Sage Announces Acquisition of Intacct for $850m

Sage Announces Acquisition of Intacct for $850m

On Tuesday, Sage Group, a U.K. based technology company, announced that they are acquiring Intacct Corporation. It is the largest ever acquisition by Sage, who will be purchasing Intacct for $850 million. The transaction will close within the next few weeks.

Going forward, Intacct will be known as Sage Intacct, and according to Sage, Intacct’s management team will stay the same and continue to be in charge “thereby ensuring continuity for customers, partners, and employees.”

Related: Intacct’s New Tools Provides Focus for Nonprofits

Strategic Acquisition

Strategic consolidation is a way of life in the software industry, as is true in many other industries. But, this combination is exciting because it means more innovation and more paths to efficiency and the next level. Sage and Intacct have branded the acquisition as “the combination that delivers the first and last cloud Financial Management Solution your business will ever need”.

Some advantages that will result from this acquisition are:

  • Current customers (of either companies) will now have access to additional resources and product functions as a result of the combination
  • Sage will further their reach in the US market
  • As pointed out in Diginomica; “Intacct gets close to top market dollar for its IP in the sense the sale price is equivalent to around 8.8x revenue, a price it could not get in today’s IPO environment”

In the press release by Sage, the CEO of Intacct, Robert Reid said “We are excited to become part of Sage because we are relentlessly focused on the same goal – to deliver the most innovative cloud solutions for our customers”.

In conclusion, this acquisition is a good thing. The combination of two of the leading companies in cloud accounting and financial management software will bring innovation and efficiency. As a result, customers will have more options for leading solutions that supports their business. Thus, everyone involved ends up benefiting.

Read more about the acquisition here, and find the full press release here.

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Intacct’s New Tool Provides Focus for Non Profits

Intacct’s New Tool Provides Focus for Non Profits

Mission-based, non profit organizations have a clear agenda – doing good work around the world. Unfortunately, accomplishing that is more complex than ever, requiring leaders to rely on a lot more than just good intentions in order to achieve the positive outcomes they desire.

As the scope of non profit organizations has grown, decision-making has become a high-stakes process. At the same time, donors demand a level of transparency and accountability that raises the stakes of decision-making even further. For many mission-based organizations, the decision-making process produces a lot more confusion than clarity.

Luckily, the means to practice decision-making using high-quality, real-time, complete sets of data is both attainable and easy to implement with Intacct’s spend management tool that provides focus.

Related: A Beginner’s Guide to Cloud Computing

Intacct Spend Management Application

Intacct cloud ERP software is already a powerful tool for enhancing the decision-making process and eliminating the kinds of uncertainties that lead to poor choices. But this leading ERP solution has recently become even better thanks to the integration of a dedicated spend-management tool.

Users can rely on this tool to strictly keep spending within budget thresholds. By providing a top-down perspective to the spending process, along with the capabilities to set flexible but strict controls, decision-makers can ensure that every purchase is a prudent one.

Intacct’s spend management application is a unique asset to non profit organizations because it delivers the confidence of centralized budget compliance, even when spending decisions are being made at points across the globe. The kinds of cash flow issues that compromise mission projects and damage the confidence of donors can be reliably eliminated without relying on a cumbersome or complicated process.

Related: Should Small Businesses Forecast?

Understanding Intacct Spend Management in Action

The strength of this tool lies in its flexibility and broad applicability. But that can also make it difficult to imagine how a specific mission-based organization would use it in practice.

Think of a decision-maker looking at a purchase order that has just landed on his desk. The amount of the order is not substantial, but it is large enough that it can’t be rubber stamped. Previously, it would require a deep dive into financial figures and a flurry of confusing cross-referencing to determine if that purchase was fiscally viable.

With Intacct Spend Management, the determination is made instantly-in real time. The decision-maker simply has to reference where that spending category stands against the budget. It does not even require simple arithmetic in order to confidently say yes or no. That introduces a welcome level of efficiency to the decision-making process while also ensuring that budgetary issues do not compromise the organization’s agenda. It also allows the organization to convincingly demonstrate a level of sound financial governance that sustaining donors require.

If decision-making in your mission-based organization is characterized by a lack of clarity and prone to mistakes and mishaps as a result, Intacct Spend Management is the overnight solution. What tools do you use in your organization to keep track on spending and comparing it to set budgets?

