Accounting Software

Article Dean Dorton

There’s no doubt, QuickBooks and QuickBooks Online are massively popular accounting solutions for solopreneurs and small businesses. The solutions are inexpensive and easy to navigate – almost all businesses started with QuickBooks.

One clue that your company has outgrown QuickBooks is an ever-increasing number of spreadsheets necessary to manage the business.
Spreadsheets to assist in ad-hoc reporting.  Spreadsheet to track customer subscriptions.  Spreadsheets to track revenue recognition.  You get the picture.

This multiple spreadsheet workaround is both burdensome and prone to human error. What results is a slowing of business operations: your top staff becomes bogged down in manual oversight tasks instead of focusing on value-added projects that promote growth.

So, if you’d like to free yourself from spreadsheets and other manual processes and focus on business viability and growth and profitability, here’s why Sage Intacct makes sense:

1) It’s automated and accurate, promoting transparency and effective decision-making.
2) It can be used by any type of business, from start-ups and small business to large enterprises.
3) QuickBooks Online may let you create and manage custom invoices, but Sage Intacct includes more robust features: it allows you to centralize accounts payable/receivable, facilitates multi-currency management and multi-entity consolidations, and (through its general ledger system) captures real-time business performance through dimension values.
4) If you have multiple entities, Sage Intacct lets you oversee them in one location. With Sage Intacct’s Root and Entity accounting system, you can set up each entity according to its unique features, e.g, different currencies for different entities.
5) Sage Intacct lets you control user access to sensitive business data. For example, employees can be provided self-service access to the sales order page but be blocked from the reports or purchasing pages. Managers can also call up departmental reports without being given access to the entire company’s financial data.
6) While both Quickbooks Online and Sage Intacct provide dashboards, Sage Intacct’s can be customized according to user preferences or roles. With Sage Intacct, you can use either pre-determined components from the list or create your own performance cards, graphs, and bar charts. To date, QuickBooks Online does not yet have this flexibility.

According to Finances Online, Sage Intacct is one of the top 10 alternatives to QuickBooks, with a reported score of 9.8 and 99% customer satisfaction. Sage Intacct offers definite advantages over QuickBooks Online, FinancialForce Accounting, and NetSuite.

Sage Intacct is a best-of-breed, cloud-based, Enterprise Resource Planning (ERP) solution for SMBs and large enterprises, rather than a one-size-fits-all software suite such as NetSuite. Unlike QuickBooks Online, Sage Intacct is also 100% GAAP-compliant.

Sage Intacct’s dashboards and reports are fully customizable and perfect for multi-currency management, inter-entity consolidations, and access control management. Sage Intacct links seamlessly to Salesforce via an effortless point-and-click CRM integration process seamlessly links to Salesforce, even for companies without prior familiarity with the latter. Essentially, Sage Intacct facilitates seamless scalability and is an extremely popular step up from QuickBooks Online.

The Benefits Of Sage Intacct

In 2017, six award-winning companies leveraged Sage Intacct to decrease close times by 60%, achieved an astonishing combined 410% ROI, and saved hundreds of thousands of dollars in reduced staffing needs. These companies were (in no particular order) Meals on Wheels America, Roman Catholic Diocese of Portland, Legacy Healthcare Services, DFO, Publisher Circulation Fulfillment, and Workiva.

With Sage Intacct, DFO found that it could consolidate 80+ entities in minutes rather than days/weeks. The cloud-based solution also decreased DFO’s invoice processing costs by more than $250 per invoice. Meanwhile, Meals on Wheels America shortened their end-of-month close times by 33% and reaped increasing revenues with only a 25% increase in staffing.

Workiva (with its powerful enterprise management and reporting/compliance SaaS platform) reportedly gained $500k in value by utilizing Sage Intacct’s robust quote-to-cash process. The verdict is clear: with Sage Intacct, your business will reap the rewards of flawless scalability and agility.

For further help in evaluating how Sage Intacct can benefit your business, contact us. Whether you’re interested in how automation increases staff productivity or how Sage Intacct’s faster cash cycles can boost your business operations, we’re here to answer your questions. At Massey Consulting, we’re focused on solutions that work for you.

Article Dean Dorton

Private companies that offer subscriptions and contracts might not have to account for properly allocated revenues and amortized expenses until next year, but to be compliant for next year, the planning starts now.

This is because any contracts starting up today that will be active in 2019 will also require ASC 606 compliance.

