve for new users, making it easier for them to navigate and use the platform effectively.

Integrating with Microsoft’s suite of applications ensures a cohesive user experience, promoting collaboration and productivity.

Pricing and Licensing – Sage Intacct vs. Dynamics 365 Business Central

Pricing and licensing models for Sage Intacct and Dynamics 365 Business Central differ based on the platform’s offerings and the business’s requirements. Sage Intacct typically follows a subscription-based model, with pricing tailored to the organization’s specific needs, such as the number of users and required modules. This flexibility makes Sage Intacct suitable for businesses of various sizes and complexities.

Dynamics 365 Business Central also adopts a subscription-based model, pricing based on the number of users and the selected plan. While the platform provides essential financial management features, businesses may need to consider additional modules or add-ons for specific functionalities.

Accounting and Financial Management Capabilities

Sage Intacct and Dynamics 365 Business Central offer robust accounting and financial management capabilities with distinct focuses.


Sage Intacct is primarily designed for financial professionals. It provides advanced accounting functionalities, such as multi-entity management, complex revenue recognition, and project accounting. Its in-depth reporting and analytics capabilities equip businesses with the insights they need for strategic decision-making. Additionally, Sage Intacct’s automation features help streamline financial processes, reducing manual effort and the risk of errors.

Dynamics 365 Business Central, an all-in-one business management solution, combines financial management with other core business processes. Its financial capabilities cover general ledger, accounts payable and receivable, fixed assets, and cash flow forecasting. While it may not offer the same depth of economic features as Sage Intacct, Business Central provides a unified platform for businesses looking to manage multiple aspects of their operations.

Integration and Compatibility – Sage Intacct vs. Dynamics 365 Business Central

Sage Intacct and Dynamics 365 Business Central offer integration capabilities with different approaches.

Sage Intacct’s open API architecture allows seamless integration with various third-party applications, enabling businesses to customize their financial management experience. This flexibility empowers organizations to leverage best-of-breed solutions for specific needs, fostering a cohesive ecosystem of business tools.

Dynamics 365 Business Central’s integration strengths lie within the Microsoft ecosystem, particularly with Microsoft 365 applications. This integration enables businesses to connect financial data with customer information, sales opportunities, and project details, promoting a holistic view of the business. Additionally, Business Central integrates with other Microsoft Dynamics solutions, offering comprehensive end-to-end business management.

Security and Data Privacy

Both Sage Intacct and Dynamics 365 Business Central prioritize the security and privacy of their users’ data.

Sage Intacct is a secure cloud-based solution hosted on AWS, ensuring robust data protection and disaster recovery measures. The platform adheres to industry-standard security protocols, including encryption, multi-factor authentication, and regular security audits.

Dynamics 365 Business Central, being a Microsoft product, benefits from Microsoft’s robust security infrastructure and compliance standards. Microsoft Azure, the underlying cloud platform for Business Central, ensures data is protected with advanced security features.

Customer Support and Resources – Sage Intacct vs. Dynamics 365 Business Central

Sage Intacct is recognized for its excellent customer support, with multiple support options, including phone, email, and online resources. The platform’s user community and knowledge base provide valuable insights and best practices for users seeking assistance.

Dynamics 365 Business Central offers comprehensive customer support through phone, email, and community forums. As part of the Microsoft ecosystem, users can access a vast library of resources, tutorials, and user guides for learning and problem-solving.

Industry-Specific Functionality

Sage Intacct caters to a wide range of industries, offering specialized functionalities to meet the unique needs of businesses in specific sectors. From nonprofits and financial services to healthcare and professional services, Sage Intacct provides tailored solutions to ensure compliance and efficiency in industry-specific workflows.

Dynamics 365 Business Central, while versatile, may require additional customization or third-party add-ons to address specific industry requirements effectively. Its strength lies in its unified business management approach, allowing users to manage multiple aspects of their operations in one platform.

Third-Party App Integrations – Sage Intacct vs. Dynamics 365 Business Central

As mentioned, Sage Intacct’s open API architecture facilitates seamless integrations with numerous third-party applications, including customer relationship management (CRM) systems, project management tools, and e-commerce platforms. This flexibility enables businesses to create a tailored financial management ecosystem that aligns with their unique requirements.

Dynamics 365 Business Central offers various third-party integrations, particularly within the Microsoft ecosystem. With connectors for Microsoft 365 applications, Power Platform, and other Dynamics solutions, businesses can extend the capabilities of Business Central. They can integrate them with other mission-critical tools to create a comprehensive and connected business ecosystem.

Migration and Onboarding Process

The migration and onboarding process can significantly impact the implementation of a financial management solution. Sage Intacct is praised for its smooth and efficient onboarding process. Dedicated customer success managers guide businesses throughout the implementation journey, ensuring a seamless and successful transition to the platform. The platform’s migration tools ensure seamless data transfer from existing systems, minimizing downtime during the transition.

Dynamics 365 Business Central, part of the Microsoft family, offers resources and support for a successful implementation. Businesses already using other Microsoft solutions will find the integration process relatively straightforward. They can leverage existing data and configurations, ensuring a seamless connection between Dynamics 365 BC and their current software ecosystem.

Conclusion – Sage Intacct vs. Dynamics 365 Business Central

As we delve into the intricacies of financial management solutions, one name emerges as a clear frontrunner: Sage Intacct. This exceptional cloud-based platform has solidified its reputation as a flexible and scalable solution catering to businesses of all sizes. Its unwavering focus on empowering finance teams with real-time financial insights, streamlined accounting processes, and advanced reporting and analytics sets it apart from the competition.

