“If I gave this same presentation three months from now, it’s probably going to be a different discussion because that’s how fast everything’s changing right now in this industry.” That’s according to Douglas Lewis, a co-host of the new Unofficial Sage Intacct Podcast, which was created to help accountants stay up-to-date on the latest in a rapidly changing technology landscape.
Co-hosts Doug Lewis, Emily Madere, and Matt Lescault will combine their expertise in M&A consulting, Sage Intacct implementation, and global accounting practices to provide a unique perspective on the accounting profession’s transformation. As an unofficial podcast, they aim to offer balanced information about Sage products, including discussing competitors and potential shortcomings.
In Episode 1, Doug, Emily, and Matt discuss how the evolution of accounting technology is transforming the role of accounting professionals from number crunchers to strategic advisors, requiring a shift in skills and mindset.
The Rapid Evolution of Accounting Technology
The accounting industry is experiencing rapid change driven by technological advancements. This breakneck evolution is affecting every aspect of accounting:
- Mergers and Acquisitions: The landscape of firm valuations and appealing features for acquisition is constantly changing. One of the most requested items nowadays is a thriving CAS practice. This demonstrates the increasing importance of technology-driven services for firm value, with Sage Intacct often at the core of these valuable practices.
- Technological Advancements: New tools and software continually emerge, offering enhanced capabilities and efficiencies. These advancements include cloud-based systems, AI-driven analytics, and automated data entry, all of which are reshaping how accountants work.
- Operational Shifts: The way accounting firms and departments operate is being reshaped by these new technologies. Matt Lescault mentions that his firm has been “completely remote” since 2010, a trend that has accelerated across the industry. This shift to remote work is enabled by cloud-based tools like Sage Intacct, which allow for real-time collaboration and data access from anywhere.
This rapid change presents both a challenge and an opportunity for accounting professionals. Emily Madere, who works in Sage Intacct, stresses that “accounting is now technology-focused.” This shift requires professionals to not only understand financial principles but also to be adept at leveraging advanced software tools.
This constant evolution pushes accountants beyond traditional number-crunching roles and into more strategic positions. Today’s accountants are expected to provide data-driven insights, predictive analytics, and strategic financial advice. Tools like Sage Intacct are enabling this transition, automating routine tasks and providing powerful analytics capabilities that allow accountants to focus on higher-value activities.
As the podcast hosts emphasize, embracing these technological changes is not just about staying competitive—it’s about redefining the role of the accountant in the modern business landscape.
Sage Intacct: Driving the Future of Accounting
At the heart of this technological revolution in accounting is Sage Intacct, Sage’s flagship product that’s reshaping the industry landscape. Matt Lescault, drawing from his global experience as president and CEO of Lescault & Walderman, a Sage partner in both the US and Africa/Middle East, offers a broader perspective: “There will be a major focus on the Intacct product because it is what Sage is launching globally.
Sage’s significant investment in Intacct reflects the software’s potential to transform accounting practices on a global scale. It offers advanced capabilities beyond traditional accounting software, enabling professionals to automate routine tasks, gain deeper insights from financial data, and make more informed strategic decisions.
With her expertise in Sage Intacct, Emily Madere highlights its transformative potential: “Sage has a lot of great, awesome products and functionalities that can help a lot of people.” However, many companies are not fully leveraging Sage Intacct’s capabilities. Madere observes that there’s “an opportunity for firms, businesses, entrepreneurs to get so much more out of their system.” This underutilization often manifests in several ways:
- Limited use of automation features, with firms still relying on manual data entry for tasks that could be streamlined.
- Underuse of advanced reporting and analytics tools, missing out on deeper financial insights.
- Failure to integrate Sage Intacct with other business systems prevents a holistic view of operations.
- Neglecting real-time collaboration features that are particularly valuable in today’s remote work environment.
By fully embracing these functionalities, Madere suggests, companies can dramatically improve efficiency, gain more actionable insights from their financial data, and ultimately provide more strategic value to their clients or organizations. This shift from basic bookkeeping to high-level financial strategy is at the core of the evolving role of accounting professionals, which the podcast aims to explore.
Drawing from his extensive M&A consulting experience, Doug Lewis highlights a significant trend in the accounting industry: “In all of the M&A work that I do for accounting firms, one of the most requested items is a thriving CAS (Client Advisory Services) practice. And most firms that we see who have these thriving practices are utilizing Sage Intacct to do so and to build that out.”
Mastery of advanced tools like Sage Intacct not only enhances operational efficiency but can directly contribute to a firm’s market value and long-term success. Proficiency in Sage Intacct is becoming a key differentiator in the M&A landscape, potentially increasing a firm’s attractiveness to potential buyers or investors.
The New Accounting Professional: From Number Cruncher to Strategic Advisor
As accounting technology evolves, so does the accounting professional’s role. The days of simply balancing books and preparing financial statements are giving way to a new era where accountants are expected to be strategic advisors.
Sage Intacct is at the forefront of enabling this shift. Automating routine tasks and providing powerful analytical tools frees accountants to focus on higher-value activities. This requires a new set of skills:
- Data analysis: Interpreting complex financial data and deriving actionable insights
- Strategic thinking: Using financial information to guide business decisions
- Technology proficiency: Mastering advanced tools like Sage Intacct
Emily Madere emphasizes the importance of staying current: “After you listen to an episode, you are going to have a more robust knowledge of the Sage products and how to use them and how to talk to them with your colleagues.”
This evolution demands a proactive mindset. Accountants must actively seek out opportunities to learn and adapt to new technologies. Matt Lescault, with his global accounting experience, notes the rapid change he’s observed: “I started my company in late 2006, and it’s just been an amazingly fast-paced environment of change from a technology approach and focus.”
The Unofficial Sage Intacct Podcast aims to support this journey, providing insights and guidance to help professionals navigate this changing landscape. As Madere puts it, “This is a great opportunity for me to share what I know about Sage and hopefully help people in their day-to-day lives.”
As the podcast hosts emphasize throughout the episode, the accounting profession is transforming profoundly. At the forefront of this revolution is Sage Intacct, offering powerful tools that enable accountants to move beyond traditional number-crunching and into strategic advisory roles.
This shift represents not just a change in tools, but a fundamental reimagining of the accountant’s role in modern business. As accountants become strategic advisors, they can drive more informed decision-making, contribute to business growth, and even influence economic trends.
Don’t get left behind. Join the conversation with the Unofficial Sage Intacct Podcast and equip yourself with the knowledge and insights needed to thrive in the new era of accounting. Your journey from number cruncher to strategic advisor starts here.