Category: ERP/Business Solution

More to Core: Three Hidden Features of Sage Intacct

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

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

Hidden Feature #1: Modelling

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

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

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

Sage Intacct | IWI Consulting Inc.

Hidden Feature #2: Budget Planning

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

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

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

Hidden Feature #3: Forecasting

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

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

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

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

Making the Most of Sage Core and Sage Intacct

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

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Thousands of Brands are Using Sage X3 — Here’s Why

Regularly listed as one of the top 20 enterprise resource planning (ERP) solutions worldwide, Sage X3 continues to make market inroads as more companies make the move to this agile, cloud-based solution.

But what really sets it apart from the pack? Why are thousands of brands seeing better ROI thanks to Sage X3, and why are thousands more making the switch? Let’s find out.

Embracing the Need for ERP

90 percent of organizations now consider their successful ERP implementations a success, but fully half of all implementation efforts fail the first time.

The result? While brands know that ERP systems deliver value for operations, bridging the gap between knowledge and action often proves difficult. Here’s why: As the market diversifies, there are a host of ERP options available to companies. From massive, industry-leading providers to small startup solutions, organizations have a wealth of choices.

But this choice comes with a challenge — not all ERP systems are created equal. Some are purpose-built for specific industries, while others rely on proprietary technology that doesn’t play well with other systems. Still, others leverage more flexible architecture but can make it difficult to connect with legacy data sources and tools.

Sage X3 offers the best of both worlds: Advanced architecture backed by industry-leading agility for easy implementation.

IWI Consulting group | Sage X3

Where Sage X3 Excels

For businesses looking to improve their ERP process, Sage X3 offers five key benefits:

  • End-to-end visibility

The more you see, the better. From materials purchasing to supply chain logistics and sales data, more visibility means more control over your business. With streamlined dashboards that help your team quickly access all aspects of inventory and warehouse operations, you’re better prepared to make strategic decisions that maximize profitability while reducing potential waste.

  • Intuitive design

The Sage X3 experience starts with intuitive design. Unlike older ERP systems, Sage was built from the ground up with speed and simplicity in mind. This makes both deployments and uses straightforward and seamless. Your teams can get up and running ASAP, and since Sage X3 is built for maximum usability, businesses are in a better position to deliver successful first-time ERP deployments, rather than wasting time and effort with second, third, or even fourth choices.

  • Intelligent analytics

How much are you spending? When? Where? Which processes are meeting performance goals, and which need improvement? Sage X3 delivers intelligent analytics that makes it possible to understand performance and costs in real-time across your organization, in turn allowing you to pinpoint areas that aren’t living up to expectations. Consider a production line process that’s reducing total efficiency. Without the visibility afforded by Sage X3, your business sees the outcome — decreased productivity — but may not be able to pinpoint the root cause. Intelligent analytics make it possible to discover what’s not going to plan — and more importantly, why.

  • Adaptable operations

Sage X3 doesn’t just deliver improved ERP outcomes for a single industry. Instead, adaptable operations support industries including food and beverage producers, pharmaceutical organizations, agriculture companies, and discrete manufacturing firms. Support for multiple currencies, languages, and regulations, meanwhile, makes Sage X3 a great choice for multinational brands that require differing ERP functions depending on where factories, offices, and warehouses are located.

  • Reliable ROI

When it comes to ROI, the numbers speak for themselves. Using Sage X3, professional services organizations saw 197% ROI with a 5-month payback period for their X3 spend. Manufacturing companies saw 218% ROI with a 4-month payback period and distribution enterprises captured 237% ROI with a 4-month payback.

Put simply? Sage X3 helps companies deliver sustainable ROI that quickly pays off initial ERP investments.

Making the Switch

Sage X3 is helping thousands of brands worldwide improve efficiencies, streamline operations and increase ROI. And making the switch is simple: Companies can easily connect with Sage-authorized partners — such as IWI Consulting Group — to find the best-fit deployment for their business needs and strategic goals.

Designed to quickly integrate across current systems and operations, it’s quick and easy to get started with Sage X3 to help drive consistency, quality, and agility across your organization. Ready to make the most of your ERP with Sage X3? See how IWI Consulting Group can help.

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Are You Going Through The Start-up Blues?

Start-ups come with their own set of excitements and vexing issues. New ventures arise from innovative or passionate ideas but need diligence and dedication to transform them into a business to reckon about. Many such innovative start-ups have already set a mark on the global market.

Do you wonder what were the parameters through which they could keep track of their own rate of growth? As objectives can differ from business to business the indicators of performance levels also differ correspondingly.

