Learn what the pros and cons of Sage Intacct are and why you should definitely consider using it this year.
As one of the first entirely cloud-based solutions, Sage Intacct has been a market leader for some time. Although this software has already been proven to be an outstanding ERP and an excellent tool for automating financial processes, we must evaluate it more closely to help you decide whether it will be a good solution for your business.
This article looks at Sage Intacct’s main features, the pros and cons, and who should and should not pick this solution.
What is Sage Intacct?
Sage Intacct is a native cloud-based Financial Management and accounting solution initially developed in the USA by the Intacct Corporation in 1999. Sage acquired Intacct in 2017 and further developed and rebranded it as Sage Intacct. Two versions are now available, the Starter Edition for smaller businesses and the Sage Intacct for medium and enterprise-size companies.
Sage Intacct is an award-winning accounting and enterprise resource planning (ERP) solution. It makes financial management faster and easier by automating workflows that result in reliable data. Its modular build makes it scalable and can support businesses of all sizes in several industries. As your business grows and becomes increasingly more complex, you can add new modules based on your industry needs.
Sage Intacct is feature-rich, automating several complex financial processes such as payroll, tax, inventory management, and much more. Moreover, it caters to various industries, including financial services, non-profits, construction, professional services, SaaS, healthcare, and hospitality.
Sage Intacct is becoming increasingly popular across all sectors due to its usability, scalability, and customizability, as well as advanced functionalities and integrations with 3r party software.
More Sage Intacct Resources:
Sage Intacct’s main features
Sage Intacct offers a wide range of functionalities, making it a popular solution worldwide. Its feature-rich modules can automate hundreds of processes, saving time and human power and minimising the risk of error. With Sage Intacct, you can empower your finance department to gain better billing, accounting and reporting control.
General Ledger and Accounting Features
Sage Intacct provides a top-of-the-line core financial solution by supplying you with the following features.
• Accounts payable
This feature enables the automation and tracking of payments by providing payment scheduling, management, direct bill payment, and much more.
• Accounts receivable
Manages and automates invoices and payment collections for your business. This feature takes care of statements, invoices, customer records, and receipts.
• Cash management
This core feature automates payment processing, provides an overview of all cash flows and offers cash forecasting.
• Bank reconciliation
Sage Intacct reconciles your company’s financial accounts, ensuring that all accounting records are aligned.
• Expense management
The software can track all business expenses, such as reimbursements and travel. It can also assign costs to a specific project.
• Time tracking
Sage Intacct can track employee time and tie them to a project.
• Fixed asset management
The software can track the location, check-in and -out, cost, and scheduling history of fixed assets.
• Multi-currency support
Sage Intacct supports the automation of multiple currency conversion.
• Multi-division support
The software enables account management across multiple locations and entities.
• Regulations compliance
Sage Intacct’s processes adhere to specific accounting standards and help software users to comply.
• Electronic tax filing
Payroll, sales tax, and other repeatable taxes are digitised and accessible via an electronic interface.
• Self-service portal
Online portals are available for specific stakeholders to find relevant information.
• Global Financial Support
The software continuously supports multiple currencies, entities, and ledgers.
• Intercompany Accounting
Sage Intacct automatically reconciles the general ledger for transactions within the company.
• Journals and Reconciliations
This feature ensures that ledgers and processes are entirely automated and synchronised.
• Configurable Accounting
The software configures the appropriate rules and segments for all accounts.
• Centralised Rules Framework
Sage Intacct integrates all transactional systems and ERP into a single ERP.
• Standardised Processes
The software standardises financial processes in a centralised way.
Inventory Management Features
Sage Intacct can track and manage the flow of goods and materials in and out of inventories.
• Inventory tracking
The software maintains a real-time inventory picture by continuously syncing the orders with the stock.
• Location management
Sage Intacct can track multiple goods across multiple locations.
Order Management Features
Sage Intacct can process and track orders from quote to cash.
Software users can set up complex and unique pricing requirements.
• Order entry
Sage Intacct users can enter a new order, and the data will automatically flow to consequent units.
• Credit card processing
The software facilitates credit card processing.
• End-to-end order visibility
With Sage Intacct’s updates on orders, inventory, shipments, planned supply, and invoices, you can improve the quality of decision-making.
