Have you decided to Sage Intacct implementation in your organization? Why is it the best-in-class cloud accounting software and has been ranked by G2 as the best financial solution for medium-sized enterprises? Sage Intacct still requires careful implementation so that you can customize the solution according to the requirements of your business while giving your teams enough time to become familiar with the new accounting platform.
If you decide to proceed with Sage Intacct implementation, it is reasonable to assume that your business has multiple entities and locations. Additionally, your business relies on revenue recognition to accurately record subscription payments from customers while ensuring compliance with GAAP.
We’ve got a proven 5-step process for Sage Intacct implementation that not only gets your business started with the software but also maximizes the ROI with planned implementation and ongoing support.
How much time does Sage Intacct Implementation take?
The implementation of Sage Intacct can take anywhere from three to six months, depending on the requirements and complexity of your business and its processes. While Sage Intacct is intuitive, user-friendly, and robust, it is more like an Enterprise Resource Planning (ERP) software than a simple accounting software like QuickBooks.
If you have a simple business with straightforward processes, two or three entities at most, the implementation can be completed in under two months. However, this is the best-case scenario. It is important to prioritize building a good process and workflow, rather than rushing the implementation process for Sage Intacct.
To ensure that your business stays on track and minimizes the overall cost of setting up the accounting solution, it will also require a good implementation partner. This partner will assist in configuring the solution according to your business requirements, reviewing procedures and workflows, and training your existing teams.
Steps to implement sage intact in your business.
Introducing new software in a business environment can be challenging, especially because multiple teams need to be aligned. The implementation process can become convoluted if these teams are not coordinated with each other.
Key challenges faced with Sage Intacct Implementation:
- Coordination and alignment of multiple teams
- The complexity of the implementation process for an ERP software like Sage Intacct
- Building a good process and workflow takes priority over rushing the application.
- Need for a good implementation partner to configure the solution and provide training.
- Cost calculation based on requirements, such as additional modules, entities, and users.
- Configuration of additional modules and entities
- Migrating existing financial information in the correct format
- Deployment and ongoing support to ensure successful adoption and customization.
We have developed a 5-step implementation process that provides clients with a comprehensive budget overview, a detailed implementation plan, and streamlined workflows to effectively utilize the implementation.
Also, Read -> Switch from Sage 100 to Sage Intacct
Step 1: Planning for Sage Intacct Implementation
After consulting with one of our experts and deciding to move ahead with Sage Intacct implementation, you will need a plan to implement this accounting solution. Our experts typically take note of your business goals, existing processes, required integrations, and the expectations of different teams and their managers.
The planning process will then guide us to calculate the total cost of the implementation. This cost is determined based on the requirements, including the need for additional modules, entities, and users.
Step 2: Configuring Sage Intacct
Once we have finalized a plan, our team will move on to the configuration phase. During this phase, we will start by setting up the core fiscal management features for the accountant teams.
Here are the core fiscal management features in Sage Intacct:
- General Ledger: Manage your organization's financial data and accounts, track transactions, and generate reports for analysis and decision-making.
- Accounts Receivable: Automate and streamline your invoicing and payment processes, track customer balances, and improve cash flow management.
- Accounts Payable: Effectively manage vendor invoices, streamline payment processes, and maintain accurate records of your payables.
- Automation: Reduce manual tasks and increase efficiency with automated workflows and processes, such as automatic transaction posting and approval workflows.
- Revenue Recognition: Ensure compliance with revenue recognition rules and accurately record subscription payments from customers.
- Cash Management: Track cash balances, manage bank accounts, and perform bank reconciliations to maintain accurate cash records.
- Financial Reporting and Dashboards: Generate customizable reports and dashboards to gain insights into your financial performance and make informed decisions.
- Security and Compliance: Set up user profiles, roles, and security protocols to ensure data privacy and compliance with regulatory requirements.
We will also set up user profiles, and user roles, and train your teams on security protocols. This will ensure that the people who build reports can securely share them with the people who need the insights to make decisions.
Step 3: Configuration of additional modules Entities and Users
Apart from the core financial management modules such as General Ledger, accounts receivables, and payables automation, Sage Intacct offers a host of additional modules that you can add to your subscription. Each of these modules comes with an extra cost that is added to the overall subscription that your business will be paying for.
Additional modules in Sage Intacct can include:
- Multi-entity Consolidation: You can combine data for multiple entities into a single report and dashboard, and then share it with decision-makers without exporting all the data to Excel first.
- Project accounting: Track project costing, determine project profitability, and manage finances related to projects.
