The Benefits of Using Multi-Dimensional Accounting Software In Your Business

The Benefits of Using Multi-Dimensional Accounting Software In Your Business

This is a transcript of a video by Charity Hurt, IFI Controller.

Hello my name is Charity, I'm the Controller of our Managed Accounting Team here at IFI. I just wanted to give a brief overview of what our Managed Accounting Team looks like, as well as what we bring to the table.

Each client that our Managed Accounting Team works with, uses Sage Intacct as their Accounting Software. A couple of things we like about Sage Intacct is that it not only allows for workflows, but also has multi-dimensional capabilities.

Using an accounting software that has multidimensional capabilities is beneficial in that it allows us to not only provide your typical financials, such as balance sheet, income statement and cash flow, but we can go above and beyond and create different reports surrounding these dimensions, that help you see what's truly driving your business.

For example, if you're a project-based company, then you would wanna know which projects are profitable versus which ones aren't. We can do that by creating project profitability reports, only because we're using Intacct, which is a multi-dimensional software.

So if you're thinking of moving from whatever system you're using to Sage Intacct, IFI is actually a one-stop shop that has an Implementation Team that works on that. We actually have different system designs that we use for new clients, and we're able streamline the whole implementation process.

Once implementation is done, it moves over to our Managed Accounting Team. Now, once it comes over to us, we basically handle regular day-to-day accounting. So we look at your regular day to day, in different cycles.

If you think of your procure to pay, that's your AP, so we will handle processing the bills, we'll handle selecting them for payment and submitting them to you for approval.

Then we'll also look at your order to cash cycle, which is surrounding revenue recognition. On top of that, we do work on your close, and we have processes around it that have allowed us to not just look at your close once a month, but we have a continual close process that allows us to streamline close, so it doesn't take too long at the end of the month.

Our Managed Accounting team delivers an advanced capability at a lower cost than building this team in house. If you want to know more about us, visit our website at www.ifiprofessionals.com.