Sage Intacct’s commitment to user-centric design shines through its intuitive interface, ensuring that finance professionals can navigate complexities effortlessly. Customizable dashboards grant users access to critical financial data and key performance indicators (KPIs) at a glance, propelling data-driven strategies and informed decision-making.

Furthermore, the platform’s open API architecture allows seamless integration with an extensive array of third-party applications, cementing its position as a cornerstone in a cohesive ecosystem of specialized business tools. Sage Intacct is undoubtedly the epitome of excellence for organizations seeking a comprehensive financial management solution that caters to their unique needs.

While Dynamics 365 Business Central showcases its merits as an all-in-one business management solution within the Microsoft ecosystem, Sage Intacct rises above the rest by placing unparalleled focus on financial expertise and exceptional user experiences. As businesses venture into an ever-changing landscape, Sage Intacct is a beacon of innovation and efficiency. It enables enterprises to thrive with unrivaled financial prowess and adaptability. For those seeking a financial management solution that transcends the ordinary, Sage Intacct paves the way to embrace excellence and the future of finance.

Why Choose IWI Consulting Group for Sage Software Solutions

The IWI Consulting Group is your trusted partner when selecting and implementing accounting software. As the largest Sage partner in Canada, we have extensive experience in assisting businesses of all sizes across various industries. Our team provides personalized guidance on choosing between both platforms, ensuring you select the right solution to meet your requirements. We offer comprehensive training, implementation services, ongoing support, and customizations to optimize your software investment.

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Sage Intacct vs. Xero: Which Accounting Software is better for your company

Sage Intacct vs. Xero

When choosing the perfect accounting software for your business, the options can be overwhelming. Two industry giants, Xero and Sage Intacct, have significantly impacted the financial management landscape, providing powerful tools and features for businesses of all sizes. In this in-depth comparison of Sage Intacct vs. Xero, we’ll explore the critical aspects of each financial management platform.

Overview of Xero

Xero, founded in 2006, quickly gained popularity for its cloud-based accounting software designed for small and medium-sized businesses. Its user-friendly interface makes it easy for companies to manage their financial tasks efficiently. Xero’s extensive features include bank reconciliation, invoicing, and expense tracking. Additionally, its mobile app allows users to manage their finances on the go, enhancing its appeal.

Overview of Sage Intacct

Established in 1999, Sage Intacct has become a robust financial management solution for mid-sized and enterprise-level businesses. Its cloud-based platform provides advanced automation, scalability, and in-depth financial reporting capabilities. Sage Intacct’s reputation stems from its focus on financial management and its ability to handle complex accounting needs for businesses across various industries.

Pricing and Plans- Sage Intacct vs. Xero

Pricing is a crucial factor when choosing accounting software. Xero offers multiple pricing plans, including Starter, Standard, and Premium, with varying levels of features and user access. The pricing is competitive and suitable for small to medium-sized businesses. However, as the business scales, the cost may increase significantly due to the per-user pricing model.

In contrast, Sage Intacct follows a tailored pricing model, with costs determined based on the specific requirements of each business. This approach ensures that companies pay only for the features they need, making it a viable option. While Sage Intacct’s pricing might seem higher initially, the tailored plans often result in more cost-effectiveness as businesses grow.

Key Features – Sage Intacct vs. Xero

Xero boasts various features that cater to basic accounting needs, making it a popular choice for small businesses. Its user-friendly interface allows users to navigate seamlessly through invoicing, bill payments, bank reconciliation, and inventory management. Moreover, Xero’s extensive integration capabilities enable users to connect with various third-party applications, expanding its functionality.

On the other hand, Sage Intacct takes financial management to a new level with a wide range of advanced features. From robust financial reporting and automated billing to multi-entity consolidations and project accounting, Sage Intacct offers powerful tools that empower companies to manage complex financial operations easily. The platform’s granular controls and customizable workflows set it apart from Xero, making it the preferred choice for businesses seeking in-depth financial capabilities.

Integration Capabilities, Reporting and Analytics

Integration capabilities are essential for accounting software, as businesses often rely on various applications for different tasks. Xero boasts a vast ecosystem of third-party integrations covering e-commerce, CRM, payroll, and more. This makes Xero a versatile option for businesses seeking a seamless workflow by connecting all their essential tools.

Sage Intacct also offers a range of integrations. However, Sage Intacct shines in its native integrations and partnerships with top-tier financial applications, ensuring more seamless and robust connections for core financial processes.

Financial reporting and analytics are critical for business decision-making. Xero provides standard financial reports for fundamentally analyzing a company’s financial health. Users can create reports such as profit and loss statements, balance sheets, and cash flow reports.

In contrast, Sage Intacct’s reporting capabilities are unparalleled. The platform offers a wide range of pre-built financial reports, customizable dashboards, and real-time analytics. Businesses can gain deeper insights into their financial performance, enabling them to make data-driven decisions confidently.

Scalability and Performance – Sage Intacct vs. Xero

As businesses grow, scalability becomes a vital consideration. Xero is scalable to a certain extent and can accommodate the needs of growing small businesses. However, for larger enterprises with complex financial operations, Xero may struggle to keep up with the increasing demands.

Sage Intacct is inherently designed to handle scalability and performance challenges. Its architecture can efficiently manage the financial complexities of all-sized enterprises. As businesses expand, Sage Intacct provides the necessary tools and resources to support their financial growth.

Security and Data Privacy – Sage Intacct vs. Xero

The security of financial data is of utmost importance for any business. Xero ensures data security through encryption, multi-factor authentication, and regular backups. It complies with industry standards to protect sensitive financial information.

Sage Intacct is known for its robust security measures, with features like role-based access controls and audit trails. Its data centers adhere to stringent security protocols and comply with industry certifications, making it a top choice for businesses handling sensitive financial data.