- Inventory management: Manage inventory and items directly from within your accounting software, eliminating the need for an external inventory management system.
- Payroll and HR: Combine payroll, employee information, and accounting data to enable informed decisions and leverage market-leading HR automation.
- Planning and forecasting: Create real-time reports, gain a clear picture of your business's finances, and generate accurate budgets and forecast cash flows.
- Fixed assets: Automate the process of tracking and recording asset depreciation, allowing for effective utilization of investments, and recording profit or loss upon asset disposition.
These modules can add anywhere from $3000 to $10,000 to your overall subscription price. However, the benefit of having these modules integrated into Sage Intacct, your primary accounting solution, is that you can then use the data with other enterprise resource planning modules. This allows you to simplify workflows and automate a sizable portion of the reporting work.
Step 4: Migrating existing accounting data to Sage Intacct
Our team will migrate your existing financial data from Excel or entry-level accounting software such as QuickBooks or Xero into Sage Intacct. This will provide you with access to all your historical data in your new accounting solution. The migration process will be implemented carefully to ensure that the data is transferred in the correct format.
Key points on migrating data from the previous accounting software to Sage Intacct:
- Migrate existing financial data from Excel or entry-level accounting software to Sage Intacct.
- Access to all historical data in the new accounting solution.
- Careful implementation of the migration process to ensure correct data transfer format.
Step 5: Deployment and continuing support
Our team will assist users in your organization to ensure that they can easily go live with Sage Intacct on the pre-planned date.
We will also be available to answer questions throughout the first month of this agent tact implementation.
Additionally, we will provide support to customize your existing Sage intact implementation and tailor it to your specific business needs.
Key Takeaway
Implementing Sage Intacct can go smoothly with our 5-step implementation process. To make the most of this accounting solution for your business, you'll need constant and ongoing support. Our team of experts will ensure that your business receives all the benefits from Sage Intacct and maximizes its return on investment.
FAQs
Q. How to implement Sage Intacct when switching from QuickBooks Online?
A. Sage Intacct implementation may take longer if you want to migrate historical data from QuickBooks Online. The migration process requires carefully auditing, exporting, and transferring the accounting data from QuickBooks to Sage Intacct.
Q. What is Sage Intacct?
A. Sage Intacct is a cloud accounting software ranked as the best financial solution for medium-sized enterprises by G2. It offers robust features for financial management, revenue recognition, cash management, and more.
Q. How long does it take to implement Sage Intacct?
A. The implementation of Sage Intacct can take anywhere from three to six months, depending on the complexity of your business and its processes.
Q. What are the core financial management features in Sage Intacct?
A. The core financial management features in Sage Intacct include general ledger management, accounts receivable, accounts payable, automation workflows, revenue recognition, cash management, financial reporting, and security and compliance.
Q. Are there additional modules available in Sage Intacct?
A. Yes, Sage Intacct offers additional modules such as multi-entity consolidation, project accounting, inventory management, payroll and HR, planning and forecasting, and fixed assets, which can be added to your subscription.
Q. How much do the additional modules cost?
A. The cost of additional modules in Sage Intacct ranges from $3000 to $10,000, depending on the modules you choose to add to your subscription.
Q. Can existing financial information be migrated to Sage Intacct?
A. Yes, the migration process allows you to transfer your existing financial data from Excel or entry-level accounting software like QuickBooks or Xero into Sage Intacct.
Q. What support is provided during the implementation process?
A. The implementation partner will assist in configuring the solution, training your teams, and ensuring a smooth go-live. Ongoing support will be available throughout the first month of implementation.
Q. How can Sage Intacct implementation benefit businesses?
A. Sage Intacct provides businesses with advanced fiscal management features, automation, accurate reporting, and integration with other enterprise resource planning modules, maximizing return on investment.
Q. What is the total implementation cost for Sage Intacct?
A. The total implementation cost for Sage Intacct can range from 1 to 1.5 times the subscription cost. For example, if you are spending $20,000 on the subscription for the accounting solution, you can expect to pay anywhere from $20,000 to $30,000 for implementation.
Q. Does the cost of Sage intact implementation increase with additional modules?
A. Yes, it does. Additional modules require configuration and customization to be effectively used by users in your business. They may also require integration with third-party applications, which adds a significant amount to the total implementation cost.
Q. Does third-party integration increase the cost of Sage Intacct implementation?
A. Yes, it does. Sage Intacct does not have native integration with third-party solutions such as Salesforce. So, not only do you have to spend on the licensing for the third-party solution, but you also need to allocate additional funds to integrate that solution with Sage Intacct, your accounting software.