Accounting is the backbone of any business and vital for any estimation, planning, implementation, or strategizing. But, this one word is not as easy as it sounds. Accounting always involves complex financial management of all the aspects of transactions incurred in a business setup. 

But, thanks to the consultants and solution developers, accounting and reporting have become an easy experience even for startups, through cloud software like Sage X3.

A proper accounting system is required to analyze the bookkeeping records to generate the estimation reports on a monthly basis. Similarly, small businesses also rely on these estimations to review their curve of growth. 

There are some metrics that are specific to particular types of businesses to estimate their performance ratings. But, let us discuss briefly, some of the metrics or the key performance indicators (KPI) which are common in the estimation process of any business to resolve your start-up blues.

IWI Consulting Group Sage X3 ERP SMB Image

Businesses run on the quality of services provided to the demands of customers. In other words, customer satisfaction is the foundation for any business to grow. So, increasing monthly recurring revenue is an indicator of retained customers who have the potential to become loyal customers or achieve their patronage.

The common objective of every enterprise, big or small is to retain customers and prevent loss of their orders or churn. So, an increase in repetitive revenue through particular customers instead of one-time sales is one of the common metrics of good performance. 

It helps to plan on adding new employees to the team or encourage good performers with incentives. 

 KPI 1: Total Sales Revenue Generated

Monthly accounting of total revenue generated through sales of products through each customer is the critical metric to gauge the performance levels. The revenue generated has to be deducted by the number of orders returned or canceled. 

The resultant indicates –

  • quality of service on orders placed, 
  • performances of each employee, 
  • quality of a product which could retain customer satisfaction or lost orders etc

The objective is to assess the rate of growth in sales revenue or resolve the issues for any decrease in revenue generation.

KPI 2: Investment in Customer Procurement (CAC)

Every business thrives on a steady increase in the number of potentially loyal customers. The number of new customer acquisitions can grow through strategy tips of analyzing customer interests and promoting products accordingly through social media or other consultation sessions or cold emails etc.

The objective is to keep Customer Acquisition Cost or CAC minimum as much as possible through simple yet effective intelligent strategies while maintaining a steady growth in the procured customers.

KPI 3: Profit Margin

Revenue generated each month is not the metric of your Net profit. Total monthly revenue has to be deducted by all the debits like –

  • Cost of delivery, transportation, packaging, etc of sold goods
  • Cost of promoting products, CAC, etc
  • Expenses of insurance, repayment of dues, wages, etc

The resultant figure gives the Net Income or Bottom line. The objective is to architect your business infrastructure such as to keep a steady rise in the graph of Net Profit while the total debits have to be kept stable. 

The percentage of growth in the Net profit out of the revenue generated gives the Net Margin. It indicates the consistent stability and potential to grow or expand further. A low-Profit Margin demands change in the marketing strategy or overall assessment of quality services.

KPI 4: Gross Margin

Gross margin gives an estimate of the productivity of your business and is dependent on the gross profits. It also indicates the revenue generated through some products when compared to others which in turn indexes the quality of each.

Gross profits are the figures calculated after deducting only the cost of sold goods out of the sales revenue. The objective is to again keep the Gross margin on a steady rise.

While there are other KPIs that are specific to each type of business, the above metrics fairly measure the growth of your start-up. It helps in cost-effective strategizing and expansion or reassessment of employee performances or individual products. 

On the other hand, integrating all the bookkeeping to accounting for the KPIs is quite time-consuming and may result in missed opportunities for productive implementation of all your planning. Time is of the essence in every business growth.
Keeping pace with the fast digital world is another key to the growth of any business. So, to reduce the time consumed in financials and be at par with digitalization, optimize your accounting through automated Enterprise Resource Planning software, like Sage X3. To know more get a consultation @IWI Group.

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Bridging Sage X3 Capabilities with Enterprise Abilities

What are the exceptional capabilities of Sage X3?

Every start-up or business that needs to be at par with the digitalized era, demands an adapting Enterprise Resource Planning (ERP) that scales the complex areas of the business system at every touchpoint and its parameters. Let us have a glance at how Sage X3 as a cloud ERP software provides a simplified and personalised business management solution assuring the growth of Rate on Investment (ROI) to Rate of Return (ROR/ROI) each day.

