Sage Intacct

Multi-Project Reporting to Nonprofit Integration: Sage Intacct’s Bold New Features

Earmark Team · September 25, 2024 ·

In an era where client needs span from multi-entity corporations to nonprofit organizations, how can CPAs leverage technology to offer comprehensive financial management across diverse industries? The latest episode of the Unofficial Sage podcast, hosted by Doug Lewis, Emily Madere, and Matt Lescault, dives into this pressing question by exploring Sage Intacct’s latest product release.

At the heart of Sage Intacct’s evolution is a carefully crafted balance between enhancing core financial capabilities and expanding into specialized vertical markets. This approach enables accounting professionals to offer comprehensive financial management services across various industries while maintaining a unified technological platform.

Strengthening Core Financial Capabilities: Multi-Project Reporting

The new multi-project reporting feature significantly enhances Sage Intacct’s core financial reporting capabilities. This feature represents a major leap forward in financial management efficiency, especially for organizations dealing with multiple projects or grants.

Matt explains, “What Intacct has invested in is to bring some of those capabilities out of the interactive custom report writer… directly into the financial reports section of the reporting.” This enhancement streamlines the reporting process, enabling more timely, accurate, and insightful financial analysis across multiple projects.

Vertical Specialization: Construction Industry Enhancements

Sage Intacct is making significant strides in the construction industry, where unique financial management needs demand tailored solutions. Key enhancements include:

1. Addition of retainage to invoices

2. Integration of Sage Construction Management (formerly Core Con)

3. Introduction of Sage Field Operations

Emily notes, “Sage Intacct has added retainage to invoices. So now it includes project contract billing information. And this is really giving people visibility that they need.”

These construction-specific features put Sage Intacct in direct competition with established players like Procore while offering the advantage of seamless integration with its robust financial management platform.

Strategic Partnerships: Donor Perfect Integration for Nonprofits

Sage Intacct’s strategy for vertical specialization extends to strategic partnerships, particularly in the nonprofit sector. Integrating Donor Perfect, a popular CRM for nonprofits, into the Sage Intacct platform exemplifies this approach.

Matt explains the “gray labeling” concept: “Intacct is going out into the marketplace, finding the best in class solutions, and partnering with them to bring a fully-fledged software solution to the micro verticals.”

This integration offers significant benefits for CPAs serving nonprofit clients. It enables them to link financial data directly to donor information and generate comprehensive reports demonstrating the impact of donations on specific programs.

Enhancing Platform Power: User Interface and Integration Improvements

Sage Intacct is also focusing on improving its overall platform usability. Two key enhancements in this area are the introduction of a new REST API (currently in beta) and significant upgrades to the user interface, particularly in list views.

The new list view capabilities have been met with enthusiasm from both prospects and clients. Emily explains, “Our people, whether they’re prospects or clients, are so excited about this feature because… you can now expand columns, you can move columns, you can filter columns. There’s also a subset that comes out of the column.”

These improvements significantly streamline the review process, allowing CPAs to work more efficiently and gain insights more quickly.

Conclusion: A New Era of Comprehensive Financial Management

Sage Intacct’s latest product release marks a significant step in the evolution of financial management software. By balancing core functionality enhancements with industry specialization and strategic partnerships, Sage Intacct is positioning itself as a versatile solution for CPAs serving diverse client bases.

These developments offer exciting opportunities for CPAs to streamline current services, expand offerings, and take on more diverse clients. As the line between general financial management and industry-specific solutions continues to blur, CPAs who can leverage comprehensive platforms like Sage Intacct will be well-positioned to lead in the new era of financial management. For more information, listen to the full episode of the Unofficial Sage podcast.

Embracing the Cloud: Sage’s Transformation and What It Means for CPAs

Earmark Team · September 23, 2024 ·

“Everything is going to the cloud,” says Emily Madere in the latest episode of the Unofficial Sage podcast. For Certified Public Accountants (CPAs), this shift isn’t just a trend—it’s a fundamental change reshaping the future of financial management and analysis.

As Sage, a leading accounting software provider, transitions to a cloud-centric, partner-rich ecosystem, CPAs find themselves at a pivotal crossroads. Real-time financial analysis and automated compliance tools promise to revolutionize client services. However, leveraging these advancements requires carefully reevaluating firm technology strategies and service models.

