Sage Intacct – Best Accounting Software

Sage Intacct is one of the cloud-based accounting software created to help businesses manage their finances, accounting, and ERP.

It helps businesses handle general ledgers, order entries, accounts payable, bank reconciliation, suppliers, purchasing, supply chain, cash management, and access reporting and dashboards.

Sage Intacct is ideal for all types of businesses, whether they are small-scale businesses, medium-sized businesses, or larger companies.

The software is highly scalable, flexible, configurable, and easily accessible from anywhere. Sage Intacct offers a wide range of modules and third-party integration, making it easy for businesses to work.

Is Sage Intacct an ERP System?

What is Sage Intacct Used for?

Sage Intacct is used to handle business finances and streamline accounting processes.

Sage Intacct is used for:

• Revenue Management – It helps the business to automate revenue recognition processes, ensuring compliance with accounting standards such as IFRS 15 and ASC 606.

• Reporting and Dashboard – The software offers customizable reports and dashboards, allowing businesses to have real-time reporting and performance indicators.

• Expense Management – It helps businesses to track and manage business expenses, ensuring accurate reporting and control over expenses.

• Budgeting and Planning – It helps businesses create budgets and forecasts by offering them tools for financial planning and analysis.

• Financial Management – Businesses can use general ledger, accounts receivable, accounts payable, and cash management features to manage their business finances easily.

• Project Management –  The software provides project management functionalities to businesses that want to keep track of their project-related expenses and revenue.

• Multi-Entity and Global Consolidation – Sage Intacct enables multi-entity organizations to manage multiple subsidiaries or locations efficiently. It also facilitates global financial consolidations with support for multi-currency and multi-taxation compliance.

Benefits of Sage Intacct

• Customizable Dashboards:  The software’s user-friendly dashboards provide organizations with real-time financial data so that they can make well-informed decisions.

• Advanced Reporting: It provides strong reporting capabilities that are flexible to suit various departments, regions, or marketplaces.

• Minimizes Manual Work: Businesses can automate repetitive accounting operations like revenue recognition, invoicing, and billing.

• Fewer Errors: The software leads to fewer human errors due to automation, which results in more accurate financial records and compliance.

• Open API: Its open API facilitates simple integration with other cloud apps, resulting in a smooth system-to-system workflow.

• Faster Closing: The platform helps businesses close their accounts more accurately and quickly by automating a number of financial processes.

• Centralized Data: The software makes financial data easier to access and manage by centralizing it across departments and locations.

How Sage Intacct Helps Your Industry?

• Expense Management – Sage Intacct helps businesses to manage their expense-related business such as equipment, supplies, or staffing and allows businesses to have control over budgets.
• Grant Management – Sage Intacct offers tools to track and report on grant funding, including compliance with reporting requirements.
• Revenue Cycle Management – Sage Intacct helps businesses streamline their collection and billing processes, helping to reduce days in accounts receivable and improve cash flow.
• Expense tracking – Sage Intacct provides detailed expense reporting and tracking, supporting the growth and innovation of the business.
• Project Reporting – Sage Intacct supports businesses with detailed project reporting and financial visibility and helps them manage budgets and timelines.

What Types of Businesses Can Benefit the Most from Sage Intacct?

• Professional Services

Professional services firms such as consulting firms, law firms, IT services, marketing agencies, architecture, and engineering firms often work on multiple client projects simultaneously, requiring precise tracking of revenue, costs, and profitability by project. Sage Intacct provides features for detailed project billing, project cost management, and resource allocation.

• Nonprofits

Nonprofits such as charities, NGOs, foundations, religious organizations, and educational institutions must account for restricted and unrestricted funds separately. Sage Intacct allows nonprofits to track funds by donor, grant, or project, ensuring proper usage of funds as per donor or regulatory requirements.

• Financial Services

Financial services include investment, asset management, insurance, and private equity firms, which often have multiple entities across different geographic locations, such as subsidiaries or investment funds. Sage Intacct automates consolidations, even in different currencies, reducing time and potential errors.

• Software and SaaS Companies

SaaS companies such as SaaS providers, technology startups, and cloud-based service providers often deal with complex subscription models (e.g., monthly, annual, or usage-based pricing). Sage Intacct provides automated billing and revenue recognition in compliance with ASC 606 and IFRS 15, ensuring accurate financial statements and auditability.

• Healthcare Organizations

The healthcare industry includes clinics, hospitals, home healthcare providers, medical groups, and senior care facilities.is highly regulated, requiring strict adherence to financial regulations (e.g., HIPAA, GAAP). Sage Intacct provides strong security and audit trails to ensure compliance with these regulations.

• Hospitality and Restaurants

Many hospitality businesses operate in multiple locations, often across countries. Sage Intacct supports multi-entity and multi-currency operations, allowing companies to consolidate financial data across all locations and get real-time insights into performance.

• Manufacturing and Distribution

Manufacturers and distributors rely on efficient inventory tracking to reduce stockouts or overstock situations. Sage Intacct integrates inventory management with accounting, giving a real-time view of stock levels, reordering needs, and inventory costs.

