Unlocking Success: Sage Intacct Month-End Guide

Nov 17, 2023 by Zazil Martinez

Explore how Sage Intacct's reporting and integrations herald a new era of financial management. It offers a 79% reduction in close time and lays the groundwork for a closing process that redefines industry standards.

As companies demand more from their accounting and finance teams, dedicating days or weeks to gather, review, and reconcile information is a more complex obligation. It feels like a distraction or, worse, an obstacle.

Traditionally, accounting departments invest 5-10 days in the month-end close. Rather than participate in activities that add value and insights, they're tied up updating and organizing things. Any mistake can cause a delay in closing, risk the data, and distort the financial performance, misguiding decision-making.

This presents a paradox: speeding up the month-end close while preventing errors or mistakes.

How do we simultaneously streamline and perfect a process? With the proper technology. Advanced accounting software can sort out month-end close with precision. This frees up time for accountants (potentially reclaiming 1/3 of every month), ensuring a swift and flawless month-end close. What once felt dreadful becomes as simple as a checkbox.


Sage Intacct: Smarter Accounting Made Simple

Sage Intacct is the only accounting solution endorsed by the American Institute of Certified Public Accountants (AICPA). It stands out by making complex accounting accessible, intuitive, and automated.

A cloud-based financial management platform, it unifies all financial and operational data in one place. With a comprehensive toolkit for business accounting, it offers features for specific industries or accounting needs. But that's just the beginning.

Unlike alternatives offering many features with poor improvements, Sage Intacct raises the bar. The secret? Digitizing, integrating, and automating core processes. Tasks that once demanded more than one accountant now run on autopilot, turning hours or days of workflows into a few minutes.

The month-end close shows how Sage Intacct boosts accounting teams' operations. It turns them into a world-class operations center, ready for anything.


The Month-End Close in Sage Intacct

Sage Intacct revolutionizes the month-end close in many ways. However, a few deserve special attention:

  1. Automated Revenue Recognition. Use customizable recognition templates and rules to acknowledge revenue automatically. Sage Intacct handles the automatic generation and application of amortization rules. This ensures recalculated deferred or recognized revenues. Relying on automated revenue recognition enhances compliance, speeds up closing, reduces costs, and improves visibility.
  2. Dynamic Allocations. Sage Intacct automatically locates source balances and allocates them across dimensions (project, department, location, etc.). It uses accountant-defined calculations. Once set up and scheduled, allocations become a seamless process requiring minimal time or input from the accounting team. This significantly expedites the month-end close.
  3. Expedited Consolidations. Instead of investing hours in consolidating entries to avoid errors, let Sage Intacct handle the numbers. By automating inter-entity eliminations and working across foreign currencies, consolidations shift the heavy lifting from accountants to the software.
  4. Integrated Ecosystems. Sage Intacct boasts numerous APIs with other leading business management tools. This facilitates seamless data movement between systems. Manual data transfer becomes a thing of the past, and with all data in the right place, closing is partially completed before it even begins.
  5. Optimized Reporting. The tools in Sage Intacct enhance the month-end close by integrating data and automating analysis. Users can generate custom reports, watch real-time data updates, and delve into the details at the journal level. As a result, reporting becomes an available tool for everyone, giving accountants more time for tasks beyond the month-end close.

Sage Intacct estimates a staggering 79% reduction in close time. Companies can surpass this figure by exploring Sage Intacct's full potential and partners. It introduces the concept of a continuous closing process, where tasks relegated to month-end occur as soon as new data enters the system. This eliminates the rush and keeps financial records updated without delving into the process. It's yet to be the standard, but it provides an extra advantage to early adopters, paving the way for the future of efficient financial management.

Ready to revolutionize your month-end close? Join our Automating Payments in Sage Intacct webinar for an in-depth look at automated processes, dynamic allocations, and expedited consolidations. Streamline your accounting with precision. Register now!