With so many allocation variables muddling the new compliance standards, knowing how to modify your processes can reduce errors, save your financial department undue headaches, and help your company avoid the risks associated with non-compliance, come 2019.

Companies that handle contracts and subscriptions expected to adhere to the ASC 606 compliance guidelines will need to modify their financial processes with these 5 steps to stay compliant:

1) Ensure contract and collectability threshold transparency – Multiple related contract agreements may require recognition as one contract, and contract collectability requires tracking, with revenue being recognized as it meets the collectability threshold. Companies need an accounting system designed for automated contract management to speed and simplify the new, in-depth tracking processes required for compliance.

2) Outline performance obligations for uniformity and clarity – Goods or services must be shown as distinct, or as distinct within a contract. An accounting system with contract management automation is critical to help identify, track, flag and break out performance obligations, to be allocated and recognized at the right time.

3) Identify variable pricing terms – Refunds, incentives, discounts, and flexible financing all impact revenue valuations under the new ASC 606 guidelines. Use consistent methods, and automation wherever possible to flag contracts with non-standard terms.

4) Allocate part of the transaction price to performance obligations –You must identify your performance obligation based on a relative standalone price. For companies that still use spreadsheets, allocating this pricing on a per-contract basis leaves a large margin for error and countless hours of manual work. Companies that must account represent performance obligations within contracts need an accounting system that takes manual spreadsheets out of the equation to avoid serious allocation errors

5) Properly recognize revenue – Under the new ASC 606 rules, revenue needs to be tracked and recognized as the good or service is consumed. Companies need automated systems that synchronize billing and revenue recognition to work in time, so as customers consume goods or services, the system is properly tracking and recognizing revenues and amortized expenses.

With so many changes coming, companies can’t rely on old, outdated systems without inviting the risks of task overwhelm, massive allocation errors, and hours of retracing steps through complicated contracts.

Sage Intacct, a best-in-class financial management solution is designed to be ASC 606 compliance-ready, with deep automation to detail out contracts, track revenues easily, break out expenses over time, and eliminate the need for error-prone spreadsheets.

Reach out to us for more information. Let’s help you find the right solution to prepare your business for what lies ahead.

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Article Dean Dorton

Underwhelming. Pressure. Security.

Those were the three words that headline predictions for Microsoft Dynamics GP for the year 2018. Certainly not words that you might expect to hear from a long-time proponent of Dynamics GP, but maybe these are the times we live in now.  This post and more include the most prolific proponents of Dynamics GP questioning Microsoft’s direction and potential prospects evaluating multiple solutions.

The first 40 days of 2018 have actually given us three major, interesting Dynamics GP news items.  For months now, many partners and insiders have wondered what effect Dynamics 365 would have on the existing product bases, including Dynamics GP and SL.  Founded or unfounded, those fears have left doubt in some people’s minds at a time when the cloud is picking up steam for accounting and finance professionals.  More and more end users are asking for cloud solutions, so they can focus on their business, not their servers.  Could Microsoft be heading in that direction as well?

Public-facing champion gone

First, let’s examine the latest news item, the termination of Pam Misialek. Pam was the Product Marketing Manager for Dynamics GP but her employment was terminated by Microsoft on January 21, 2018. Her responsibilities will be absorbed by Gordon Macdonald, the current Marketing Manager for all of Dynamics.  Layoffs happen all the time, but in one single move, Microsoft has eliminated the single biggest, public-facing champion for Microsoft Dynamics GP and put the job in the hands of a person already managing other products.

Product development behind the curve

Second, consider that – as Mariano Gomez exposed – Microsoft Dynamics GP is still dependent on TLS 1.0.  TLS 1.0 is a technology that has been mandated by PCI compliance authorities to be deprecated in favor of newer versions. To be fair, Microsoft has now stated that they are working on a fix but won’t commit to a timeline other than by June 30, 2018 – the mandated deadline.  Even if they make the fix in time for the PCI mandated deadline (already delayed two years), what does it say about product development that the ERP system has not already met the standard?

Only non-accounting features generating buzz

And last, but not least, the blog post from early 2018 in which Marc Polino lamented on the underwhelming feature set of Dynamics GP 2018.  Even msdynamicsworld.com editor, Jason Gumpert, noted reaction from many partners is good, but that it seems more iterative than anything else.  Only the non-accounting features like Azure, Power BI and Workflow are generating buzz. It’s also relevant to note that Polino predicts the pressure around Dynamics 365 will shift from customers to partners by offering partners incentives to get customers to transition.  But, how good is the transition?  Time will tell.