• Real Estate and Property Management

Real estate firms such as property development firms, commercial real estate companies, and property managers need to track income from rents or leases and expenses for property maintenance, marketing, and operations. Sage Intacct automates these processes, ensuring accurate financial reporting.

Why Do Businesses Use Sage Intacct?

• Real-time insights – Businesses get real-time visibility into their financial performance. They can customize the financial data using customizable reporting tools and dashboards.
• Supports Growth – Sage Intacct is designed to scale alongside businesses, accommodating increased users, entities, and locations without sacrificing performance.
• Cloud-based accessibility – Sage Intacct users can access their financial data from anywhere. Cloud deployment reduces the need for expensive hardware, on-premise servers, and in-house IT management, making it cost-effective for businesses.
• Financial Reporting and Compliance – Businesses get access to powerful reporting tools, ensure compliance with various financial regulations (GAAP, IFRS, ASC 606, etc.), and provide audit trails for transparency.
• Seamless Integration – Sage Intacct easily integrates with other business systems, such as payroll, CRM, ERP systems, and e-commerce platforms, streamlining operations and ensuring data consistency across departments.

What is the Difference Between Sage and Sage Intacct?

Sage Intacct is a true cloud-based accounting and financial management solution, whereas typical Sage products like Sage 50 Accounts are “Cloud connected,” requiring the software to be installed on your computers and servers. 

Sage Intacct offers extensive customization, whereas Sage offers less customization to its users. Sage Intacct integrates with software products like payroll, open API, and CRM. Sage integrated with Microsoft Office applications like Excel or Word. 

What is the Sage Intacct Core Financials Module?

• Sage Intacct General Ledger -It offers flexibility in configuring the chart of accounts to match the business structure. The general ledger provides real-time updates, ensuring that all financial data is constantly up-to-date for immediate reporting and decision-making.
• Sage Intacct Accounts Payable – It automates the receipt, approval, and payment of vendor bills, supporting both electronic payments and checks. It also allows businesses to efficiently manage vendor relationships by tracking vendor details, payment history, and outstanding balances.
• Sage Intacct Accounts Receivable – It automates the creation and sending of invoices streamlines the collection process, and offers tools to track customer payments and overdue balances. Additionally, it handles complex revenue recognition rules, ensuring compliance with ASC 606 and IFRS 15 for businesses dealing with deferred or recurring revenue.
• Sage Intacct Cash Management – It provides immediate insight into money coming in and going out, including bank balances, and seamlessly integrates with bank accounts for easy reconciliation. It also handles multi-currency transactions and conversions, making it perfect for businesses operating in multiple countries.
• Sage Intacct Order Management – It streamlines the entire sales order process from entry to billing.
• Sage Intacct Purchasing – It simplifies the procurement process by automating purchase requests, approvals, and purchase orders. It helps manage vendor relationships and optimize purchasing by tracking vendor performance and history.
• Dashboards and Reporting – It provides pre-built and customizable reports for tracking financial metrics like profit and loss, balance sheets, and cash flow statements. Users have the option to design custom dashboards to showcase key financial indicators, offering a real-time view of the organization’s financial health.

Which ERP Systems are Comparable to Sage Intacct?

1. NetSuite – It offers more ERP solutions, with modules for inventory management, supply chain, and CRM along with more customization options.
2. Workday Financial Management – It is tailored for large enterprises and mainly focuses on HR and financial management integration. 
3. Epicor – It is the best-suited software for small and medium-sized businesses who are looking for software with a price range.
4. Acumatica – It is one of the best software for non-for-profits organizations
5. Microsoft Dynamics 365 Business Central – It is a broader ERP with strong integration into Microsoft’s ecosystem.

Sage Intacct Pricing Plan

What are the Sage Intacct Software Modules?

Pros and Cons of Sage Intacct

Pros of Sage Intacct

• Automatic Updates: The software is always up-to-date with the latest features and compliance requirements without the need for manual software updates.
• Multi-Entity and Multi-Currency Support: The software is ideal for businesses that operate in multiple locations or countries, as it allows for streamlined financial consolidations and currency conversions.
• Customizable Dashboards: Users can create custom dashboards with real-time financial data, giving decision-makers instant insights into key financial metrics.
• Powerful Reporting: The system provides flexible reporting tools, allowing for customized financial reports tailored to specific business needs, with data from multiple dimensions.
• API and Integration-Friendly: Sage Intacct integrates with other business tools such as Salesforce, payroll systems, and CRMs, allowing for seamless data flow across departments.

Cons of Sage Intacct

• Higher Price Point for Small Businesses: Sage Intacct’s cost can be higher compared to simpler accounting solutions, particularly when adding modules or users. It may not be ideal for very small businesses with limited budgets.
• Additional Costs for Add-Ons: Some advanced features, such as certain reporting tools or integrations, may come at an additional cost, which can drive up the overall investment.
• Complexity for New Users: While the interface is user-friendly, the depth of features, such as dimensional accounting or custom report-building, can be quite difficult for new users or businesses with simple accounting needs.