Customer Support and Resources

Good customer support is vital, especially when dealing with financial software. Xero offers email support and an extensive knowledge base. However, some users have reported issues with response times and the level of support.

Sage Intacct excels in customer support, offering multiple channels for assistance, including phone, email, and chat support. Its customer success program provides personalized onboarding and continuous support, ensuring businesses maximize their investment.

Industry-Specific Functionality

Different industries have specific accounting and financial management needs. Xero caters to a wide range of industries, but its depth of industry-specific functionality is limited compared to Sage Intacct.

Sage Intacct offers tailored solutions for industries like nonprofits, healthcare, professional services, and more. The platform’s industry-specific functionality ensures that businesses in these sectors can efficiently manage their unique financial processes.

Accounting and Financial Management

Xero provides standard accounting features like accounts payable and receivable, general ledger, and bank reconciliation. While it covers the essentials, it may lack the depth required for more complex accounting operations.

Sage Intacct is renowned for its robust financial management capabilities, handling complex tasks like multi-entity consolidations, revenue recognition, and global consolidations. Its depth of financial functionality makes it a powerful tool for larger enterprises with intricate financial needs.

Invoicing and Billing – Sage Intacct vs. Xero

Efficient invoicing and billing processes are crucial for businesses to maintain a healthy cash flow. Xero offers user-friendly invoicing features, allowing companies to create and send professional invoices easily.

Sage Intacct provides advanced billing functionalities, including automated billing, revenue recognition, and subscription management. These capabilities are precious for businesses with complex billing requirements.

Expense and Payroll Management

Xero’s expense management features allow users to track and categorize expenses, making it convenient for businesses to manage their spending. However, it may lack the depth required for companies with more intricate expense tracking needs.

Sage Intacct’s expense management module offers comprehensive expense tracking, approval workflows, and integration with corporate credit cards. This level of sophistication is beneficial for businesses with extensive expense management requirements.

Payroll is a critical aspect of financial management, and Xero provides payroll functionalities in select regions. However, its payroll features may not be as comprehensive as dedicated payroll software.

Sage Intacct partners with top payroll providers, offering seamless integrations for comprehensive payroll management. For businesses with complex payroll needs, this integration can prove invaluable.

Time Tracking and Project Management

Time tracking and project management are vital for businesses that bill clients based on hours worked. Xero offers basic time-tracking features, which may not suffice for companies with extensive project management requirements.

Sage Intacct’s time tracking and project accounting capabilities are designed to meet the needs of service-based businesses. With tools for project budgeting, resource planning, and project profitability analysis, Sage Intacct is a choice for companies focused on project management.

Inventory Management and Payment Processing

For businesses dealing with physical goods, inventory management is crucial. Xero provides essential inventory management features suitable for small businesses with more straightforward inventory needs.

Sage Intacct offers more robust inventory management capabilities, including multi-location tracking, serialized inventory, and demand forecasting. This level of sophistication is well-suited for businesses with complex inventory requirements.

Xero integrates with various payment gateways, allowing businesses to accept online payments easily. While the integration options are sufficient for standard payment processing, some companies may require more specialized payment solutions.

Sage Intacct’s payment processing capabilities are often more advanced, with built-in electronic payment processing and support for complex payment workflows. This is particularly useful for businesses handling high volumes of transactions and seeking a seamless payment experience.

Bank Reconciliation – Sage Intacct vs. Xero

Xero simplifies bank reconciliation with automated bank feeds, making it easy for businesses to keep their accounts up to date. The process is streamlined, saving time and effort for users.

Sage Intacct also offers automated bank reconciliation, but its focus on automation extends to more complex financial processes, making it a comprehensive choice for businesses with extensive reconciliation needs.

Migration and Onboarding Process:

Moving to a new accounting platform can be a daunting task. Xero’s migration process is relatively straightforward, and its user-friendly interface makes onboarding smoother for new users.

Sage Intacct’s migration process is typically managed with the assistance of a dedicated customer success team, and IWI Consulting Group helps companies in all steps. This personalized approach ensures that businesses are supported throughout the migration and onboarding journey.

Conclusion – Sage Intacct vs. Xero

In conclusion, Xero and Sage Intacct are robust accounting software solutions catering to different market segments. Sage Intacct’s focus on financial management and its advanced features make it the preferred choice for all businesses. While Xero remains a popular choice for smaller entities, those seeking scalability, industry-specific functionality, and deeper financial insights should strongly consider Sage Intacct. Ultimately, the decision between Xero and Sage Intacct depends on each business’s needs and growth trajectory. By analyzing their unique requirements and comparing Sage Intacct vs. Xero, companies can make an informed decision and select the ideal financial management solution for their success.

Why Choose IWI Consulting Group for Sage Software Solutions

The IWI Consulting Group is your trusted partner when selecting and implementing accounting software. As the largest Sage partner in Canada, we have extensive experience in assisting businesses of all sizes across various industries. Our team of experts can provide personalized guidance on choosing between Sage Intacct vs. Xero, ensuring that you select the right solution to meet your unique requirements. We offer comprehensive training, implementation services, ongoing support, and customizations to optimize your software investment.

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Sage 50 vs. Sage Intacct – Choosing the Right Accounting Software

Sage 50 vs. Sage Intacct

When choosing the right accounting software for your business, Sage 50 and Sage Intacct are two popular options worth considering. This article will delve into the key differences between these two platforms and help you make an informed decision. As you read on, remember that the IWI Consulting Group, the largest Sage partner in Canada, is here to assist you with any software-related questions and provide tailored solutions to meet your business needs.