Impact of change

A new year typically brings new possibilities, but for Dynamics GP, it only seems to bring questions.  How will product direction change with the loss of its greatest public champion?  Will other issues like TLS 1.0 that have yet to be uncovered be exposed? And, will predictions ring true to the extent that the real buzz around Dynamics GP is not Dynamics GP at all, but other products that make up for GP shortcomings?  Only time will tell.

You have a lot to consider

You might be concerned about what all of this means for you. If you are interested in talking to us about your instance of Dynamics GP we’d be happy to help you assess the situation.  We can help itemize the risks and benefits of solution options for you.  If current developments have you more strongly considering the cloud, we’d especially recommend a consultation.  We have helped many companies move from Dynamics GP to cloud-based, AICPA-endorsed Sage Intacct.  Don’t hesitate to contact us: we’ll be happy to assess your situation for free.

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Check out our free white paper “9 Reasons Why Sage Intacct Beats Dynamics GP” to see why a cloud-based ERP software might be the best solution for the future of your business.

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Article Dean Dorton

For years, Geotechnologies, Inc. has been a highly-valued Microsoft Dynamics GP customer of Massey Consulting’s. However, after 12 years on Dynamics GP, they decided that their growing company was outgrowing their current software and chose to power ahead with the cloud.

A full-service geotechnical engineering firm located in Raleigh, NC and founded in 1992, Geotechnologies, Inc. is built on the foundation of technical expertise and cost-effective projects for clients. Their services come with preliminary site assessments and project testing across a diverse realm of market sectors.

As an industry where successful data analysis, project management, and customer relationship management is paramount, Geotechnologies, Inc. could not afford a financial management system with frail capabilities.

After using Microsoft Dynamics GP on-premise solution continuously for years, the firm was ready to adopt a more automated, real-time solution that would allow the finance team and business leaders to better analyze revenue, profitability, and project accounting.
Once the decision was made to move to Sage Intacct, a leading cloud-based financial management solution, Geotechnologies, Inc. has seen prominent changes within the company.

“Sage Intacct has delivered significant cost savings by allowing us to eliminate SQL servers and smaller custom systems for things like time sheets, invoices, and other workflows. It also allows our employees who spend a majority of their work week away from the office to input their time and expenses from anywhere, anytime,” said Debora Hester, Controller at Geotechnologies, Inc.
Geotechnologies, Inc. has also been able to embrace full financial visibilities across multi-operational dimensions. Sage Intacct’s project visibility through dashboards allows business users, markets, and their clients to merge in real-time, which leads to more efficient business decisions.

Additionally, the transition to Sage Intacct has been a smooth one, as the solution automates a variety of financial processes such as monthly closes, accounts receivable and accounts payable, and has led to more robust and customized reporting.
“The team from Massey provides great service, and is very accessible and prompt in replying to any questions.”

Read the Full Story Here 

Check out the full customer success story here or contact us to learn how you can revitalize your reporting and financial capabilities, too.

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Article Dean Dorton

When it comes to Biotech business systems, it’s complicated. All of it. Tracking profitability is complicated. Reporting for regulatory compliance – also complicated. When you also consider the rapid growth your company is going through, your team’s research and development, reporting and business decisions aren’t going to get any easier any time soon.

We understand.

Our accounting experts recognize the unique management complexities that Biotech companies face. These companies have issues unlike any other industry, and those issues demand a unique approach to managing workflows and financials.  

Biotech companies need systems that can flex with new changes but can still provide a strong foundation that will scale with the company in the future.

To help Biotech companies navigate these hurdles for the long haul, we have created a free ebook on the 5 Essential Financial Management Practices of Biotech Companies Poised for Growth.

In our eBook, you will discover how to keep your financials accurate, and your workflow systems streamlined, now and going forward.  You’ll learn:

  • How to efficiently track project accounting costs using systems that will flex with your teams’ changing needs.
  • Habits in lot tracking and batch automation for precision, accuracy, and traceability.
  • Ways to unify your systems for flexible reporting that will scale with your company’s expansion.
  • More effective processes for streamlining workflows.
  • How best to grow with cloud technology to support your company’s unique complexities.

Success isn’t going to stop and wait for lagging internal processes, and productivity bottlenecks to catch up when the business is going strong.

