Cloud Enterprise Resource Planning (cloud ERP) solutions are designed with broad functionality and rich feature sets that allow them to be adapted to many different types of companies. That said, every cloud ERP solution seems to have one or more sweet spots – industries where it tends to excel. What do we consider to be Sage Intacct’s sweet spots – and why? We’re glad you asked.
Franchisees and Franchisors
Finding an accounting application that works on an individual franchise level isn’t particularly difficult, but the parent/child structure of a multi-unit franchise operation creates challenges when it comes to accounting and financial reporting. Similarly, franchisors need insight into the operations of each of their franchise operations, which of course are each separate entities of their own. Sage Intacct is an ideal fit for franchisors and franchisees for many reasons, including:
Easy consolidation: Sage Intacct makes multi-entity consolidations as simple as the push of a button, so you can close your books faster and view interim summary figures at any time. Plus, every consolidation creates a detailed journal entry report, giving you full auditability and operational transparency.
Effective intercompany processing: Sage Intacct was designed to streamline multi-entity accounting. You can create user profiles to restrict user access to the specific entities and transactions relevant to their job. You can share vendor, customer, and item lists and charts of accounts across entities to speed new entity creation and facilitate cross-entity reporting. Streamline your payables function using a central screen, and automatically create due-to and due-from transactions between entities.
Multi-Entity, Multi-Location, Multi-National
In our global marketplace, business complexity continues to grow. Increasingly, multiple entities are under a single corporate umbrella, operating from multiple locations – and even from within multiple countries. For companies with these types of complexities, Sage Intacct is an ideal fit.
Using Sage Intacct, everything related to managing multiple currencies is automated to save you time and increase accuracy. Up-to-date exchange rates lead to currency conversions and revaluations that are right on the money. You choose your base and reporting currencies. You tailor local account titles to fit local regulations. Plus, you’ll have instant access to currency gains and loss data, and you can produce reports in your headquarters’ currency or the entities’ local currency.
Healthcare organizations large and small face many challenges as they work to grow their operations profitably while remaining compliant with a variety of regulatory changes. What makes cloud ERP work so well for multi-location medical practice groups?
Many medical practices require the type of multi-entity accounting we describe above, which we’ve already explained is one arena where Sage Intacct excels. It also makes it simple to centralize payable functions across the organization, eliminating the manual processes typically associated with payment processing and intercompany accounting. According to The PwC Finance Benchmarking Report 2019-20, 30% to 40% of time can be reduced with finance automation and behavior change. That’s a lot of freed-up resources that can be better allocated elsewhere in your organization. In addition, Sage Intacct allows you to track your financials as well as operational metrics and ratios – things like available capacity and revenue per treatment. With information like this easily at hand, you can compare financial performance across your locations and departments and ultimately share best practices to improve performance at every level of the organization.
Where Do You Fit?
Are you a company operating in one of these sweet spots? We’d be happy to speak with you to see what this powerful solution can do for you. If your organization doesn’t fit neatly into one of the boxes above, that doesn’t mean that it’s not still a great cloud ERP solution for you – it’s designed with broad flexibility and powerful functionality in mind. Contact us to learn more.