By Cathy Harris, Rebecca Hurst
Change can happen quickly. Your dining room table now doubles as a desk. The living room serves as the kids’ new classroom. Your dog is your newest coworker. Your business’s bills are still coming in and need to be paid. Purchase orders must be issued. Events rescheduled. Staffing decisions made. Meetings held. Teams managed. Financials scrutinized. Cash flows tightened. You are not alone... and Wipfli can help.
As many people stay largely at home during the coronavirus crisis, a pandemic doesn’t have to mean “pandemonium.” In this remote-work environment, cloud-based accounting software offers a small measure of stability. Accounting software for businesses, such as Sage Intacct, can help you manage the financial crisis, collaborate with now-scattered teams, and improve business processes.
Here are a few ways Sage Intacct can help you:
Automate Accounts Payable
Automation involves efficiency and control. With Intacct’s Accounts Payable and Purchasing Approval Policies, invoices can be routed and approved before they are posted. These policies ensure your business assigns your transactions to the correct GL Account and Dimensions. If your business was using paper to do approvals in-office, cutting this step can reduce processing time by sixty-five percent annually, according to Sage Intacct. That’s more money in your pocket and more time on your calendar.
The next step in a Procure-to-Pay workflow is how to pay those bills. If you print checks, how do you get those checks signed without a delay? Electronic signatures, with payment approvals, can keep you from being late on those payments. Another option: doing away with paper checks and configuring ACH payments for both your vendors and employee reimbursements.
Oversee Cash Flow
Intacct has always been known for its great reporting capabilities. Decision makers rely on Intacct for visibility and control over their cash flows. As important as it is to pay bills on time and keep operations flowing, you also need to maintain in-coming cash. With Banking Integration, you can receive those payments electronically, or use a Marketplace application to process them.
Plan for the Future
Forecast and budget revisions are essential responsibilities for any business dealing with change. Chances are your original 2020 budget is not up-to-date anymore. Use Sage Intacct’s basic budgeting functionality or upgrade to the Sage Intacct Budgeting and Planning module to reforecast revenue and expenses then track budgets and forecasts against actual, real-time data. You can learn more about this tool in our webinar.
Downsizing is an unfortunate reality for some firms right now. If this is the case, you’ll need to find efficiencies to handle the same workload with fewer staff. The Sage Intacct Marketplace has hundreds of best-in-class solutions that help you automate data flows with Intacct. Let Wipfli help you evaluate your environment now and what can be gained from an API Integration — e.g. Positive Pay is a simple add-on to help protect against fraudulent checks and Bill.com can replace your current AP workflow.
Communication is a vital part of any good relationship and vital to the success and performance of your business. How do you maintain communication with your team when everyone is working remotely? This is an instant challenge facing most Finance workers today. Intacct’s Collaborate tool can help. Collaborate is a secure social layer to share communications in real-time. You can receive and respond to messages for any transaction. Conversations are stored on the record in Intacct. Collaborate is included in your Sage Intacct subscription.
Talk to us
We are here to help. Most of us at Wipfli became accountants because we like working with numbers. We serve as both business analysts and advisors because we like working with people even more. We can help you transform your accounting system and discuss working effectively with remote teams. Let us add structure to your day at the home office and be an empathetic ear during this crisis.
Learn more about accounting software for businesses
Contact your Wipfli adviser for more ways to use Sage Intacct — or for our guidance on implementation today. And check out our COVID-19 resource center for additional information on using Planful, NetSuite and Business Central, other cloud-based accounting software that offer reliable support during turbulent times.