The speed at which technology improves and the number of options available can make selecting a software solution seem like a gamble. However, selecting a product that displays innovation and a strong product direction saves companies real money and allows them to scale and grow smoothly. Implementing the right software with the right partner avoids costly mistakes and product turnover.
While seeking a new financial management product offering for our clients, product direction was a top priority. As Sockeye evaluated modern accounting systems, Sage Intacct stood out to our team as a product that we were confident would benefit our clients immediately and continue to offer innovative solutions.
Below I will discuss areas that Sage Intacct has improved how finance teams interact with their tools.
Continuous Consolidation Across Multiple Companies
Sage Intacct’s integrated multi-entity accounting software enables companies to keep master data consistent across entities and allows them to easily perform intercompany transactions and eliminations. The software platform provides an integrated accounting system that continuously consolidates multiple and global entities, streamlines planning cycles, and improves business intelligence with greater visibility.
- A single version of truth to manage global accounting processes based on current and future regulatory requirements and in multiple currencies
- Seamlessly control master records such as chart of accounts
- Work across entities on the same projects
- Slice multi-entity data in reports based on departments, projects, customers, lines of business, etc.
New Revenue Recognition Standards
With so many allocation variables muddling the new compliance standards, knowing how to modify your processes can reduce errors. With Sage Intacct’s deep functionality, it is easy to adapt to the new ASC 606 standards and future changes in regulation.
- Deep automation to detail out contracts, track revenues easily (in both 606 and 605 standards at the same time with the same contract)
- Decouple revenue recognition from billing processes
- Automate revenue recognition recalculation after contract changes
- Track compliance compatible documentation per contract
No more wasting time trying to compile data from disparate sources and systems to create reports and close. Sage Intacct can consume operational, statistical data and bring it right onto the financial reports. This allows calculations combining financial performance with operational metrics.
- Shared dimensional chart of accounts facilitates automation and consolidated reporting
- Real-time dashboard analytics including financial and operational reporting
- Improved data accuracy, integrity, and transparency decreases compliance risk exposure and costs
- Dashboards can be created and maintained by anyone with knowledge of the chart of accounts
Sockeye brings the tools, flexibility, and award-winning innovation to your organization to optimize accounting processes, provide greater visibility to metrics that matter, and help meet ever-changing compliance needs.