In this article, we will run through how Sage Intacct streamlines financial processes, freeing up resources for research and development, and learn how SaaS businesses can position themselves as innovators in the industry.
As a leading Sage Software partner and financial transformation consultancy, we at Itas Solutions are well versed in the positives Sage’s cloud-based financial software, Sage Intacct, can bring to businesses and its impact on R&D investments.
Firstly, we will briefly look at how Sage Intacct streamlines financial processes, then what it means for freeing up resources for research and development.
How Sage Intacct Streamlines Financial Processes
If you didn’t know, Sage Intacct is a cloud-based financial management platform that has become a go-to solution for medium-sized businesses looking to streamline their financial processes. With its comprehensive suite of tools, Intacct offers a range of benefits that can help businesses manage their finances more efficiently and effectively.
Scalability and Multi-Entity Management
One of the key features of Sage Intacct is its scalability. As businesses grow, they often face the challenge of managing multiple entities or locations. Intacct is designed to handle complex, multi-entity financial management, allowing businesses to easily consolidate financials, manage inter-company transactions, and gain real-time visibility into all their operations. This scalability ensures that as a business expands, its financial management system can grow without costly and time-consuming upgrades or replacements.
Automation of Financial Processes
Intacct automates many of the routine tasks associated with financial management, such as accounting, transaction processing, and payments. This automation reduces human error risk and frees staff to focus on more strategic tasks. For example, Intacct’s integration capabilities allow for streamlined invoice processing, ensuring that invoices are received, processed, approved, and posted efficiently while maintaining separation of duties and compliance with corporate policies.
Enhanced Financial Reporting and Analysis
With Sage Intacct, businesses can enhance their financial reporting and analysis. The platform allows for the creation of custom reports and dashboards, providing a complete view of financial
performance. This level of insight is crucial for making informed decisions and can lead to improved financial planning and strategy. Additionally, Sage Intacct supports budgeting and planning in different dimensions, which is particularly useful for organizations with complex financial structures.
How does Sage Intacct help free up resources for research and development?
Intacct’s range of features is designed to improve efficiency, automate processes, and reduce costs, ultimately freeing up resources for research and development (R&D) in organizations. Here are some specific aspects of Sage Intacct that contribute to these benefits:
Cost Savings
Sage Intacct helps organizations save costs in several ways:
Avoided Labour Costs: By automating financial processes, Intacct reduces the need for additional labor, which can result in significant cost savings. Research by Forrester quantified this benefit at around £470,000 over three years for some businesses in the R&D field.
Software Consolidation: According to Sage, organizations can eliminate the use of more expensive software solutions by adopting Intacct, leading to substantial savings.
Vendor Payments: The platform automates the payment process, eliminating manual check processing and reducing accounts payable costs.
Automation
We’ve already touched on the automation of financial processes, but Intacct also has the added benefit to freeing up resources:
Data Entry Automation: Intacct’s integration with various data entry software reduces the risk of errors and makes information available immediately.
Automated Allocations: The allocations function in Intacct automates the distribution of costs and revenues, saving time and ensuring accuracy.
AP Automation: The new AP automation feature streamlines the creation of draft bills from emails or uploads, populates details automatically, and detects errors.
Efficiency
Sage Intacct enhances efficiency through various features:
Real-Time Visibility: Dashboards and reporting tools provide real-time visibility into financial data, enabling data-driven decisions and improved tracking of grants and funding.
Project Management: The platform automates project management, time-tracking, and resource management, which can streamline project billing and revenue recognition.
Reconciliation Enhancements: Intacct’s reconciliation enhancements simplify the process of receiving and reconciling customer payments.
By leveraging these features, organizations can streamline their financial operations, reduce manual work, and minimize errors. The time and money saved can then be redirected towards R&D efforts, fostering innovation and growth. Sage Intacct’s ability to integrate with third-party systems, such as CRM software, further enhances its efficiency, allowing for seamless operations across different departments.
Sage Intacct’s cost savings, automation, and efficiency features improve financial management and enable organizations to allocate more resources toward research and development, which is crucial for staying competitive and fostering innovation.
How SaaS businesses can position themselves as innovators in the industry by using Intacct?
SaaS businesses can position themselves as innovators in the industry using Intacct by leveraging its features and capabilities to enhance their product development process. Here are some areas in which Intacct can help:
1. Leverage Sage Intacct’s Customisation and Platform Services: Intacct provides tools to add customizations to standard Intacct objects, create custom objects, and develop applications. This allows businesses to tailor their services to meet specific customer needs.
2. Optimise API Usage: Intacct provides tips for optimizing XML API usage, which can enhance performance, minimize latency, and optimize API usage. This can lead to improved product performance and user experience.
3. Integrate with Other Software: Sage Intacct can be integrated with over 350 software applications. This can help businesses create more comprehensive and innovative solutions for their customers.
4. Focus on Customer Success: Intacct can help businesses focus on customer success by providing tools for tracking and managing project time, resources, revenue, and costs. This can lead to improved product offerings and customer satisfaction.
By leveraging these features and capabilities of Sage Intacct, SaaS businesses can enhance their product development process, drive innovation, and position themselves as leaders in the industry.
Who are we?
We are Itas Solutions, a UK-based financial transformation consultancy, and Sage Intacct partner who specializes in supporting SaaS businesses, so we know how good Intacct is as a financial management solution. We love Intacct because of the variety of reports it creates, its cloud-based accounting solution means you don’t have to worry about back-ups, data or software updates, etc.
We started in 1995 with just one client; today, we provide services to more than 200 organizations in the UK. We are here to help our clients at all times.
For over 20 years, our clients have trusted Itas with their business, and we have grown as a result of their recommendations and the appreciation of IT experts for our knowledgeable yet individualized support.
Interested in finding out more about Sage Intacct go to our website www.itassolutions.co.uk, or get in touch via marketing@itassolutions.co.uk
Jenny Watson