Overview of Sage 50 and Sage Intacct

Sage 50, formerly known as Peachtree, is a well-established accounting software designed for small and medium-sized businesses. It offers a range of features, including invoicing, inventory management, financial reporting, and payroll processing. On the other hand, Sage Intacct is a cloud-based financial management solution aimed at growing businesses. It provides advanced functionality, scalability, and real-time visibility into your company’s financial health.

Feature Comparison

When comparing Sage 50 and Sage Intacct, it’s essential to consider the features they offer. Both platforms provide core accounting functionalities such as general ledger, accounts payable, and accounts receivable. However, Sage Intacct provides advanced features like multi-entity management, project accounting, and revenue recognition, making it an ideal choice for complex business structures.

User Experience and Interface

The user experience and interface are vital in ensuring accounting software’s smooth adoption and efficient usage. Sage 50 has a user-friendly interface with a familiar layout that resembles traditional accounting systems. It suits businesses with basic accounting needs, and users prefer desktop-based solutions. On the other hand, Sage Intacct boasts a modern, intuitive interface optimized for cloud-based accessibility. Its user-friendly design and robust reporting capabilities make it an excellent choice for businesses that value mobility and real-time insights.

Scalability and Integration

Choosing accounting software that can scale alongside your operations as your business grows is crucial. Sage 50 offers various versions tailored to different business sizes, allowing you to upgrade as your needs evolve. However, Sage Intacct excels in scalability, particularly for businesses with complex financial requirements and multi-entity structures. Additionally, Sage Intacct integrates seamlessly with other software applications, such as CRM and ERP systems, providing a unified view of your business processes.

Pricing Structure: Sage 50 vs. Sage Intacct

One crucial factor to consider when choosing between Sage 50 and Sage Intacct is the pricing structure. Sage 50 is typically more budget-friendly, with different versions available at varying prices. This makes it an attractive choice for small businesses or those with limited financial resources. On the other hand, Sage Intacct follows a subscription-based model, where the cost is determined by factors such as the number of users and the level of functionality required. While Sage Intacct may have a higher initial investment, it offers robust features and scalability that can accommodate the evolving needs of growing businesses.

Customer Support and Resources

Another significant consideration is the level of customer support and resources available for each software. Sage 50 users can benefit from many online resources, including tutorials, user forums, and knowledge bases. Additionally, Sage provides customer support through phone and email channels. Sage Intacct users can also access a comprehensive knowledge base and community forums. However, Sage Intacct distinguishes itself with its dedicated customer success team, offering personalized assistance and ongoing support to ensure a smooth user experience. The IWI Consulting Group, as a trusted Sage partner, can further enhance your support experience, providing expert guidance, training, and troubleshooting for both Sage 50 and Sage Intacct users.

Reporting and Analytics: Sage 50 vs. Sage Intacct

Sage Intacct excels in reporting and analytics capabilities, allowing businesses to generate comprehensive financial reports, perform data analysis, and gain valuable insights into their financial performance. With its advanced reporting functionalities, companies can create custom reports, track key performance indicators (KPIs), and visualize data using interactive dashboards. On the other hand, while Sage 50 provides basic reporting features, it may not offer the same advanced reporting and analytics level as Sage Intacct. This distinction makes Sage Intacct a preferred choice for businesses that require in-depth financial analysis and reporting capabilities.

Automation and Workflow: Sage 50 vs. Sage Intacct

Sage Intacct stands out regarding automation and workflow capabilities, streamlining business processes, and reducing manual data entry. The platform offers features such as automated billing, payment reminders, and approval workflows, enabling businesses to automate repetitive tasks and improve efficiency. By automating critical financial processes, companies can save time and minimize errors, increasing productivity. While Sage 50 does provide some automation features, it may not offer the same breadth and depth of automation and workflow options as Sage Intacct. For businesses seeking enhanced process automation, Sage Intacct presents a compelling solution.

Industry-specific Functionality: Sage 50 vs. Sage Intacct

Sage Intacct offers industry-specific functionality and tailored solutions for businesses operating in various sectors. With specialized features designed for nonprofit organizations, healthcare, professional services, and more, Sage Intacct can address these industries’ specific needs and compliance requirements. These industry-specific capabilities include fund accounting, grant management, project accounting, and revenue recognition. Sage 50, while flexible, may not offer the same level of industry-specific functionality. Therefore, businesses operating in niche industries may find Sage Intacct a more suitable choice to meet their specific requirements.

Accessibility and Mobility: Sage 50 vs. Sage Intacct

Sage Intacct’s cloud-based nature allows for unparalleled accessibility and mobility. Users can access their financial data, perform tasks, and collaborate with their team from anywhere, anytime, using any device with an internet connection. This level of flexibility is particularly beneficial for businesses with remote teams, multiple locations, or those that require on-the-go access to their financial information. On the other hand, Sage 50, being primarily desktop-based, may have limitations in terms of remote accessibility. Businesses prioritizing mobility and requiring real-time access to their financial data may find Sage Intacct’s cloud-based architecture more aligned with their needs.

Why Choose IWI Consulting Group for Sage Software Solutions

The IWI Consulting Group is your trusted partner when selecting and implementing accounting software. As the largest Sage partner in Canada, we have extensive experience in assisting businesses of all sizes across various industries. Our team of experts can provide personalized guidance on choosing between Sage 50 and Sage Intacct, ensuring that you select the right solution to meet your unique requirements. We offer comprehensive training, implementation services, ongoing support, and customizations to optimize your software investment.

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Unlocking the True Value: Sage Intacct Pricing Explained

Sage Intacct Pricing

Are you considering implementing Sage Intacct for your business but need clarification on its pricing structure? Look no further! This comprehensive guide will delve into the intricacies of Sage Intacct pricing, providing you with the necessary information to make informed decisions. As the largest Sage partner in Canada, IWI Consulting Group has extensive experience in addressing software-related questions. Let’s explore the various aspects of Sage Intacct pricing and how it can benefit your organization.

