Closing the books can be a tedious and stressful process for your organization’s accounting department. Whether it is due to lack of resources or time restraints, your finance department may feel overwhelmed by manual tasks and processes. With a cloud-based financial software like Sage Intacct, the accounting year end can be a simple and more efficient process. According to a Close the Books survey, organizations who invested in Sage Intacct eliminated hours of manual work, closing the books 25-70% quicker. Unlike a lot of basic accounting platforms like QuickBooks, Sage Intacct allows you to re-open and close the books at any time to make necessary adjustments. When your organization begins to prepare financial statements end of year, closing procedures may vary from company to company, which is why Sage Intacct provides the flexibility to close based on entity, company, and subsidiary. Below discusses the benefits of using Sage Intacct throughout the process closing the books.
Flexibility
When the accounting year end rolls around, an outdated or basic accounting software can hurt your organization. As a cloud-based solution, Sage Intacct provides 24/7 access to real-time financial data and customized dashboards, creating the flexibility to analyze data in new ways. Unlike QuickBooks and other accounting platforms, Sage Intacct offers the flexibility to close an entire company at the entity level as well as by sub-ledger. Your organization can choose what you want to close and at what point in time you want to close it. With Sage Intacct, your organization has the option to prepare financial statements annually, as well as by month and period.
A major pain point during the process closing the books is making sure everything is correct before the final close. QuickBooks and similar platforms do not provide the option to re-open the books and correct mistakes. According to a Dimensional Research Study, 75% of participants said they were not fully confident in the accuracy of their most recent close. With Sage Intacct, you are not locked into the final close, and are able to re-open throughout your process based on security and user permissions. This helps your department eliminate the chance of human error when you prepare financial statements end of year.
Scalability
Outdated or basic accounting software platforms such as QuickBooks may lack the features to support your organization and prepare financial statements. As your organization continues to grow, your accounting requirements become more complex. Your team is left to handle a complicated and lengthy process, occupying valuable time that could be spent elsewhere. While closing the books, it is essential to choose a scalable accounting platform like Sage Intacct that can tackle expanding numbers of transactions, clients, and users. Sage Intacct can consolidate multiple companies at the entity level in a quick amount of time. This will help your core financial operations to work faster and more efficiently, creating a more seamless accounting year end process.
Security
Keeping your data secure should always be a priority, especially when you prepare financial statements. Sage Intacct is controlled by security access. You can authorize specific individuals access to data, as well as set role-based permissions and account monitoring. Sage Intacct’s customizable platform allows you to be in control of protecting your data. A lot of accounting software does not have this level of security.
Help eliminate the stress of the accounting year end with the flexible, best-in-class solution that will help your organization by successfully meeting growth initiatives, and goals. Sage Intacct can relieve your accounting department with the tedious and manual tasks of preparing the financial statements end of year. Work faster and more efficient with Sage Intacct, while keeping your company secure.
CompuData is a proud Sage Intacct Partner and has helped our clients implement Sage products across the nation for over 30 years. To learn more about our Sage Intacct expertise and how we can help your organization, visit here.