Sage X3 as an ERP Application

ERP involves a complex network of business management integrating all the operations of entities like productions, warehousing, sales, financial appropriation, quality control, customer services and all associated parameters. Sage X3 has provided a cohesive solution to simplify the complexity across all the business parameters at one flexible platform. It is designed to ensure consistent efficiency with speed, automated global compliances and expansion. The infrastructure of the software is designed to deliver – 

  • Cost effective solutions for the growing business
  • Fast integration and processing in supply chain, production and financial management
  • Automated ecommerce in end-to-end sales process, global compliances and customer interactions

Resource Planning Made Manageable and Adaptable

Sage X3 serves its purpose in cutting down the time consumption of planning the production process, manual entry at each sales point, with unmatched speed in scheduling cycle time and quality control.

Some of its streamlined features are – 

  • Low cost ERP functionality for manufacturers and distributors tailored to service requirements and type of ever-changing business parameters
  • Curated to support both current and future needs with its adaptable infrastructure and tailored add-on features.
  • Simplicity in implementation of automated solutions for the complex Enterprise Resource planning
  • Providing the freedom of technological choice as Sage X3 is designed to work efficiently with any Operating System like Unix, Linux or Windows and equally well with database software  like Microsoft SQL or Oracle.
  • Its architecture works fluidly both on a web base or local domains of client-server
  • Functionality supports worldwide efficiency with multiple languages, currencies, consolidations and jurisdictions
  • Top-notch technological management of services like –
  • Different aspects of Inventory or management right from order to cash and product profitability analysis; 
  • Warehouse processing like stock assessment and fulfilment of orders
  • Monitoring of performance and business growth across different entities
  • Reduced risks of compromise in quality productions; suppliers to sub-contractors integration; customer feedback in products delivered.
  • Tracing of pricing and cost over Rate on Investment with Rate on Return

Capabilities Attuned to Global Business

Sage X3, thus is the most sought automation software which ensures unparalleled business growth and expansion globally. Already adopted by thousands of organisations in more than 50 countries, it offers top-notch tools catering to the business needs of each enterprise. It’s open design enables a flexible option to meet new challenges attuned to the changing countrywise regulations and manage customer services promptly.

Business in this digital age reiterates the saying – ‘Time is money.’  

Every entity or business in this world grows on its consistent performance, archive of credibility and the minimal timespan taken in successful transactions, mould to everyday changes in multi-dimensional market trends and jurisdictions. Efficiency in current times is measured in terms of speed and performance rates. So, the best way to assess the capabilities of Sage X3 is to hear it straight from word of mouth and endorsed by the one who has experienced its functionality.

Dr Mark’s HyGenie is a growing mid size startup with a potential to expand globally for its simple solutions in the common yet problematic cleaning of dental appliances. Let’s hear what they say about Sage X3 –

Steve Plakotaris, is the CEO and Managing Director of Dr Mark’s HyGenie who says –

“…..we were seeking an ERP that allowed us to integrate new business entities and manage them in a single platform. 

Processing Amazon orders is now quick and easy with Sage X3. We can now simply drag and drop the CSV file into Sage X3. It takes about 25 seconds, as opposed to around 3 minutes previously. This efficiency boost has helped us avoid the cost of hiring an administrative assistant.

Sage X3 has allowed us to automate our entire ecommerce sales process.”

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How do you minimize waste in the food and beverage business?

Food and beverage business is one of a kind industry that makes more profit but with a lot of effort involved when compared to other industries. However, the most crucial part of management is all about handling wastes associated within the process. The food supply chain becomes more sustainable when the waste management is done right. It is normally considered as an overhead cost by the decision makers and seems to be low in fraction. But the truth is, waste unnoticed has a greater impact on the bottom line of the business. Once these get traction in the decision making process, it can make a heavy movement towards upward growth. 

It is always easy to advise but to say how to do it, needs a master in that industry. Because, the operational actions to reduce wastage involves right planning and orderliness. Having said this, we are here to help you to understand the ground reality with the right key to solve the issue. The first step all you need to improve efficiency is that you need to find where the lag is. We are discussing the problem areas and the management tips to solve them.

Overstocking

The Food and Beverage Industry does not see a steady supply and demand, it usually faces violent fluctuations. It’s always been a problem to ensure appropriate stock levels. Maybe we cannot increase manufacturing speed that ends up in raw material spoilage or sales might cause your finished product to remain at the warehouse. 

The ability to foresee consumer demand with high precision reduces overstocking thereby reducing waste. Therefore making use of good business intelligence software to accurately forecast the demand can actually be an immediate solution to reduce wastage. Sage X3 comes with that kind of robust technology with business intelligence to help you reduce overstocking. 