Understanding Sage Intacct Pricing

Sage Intacct pricing follows a flexible model tailored to meet the unique requirements of different businesses. By offering multiple pricing options, Sage Intacct ensures scalability and affordability. The pricing structure includes user count, modules, implementation services, and ongoing support. This adaptability allows businesses to choose the most suitable plan based on their needs and budget.

To begin with, the user count plays a crucial role in determining the pricing of Sage Intacct. The more users you have accessing the system, the higher the cost may be. However, Sage Intacct offers tiered pricing, which means that the cost per user decreases as the number of users increases, making it a cost-effective choice for businesses of all sizes.

In addition to user count, the selection of modules also impacts the overall pricing. Sage Intacct provides a wide range of modules that cater to different business functions, including financial management, project accounting, revenue recognition, and more. Businesses can choose the modules that align with their specific needs, ensuring they only pay for the required functionalities. This modular approach allows flexibility and scalability, as businesses can add or remove modules as their requirements evolve.

Implementation and Support

The scope of implementation services plays a role in Sage Intacct pricing. Depending on the complexity of your organization’s processes, you may require varying levels of assistance during the implementation phase. Sage Intacct offers implementation services to ensure a smooth transition and successful deployment of the Sage Intacct software. These services may include data migration, system configuration, customization, and training. The extent of implementation services needed can influence the overall pricing, as businesses with more complex requirements may require additional support during the implementation process.

Furthermore, the level of ongoing support desired can impact the pricing of Sage Intacct. Sage Intacct provides various support options, including technical assistance, software updates, and access to a knowledgeable support team. Depending on your organization’s preference and requirements, you can choose the level of support that suits your needs. Businesses that require more comprehensive and frequent approval may opt for higher-tier support packages. In contrast, others with fewer support needs can choose more basic options, tailoring the pricing to their specific requirements.

Sage Intacct Pricing Plans and Options

Sage Intacct offers different pricing plans to cater to the diverse needs of businesses. The plans range from basic to advanced, providing increased functionality and features. Each plan offers a set of modules that can be customized according to the organization’s specific requirements. By selecting the appropriate plan and modules, businesses can optimize their investment in Sage Intacct and leverage its full potential.

The pricing plans offered by Sage Intacct typically include a base fee that covers the core functionalities of the software. This base fee provides access to essential features such as general ledger, accounts payable, accounts receivable, and basic reporting capabilities. Businesses can then add modules based on their specific needs, such as budgeting and planning, inventory management, order management, or contract billing.

Customizing the software’s functionality is a significant advantage of Sage Intacct’s pricing structure. Businesses can select modules that align with their industry, operational requirements, and growth strategies. This flexibility allows organizations to implement Sage Intacct as a tailored solution, ensuring they only pay for their operations’ essential features and functionalities.

Moreover, Sage Intacct pricing plans often offer scalability options, allowing businesses to upgrade to higher-tier plans as their needs evolve. This scalability is particularly beneficial for growing businesses anticipating expanding their operations and requiring additional functionality. Sage Intacct’s pricing model ensures that companies can seamlessly transition to more advanced plans without disrupting existing processes or incurring significant costs.

The IWI Consulting Group: Your Trusted Sage Partner

The IWI Consulting Group is Canada’s largest Sage partner regarding Sage Intacct implementation and support. With our extensive expertise and knowledge, we can assist you in navigating through the complexities of Sage Intacct pricing and finding the most suitable solution for your business. Our team of experienced professionals is dedicated to understanding your unique needs and providing tailored recommendations to optimize your software investment.

As a trusted Sage partner, IWI Consulting Group deeply understands Sage Intacct’s pricing structure, plans, and options. We have helped numerous businesses across various industries successfully implement Sage Intacct, ensuring they maximize its benefits while optimizing costs. Our team works closely with clients to analyze their requirements, recommend the most suitable pricing plan, and guide module selection and customization.

Furthermore, our expertise extends beyond pricing and implementation. As the largest Sage partner in Canada, we have a wealth of knowledge and experience in addressing software-related questions and challenges. Whether you need assistance with data migration, system integration, training, or ongoing support, our dedicated team is here to help. We provide comprehensive solutions beyond software implementation, ensuring you have the tools and support necessary to drive your business forward.

Contact us to learn more about Sage Intacct pricing, implementation and how the IWI Consulting Group can assist you. Let us help you optimize your financial management processes and drive your business toward success with the power of Sage Intacct.

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Sage X3 for Food & Beverage Businesses: The Ultimate ERP Solution

sage x3 for food & beverage

Companies must quickly adapt to changing market conditions in the highly competitive food and beverage industry. To remain profitable, they must have efficient supply chain management, accurate inventory control, and streamlined operations. Many food and beverage businesses are turning to Sage X3, the ultimate ERP solution. This article will explore the benefits of using Sage X3 for food and beverage businesses.

Benefits of using Sage X3 for food and beverage businesses

Streamlined Operations

Sage X3 empowers food and beverage businesses to streamline operations through the automation of critical business processes. By leveraging the system’s capabilities, ranging from order processing to inventory management, companies gain real-time visibility into every facet of their operations, thereby facilitating prompt issue identification and resolution. This seamless integration of automation and real-time insights enables businesses to enhance operational efficiency and drive overall productivity.

Traceability

Traceability allows businesses to verify the history and location of a product through documented, recorded verification, and it helps manufacturers significantly improve their operations. This intelligence promotes efficiency and improves decision-making, managing materials and logistics smarter, arranging better supplier terms, achieving optimal demand planning, and ensuring fresh products while keeping costs low.

