Sage Intacct

Article Dean Dorton

For managed service providers (MSPs), the devil is in the details. This is a fact that Stacey Neideffer knows all too well. Before joining Dean Dorton as a Sage Intacct consultant, Stacey served as the CFO of an MSP. There, she found that despite her accounting acumen and finance expertise, she spent much of her time doing data entry. Was it time for an accounting software replacement?

Their accounting software at the time was QuickBooks. To get data into the system, they had to batch information together and wait for large files to transfer. Batching was slow and cumbersome. It meant the information in the accounting system was often outdated and irrelevant. Most of all, it kept Stacey from more important responsibilities. She realized that the company had outgrown its accounting system and saw first-hand how much trouble that created. When she made the case for upgrading to superior software, the rest of the leadership agreed. The upgrade, Sage Intacct, exceeded expectations, and the MSP thrived as a result. 

This is Stacey’s story—but at a recent conference of MSPs featuring Stacey as a panel discussion leader, she learned her experience is a familiar one. Many providers are struggling with their accounting, wondering if their software is the problem, and thinking about what an upgrade would mean. 

To anyone in the same boat, the panel was an enlightening one indeed. Here are some of the key takeaways to emerge.

Batching is bad for business

A common refrain during the panel was the disruption that batching caused. Everyone who used QuickBooks dealt with it. And everyone agreed it was a constant drain on their time. More than that, it was a dangerous limitation to their financial visibility and control. If the panel had a consensus conclusion it was this: batching indicates the accounting function has outgrown the software supporting it. 

QuickBooks loses its luster

Another commonality between the panel and the participants was the struggle to make QuickBooks work for service providers. That was especially true once they grew into multi-entity organizations. Cheap, easy, and adequate, QuickBooks looks great for providers eager to start serving clients, but those benefits quickly become obstacles. The MSPs at the conference who had already left QuickBooks made something quite clear: if you haven’t outgrown it already, it’s coming sooner than you expect.

Software selection isn’t easy

Another sentiment was echoed throughout the panel. Even when the need to upgrade accounting software looks obvious, concerns over picking the wrong replacement or disrupting the accounting process keep many MSPs from taking action. Stacey and others stressed the importance of integrations between the accounting software and other business tools. This helps eliminate batching, and also creates shared data sources and overlapping toolkits to make each piece of software stronger.

What comes after QuickBooks?

With expertise spanning technology, accounting, and the MSP ecosystem, Stacey has a rare skill set that makes her a unique asset to service providers that have outgrown their accounting software. That came through in the panel—and it comes through to clients who recognize Stacey as someone who’s been in their exact same situation before.  

Make the right replacement by relying on the right partner. Contact Dean Dorton.

Article Dean Dorton

Say Goodbye to Quickbooks: Tips for Upgrading Your Nonprofit Accounting Solution

Accounting has never been more important for today’s nonprofits. Donors and funders expect complete financial transparency, and they hold nonprofit accountants to high standards for consistency and quality. At the same time, the Covid-19 pandemic has disrupted the financial situation at many nonprofits, creating new costs while putting funding forecasts in jeopardy. All this makes effective money management a huge priority for nonprofits. Their future depends on it.

So their future also depends on the accounting software in place. If that solution is QuickBooks, it’s worth taking a hard look at whether this tool – which is popular and accessible but also basic and limiting – can handle accounting on the level nonprofits need. Here are some common signs it’s time to switch to something better:

Spreadsheet Fatigue
If people are spending endless hours inside spreadsheets, it’s a clear indicator the accounting system isn’t meeting their needs. Spreadsheets may be an effective workaround, but they are not a sustainable solution.

Endless Errors
QuickBooks requires extensive manual entries. Not only are these a boring distraction for accountants, they cause keystroke errors to compromise the accounting data and throw the accuracy of anything into question.

Slow Results
Having to workaround the limitations of the accounting system makes it hard to meet deadlines. Decision makers either have to wait for updated financial insights or move ahead without enough information.

Poor Visibility
The accounting team struggles to get a comprehensive view of the financial situation and spends significant time trying to piece that perspective together. Like the previous point, poor financial visibility can only compromise decision making.

Absent Integration
When QuickBooks does not integrate with other software at the nonprofit, it forces people to move data between systems manually. Dual entries waste time and lead to incomplete, inconsistent data inside important systems – not to mention the errors.

Audit Uncertainty
An under-powered accounting system makes it hard to feel confident headed into the audit process. The software will either take extra work to extract and organize the data. Or it will supply incomplete or unreliable data that calls the entire audit into question.

Performance Blindness
While QuickBooks may be able to handle basic accounting tasks, it’s very restricted in terms of analyzing data and reporting on performance. This can result in an incomplete – or wildly inaccurate – understanding of nonprofit performance.

Future Fit
The right time to switch software is before it’s absolutely necessary. Based on the future forecast for the nonprofit, can QuickBooks handle the scale, speed, and complexity of the accounting requirements? If not, it’s a disaster waiting to happen.

