It's fair to say that the events of the last 12 months have had an impact on many businesses. It has highlighted some new challenges for businesses and brought forward many future plans for transformation. This could include the need to migrate your software to the cloud due to the shift in remote working, or the need for better insight through reporting and forecasting to improve planning, predict more accurately and make better decisions. Or you might have even experienced growth and your business has expanded and diversified into new markets or regions.
Whatever your situation, you want to be sure that your business is better prepared for any future events, planned or unplanned. There are many, many variables that could impact your business so you need to be sure that you are able to react positively and quickly, mitigating any risk. Though, many businesses are still using old technology, restricting their ability to foresee problems, leaving them unprepared for future events.
Are you one of those businesses? Are you operating software that is restricting your business and preventing you from reacting effectively and efficiently in order to stay competitive?
Here are some of common challenges businesses are currently facing, and how Sage Intacct may be able to help.
IS YOUR BUSINESS FACING NEW CHALLENGES DUE TO THE CURRENT CLIMATE?
The switch to remote working has been a huge disruption to businesses across the globe. One of the most common challenges we’ve seen recently relates to the lack of access to financial management systems outside of the office, making it impossible to work from home. Or, even those who can access their accounting system (after a mammoth set-up task), often find that it’s slow, inefficient, and hard to collaborate with staff effectively. Because Sage Intacct is hosted on the public cloud is it accessible from anywhere there is an internet connection, and on any device. It doesn’t rely on internal networks and bulky servers to connect you. It is an online software so there’s nothing to install or update, all your data is backed up automatically, and multi-user access makes it easy to collaborate online with your team and advisors.
On a similar note, that ability to ask a question to a colleague across the office on whether they approve a purchase order or not has become far more difficult to control. With Sage Intacct’s in-built workflow engine, you’re able to quickly and easily configure and maintain approval processes across multiple business functions, from purchases to employee expenses to timesheet submissions, ensuring all staff can communicate well and work together efficiently.
Another issue organisation’s are facing is the ability to print documentation. A lot of your staff won’t have access to printing outside of the office, so creating that invoice run and distributing it to customers has become a near impossible task for many businesses. Sage Intacct’s ‘print’ function creates a PDF version of your files that can then be printed from any device with a printer attached to it, regardless of location. Furthermore, you’re able to distribute these electronically, via email directly through the Sage Intacct – a great feature for the future’s ‘paperless’ ethos, and a more efficient way of distributing invoices.
HAS YOUR BUSINESS EXPERIENCED GROWTH RECENTLY, AND FOUND LIMITATIONS IN YOUR ACCOUNTING SOFTWARE?
Old accounting systems tend not to have the capability to input a large volume of transactions, and will start failing and slowing as your business and accounting records grow. They also aren’t the most flexible, so even if it does work fine now, will it continue to allow for further growth in the future? Sage Intacct has immense scalability and can adapt with your business growth with no additional data usage costs. So, if your business is processing 100k transactions per annum today but will be processing 1 million transactions in two years’ time, the elasticity of Sage Intacct allows for this, ensuring more than adequate processing power not to disrupt your business’ productivity.
Transparency and new reporting requirements can also be a huge challenge to businesses who have experienced growth. Are you able to adequately analyse your data at transaction level to be able to produce the key reports that are required to run your business? If not then adopting Sage Intacct’s dimensional structures could revolutionise your business overnight. With configurable, real-time reporting and dashboards, and unlimited computing power, you can analyse your business at every level with ease, enabling you to make well-informed decisions with more efficiency.
Another problem that comes with growth is the requirement for more staff within the business to handle the increased workload that comes with growth. The cost of one more staff member can cost more than 4 – 6 times the amount of systemising and streamlining businesses processes with adequate software. Adopting Sage Intacct could be a more cost-effective way, saving you time, resource, and money.
ARE YOU A BUSINESS WHO HAS A GLOBAL FOOTPRINT, OR HAS ASPIRATIONS TO?
Often, as more companies are created or acquired and added to the group, there are challenges around intercompany transactions. Having to log in and out of different company finance systems to post balancing purchases or sales transactions can be a royal pain. Sage Intacct’s multi-entity accounting structure provides businesses with the ability to auto-create intercompany transactions without the need to send them manually. These transactions can range from invoices, bank transactions and G/L Journals.
FIND OUT MORE ABOUT HOW SAGE INTACCT CAN HELP YOUR BUSINESS OVERCOME THESE CHALLENGES…
If your business is experiencing any of these challenges and you would like to find out more on how Sage Intacct could help, then register for our ‘Enhance your Capabilities with Sage Intacct’ webinar, that is being held on Tuesday 2nd March 2021 at 10:30am.
Choosing Acuity Solutions means choosing one of the top 5 global Sage business partners, with over 20 years' experience in the Sage product marketplace, we have previously held the Sage "Business Partner of the Year" awards for Sage X3 and Sage 300.