Accurate Inventory Management

Inventory management is fundamental in a Food and Beverage ERP solution. With Sage X3, companies can keep track of their inventory levels in real time, reducing the risk of stockouts or excess inventory. Moreover, the system automates replenishment procedures, adhering to predefined rules, thereby optimizing inventory levels and minimizing wastage.

Efficient Supply Chain Management

Supply chain management is crucial for food and beverage businesses. With Sage X3, organizations gain unparalleled visibility across the entire supply chain, encompassing procurement, production, and delivery. Furthermore, the system facilitates real-time tracking of shipments, resulting in enhanced delivery times and substantial cost reductions.

Compliance

Food and beverage businesses must comply with various regulations, such as FDA and GMP. Sage X3 provides robust compliance tools, ensuring that companies meet regulatory requirements. The system tracks compliance information and generates audit reports, simplifying compliance management.

Cost Control

Sage X3 provides businesses with complete cost control. The system helps companies identify areas where costs can be reduced, such as inventory levels or procurement processes. This feature helps food and beverage businesses maintain profitability in a highly competitive market.

Enhanced Reporting and Analytics

Sage X3 provides enhanced reporting and analytics capabilities, allowing food and beverage businesses to gain valuable insights into their operations. The system offers customizable dashboards, providing real-time information on key performance indicators (KPIs) such as inventory levels, production schedules, and order statuses. This feature helps businesses make data-driven decisions, improving efficiency and profitability.

Quality Control

Quality control plays a pivotal role in the success of food and beverage businesses. By leveraging Sage X3, companies can effectively establish and enforce stringent quality control measures, guaranteeing adherence to the most stringent safety and quality standards. Moreover, the system provides automated testing and inspection workflows, enabling businesses to promptly detect and rectify any quality concerns. Consequently, this invaluable feature aids in mitigating the potential for product recalls and safeguarding the reputation of the brand.

Affordable Pricing

One of the biggest concerns for food and beverage businesses when adopting new software is the cost. However, Sage X3 offers affordable pricing options for businesses of all sizes. The system can be configured to fit the business’s specific needs, and pricing is based on the number of users and modules needed. This allows businesses to only pay for their needs, making it a cost-effective solution. Additionally, the system’s streamlined operations and inventory management features can help businesses save money in the long run by reducing waste and improving efficiency. With Sage X3, food and beverage businesses can invest in a solution providing a strong return on investment.

Conclusion

In conclusion, Sage X3 is an all-in-one ERP solution that provides food and beverage businesses with the tools they need to succeed in today’s competitive market. From streamlined operations and efficient supply chain management to compliance and cost control, Sage X3 offers a comprehensive suite of features that help businesses improve efficiency and profitability. Businesses can implement the system quickly and efficiently by partnering with a trusted Sage X3 consultant like IWI Consulting Group to gain a competitive edge and achieve their growth objectives.

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How Much Does Sage X3 Cost? A Comprehensive Guide

How Much Does Sage X3 Cost

Sage X3 is an enterprise-level ERP system offering various features, including financial management, supply chain management, manufacturing, and distribution. It is intended for bigger businesses and may be fully modified to match the unique demands of your company. If you are considering implementing Sage X3, one of the most important questions you need to ask is, “How much does Sage X3 cost?” Hence, this post will provide a detailed overview of Sage X3 price to assist you in making an informed business choice.

Overview of Sage X3

Sage X3 is a complete ERP system with a variety of features tailored to the demands of larger enterprises. It offers financial and supply chain management, manufacturing, and distribution features, making it a one-stop shop for your business management needs. The system is highly customizable, allowing you to tailor it to meet the specific needs of your business.

Factors Affecting Sage X3 Pricing

Various criteria determine the cost of Sage X3. This includes your company’s size, the number of users, the specific features you want, and the customization required. Below, we will break down each of these factors in more detail.

  • Business Size: The size of your business is one of the most significant factors affecting Sage X3 pricing. The larger your company, the more complicated your requirements will be, and the greater the system cost.
  • Number of Users: The number of users accessing the system is another factor affecting Sage X3 pricing. The more users you have, the higher the cost of the system.
  • Specific Features: The specific features you require will also affect Sage X3 pricing. If you require advanced features such as inventory management, manufacturing, or distribution, the cost of the system will be higher.
  • Level of Customization: The level of customization you require will also affect Sage X3 pricing. The system’s cost will be higher if you require extensive customization to meet your business’s needs.

Sage X3 Pricing Options

Sage X3 offers a range of pricing options depending on the size of your business and the features you require. Pricing is customized based on your needs, below $12K per year (Financial).

Additional Costs

In addition to the primary Sage X3 pricing options, you may incur additional costs when implementing the system. Below, we will break down some additional costs you may need to consider.

  • Implementation Costs: Implementation costs can vary widely depending on the level of configuration you require.
  • Training Costs: Training costs are another factor to consider. If you have many users, training costs can add up quickly.
  • Maintenance Costs: Maintenance costs are ongoing costs for running the system. These costs may include software updates, bug fixes, and technical support.

Conclusion

Sage X3 is an excellent option for enterprise-level businesses that require a comprehensive ERP system. The system’s cost depends on a range of factors, including the size of your business, the number of users, the specific features you require, and the level of customization you need. Sage X3 customizes its price based on your needs, offering it below $12K per year (Financial).

In addition to the primary pricing options, implementing Sage X3 may entail additional costs, including implementation costs, training costs, and ongoing maintenance costs.

If you consider implementing Sage X3 for your business, working with a reputable and experienced Sage partner like IWI Consulting Group is essential. As the largest Sage partner in Canada, IWI Consulting Group has the expertise and knowledge to guide you through every step of the process, from selecting the correct pricing option to customizing the system to meet your specific needs.