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Cross Contamination

During manufacturing or logistics, cross-contamination may happen through mishandling. There may be allergens or microscopic particle leaks out to the ingredients. This is the most important factor to consider because even a small leakage may have an adverse effect on bulk stocks. The problem is being addressed in every manufacturing unit and a solution is still under development.

It can be a warehouse or the process units, unless the protocols and SOP are set at high standards, cross-contaminations are unavoidable. The commitment to safe food handling relies on actively tracking the operations and distribution. Sage X3 has it all! The tracking functions in sage, for e.g. allergen tracking system makes it to track and warn to move out before they get spoiled.

Production Loss

These are inevitable losses which would need awareness but cannot be 100% eliminated. It may be the residues on equipment, or spill outs that are considered to be negligible. Practically, these wastes are  not negligible but tracking this right will have a considerable impact on loss reduction. 

Production losses are always unavoidable but in that case, having a clear picture of where exactly the losses are, help to innovate better or to take necessary actions. Henceforth, awareness about food waste is more important. Sage X3 tracks the entire process and enlightens about the losses occurred during the process. This insight is yet another seed to reduce wastage 

When it comes to wastage or loss, it is because of non consideration. Moreover, it is not negligible, it is because of a lack of systematic approach towards tracking. When a timely forecast is made, overstocking can be traced, the most unknown production loss identifying where the loss actually occurs is exactly traced. Even though the production losses are non-mitigatable, enlightenment about the system to the decision makers, allows them to strategically approach further losses. Sage X3 built with robust technology has traceability tools which are user friendly with high precision. 

Sage X3 is a tailored fit software offering unique advantages in the food and beverage businesses. Expiration management, bulk stock management and process information are few important features of Sage X3 that allows you to automate and process without you in place to manage everyday. The data and the insights that are available at one fingertip makes it a user friendly option to resolve waste management challenges. 

To have a practical experience, visit the https://iwigroup.ca/software/sage-x3/ and get a free demo. 

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3 ways to enhance your inventory management in the Food & Beverage Manufacturing industry.

Let’s first establish the importance of inventory management. The covid-19 pandemic has affected the food and beverage manufacturing industry globally, with unpredicted lockdowns globally along with supply chain issues resulting in chaos and fluctuating customer demand.

Between 2020 and 2022, sudden spikes in demand for certain products have occurred. Food and Beverage manufacturers have been forced to cater to the dynamic fluctuations in the market by increasing supply and modifying inventory in unprecedented ways.

The Food and Beverage Manufacturing (F&B) industry has one very relevant characteristic: almost all stock is perishable. Consequently, the supply chain must be managed such that prompt delivery and consumer safety are of equal importance.

Efficient and effective F&B Manufacturing supply chains require end-to-end inventory management where the flow of goods is managed all the way from the manufacturer to the warehouse to POS.

This includes the administration, management, warehousing, and processing of finished goods, raw materials, components, and end products. To improve your inventory management it is, therefore, necessary to have complete control and visibility of warehouse operations and physical stock. Here are three practices that you can apply that will streamline and improve inventory management.

1.  Evaluate your current workflow and process

Efficient inventory management is purpose-driven. Examine the details of what each link in the chain does. This will provide insight into specific aspects of the system that may need improvement.

Collaborate with members of your team to identify potential problem areas and then work on a plan to address them.

For example, in F&B Manufacturing, there are typical areas where waste occurs, and these represent areas that you could begin focusing on right away to improve inventory management:

  • purchasing, and logistics
  • Use demand planning and modeling tools that support just-in-time production to avoid maintaining excessive inventory
  • Eliminate wait times by granting staff with required access to streamline decisions and approvals with automation
  • Ensure machinery is up-to-date and working in the most effective, productive, and efficient way
  • Have controls in place to eliminate defects. Acknowledge where there are showstoppers and eradicate them at the source

2. Perform routine stock checks

Critical information involved in inventory management includes knowing exactly how much of each item is available in stock.

Simply tracking what was purchased against what was sold does not guarantee the full picture. Food and Beverage products can get lost, stolen, or damaged after they have been registered at the warehouse.

Lost items may go unreported until the right person becomes aware, many times after mistakes in procurement and purchasing have already been made.

Remedy this problem by regularly reviewing physical inventory for comparison with current records.

3.  Study customer behavior and leverage the benefits of big data

One of the benefits of using big data is the ability to make accurate predictions. Customers often display different purchasing patterns for Food and Beverage products depending on the time of year.

