How many finance and accounting solutions do we have for small and medium sized businesses to manage all their data in an effective manner? If I ask you to enumerate them, how many can you name? I bet you’ll get around three to five. I wanted better, so I decided to dig deeper and search for other options. Given continuous technological advances, there had to be new innovations and a solution. I wish I had discovered Intacct sooner, having stumbled upon it one early morning – to be more specific about 2 am.
Voila. Enter Intacct!
Organizing and managing financial and accounting tasks is a huge deal when it comes to the day-to-day operations of any successful business. Chaotic processes, calculating and analyzing financial data, and managing associated resources can often confound even the most competent accountant. Many face these issues, including myself.
With an astounding amount of financial and non-financial data, how can we better serve clients and, more important, how can we become better accounting professionals and partners? Some of us appreciate Excel and its many capabilities. However, there are limitations that come with its use. Can you imagine a solution that provides the in-depth, detailed analysis required for operational, regulatory or tax reporting purposes without having to rely on Excel?
You no longer need to imagine. With Intacct, your time can now be redirected from performing manual, tedious analyses to building new meaningful client advisory relationships.
Intacct provides a comprehensive cloud-based financial platform that enables you to deliver high-value accounting and advisory services. Founded in 2000, Intacct was one of the first companies to use the cloud as an accounting-based platform, with bells and whistles like none other. Intacct is a scalable tool that fits a business’s operations – not the other way around. And that was the game changer I was seeking – the customization.
It also helped that Intacct is a Best-In-Class preferred provider of financial applications as well as a preferred partner solution of CPA.com – an AICPA company. After seeking to review a more in-depth system demonstration of Intacct’s functionality, I discovered it was greater than I expected and, more importantly, that I wanted it. Intacct provided a detailed view at a functional level while also cohesively integrating data in such a manner as to give a full picture of business operations. And TRUST me, obtaining a comprehensive view that intersects business performance, business policies, best practices, and strategies is now easier than ever before.
Intacct has spearheaded this drastic change in how to better perform tasks and THAT IS WHAT I’M EXPERIENCING RIGHT NOW!
The Paradigm Shift
Moving to Intacct requires me to think differently – a paradigm shift so to speak – in how I manage client accounting activities, now that I have the ability to provide transformative services. Primarily, this is based on its core system features: General Ledger, Cash Management, Accounts Payable, Accounts Receivable, Time & Expenses, Inventory, Order Entry, Purchasing combined with a personalized Dashboard, robust Reporting and, last but not least, dimensions – which truly turbo charges this platform.
Why do I say a paradigm shift?
Today, with Intacct, the picture is altogether different. Its powerful web-based platform has enabled me to generate completely new and unconventional ways of thinking about financial and non-financial data, collaboration, workflows, access, performance, reporting, and integration. Fortunately, Internet-based software has become a more viable solution for many businesses in numerous industry verticals.
In today’s modernized business world, large corporations are realizing the competitive advantages and benefits of business process outsourcing, particularly as it relates to financial departments. Small businesses have been practicing this for years, and we as accounting professionals recognize the pressure to deliver. To do that, we rely significantly on the ability to collaborate, as well as on the platform we utilize. The benefits of faster and smarter business decisions based on real-time accurate data can enhance business success and further its growth.
In addition to all the benefits of a comprehensive solution, Intacct also gives you the ability to integrate other business apps, with more than 120 partners currently in the Intacct marketplace. Many of these are solution providers that accounting professionals and businesses have grown to know and love, such as Bill.com, Salesforce, and American Express. Understanding business operations from all possible angles is a key factor in Intacct’s success. Using Intacct, I experience clients being able to get quick solutions and, as a result, it has replaced the traditional time-consuming methods of decision-making across the organizational hierarchy. Wondering how?
Characteristics and Features of Intacct
Now, let me brief you on some characteristics and features of the software in terms of next level of service, what it looks like, and how it truly moves from mainly transactional to advisory services. The best way to accomplish this goal in Intacct is through its unique use of chart of accounts, dimensions, system architecture, and customizable dashboards.
Chart of Accounts
A chart of accounts is a systematic list of all the organizational accounts on which money is spent in that organization. These accounts are available for the recording of transactions in the General Ledger. How the chart of accounts is structured depends on how it will be compatible with the financial structure.
Typically you have a complicated chart of accounts, as illustrated below (or even more complicated). This example has a natural account of 1500 for Equipment, which if we add the following account segments…
|001 New York||100 New York||001|
|002 San Francisco||200 San Francisco||002|
|003 Dallas||300 Dallas||003|
…would result in the 75 account code combinations below:
As a resource partner, you can transform the manner of your engagement and deepen visibility on a standardized, single platform. By “standardized” I mean that it uses the natural account in structure, optimized by leveraging dimensions that can build relationships across data for powerful cross-dimensional analysis and reporting capabilities. You can organize and administer diversified data with ease by using natural accounts coupled with dimensions.