How Can Sage Intacct Workflows Be Tailored To Fit Your Business?

How Can Sage Intacct Workflows Be Tailored To Fit Your Business?

This is a transcript of a video by Kristina Costello, IFI Project Manager.

Hello, my name is Kristina Costello. I am a Project Manager for IFI professionals. Which means that I implement the Sage Intacct software. I have been with IFI professionals just shy five years now and I have been a Sage Intacct user for over seven years.

As part of implementing the Sage Intacct product, we have the option to configure and implement basic applications such as accounts payable and accounts receivable. When I say basic, I mean we can set up simple close that mirror products, like QuickBooks, Xero and other accounting softwares. These simple close are used to book a sale or a purchase and require the user to select a General Ledger account on each transaction.

The drawbacks though, with the simple close is that you sometimes have inconsistency on the GL accounts that are selected on the transaction. In addition to this, sometimes we have clients who come to us and say, I need the solution for revenue recognition. I have project billing, or simply I need to track my sales bookings and billings for forecasting and analysis.

That's why we at IFI can provide a more sophisticated, complex design to provide a workflow solution to meet the operational and financial requirements of their business. With the use of Sage Intacct, we can configure order entry, which works well with the accounts receivable application. Order entry allows us to create what Intacct calls, transaction definitions.

These transaction definitions do just as the name suggests, which helps us define how the transaction should act, or behave, when it is used. We can use transaction definitions to define which operational or financial GL accounts we want to post to. And we can add as many transaction definitions as we need, in order to build a workflow.

IFI has used the Sage Intacct software and validated these workflow designs. Over time we have perfected them. We can now leverage this information to provide operational and financial reporting.

What does this mean, let me show you an example of a dashboard. In this dashboard that you can see, we have built this out for our client where we can track what is our invoice backlog, meaning what do we still have left to invoice?

The second thing we can track is the revenue backlog, which is what is deferred and still needs to be recognized over time. And in addition, we can track deferred revenue (the balance,) and we can track all this information by the various dimensions, which are things like your customer, your project, or even a location.

If you are someone who finds yourself constantly having to clean up bad coding, or if you need better visibility to your sales bookings and billings, give us an opportunity to show you what we can do for you. Our team of dynamic and diversified professionals are here to offer you our standard flows, or help you create a unique workflow that will meet your business needs. Thank you.