Take back your financial power with Sage Intacct.
ALNET Technologies reports on the gains made by a major investment organization that recently accepted the financial power of Sage Intacct. This resulted in 70% efficiency across 48 entities during monthly close.
“This company has traditionally relied on traditional accounting applications that do not meet its needs for functionality and scalability to manage complex accounting across multiple business facets across multiple entities.” says Director Netesh Maharajh.
He revealed that the company relied on Excel-based spreadsheets to aggregate departmental expenses because legacy systems could not provide the necessary allocation rules for processing and reporting. “Due to the inability to process intercompany transactions or the lack of cross-entity functionality, daily and weekly shared expense allocation across companies and entities is a manual, time-consuming and tedious task. Financial managers had to log in and out of different companies in traditional accounting applications to manage and process transactions, making their work more tedious, cumbersome, and time-consuming. It was a work in progress.”
He explained that the organization evaluated three other industry-tailored solutions before selecting Sage Intacct as its financial management entity. “They enable automation of rules-based expense allocation across all cost centers within a business, multi-company financial management, automation of cross-company journal entries, general ledger dimensions, and customized reporting and dashboards. We were impressed with Sage Intacct's capabilities,” says Maharaj. .
“Using Sage Intacct, this company's finance team has reduced the time required to close the books by 70%. It included everything from journal entries to outstanding debts and reserves for the month.”
He further added that with a significant increase in new investment portfolios and projects to approximately 22 new customer portfolios, it is critical that informed decision-making provides more time and insight and increases efficiency. I have confirmed that it is. These time savings create new opportunities to use Sage Intacct to track key metrics such as liquidity and expense ratios, cash flow and growth to make informed decisions about your investment portfolio. You can now drill down and analyze financial data processed in ”
According to Maharaj, the company now has a clear view of cash-on-hand trends and working capital, enabling data-driven decision-making based on real-time information flowing into dashboards and reports. “Key performance indicators on a dashboard scorecard highlight areas that need attention for a quick decision-making process. I was very excited to be able to add or remove content with just a few clicks.
Sage Intacct's procurement dashboard makes it easy to view budget to actuals, analyze costs, and monitor the entire procure-to-pay process. Improved efficiency in vendor onboarding and price evaluation supports price negotiation and helps maintain full supply chain compliance.
As a result of automation, organizations can additionally benefit from:
- Automate accounts receivable and payable with billing process definition, paperless workflows, and seamless vendor payments.
- Automate your bank reconciliations and eliminate the need to create tedious manual spreadsheets.
- Replace your filing cabinet by attaching documents directly to transactions posted to Sage Intacct.
- Reduced board reporting frequency from quarterly to monthly.
- Reduce audit risk with the introduction of auditor dashboards with drilled-down transaction details and audit trails.
“This leading financial institution can now automatically route purchase request approvals, reducing manual time to just 3 to 5 minutes. This represents a 98% reduction in time spent. Sage Intacct provides unified views and drill-down capabilities across your enterprise's entities, making it easier to assess vendor spend across your entities. Beyond that, the increased visibility of spend through cloud systems can benefit the bottom line,” concludes Maharaj.