At IWI Consulting Group, we understand that software-related questions can be overwhelming and confusing. Consequently, we are dedicated to offering exceptional support and service to all our clients. We offer various services, including implementation, training, and ongoing support, to ensure your business gets the most out of Sage X3.

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Sage Intacct: 8 Automation to boost Financial Management

Sage Intacct is financial software developed to assist your organization boost sales and, as a consequence, increase business success. But the path to increased consumer purchasing isn’t always straightforward. 

This is especially true as data volume and variety ramp up — businesses now have access to a massive amount of information about customer engagement, purchasing, and satisfaction. This leads to increased complexity of both front-end and back-end processes. 

On the front end, tools designed to help capture and manage customer data aren’t hard to find, and they’re easy for C-suites to support since they offer a clear link to sales success. On the back end, however, teams tasked with streamlining financial management processes may find themselves struggling to manage the ebb and flow of information.  

Automated financial management from Sage Intacct can help. Here’s how. 

The Problem(s) with Manual Processes 

Manual financial management processes remain commonplace, largely because they’re well-established in business processes, familiar to users, and challenging to change.  According to recent survey data, for example, 43% of accounts payable (AP) processes are still manual or paper-based. 

While the oft-heard mantra “if it’s not broken, don’t fix it” may seem to apply in this case, these manual processes often come with underlying problems that make them challenging to manage at scale. Some of the biggest challenges with manual processes include: 

Data Entry Errors 

Higher volumes of more complex data naturally lead to human input errors, and even small inconsistencies in financial reporting can create sales challenges for companies. Consider a business that relies on e-Commerce sales to drive ROI. If mistakes are made when staff enter sales data manually, any inferences drawn from this data — such as purchasing trends that inform inventory levels — may be wildly inaccurate. 

Redundant Processes 

Because manual processes exist outside digital environments, it’s easy for staff members to unknowingly complete the same task twice, three times, or more. These redundant processes not only increase the risk of errors but also waste time. On average, finance teams using manual methods spend 53% of their time per week on these processes. 

Increased Costs 

Manual operations can also lead to increased costs. For example, if redundant data entry leads to errors, companies have to spend time and money tracking down the origin of the error and addressing the source. 

Streamlining Financial Processes — and Driving More Sales — with Sage Intacct  

The Sage Intacct financial management platform makes it possible for companies to handle multi-fund consolidation across hundreds of entities in real-time and empowers easy growth with simple, powerful reporting tools and dashboards that don’t require additional IT support. 

When it comes to sales, meanwhile, implementing Sage Intacct offers multiple benefits. 

Increased Visibility 

The more companies know about what’s happening across their financial environment, the better. Manual processes are naturally obtuse since information must be actively shared by teams or sought out by individuals. In a cloud-based financial framework, meanwhile, data is visible to all authorized users, allowing companies to create more cohesive sales strategies. 

Enhanced Predictability 

Better access to more reliable data can help inform sales predictability. For example, if historical data shows strong sales for a specific item but seasonal information demonstrates a sharp drop-off, it may suggest a shift in consumer sentiment. This additional information adds context to existing data, in turn helping companies better predict new trends. 

Improved Decision-Making 

Solid sales strategies depend on making the right decisions. From choosing to spend more on marketing a specific product line to sales campaigns that target a specific audience or focus on a certain season, more information about spend, cash flow, and available budgets help C-suites create high-level strategies and let teams make the case for best-fit budgets 

From Manual to Manageable: The Case for Automation 

Manual financial processes pose a serious problem for organizations. While on the surface they may seem relatively innocuous given their substantive integration with existing services, they create challenges over time as companies look to adopt new technologies and improve ROI. 

By leveraging platforms such as Sage Intacct, companies can boost process efficiencies by 10x (or more) to help reduce errors, eliminate redundancies, and streamline operations, in turn setting the stage for more effective sales data collection, forecasting, and customer conversions. 

Make your move to cloud financial management with Sage Intacct. Ready to get started? See how IWI Group can help. Let’s talk. 

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Accounting Software: 5 essential questions you need to ask before changing

Sage Software Accounting Software

Sage software offers several solutions to enhance productivity and business data accuracy.

Now, Sage Intacct is part of the financial product family. Before buying accounting software, it’s important to do your homework and research all packages, including those offered by Sage software, thoroughly.

We’ve put together a special buying guide for your business and how Sage Intact can provide your business and employees with better solutions and increase cost-effectiveness.

Accounting Software: What Does Your Business Need?

Accounting is more than the proverbial “bean counting.” Good accounting data can be used to develop strategies and plans to take your business to the next level.

But to have trustworthy accounting data, you need to be sure that your accounting software delivers what it promises. Financial software systems that aren’t right for your business can hinder rather than help productivity.

As you explore software options, consider the answers to the following questions. These questions are intended to help you think about your software needs.

5 Accounting Software: Questions to Ask Before Buying one

1. Do we need to accelerate business processes—but without adding headcount?

Your business may be on the cusp of growth and you need a robust accounting platform to support growth without adding another person to the team.

2. Do we need to work remotely?

Cloud-based business and accounting software can easily accommodate working remotely. If you have telecommuting employees, frequent business trips, or other situations that require team members to work remotely, consider cloud-based accounting software.

3. Will we need to integrate the accounting software with other software currently in use?

Sage software, and other product integrations may be an important requirement for your new accounting software. Consider the various systems you may need to integrate with your accounting package and make sure that integration is both possible and easy without the need for costly custom programming.

4. Do managers need frequent access to KPIs?

Self-service access to KPIs may be important for manufacturers. Real-time visibility enhances the usefulness of accounting software and provide vital information to managers as they make decisions during the course of their business day.