In this podcast episode, industry experts Doug Lewis, Emily Madere, and Matt Lescault delve into the intricacies of Sage’s cloud transformation. They explore how this shift is reshaping Sage’s core products, expanding the role of Marketplace Partners, and reflecting broader trends in cloud migration across the accounting software landscape.

Sage’s Shift to a Cloud-Centric Ecosystem

The Rise of Sage Intacct

At the heart of Sage’s cloud strategy is Sage Intacct, a product synonymous with modern, cloud-based financial management. Acquired by Sage in 2017, Intacct was built from the ground up as a cloud solution, offering real-time data access and automated updates without needing on-premises infrastructure.

Initially strong in the nonprofit sector, Sage Intacct has rapidly expanded its reach. Matt notes, “It quickly turned into a valuable product in SaaS, financial services, family offices, professional services, and healthcare. It expanded quickly into other industries.”

Competing in the Mid-Market Space

In the mid-market arena, Sage Intacct now competes with products like NetSuite and Microsoft Dynamics. Matt says, “Sage continues to win from a functionality, capability, and user experience perspective.” This competitive edge is crucial for CPAs evaluating which platform to recommend to clients or adopt in their practices.

The Role of Marketplace Partners

A key component of Sage’s evolving ecosystem is the Marketplace Partners (MMPs)—third-party solutions that integrate with Sage products to extend functionality and create customized solutions.

“The Sage marketplace has tripled or quadrupled in size over the past six years,” says Matt. This rapid expansion reflects the growing demand for specialized, integrated solutions in accounting.

Benefits for CPAs

This partner-rich ecosystem offers several advantages for CPAs:

Flexibility: Firms can choose the exact combination of tools that best fit their or their clients’ needs.
Specialization: MMPs provide deep functionality in specific areas beyond the core Sage products.
Innovation: The marketplace model encourages continuous innovation as partners compete to offer the best solutions.

The Cloud Migration Paradigm Shift

Sage’s ecosystem evolution is part of a larger paradigm shift in the accounting industry: the widespread migration to cloud-based solutions. This shift profoundly impacts product development strategies, and many competitors are following suit.

Opportunities and Challenges for CPAs

For CPAs, cloud migration presents significant opportunities and challenges:

Real-time Financial Analysis: Cloud-based solutions enable instant access to up-to-date financial data, allowing for timely and accurate advice.
Automated Compliance Tools: Many cloud platforms offer built-in compliance features, streamlining regulatory adherence.
Remote Work Capabilities: Cloud solutions facilitate seamless remote work, expanding a firm’s talent pool and client base beyond geographical constraints.
Continuous Learning: The rapidly evolving technology landscape requires ongoing education and adaptation.

Looking Ahead: Global Expansion and Future Developments

As Sage continues to invest in its cloud-based ecosystem, the company is expanding its global footprint. Sage Intacct has been launched in several countries beyond the U.S., with more on the horizon. This global expansion drives further investment in the product’s capabilities, benefiting users across all markets.

While Sage Intacct remains the flagship product for mid-market businesses, Sage X3 is the company’s offering for larger enterprises, particularly in manufacturing and distribution. Though less prominent in the US market, X3 competes with major ERP systems from SAP and Oracle in other regions.

Sage’s transition to a cloud-centric, partner-rich ecosystem represents a paradigm shift for CPAs. It offers powerful tools for real-time financial analysis and automated compliance while demanding a reevaluation of firm technology strategies and client service models.

To maximize return on investment and position their practices for future success, CPAs should:

Embrace Cloud-Based Tools: Enhance efficiency and client service through cloud solutions.
Integrate Marketplace Partners: Carefully evaluate and incorporate MMPs to create tailored solutions.
Invest in Continuous Learning: Stay ahead of technological advancements through ongoing education.
Reimagine Service Offerings: Leverage real-time data and analytics capabilities to transform client services.

The cloud-centric future of accounting is not just about adopting new technology—it’s about transforming how CPAs deliver value to their clients. As the Sage ecosystem continues to evolve, staying informed and adaptable will be key to success in this new era of cloud-based accounting.

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Embracing the Future of Accounting with Sage Intacct

Earmark Team · August 20, 2024 ·

“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.

An Accounting Firm Owner’s Guide to Strategic Technology Adoption

Earmark Team · May 23, 2024 ·

Is your accounting firm’s technology stuck in the past? In a world where clients expect seamless digital experiences and remote work is the norm, relying on outdated, disconnected software can be a recipe for inefficiency, frustration, and even lost business. But with so many options on the market, how do you choose the right tools to propel your firm forward?