 

Our CPA Day of Service

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Sage Announces Acquisition of Intacct for $850m

On Tuesday, Sage Group, a U.K. based technology company, announced that they are acquiring Intacct Corporation. It is the largest ever acquisition by Sage, who will be purchasing Intacct for $850 million. The transaction will close within the next few weeks. Going...
Read More

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Business Intelligence is a Competitive Advantage

Business Intelligence is a Competitive Advantage

It’s the first day of the month, the finance and accounting teams are reconciling balance sheet accounts, recognizing revenue, accruing expenses, and recording financial transactions. Everybody is busy working against the clock to have the financial statements ready on time. Then, a request from the senior management team arrives. They want a series of sales reports so they can decide when to launch the new product line. This is a situation where a Business Intelligence (BI) solution would’ve been very handy. But let’s start with the basics.

What is Business Intelligence?

Business intelligence is the set of strategies, processes, applications, data, products, technologies and technical architectures which are used to support the collection, analysis, presentation and dissemination of business information.

Business Intelligence Systems

To implement BI, you need BI systems. These are solutions created to collect, store and analyze data for informed decision-making. These systems are particularly useful for evaluating customer or brand profitability, carrying out statistical analysis, undertaking inventory evaluation, and being part of a market research project.

Good BI solutions, at a minimum, include reporting with multidimensional aggregation and allocation, real-time information, reliable integration with the data sources and key performance indicators.

Challenges of BI Systems

Quite often, data is scattered in disparate systems such as accounting, forecasting, sales, customer relationship management (CRM), project management, inventory, etc. So, when a company decides it’s time to implement a BI tool, a big project must be launched. Not only because the new system needs to be implemented, but also because the IT department needs to create programs and processes to feed the BI tool with data extracted from all these systems.

Writing interface programs with instructions to extract data from a system requires extensive knowledge of the database. This means you need an experienced IT programmer in staff—or hire an expensive consultant—for each system that has data needed by the BI solution.

Then comes the problem of deciding how often to refresh the data in the BI system. Should it be weekly? Nightly? More than once per day? Unless you refresh the data in the BI database as soon as a transaction occurs in the originating systems, the BI information will never be real-time.

Related: A Beginner’s Guide to Cloud Computing

ERP Solution with Integrated BI functionality

These issues don’t exist in an integrated solution with business intelligence capabilities. Software like this acts as the trusted system of record and depository of most of the financial and operational data. It offers the whole spectrum of core financial modules and it can be extended with fully integrated Intacct modules such as project accounting, time and expense management, contract revenue management, contract and subscription billing, inventory management, and more.

And built in the solution, multiple software companies offers the business intelligence components required to make smart and informed decisions:

  • Multidimensional aggregation and allocation. Thus, you can tag transactions to as many dimensions as needed. These dimensions can then be used on reports as criteria to sort, filter and aggregate.
  • Real-time reporting. Being an integrated system, all modules update a single database. Once a transaction is entered in any module, it is available for viewing and reporting. No IT interface programs and no IT experts are required.
  • Reliable integration with the data sources. Most systems offers pieces of software (APIs) that allow easy integration of third party systems with the database and functions.
  • Key performance indicators optimization. Most software solutions integrates dashboards that provide real-time access to key information and indicators that can be customized to meet the needs of the business.

Is your company at a stage where BI solutions are being considered? If you’re interested in learning more, check out the free whitepaper below on how to successfully launch a BI initiative.

Learn Secrets to Drive A Successful BI Initiative

A 2014 report by Dresner Advisory Services, the Wisdom of Crowds® Business Intelligence Market Study, surveyed more than 1,200 IT and business professionals at companies of all sizes, from around the world, about their use of BI.

The study revealed that companies that achieve BI success follow five common best practices. We share these approaches to help you launch and drive a successful BI initiative at your organization — before your competitors crack the code first and pass you by.

GET FREE PDF
Engaging a Fractional CFO/Controller Service

Engaging a Fractional CFO/Controller Service

Rapid Growth Causes Increased Risk

Small to medium sized businesses that are in rapid growth also are experiencing increased financial risk as a result. Growth requires expansion of the company’s automated systems and access to additional financing to fuel the growth. Managing these financial risks may be foreign territory for the business owner and his team. The company needs a CFO to manage the bigger picture. The CFO will make sure that the systems, processes and people are in place to produce accurate financial information so that the owner of the company can make better decisions managing growth. However, many small and medium sized companies simply cannot afford to hire a full time CFO.