5. Do we need to improve operational efficiency?

Cloud-based systems avoid the problem of desktop siloes, where software and files are kept with one person who can only share the data via email. They also eliminate the inefficiencies of spreadsheet-based reporting.

These are just a handful of questions to begin your thought process as you explore software options. IWI Consulting can help you work through the process of selecting the best software for your company. One new package we’d like to introduce you to is Sage Intacct.

Sage Intacct: Cloud-Based Financial Accounting

Sage Intacct is the only AICPA-endorsed solution on the market. It offers cloud-based financial accounting with general ledger functions built right into the platforms for scalability and flexibility. With this software, you can:

  • Set the right price and timing for each order with the purchasing function
  • Handle high order volumes and complex purchasing requirements
  • Manage accounts payable and receivable easily and with greater speed
  • Collaborate on tasks
  • Obtain a complete picture of working capital and cash on hand

The cloud-based system lets you share real-time data for better visibility into all aspects of your company’s financial picture. Your accounting team will love Sage Intacct, but so will operations, warehouse management, procurement, sales and customer service.

Like other Sage software products, Sage Intacct integrates easily with other platforms and products. It’s made for end-users so there is a shorter learning curve enabling you to get up to speed quickly as you adopt Sage Intacct throughout your company. It’s a flexible, scalable and powerful accounting solution for businesses looking for the best options for growth.

To learn more about how Sage Intacct can help your business raise, download the Intacct buyer’s guide.

If you would like to explore Sage Intacct for your business, contact IWI Consulting today. We can walk you through this and other fine Sage software products to explore the best fit for your business needs. Please visit IWI Consulting Group or call 1-866-916-3851 Ext: 1.

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No Need to Close Subledgers at Once — Sage Intacct Supports Multi-Ledger Architecture

Streamlining financial processes remains a top challenge for organizations. As noted by research firm Deloitte, many companies still struggle with error-prone manual operations, struggle to manage increasing purchase order volume, and lack the ability to prevent late, under, or over-payments.

Making these financial functions even more complex is the tendency for accounting software to support single-ledger architecture. With the Sage Intacct General Ledger (GL), meanwhile, multi-ledger operations are standard operating procedure.

In this piece, we’ll break down the benefits of multi-ledger architecture for business finance operations.

Sage Accounting
sage Accounting ERP

More Ledgers, More Problems?

Multiple ledgers are necessary to effectively manage company finances. Also known as subsidiary ledgers, these records fall under the larger umbrella of general ledgers. They are used by businesses to help organize finance obligations and assets and reduce the risk of accounting mistakes.

Common types of subledgers include:

  • Accounts receivable (AR)

This subledger is a record of all credit transactions and payments received from customers and business partners.

  • Accounts payable (AP)

This subledger records all credit purchases and payments to suppliers and other providers.

  • Fixed assets

Fixed asset ledgers include transactions related to buildings, furniture, and fixtures.

  • Inventory

Inventory ledgers list details about current stock, stock movement, and transactions for raw materials or components.

  • Cash

This ledger records all cash transactions including sales, purchases, or expenses.

  • Sales

Sales ledgers record both cash and credit sales.

  • Purchase

Purchase ledgers include both paid and to-be-paid purchases.

The challenge? While most accounting software supports the creation of multiple subledgers, many of these tools require companies to close all ledgers simultaneously. This means that if 3 of your 7 subledgers are complete but 4 are still processing transactions, you can’t close out the completed ledgers until all subledger transactions are finished.

The result is a more chaotic and complex close period since you must reconcile all 7 ledgers simultaneously. Not only does this increase the amount of time and resources required, but also introduces the risk of manual errors as teams look to process large volumes of information.

Single-ledger architecture can also put companies at risk of late or missed payments. For example, if it’s not possible to close out AP ledgers without closing all ledgers, teams need to wait until all other transactions are finished and then rush to make sure payments are both accurate and on time. If invoices are missed or incorrectly processed, the results could range from problems with suppliers extending credit to reduced cash flow as partners asked to be paid up-front to avoid potential mistakes next month.

How Multi Ledger Architecture from Sage Intacct can Help

With multi-ledger architecture from Sage Intacct Core Financials, every subledger in your business can be closed independently, even while you’re still working on other ledgers. This makes it possible to achieve a more efficient period end.

Consider a company that’s completed its cash and fixed assets ledgers for the month but still has outstanding AP, AR, sales, inventory, and purchase transactions to finish. Under a typical GL framework, finance teams can’t close these completed books until all other subledgers are complete. The result is time spent waiting for general ledgers to finish, followed by significant amounts of work all at once as teams look to handle multiple subledger closures simultaneously.

With Sage Intacct, meanwhile, each ledger can be closed when completed, allowing teams to focus exclusively on the accurate reconciliation of ledger details. This allows finance departments to create a step-by-step plan for ledger completion that maximizes resource use and minimizes the risk of errors.

Other benefits of the Sage Intacct General Ledger include:

  • Multi-dimensional general ledger visibility 24/7
  • Multiple entry and multiple currency consolidation
  • Robust multi-book functionality

Put simply? Sage Intacct’s powerful and innovative GL platform provides the visibility, scalability, and flexibility you need to thrive without limitations, and deliver on the potential of smarter financial management.

Making the Most of Multi-Ledger Architecture

Single-ledger software creates more work for finance teams and increases the potential for inaccurate data reconciliation, late payments, or missing transactions.

Multi-ledger architecture, meanwhile, makes it possible for teams to close ledgers as needed to streamline the close-of-period process and improve overall efficiency.

Enhance multi-ledger management with Sage Intacct Core Financial. Ready to get started? See how IWI Group can help. Let’s talk.

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