Many purchasing patterns may be obvious for example, seasonal holidays such as Thanksgiving, Christmas, and New Year. However, there are also circumstances where businesses won’t be able to recognize specific patterns without some form of data analysis. To assist consider performing some best practice analysis of inventory:

  • Always keep track of how often you are restocking selective items and try to identify any pattern or trend that may or may not be seasonal and may be due to other external factors that affect your product flow
  • Study the peaks and valleys in customer orders. Understanding customer behavior allows you to avoid over and under ordering, enabling optimal inventory balance
  • Big data means managing a lot of data, therefore, the more data that can be analyzed the better. Keep all inventory data, even data that has been archived for long-term storage. Big data analytics can be very effective for inventory management, even flagging problems that you didn’t realize existed

If you don’t have a system in place that helps you address all these practices, Sage X3 is your answer! Talk to one of our experts at IWI Consulting Group and we will be happy to schedule a demo and provide a product tour that will help you understand how Sage X3 can help you optimize your inventory management.

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Why are Businesses choosing Sage Intacct over other Solutions?

Why do Businesses Choose Sage Intacct?

One of the most important business decisions for any organization is deciding which business management solution to adopt. Sage Intacct is a leading cloud ERP solution and is particularly popular with small to medium-sized businesses.

As a solutions partner, IWI Consulting Group helps growing businesses implement ERP solutions every day. By employing an effective discovery process, IWI Consulting Group is perfectly positioned to uncover crucial insights into an organization’s unique requirements based on its growth strategies, challenges, markets, and information management. The choice of ERP solution is so important because choosing the right solution directly impacts whether the business will climb the ladder to ultimate success and mastery.

Why is Sage Intacct so popular with burgeoning small to medium-sized businesses? Here are four of the most common reasons businesses choose Sage Intacct:

Reason1: Licensing Flexibility

One of the most important features cited by businesses about Sage Intacct lies in its licensing flexibility. Not all users in an organization require the same level of access to Sage Intacct.  Sage Intacct offers licensing options that range from users requiring full access to casual uses that don’t require full access. What this means is that an organization needn’t pay the same licensing fee for a user that only requires access on an infrequent or limited basis as a user that incorporates Sage Intacct in every aspect of their workflow. Essentially, with Sage Intacct, the organization only pays for what it uses!

Reason2: Cloud-Native Implementation

A cloud-native solution has many benefits. With a cloud-native solution, there is no need to install software on servers locally and then maintain those servers and software. It is a fully-managed service and thus Sage takes care of all the underlying infrastructure, so you don’t have to. With a cloud-native solution then, hardware maintenance is a thing of the past. So there is the ease of maintenance, and your organization is assured of a highly available, reliable, and scalable solution.

Reason3: Partner Integrations

Sage Intacct’s flexibility extends to its integration capabilities. Sage Intacct Marketplace integrates with over 200 partners for a comprehensive and extensible solution that meets the various requirements of every business and helps future-proof your business as your business requirements change and grow over time. Sage Intacct integrates with partners that help with payroll, point of sale, tax management, time and expense, CRM, e-commerce, inventory management, finance and admin, and business management. Over 75% of Sage Intacct customers have seamlessly integrated multiple Marketplace solutions!

Reason4: Flexible and Powerful Chart of Accounts

Most solutions implement a hardcoded structure for an organization’s chart of accounts. Consider, to track 4 locations, 5 departments, and 5 projects, an organization would require 100 account code combinations! The result is an overly complicated and unwieldy set of codes. Furthermore, if a new location or department needs to be added, it could wind up forcing the business to add hundreds of accounts. Instead, Sage Intacct helps simplify your organization’s chart of accounts. All that is required is that your business configure a set of primary account codes. Sage Intacct supports tagging transactions and operational data using dimensions, offering a unique and flexible way to track and report data, while simultaneously simplifying the organization’s chart of account. By tagging with dimensions rather than using hardcoded accounts Sage Intacct supports adding metadata and context to your business’s data. Once created, a dimension may be used for any transaction.

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Appetite for Success: The Complete Guide to Food and Beverage Manufacturing ERP

Food and beverage manufacturing ERP helps drive sustained success and improve operations. Not sure where to start? Our complete F&B ERP guide has you covered.

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Switching to Cloud Accounting Software

More firms are now switching to cloud accounting software. Here’s the list of benefits, why to make the move and how to make it successful.

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ERP Best Practice for Manufacturing Industry

Boost your current business management software’s performance and get most out of it with these proven ERP best practices for manufacturing industry.

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