Fractional CFO and Controller Services are the Solutions

Fortunately, there are firms that provide fractional CFO and Controller services that are affordable. The best way for a company to identify a good service provider is to tap its network of trusted advisers, such as bankers, investors, attorneys or CPA firm. These advisers can direct their client toward a firm that provides the comprehensive accounting and financial reporting support, as well as strategic financial initiatives, that will help drive growth.

What Does the Role Entail?

Businesses who decide to engage a CFO are looking to acquire a person that can guide them with strategic initiatives, but what does that look like? In our experience, a fractional CFO can:

  • Assist companies who are preparing for an acquisition or sale and guide them through the examination phase and financial due diligence required to execute transactions
  • Provide guidance in reconciliation projects
  • Offer advice in software system reviews and recommendations
  • Review company processes and offer guidance on optimization
  • Enhance reporting setup and support

Ultimately, the role will depend on the needs of the company who is interested in engaging in controlling services. Are you interested in engaging a fractional CFO for your business, and if so, what would that role look like?

Outgrowing QuickBooks?

Outgrowing QuickBooks?

Congratulations, you’re outgrowing QuickBooks

When your business grows, you should celebrate—not suffer. Try telling that to the finance team that’s still trying to make QuickBooks work. It’s just too basic to handle growing organizations with evolving needs. So your team might be compensating with inefficient workarounds and spreadsheets. And you may realize you can’t rely on your basic reports to be of any strategic use. That’s a lot to pay for a “low cost” solution. Find out what makes Intacct the top solution for QuickBooks graduates.

Make the “day to day” easier

If your team is spending hours on spreadsheets, your entry-level accounting solution isn’t doing you any favors. Ditch the extra data entry with Intacct’s feature-rich cloud accounting solution. Automate multi-entity close and reporting, revenue recognition, project accounting, and more. Save team time today and be prepared for tomorrow with a solution that can handle almost any accounting process you can imagine.

Flex your reporting muscle

Intacct was uniquely designed to give you endless reporting flexibility. Unlike QuickBooks, Intacct enables you to track both financial and operational data in real time. You can easily drill from top-level results down to the performance for a specific entity or location, then down to individual transactions. And you can access your reports from any web browser, on any device. Integrate without IT, and other cloud benefits Organizations that are outgrowing QuickBooks can expect high ROI when switching to cloud accounting. You don’t have to worry about system availability and security—that comes guaranteed. Plus, it’s instantly easier to connect with other cloud-based best-in-class business systems, like Salesforce CRM, so you can share data between systems without human data entry or errors.

Key outcomes:

  • Improve productivity by eliminating manual processes and spreadsheets
  • Get instant visibility into business performance, anytime, anywhere
  • Integrate with your other applications to eliminate data re-entry and information silos
  • Save money, increase security, and reduce IT headaches

Our CPA Day of Service

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Read More

Sage Announces Acquisition of Intacct for $850m

On Tuesday, Sage Group, a U.K. based technology company, announced that they are acquiring Intacct Corporation. It is the largest ever acquisition by Sage, who will be purchasing Intacct for $850 million. The transaction will close within the next few weeks. Going...
Read More

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There are over 1.5 million nonprofits in the United States, including public charities, private foundations, and other types of nonprofit organizations such as chambers of commerce. According to a report by PNP Staffing Group, the nonprofit sector has grown 20% in the...
Read More

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Read More

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Small and mid-sized businesses (SMB) often have budget and staffing constraints - making it even more important to have accurate forecasts and budgets. Yet, SMBs tend to make small mistakes that often result in a financial loss - or worse - closing up for good. To...
Read More

Will Robots Replace Accountants?