Payroll Management Features
Sage Intacct’s payroll management provides an efficient tool to track payroll, revise salaries, manage direct deposit, and administer benefit plans.
Reporting & Analytics Features
Sage Intacct provides you with the best business reporting and analytics features. This software can analyse usage, performance, ROI, and other success metrics.
Sage Intacct’s customisable dashboards provide live insights on essential success metrics.
• Standard and custom reports
The software offers pre-built reports, and users can also create custom ones.
Sage Intacct’s flexibility means a business can configure the software to suit their needs best.
• API for custom integration
The software provides an API allowing integration with 3rd party systems.
Sage Intacct offers several plug-ins that make its core functionalities expandable.
Sage Intacct’s security features help minimise security risks by encouraging best practices for users and by controlling access to the software.
- Role-based user permissions
- Single sign-on capability
- Multi-factor authentication
- User-level audit trail
These additional features help establish Sage Intacct as of the most sophisticated financial management systems.
- Subscription billing
- Revenue recognition
- Multiple charts of accounts
- Multiple reporting books
- Multi-dimensional reporting
- Graphs/Charts/Performance cards
- Report visualisations
The pros and cons of Sage Intacct
Pros of Sage Intacct
Sage Intacct is an excellent solution for most company sizes and industries, as it can grow with your business when scaling up. This software supports several industries with industry-specific modules, making it stand out from most other accounting solutions. Moreover, it offers accounting functionalities that can solve even the most complex challenges. The following strong points of Sage Intacct will help your company grow with ease:
- Advanced functionality
- Award-winning core financials
- Seamless integration
- Industry-specific solutions
- Tailor-made features for non-profits
- Can handle multi-entity transactions
- Multidimensional chart of accounts
- Drill down capability in financial reports
- Complies with generally accepted accounting standards
Cons of Sage Intacct
Sage Intacct might not be the best solution in some cases, as using the software requires some accounting experience. Some users have mentioned the following aspects of Sage Intacct that need improvement:
- Non-transparent pricing
- Learning curve/complexity
- Expensive technical support
- Not ideal for small businesses
Who is Sage Intacct for?
Sage Intacct is a scalable and versatile solution with customisable modules for several industries. Still, it might be better to look for an alternative in some cases. Here we help you decide who should choose Sage Intacct and who should look for another solution.
Who Should Choose Sage Intacct?
1. Growing companies
Companies facing a growth period will need Sage Intacct’s solutions sooner or later as their ERP and accounting needs will become increasingly more complex.
Growing companies of all sizes can benefit from Sage Intacct’s features as they can start with the necessary modules and add more as their business grows.
2. Non-profits with finance professionals
Sage Intacct offers custom modules to better serve non-profits with exclusive features. Their finance professionals will have professional support available while learning to use the software.
3. Venture capitalists
Sage Intacct is an excellent choice for venture capitalists and global businesses. Its global consolidation module can consolidate hundreds of entities in minutes across multiple locations, currencies and subsidiaries.
4. Publicly traded companies
Sage Intacct’s core financial module provides an excellent solution for complex accounting transactions while seamlessly adhering to accounting standards.
Who Should Consider an Alternative Software?
1. Small businesses with lower complexity and growth
Sage Intacct can be expensive for small companies that don’t require complex accounting, a more modest product with only core functionalities would suit them better.
2. Businesses that want to keep their books
Businesses without financial professionals who want to keep their own books will find Sage Intacct expensive and complicated. Those without accounting experience should consider buying less complex accounting solutions.
3. Non-profits who want member management
Non-profits that need member management functionality should look for accounting software with this particular feature.
Sage Intacct is an excellent tool that gives businesses the visibility and agility to allow data-driven decision-making. This software is designed to provide complete digital transformation by offering top-of-the-line accounting and insight based on data.
Due to its vast number of features and modular build, Sage Intacct is more than just an accounting solution. As an ERP, it allows you to customise workflows and financial management strategies and accommodate international entities with its global reconciliation features.
Finally, Sage Intacct offers professional help and guidance to their customers via multiple channels such as phone, email and chat to ensure that their business makes the most of using their software.