In a recent Earmark Podcast episode, Blake Oliver shared his framework for strategic technology adoption. He argued that firms that intentionally select software to streamline operations, enhance client experience, integrate smoothly, and enable standardization will be best positioned to thrive.

Blake walked through the key software categories firm leaders need to consider, from proposal management to artificial intelligence (AI). He emphasized the importance of choosing tools that are easy to use, align with the firm’s unique needs and processes, and facilitate client collaboration.

Proposal Software

Blake recommended proposal software options that allow firms to quickly generate professional, standardized proposals, collect e-signatures and payments, and kick off projects seamlessly. “You cannot standardize the service delivery to your clients if you don’t have standard terms in your engagement letters,” he noted.

For example, Practice Ignition and Anchor allow firms to create templated proposals with standardized terms, pricing, and payment schedules. Clients can quickly review and sign off on engagements digitally, reducing friction and ensuring consistency across the board.

Practice Management

For practice management, Blake stressed the importance of workflow tools that centralize client communications, automate tasks, and provide visibility across the firm. With remote work now the norm, he argued, “If you’re in a remote environment, how can you work remotely without having workflow software?”

Platforms like Karbon, Canopy, and Client Hub offer client portals, task management, team collaboration, and insights reporting features. By standardizing processes and centralizing information in one system, firms can boost efficiency, transparency, and accountability, even with distributed teams.

Blake shared a cautionary tale from his experience, where choosing the wrong practice management tool cost his firm weeks of lost productivity. The lesson? Prioritize ease of use and team buy-in when evaluating options to ensure successful adoption.

General Ledger & Payroll

In the realm of general ledger and payroll, Blake advised firms to curate a lean tech stack of best-fit solutions. Instead of accommodating every possible client need, he suggested choosing one or two options that cover the bases for core client types, focusing on scalability, integration, ease of use, and reporting capabilities.

For the general ledger, that might mean standardizing on QuickBooks Online for most clients, with Sage Intacct reserved for those with more complex needs. On the payroll front, Blake highlighted Gusto and OnPay as user-friendly options that automate compliance and integrate with popular GL systems.

Blake emphasized the goal of going deep on a few core platforms rather than spreading yourself thin across a dozen different tools. By strategically limiting your tech stack, you can streamline training, support, and processes while still meeting diverse client needs.

Accounts Payable & Banking

Turning to bill pay, Blake highlighted the spectrum of solutions available, from all-in-one platforms like BILL for larger clients with complex approval workflows to more streamlined options like Relay for smaller businesses. He emphasized the key is to match the tool to the client’s specific needs and design efficient processes around it.

For example, a large nonprofit with multiple departments and strict controls might benefit from BILL’s advanced approval routing and audit trails. A small business, on the other hand, may prefer Relay’s simplified workflow and flat-fee pricing. The right fit depends on factors like transaction volume, number of approvers, and accounting complexity.

Whichever tool you choose, Blake stressed the importance of clear client communication and well-defined processes. Establish expectations around bill submission, approvals, and payment timelines upfront, and consider designating a dedicated team member to manage the AP queue and troubleshoot any issues.

Artificial Intelligence

Finally, Blake touched on the exciting frontier of AI, noting that ChatGPT’s new offering for teams, coupled with Microsoft’s significant investment in OpenAI, has made the technology more viable for accounting firms than ever. He advised listeners to start exploring use cases like drafting routine documents.

For instance, firms could leverage ChatGPT to generate first drafts of engagement letters, email responses, or work papers based on predefined parameters. By automating the initial content creation, staff can focus on more strategic work like analysis and advisory.

However, Blake cautioned against an “AI-first” approach. Tools like ChatGPT should augment human expertise, not replace it. He recommended starting with narrow, well-defined pilots and keeping humans in the loop to review and refine AI-generated content.

The Path Forward

Across all these categories, Blake underscored the importance of approaching technology decisions with intention and a focus on client needs. Flashy features may generate buzz, but the true test of any tool is how well it supports your firm’s service delivery and client experience.

By aligning your tech stack with your strategic priorities, designing efficient processes, and investing in training and change management, you can harness the power of modern software to drive meaningful results. The key is to start small, iterate often, and never lose sight of the humans at the heart of your business’s heart – your team and your clients. Ready to dive deeper into Blake’s strategic technology playbook? Listen to the full episode and start charting your firm’s path to digital success.