Artificial Intelligence (AI) Predicted to Takeover Forrester reported last summer that they estimate that cognitive technologies such as robots, artificial intelligence (AI), machine learning, and automation will replace 7% of US jobs by 2025. Additionally, Gartner...
Read More

How to Improve Your Sales Forecast Accuracy

What is Forecasting and Why is it Important? Forecasting is an essential part of every business as it helps you avoid unforeseen issues and manage your business more efficiently. The sales forecast is especially important, as it serves as the base for your company's...
Read More

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What is SaaS? As discussed last week in our Beginner's Guide to Cloud Computing, software-as-a-service (SaaS) is a method where businesses purchase software via a Web-based service. The main difference with this method, from purchasing software the traditional way, is...
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Cloud Software Helps Faith-Based Organizations Reach their Goals

Cloud Software Helps Faith-Based Organizations Reach their Goals

“Drowning in a sea of Excel spreadsheets.“

 

“Plagued by confusion, delays and lack of confidence in reporting.”

 

“Cost and headaches of on-premise accounting systems and IT infrastructure.”

 

“Need for a user-friendly cloud solution that would support anytime, anywhere access while minimizing IT efforts.”

These are just a few of the most common challenges that faith-based organizations struggle with. The good news is Intacct,the customer satisfaction leader in cloud ERP software, is the solution for those problems. And it is not just me saying so, below are a few examples of what leaders from churches around the country are saying about Intacct:

“Intacct has allowed us to bridge the gap between efficiency and being a people- oriented caring ministry.” Dennis Richards, Executive Pastor, Preston Trail Community Church, Frisco TX

 

“They (the ministry staff) wanted to know right away how they were doing in that new campus, What’s our attendance? What’s our giving? What are our expenses on capital expenditures? (With Intacct) we were able to provide that information, fast.” Randy Bell, Executive Pastor of Administration, Gateway Church, Dallas/Fort Worth TX

 

“With the efficiencies we’ve gained through Intacct, we’ve kept our staff size low even as we doubled in size. By using the system to manage all of our day-to-day bookkeeping, we’re saving $85,000 or more a year in salaries and benefits, while doing deeper analysis and reporting.” Aaron Goin, Finance Director at Faith Promise Church, Knoxville, TN

 

“QuickBooks was a good fit when we were starting out, but now we need a more robust financial management system. Intacct will enable us to double the productivity of our finance team while providing better overall control and visibility into the use of our funds. With Intacct, we can continue to grow without the need to immediately add headcount to our finance team—providing a nice savings to the church.” Gay Lynn Martin, Financial Director, Canyon Ridge Christian Church, Las Vegas, NV

Reasons Why Intacct Software is a Great Tool for Faith-based Organizations

  • It’s a cloud-based. Forget about needing an expensive on-premises system.
  • Like the staff at Gateway Church says, good data drives good ministry; Intacct frees up staff time that can be spent on ministry. For example, checks and payments can be reviewed and approved from anywhere via internet so events can be organized, budgeted and funded quickly and easily without running around for approvals.
  • With the Statistical Accounts and Journaling functionality, you can capture and track non-financial data such as attendance, baptisms, missions, members in small groups and volunteers. And then you can produce reports such as the Giving Scorecard in a blink. Just think of how quickly you can produce reports showing changes in worship attendance, variations in giving or average giving per attendee per week. All from one system!
    • You have easier, faster and more accurate reports using Intacct Dimensions. This functionality makes reporting a much simpler process. Gateway Church estimate they spend 25% less time preparing reports.
    • With Intuitive dashboards your church leaders have easy access to real-time key information such as revenue vs. expenses, giving by period, current cash position, attendance and more.
    • Budgeting is so much easier when you have reliable data and analytics.  Preston Trail Community Church reports that with Intacct, the 2015 budget was much easier and delivered ahead of time.
  • Intacct provides immediate access to important data and documents so decision-making is much easier and supporting documentation is easy to access for review.
  • Imagine your church’s executive office being completely paperless. Invoices are submitted electronically and payments are made the same way. Data on incoming funds is available to all pastors as soon as the amounts are posted.
  • Intacct provides open APIs so other software can easily interface with it. This is great for churches that outsource their payroll to a third-party processing company, use expense management software to track business travel expense or use church management software to track membership and giving. Also, with the APIs, data uploading using Excel .csv files is easy and time-efficient.

Lavoie is an Intacct business partner and we have an accounting and ERP implementation team dedicated to helping our clients get started on Intacct.  If you have any questions about how your church or nonprofit can benefit from our products and services, please contact us and we’d be happy to help.