The hardest part about upgrading a nonprofit accounting solution is recognizing the need for change. After that, the upgrade happens quite easily with the help of a partner like Dean Dorton. Let our team help you select, implement, and optimize a system that takes nonprofit accounting to new heights. Contact us before you outgrow QuickBooks any further.

Article Dean Dorton

The sports and entertainment industry has the same basic accounting responsibilities and priorities as any other industry: keep the books straight, pay the right amount in taxes, stay on-time and up-to-date. But in so many ways, sports and entertainment accounting is unique – from the seasonal nature of demand to the fluctuations in revenue and tax liabilities. 

These factors make it challenging to find suitable accounting software. There are plenty of options with adequate features and sufficient capabilities, but while they “get the job done,” they do little to make life easier for accountants or help companies manage money more strategically. 

Why? Many reasons, but a lack of flexibility is the core issue. Sports and entertainment companies, by nature of the industry they operate in, need accounting software that can adapt, scale, and extend anywhere with ease, and most options aren’t flexible enough to keep up. That’s when cloud accounting options come into play. Cloud accounting is a perfect fit for the sports and entertainment industry, and for many companies, it’s key to remaining competitive and relevant.

Why the Cloud is a Superstar in Sports and Entertainment Accounting

The benefits of cloud accounting are extensive and impressive – from lowering costs to accelerating implementation to streamlining IT management. For companies in the business of hosting events and selling tickets, cloud accounting excels in three important ways:

  1. Conduct Accounting From Anywhere – Sports and entertainment accounting is never static. It bounces between locations, goes on the road, or happens from multiple sites at once. Cloud accounting, with its anytime/anywhere accessibility, gives users access to all their financial data and the complete accounting toolkit from anywhere with internet access. Time and place are never an obstacle to accounting. 
  2. Integrate With Key Systems – Cloud accounting solutions with open APIs can integrate with other businesses systems, including industry-specific solutions, to share data and combine capabilities. Integrated systems are more efficient, accurate, insightful than disconnected systems, and with cloud accounting, building those bridges is easy.
  3. Consolidate Data and Capabilities – Anywhere money is flowing in, out, or through an organization, cloud accounting is there to capture and consolidate the data, forming a single-source-of-truth that decision makers can draw on to inform any decision (financial or otherwise) they make. The cloud also puts financial tools – some for advanced users, others for non-accountants – into the hands of whoever could benefit.

Sage Intacct – Cloud Accounting Built for Sports and Entertainment

Some software does not offer cloud accounting. Likewise, most cloud accounting software does not have features tailored to sports and entertainment. Sage Intacct is the rare solution that was built for the cloud and optimized for sports and entertainment. It’s the exceptional option in a sea of adequate choices. 

Frustrated with your current software? Ready to upgrade? Contact Dean Dorton to implement Sage Intacct and serve as your partner in cloud accounting. 

How the Carolina Hurricanes Made the Move

Operating a sports team and an event venue comes with its own set of accounting challenges. Learn how Dean Dorton helped the Carolina Hurricanes make the move to the cloud and provided a winning solution with Sage Intacct.

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Article Dean Dorton

Enterprise resource planning (ERP) integrations come with high stakes. If you get everything right, your team will be fully prepared to utilize a robust new system to transform everything they do for the better, and the implementation will be a game-changer for the whole company.

However, if the implementation goes sideways, it can put the company in a worse position than it was before, causing setbacks that are difficult, and sometimes impossible to overcome. It’s not unheard of for failed ERP implementations to sink a company.

That’s why it’s important to follow proven models that work. Thankfully, we can learn from difficult ERP integrations of the past and identify what does and doesn’t work.

Lessons Learned

  • Don’t Fly Blind – When so much needs to go right (but can easily go wrong), it’s essential to plan each step of the ERP implementation, including setting timelines, budgets, team roles, and much more. 
  • Be Selective – Find the perfect ERP – one that checks each box in terms of features, price, scalability, support, etc. – will be easier to implement than an option that’s merely adequate. Repeated examples from the past confirm it’s not worth undertaking the implementation just to end up with an underwhelming ERP. 
  • Get Management Onboard – Management at all levels, and especially in the C-suite, needs to be not just onboard with the implementation, but enthusiastic and involved as well. Management can remove roadblocks during implementation and ensure the final product meets the needs of executive decision-makers. 
  • Budget Everything – It’s a fact: ERP implementations are a major drain on time, energy, money and every other resource that matters. Budget the resources allocated to the project to keep it on track and indicate early when something isn’t working. 
  • Go Slow – ERP implementations can move slowly, but they eventually end up with a viable product. Rushed implementations, on the other hand, rarely result in an ERP that lives up to expectations. Good results take time – the key is to make the best use of that time. 
  • Customize Carefully – Customizations make the implementation more difficult (and more risky as a result) but they also enrich the finished product. Choose which customizations are essential or impactful and cancel (or delay) any others.  
  • Involve Employees – The people who will actually use the ERP should be involved early and often. Make plans to conduct training throughout the implementation period. Just as important, solicit feedback from end users about what they want, need, like, and dislike.
  • Test and Test Again – Never assume that something works (or still works) as intended. Take the time during implementation to systematically test and retest everything so that the best product possible goes live on day one.