Your business needs strong, timely solutions right now. Your company needs a best-in-class cloud solution like Sage Intacct to adapt quickly and to maintain the pace. It needs scalable business practices that deliver streamlined reporting efficiency, and real-time visibility into metrics stakeholders and decision-makers need.

Your teams need all the right integrations to keep research and development going, as systems and processes change to handle new growth, even when your company is at the height of production.

Do all you can to ensure your company’s unique needs are being met, in the areas they need the most help.

Article Dean Dorton

Will Your Organization Be Ready For The Deadlines? 

With 2017 almost behind us, a sense of anticipation pervades the air. All eyes are on the IASB (International Accounting Standards Board) and FASB (Financial Accounting Standards Board), the two regulatory organizations premiering new standards for contract revenue reporting in 2018 and 2019. The formidable ASC 606 and IFRS 15 regulations are fast becoming the nemesis of C-level executives and finance departments everywhere.

Private companies that report under GAAP (Generally Accepted Accounting Principles) need to adopt the new rules after December 15, 2018. So, if your reporting period begins on January 1, 2019, your company will need to show compliance by 1/1/2019. Public entities that report under GAAP need to be in compliance after December 15, 2017. If your reporting period starts in January, your company will need to be compliant by 1/1/2018.

Entities that report under IFRS must comply with the new revenue reporting standards on or after January 1, 2018.

It is worthy of note, however, that CFOs and CIOs demonstrate a significant difference of opinion regarding their industry’s compliance progress. According to Ernst & Young’s Revenue Recognition Survey, 85% of CIOs feel confident that the IT team is successfully facilitating the shift to the new standards. However, only 60% of CFOs share the same confidence in their IT teams’ ability to lead the transition successfully.

In the same survey, 71% of CFOs report that their companies have yet to implement the ASC 606 or IFRS 15 standards. Another 34% of CFOs report that their organizations are at risk of missing the deadline for compliance altogether. The consequences of non-compliance, however, may prove costly in terms of reduced stakeholder and shareholder confidence.

Based on the new standards, investors will be privy to revenue backlog disclosures, a metric that provides further clarification regarding a company’s business operations. By extrapolation, investor reliance on revenue backlog metrics as an ROI gauge will likely increase, especially for SaaS-based businesses. So, compliance is imperative, sooner rather than later.

Why The FASB & IASB Created The New Rules.

Because the GAAP standard allows different industries to follow their own procedures in complying with reporting regulations, there is a wide discrepancy in accounting measures used for similar economic transactions.
So, the FASB and IASB created the new ASC 606 and IFRS 15 standards to:

  • provide a more substantive framework to address complex revenue issues. provide improved disclosure requirements to users of financial statements.
  • reduce the number of regulations companies must comply with during the financial reporting process.
  • remove inaccuracies and flaws in the existing revenue reporting framework.
  • reform and standardize revenue recognition practices across industries.

Which Industries Will The ASC 606 and IFRS 15 Impact?

The ASC 606 and IFRS 15 establishes a five-step process to govern the revenue recognition process. Meanwhile, the AICPA (American Institute of Certified Public Accountants) has formed 16 industry task forces to address how these different industries can comply with the new standards. Each of the task forces highlights implementation issues related to the compliance process and dedicates a period to informal commenting regarding those issues.

Industries represented on the task forces include those that will be impacted by the new standards, especially the airline, healthcare, software, finance, insurance, construction, and utility industries. The best way to comply with the new standards is to deploy a contract management system that, among other things, provides for dual reporting to highlight the new standards’ impact on a business, automatic reallocation of revenue and expenses to match contract changes, and dual treatment capabilities in applying the standards to each transaction.

How Sage Intacct Can Facilitate The Compliance Process.

Sage Intacct is the premier contract management system that will make compliance a reality, not an existential nightmare. Its Cloud ERP solution can handle the requirements of subscription-based operations and comply with new revenue recognition and expense amortization requirements.

Sage Intacct’s comprehensive automated system spares you the challenges associated with spreadsheets. You won’t need to make manual adjustments or navigate complex business reports. The Intacct SaaS dashboard shows key business metrics such as customer churn, revenue churn, and customer acquisition costs. Intacct effectively puts control of the compliance process back into the hands of CFOs.

If you are interested in how Sage Intacct can make the transition to the new standards error-free and timely, contact us at Massey Consulting. We will answer your questions and provide the definitive solutions you seek.

In the Meantime, Download our Free eBook

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