Authored By Eric Charrette | Sage Intacct Manager, Accounting Solutions
From startups and early-stage businesses to emerging growth and nonprofit organizations, QuickBooks is often a quick and easy solution for basic accounting needs. However, as your business grows and your data expands, the once sufficient system will struggle to keep pace with your evolving needs.
Four telltale signs your organization has outgrown QuickBooks:
- You’re managing and combing multiple different reports in Excel
- Your team is regularly logging out of one QuickBooks environment and into another
- You’ve created process workarounds because QuickBooks can no longer keep up
- Your chart of accounts (COA) is disorganized and unwieldy
You are not alone! These are common challenges many businesses face. The good news is, there is a solution that can not only meet your needs but also scale as your needs evolve. From AP/AR processing and multi-entity consolidations to contract revenue management and an intuitive general ledger, Sage Intacct offers a sophisticated cloud accounting system that delivers major (covetable) benefits:
We’re here to help set clear expectations about how cloud migration can elevate your accounting function using a best-in-class system. So, let’s explore the primary, robust capabilities you gain with Sage Intacct cloud software.
Gain a Multi-Dimensional Reporting Structure
Modern cloud solutions like Sage Intacct offer maximum flexibility with up to eight dimensions compared to the standard two to three dimensions offered by most legacy accounting systems. This feature enables more insightful, real-time, and accurate reporting while allowing your organization to kick manual Excel spreadsheets (and error-prone outcomes) to the curb. Slice and dice your data any way that you want and access it any time. This empowers your organization to:
- Analyze your data quicker
- Acquire better reporting insights
- Make better, data-driven, and timely decisions
Improve Margins and Profitability
Unlike a conventional COA, a multi-dimensional COA offers strategic visibility into margins and profitability. Instant reporting functions provide insight and predictive analysis which keep your business responsive. Whether your business is offering additional programs or expanding into new geographies, having visibility into margins offers greater flexibility to make effective, time-sensitive decisions.
With the ability to have multiple entities under one database sharing the same chart of accounts (COA), you’re able to easily calculate what one company owes to another without worrying about reconciling your due to/due from accounts ever again.
Maintain Existing Systems that Integrate with Your New Features
Migrating to the cloud does not mean you need to give up existing systems that currently work for your team. Whether your payroll provider or CRM or budgeting software, it’s likely that the systems already integrate with Sage Intacct. In instances where integration is not available, Sage Intacct offers a robust open API the enables systems to communicate, allowing for easy transferability in either scenario. That means, all the systems you’ve painstakingly modified over the years will still work, making your life that much easier.
With upgraded A/P approvals, you can say goodbye to paper trails and hello to electronic records. Move your approvals within the system and process ACH payments directly—all paperless.
Additionally, you can create separate GAAP (generally accepted accounting principles) and ASC 606 books that allow you to comply with reporting regulations with the click of a button while still giving you access to your internal reporting. All your information is seamlessly tracked in one accounting system and with far fewer (if any) Excel workbooks.
Add a Layer of Security
For all companies, data security is becoming an increasingly important initiative. In an entry-level system like Quickbooks, your information is more vulnerable to breaches and lost or compromised data, which can be extremely costly. While total security is never guaranteed, it is greatly enhanced when operating on the cloud versus a local, internal network. Here are added benefits that protect your organization:
- Regulate the information that your staff can see and access
- Gain SOC 1 and SOC 2 compliance
- Access audit reports outlining the data added/deleted and when
Ready to Improve Your Operational Efficiencies?
With Sage Intacct, your company can align on its current needs and still have room for growth and development without worrying that your accounting system is going to hinder your ability to scale. A migration to a cloud-based accounting system with a multi-dimensional COA will undoubtedly support your growing business or nonprofit—it just requires taking the leap.
If you have questions about cloud-based accounting or implementing Sage Intacct, please contact our Accounting Solutions team.