Financial management for Destination Marketing Organizations (DMOs) and Convention and Visitors Bureaus (CVBs) is complex—tracking multiple funding sources, managing intricate budgets, and ensuring compliance can quickly become overwhelming. With outdated accounting software and manual processes still in use, many organizations face inefficiencies, reporting delays, and limited financial visibility.
A modern financial management solution like Sage Intacct offers the automation, real-time insights, and flexibility needed to streamline operations, improve decision-making, and ensure financial transparency.
In this blog, we’ll explore the key features and benefits of Sage Intacct for DMOs and CVBs, and how it can help optimize financial management to drive long-term success.
Multi-Entity Management
Many DMOs and CVBs are responsible for multiple entities each requiring separate tracking and reporting. Sage Intacct’s multi-entity management automates inter-entity transactions and consolidations, reducing manual effort and ensuring accuracy. With real-time visibility across all entities, organizations can make faster decisions and exercise greater financial control. The platform also automates eliminations and currency conversions for international tourism funds, minimizing errors. Additionally, role-based access controls ensure entities or departments only see relevant data, maintaining both security and operational focus.
Recurring Transactions
DMOs and CVBs often rely on recurring revenue streams like membership dues, sponsorship renewals, and subscription services. Manually processing these transactions can result in missed or delayed invoices. Sage Intacct automates the invoicing process for these recurring payments, generating invoices on a set schedule to ensure timely revenue collection. This automation reduces administrative workload and helps align revenue recognition with financial reporting periods, ensuring compliance with accounting standards. As a result, financial teams can focus on more strategic initiatives.
Statistical Accounts
Tracking financial data alone isn’t sufficient for DMOs and CVBs. Non-financial metrics, such as visitor data, event attendance, and marketing ROI, are equally essential. Sage Intacct’s statistical accounts feature integrates these non-financial metrics into financial reports, offering a more comprehensive view of organizational performance. By combining both statistical and financial data, DMOs and CVBs can assess the effectiveness of marketing campaigns, track tourism trends, and make informed, data-driven decisions to maximize their impact.
Comprehensive Revenue Tracking
DMOs and CVBs receive revenue from a variety of sources, including grants, hotel taxes and membership fees. Managing these diverse revenue streams manually can be time-consuming and prone to errors, especially with complex compliance requirements. Sage Intacct simplifies the process by categorizing and tagging each revenue source, ensuring proper tracking and compliance. The system also automates the monitoring of grant funds, minimizing the risk of misallocated funds, and streamlines invoicing for recurring revenue. Enhanced reconciliation processes improve audit efficiency and give organizations greater control over their financial operations.
Advanced Budgeting & Planning
Tourism funding can be unpredictable, making proactive budget planning essential for DMOs and CVBs. Sage Intacct’s budgeting and forecasting tools help organizations create flexible budgets for various scenarios, enabling them to prepare for funding fluctuations. Real-time tracking allows teams to compare their budget with actual performance, making it easier to adjust plans as needed. Department-specific controls empower individual teams to manage their finances effectively while staying aligned with overall organizational goals, ensuring long-term financial stability.
Seamless Integration with Other Systems
DMOs and CVBs typically depend on a range of software systems for payroll, CRM, AP (Accounts Payable), expense management, and project tracking. Sage Intacct’s open API enables seamless integration with these systems, reducing manual data entry and minimizing errors. This connectivity ensures that financial transactions are automatically recorded across platforms, providing real-time updates and improving operational efficiency. With a streamlined data flow, organizations can better align financial management with their marketing and operational strategies.
Unlock Financial Success with CBIZ CompuData and Sage Intacct
By leveraging Sage Intacct’s powerful capabilities, DMOs and CVBs can focus on their core mission—promoting destinations and driving economic growth.
At CBIZ CompuData, we specialize in helping DMOs and CVBs optimize financial management with Sage Intacct. Our team understands the unique challenges these organizations face and offers expert guidance to help you unlock the full potential of the platform.
But don’t just take our word for it—explore our case studies to see how we’ve helped organizations like yours transform their financial operations. Read more about their success here.
Ready to take control of your financial future? Contact CBIZ CompuData today to discover how our experts can streamline your operations with Sage Intacct.