After planning, executing, and optimizing scores of diverse ERP implementations, Dean Dorton has learned what works, seen what doesn’t, and developed a proven process for achieving a successful implementation. Leave nothing to chance – the stakes are too high. Contact Dean Dorton.

Article Dean Dorton

In the past, accounting was just a box you had to check, but lately, the bar has been raised.

Over the past few decades, companies have become more and more competitive with their accounting and finance capabilities. Some companies leverage their financial fitness and accounting innovation to outmaneuver their competitors. For others, though, inefficient or error-prone accounting processes are a liability that holds the company back. Simply stated, it has never been more important to excel at accounting, especially for companies with ambitions to grow or pivot.

Accounting Excellence – Easier Said Than Done

Many companies will make a few improvements or additions to their accounting department and assume they are fully equipped for years to come when, in fact, they need to level-up their speed, scale, or skills much more drastically than they realize. Successful companies don’t excel at accounting because they put a few pieces in place on one occasion – they excel because they are always putting new pieces in place.

The first hurdle is anticipating what strengths the accounting department needs to develop in the years to come. The second, much larger hurdle is developing those strengths given the time, budget, and skill set of the current department. Every accounting team would like to have new capabilities and competencies added to their repertoire automatically, but very few have that luxury. 

Sage Intacct users are the exception.

Pushing the Envelope Every Single Quarter

Software updates are nothing special – every vendor releases new features and fixes. Sage Intacct, a leading financial management platform, does things differently in two important ways.

  1. The developers behind Sage Intacct release an update every quarter without fail. Users can expect the platform to expand, improve, and evolve four times every year (more frequently than most competitors).
  2. Each update adds significant new tools, enhances upon what was already there, and incorporates feedback directly from users.

Sage Intacct is the rare vendor that has proven, quarter after quarter, their commitment to making major improvements with each update.

Take the last update, 2023 Release 1, for example. It came with updated company and administration tools, it added AP automation, simplified managing accounts payable and accounts receivable, and so much more. With this and each update, the developers strive to make Sage Intacct a stronger, smarter, simpler solution overall while also making it more accomplished at industry-specific accounting obligations (from construction payments to multi-entity management).

Each Sage Intacct update installs automatically with little to no setup required. So, once every quarter, accountants sit down at their desks to discover better software than they had the day before. And when the accounting software is always improving, so is the accounting team – just one more way that Sage Intacct helps users turn accounting into a strategic asset and competitive advantage. 

Ready to put your own accounting department on an upward trajectory? Contact the Sage Intacct specialists at Dean Dorton for a demo. 

 

Article Dean Dorton

Closing the books at one location is a big undertaking on its own. But the workload multiplies with each location added to the mix. It also becomes more complex as employees navigate how to manage entities and individuals simultaneously. In addition to being tedious and time-consuming, multi-entity consolidations put pressure on the accounting team to get the numbers right since small errors can distort the financial picture. It puts accounting teams in quite the bind: do they work quickly or carefully?

Sage Intacct transforms multi-entity management as we know it with dimensional intelligence. Closing the books from multiple locations becomes easy, accurate, and nearly automatic even as the number of locations grows.

What is Dimensional Intelligence?

Unlike most other accounting solutions, which use a hard-coded chart of accounts, Sage Intacct uses dimensions – a way to tag transactions with the project, team, department, location or other “dimension” it originates from. Dimensions are easy to create, customize, and apply, giving deep context to every transaction.

By using tags instead of codes, dimensions make the details of each transaction immediately apparent. So apparent that automation can take over many core accounting obligations (including multi-entity consolidations). The dimensional structure also makes it simple to search, filter, and organize accounting data with incredible flexibility. 

This is where the concept of “dimensional intelligence” comes from. With Sage Intacct, accountants automate their heaviest workloads, and are then able to spend their time exploring data, uncovering insights, and building plans and strategies based on the best information available. Dimensional intelligence raises the bar for most aspects of accounting – especially multi-entity management.

Multi-Entity Management in Sage Intacct

Closing the books across entities involves inter-entity transactions, decentralized payables, as well as possible international currencies and global consolidations. Sage Intacct brings all of the data and tools involved in each process together on one platform. This automates the work that accountants used to do manually to close the books each month, and eliminates hours, and even whole days of effort. Now, it takes mere minutes. 

Of course, multi-entity management requires more than just consolidations. It’s also about synthesizing accounting process across locations to be more efficient, compliant, and strategic for more of the stakeholders involved – and Sage Intacct excels on that front as well. With dimensional intelligence, reporting is as simple as identifying which dimensions to include. Anyone can build, customize, and distribute sophisticated reports themselves, giving a whole new perspective to multi-entity management that makes companies steadily stronger over time.

Get Started With Sage Intacct

Making the most of dimensional intelligence takes a partner that can align the features of Sage Intacct with the needs and wants of your accounting team. Experts in accounting, technology, and organizational change, Dean Dorton has implemented Sage Intacct and optimized multi-entity management for a long list of thriving clients. 

Does your organization need an accounting upgrade? Contact Dean Dorton.