Get Pricing
Let’s Talk
Get Pricing
Let’s Talk

Category: Sage Intacct

09 NovAccounting/FinancialsSage Intacct

Sage Intacct: Multi-Ledger Support Without Closing Subledgers

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.

Read More
26 OctAccounting/FinancialsSage Intacct

Sage Intacct: AP and AR Automation

For businesses to succeed, cash management is critical.

Companies can’t get by on estimates and guesswork. They need to know how much they owe to vendors and partners, and how much they’re owed by partners and purchasers to both manage day-to-day operations and create long-term plans.

In practice, this requires improved control and oversight of two key processes: Accounts payable (AP) and accounts receivable (AR). Here’s a look at the role of each process, how they work together, and how companies can make the most of AP/AR with automation from Sage Intacct.

What is Accounts Payable?

AP refers to the money owed by companies to their vendors or suppliers. In many cases, vendors allow companies to purchase goods or services on credit with payment due after goods and services have been received. In some cases, vendors request payment in full while in others they may offer installment plans. Payments are considered liabilities for accounting purposes.

Effective AP management is critical for companies to ensure they understand how much they owe, who they owe it to, and when the amount is due. As noted by recent research from Deloitte, however, 35% of companies report that high AP processing costs are one of their biggest challenges, and 30% say that despite increased spending, payments are often late.

What is Accounts Receivable?

AR, meanwhile, refers to the list of all monies owed to a company for the products or services they sell. These outstanding invoices appear as asset accounts on the company balance sheet because customers have a legal obligation to pay their debts. As a result, they’re considered part of a company’s working capital and can be used to secure loans or as collateral for other purchases.

According to data from IDC, top challenges in AR include manual collection processes and Excel-based reporting. Manual processes can increase the time between invoice and payment by up to 67%, while spreadsheets introduce the risk of mistakes — research found that 88% of spreadsheets contain errors.  

How do They Work Together?

AP and AR are two halves of the same coin.

Consider a company that extends credit to a business partner for the purchase of product components. For the supplier partner, this credit counts as AR — there’s a legal obligation for the business partner to pay the balance per the terms stated on the invoice.

For the purchaser, meanwhile, the credit counts as AP. It’s entered in their balance sheet as a liability that must be paid within a specific timeframe. If payments aren’t made, companies could face late penalties or interest charges or find that business partners are no longer willing to extend credit.

How Sage Intacct AP and AR Can Help

Automation can help streamline both of these processes to reduce processing time, eliminate errors, and ensure that companies have the data they need to make strategic decisions about purchasing and sales.

To achieve AP and AR automation, companies need the right foundation. This means leveraging accounts payable software and accounts receivable solutions that make it possible to stay on top of both AR and AP processes anytime, anywhere.

For example, Sage Intacct AP software can help cut AP processing times by up to 65% or more thanks to seamless integration with Sage Intacct Cash Management, Inventory, and Purchasing along with real-time access to AP transactions and data. Sage Intacct AR software, meanwhile, puts companies in control with real-time visibility into customer histories and aging balances with configurable dashboards and reports. The result? More efficient collection processes that can reduce days sales outstanding (DSO) by 25-50%.

Integrating Automation

Sage Intacct AP and AR solutions can also help companies improve payment and collection processes with integrated automation. Key benefits include:

  • Reduced errors

Reduce errors by eliminating error-prone processes such as manual data capture and entry. Not only does this help reduce time to payment but means your teams can focus on business growth rather than invoice and payment corrections.

  • Shorter invoice and payment cycles

Implementing AP and AR automation can help you achieve healthier cash flows by shortening invoice and payment cycles.

  • Automatic collection notices

Create and deliver automatic collection notices to remind payers of their obligation to resolve outstanding invoices, in turn reducing your DSO.

  • Complete data access

With real-time access to all accounts payable and accounts receivable transactions and data, your teams are better equipped to make both short- and long-term decisions that benefit your business. Enhance your AP and AR processes with Sage Intacct software and automation. Ready to get started? Contact IWI Group today. Let’s talk.

Read More
14 SepAccounting/FinancialsSage Intacct

Sage Intacct: Boosting Productivity & Multi-Entity Consolidation

multi entity consolidation

In today’s dynamic business environment, multi-entity organizations are increasingly common as companies seek to diversify and solidify their presence. Sage Intacct’s Multi-Entity Consolidation module provides a streamlined solution for managing complex financial operations across these multi-entity organizations. With Multi-Entity Consolidation, businesses can automate financial data consolidation, ensuring efficient reporting and enhanced visibility across entities. This powerful tool helps organizations maintain compliance, improve operational efficiency, and manage multiple locations and business units effectively. It also enables informed strategic decisions, offering better financial oversight under one multi-entity consolidation.

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 consolidated entity reporting.

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.

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-Company 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

Gain detailed visibility into all your entities, with eliminations and currency impacts automatically recorded as journal entries for accuracy. Easily consolidate multiple ownership types, including minority and partial ownerships, to maintain a clear understanding of what’s happening across your business. This ensures you stay informed about key financial events and their timing, providing insight into operational performance and financial health.

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 helps companies expand operations and establish a local presence where it matters most. However, managing multi-entity operations introduces complexity and increases the risk of accounting errors. Take control of your multi-entity enterprise efficiently with Sage Intacct, ensuring accurate financial management and streamlined operations. Effectively manage your multi-entity business with Sage Intacct. Contact IWI Consulting Group today. Let’s talk.

Read More
24 AugAccounting/FinancialsSage IntacctUncategorized

Sage Intacct Dimensions: Smart 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.

Read More
05 MaySage IntacctUncategorized

Why Sage Intacct Solution Business Intelligence Drives Growth in 2026

Sage Intacct is a scalable solution business intelligence platform for mid-sized businesses. It turns complex data into simple insights for faster, smarter decisions.

Read More