CFO Minute: The Hills Have Dimensions
By: Dean Dorton | February 28, 2019
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Accounting Services | Accounting Software | Sage Intacct
This blog is the February Edition of our CFO Minute: A Sage Intacct ERP Series.
THE HILLS HAVE DIMENSIONS— Eek! There’s nothing more haunting than your chart of accounts running three or four miles long. Do you spend hours trying to code all your entities and multiple locations? Struggling to keep up with a whirlwind of your company’s expenses? Are you trying to figure out the payroll for your different levels of employees?
With so many different directions of revenue streams, multiple expenses and various categories to track, your chart of accounts is definitely longer than it should be. Importing and exporting all this data manually, along with managing your daily accounting, is a migraine in the making.
Que the stress relief and take a deep breath! With Sage Intacct’s one-of-a-kind customizable (yes, we said it- fully customizable!) dimension capabilities, organizations have an entirely new way to track and report on financial and operational data.
You can easily:
Simplify Your Chart of Accounts
Most financial solutions use a hard-coded structure for your chart of accounts. For example, to track 3 locations, 5 departments, and 5 projects, you’d need 75 account code combinations—and you’d end up with a complicated, unmanageable set of codes. Adding a new location or department could potentially force you to add hundreds of additional accounts. Sage Intacct lets you keep it simple—you only need to set up your primary account codes. As your business changes, there’s no need to add hard-coded segment combinations.
Track Your Company’s Core Financials
Unlike traditional accounting systems, Sage Intacct enables you to “tag” transactions as well as operational data with dimension values. Tagging with dimensions, instead of assigning transactions to hard-coded individual accounts, enables you to add business context to your data easily. Once you create a dimension, you can use it for any transaction—general ledger, receivables, payables, time, revenue management, fixed assets, and more. As your business changes, add the dimensions you need to easily track what’s important to your business.
Streamline Your Reporting
Streamlining your reporting will help save you a lot of time and boost your team’s productivity. With Sage Intacct Dimensions you’ll improve your reporting, making it easier for you to get fast answers to your business questions. Dimensions are integrated into the user interface of Sage Intacct’s easy-to-use financial report writer. It’s simple to view performance from any new angle you need.
Strengthen Your Business Collaboration and Strategies
With Sage Intacct’s dimensions, you can get requested metrics in minutes, not days. And- with a click of a button- you can see financial data in real time by item and department. This means that you can pull key data right when you want it to see financial impacts and deliver key financial reports to your executive teams.
Overall, custom dimensions allow you and your finance team to see where you get more traction and more profitability, allowing you to strategize your business processes.
For more information on Sage Intacct and how it can help your organization, contact us!
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