Don’t want to your business to be stuck on the ground while your competitors soar? It might be time to make that all-important switch to the cloud. As an organisation, staying competitive and sustainable while the business landscape around us evolves is never easy. However, this becomes increasingly difficult with a finance system, such as Sage 50, that remains tied to the past while the worlds of business and finance continue to chop and change.
Although legacy finance systems like Sage 50 may have served companies well in the past, for a modern business, the system limitations can hinder growth and efficiency. That’s why modern CFOs are finally taking the leap into the cloud and upgrading to Sage Intacct, the industry-leading cloud financial management system. With a comprehensive and advanced suite of accounting tools, Sage Intacct can revolutionise your financial operations.
Not sure what exactly sets Sage Intacct apart from Sage 50? Let’s compare the two systems and explore how the Sage Intacct switch is changing the game for organisations everywhere.
Over-Reliance on Excel vs. Automated Reporting with Sage Intacct
Sage 50: Tedious Spreadsheets
With Sage 50, many businesses find themselves relying heavily on Excel for reporting and manual data manipulation. This can consume valuable time and introduce errors, as manual data entry and calculations are prone to mistakes. In fact, users report doing 60-100% of their reporting in Excel and struggling to slice and dice data with dimensions or calculated fields. Not only does this limit your ability to gain the financial insights and performance metrics that you need efficiently, but it can also lead to an increasingly frustrated finance team sick of spending hours on complex spreadsheet formulas.
Sage Intacct: Automated Reporting
In contrast, Sage Intacct offers robust, automated reporting capabilities that eliminate the need for error-prone manual data entry. You can easily slice and dice data with dimensions and calculated fields, gaining timely insights into your financial performance without the hassle of Excel spreadsheets. This not only saves time and eliminates spreadsheet nightmares, but also enhances the accuracy of your reports. Imagine: accurate up-to-date reports compiled at just the click of a button.
Fragmented Entity Management vs. Centralised Control
Sage 50: Cumbersome Multi-Entity Management
Managing multiple entities with Sage 50 can be cumbersome, often requiring extensive time to consolidate data across different entities. This is especially difficult for organisations with multiple locations due to the added complexities of things like decentralised payables, multiple currencies, and different tax regulations. Without centralised visibility, multi-entity consolidations can take hours, or even days, to complete in Excel. This can lead to financial closes easily exceeding 10 business days. This inefficiency can stifle your team’s ability to make informed decisions quickly at a time when organisations need to be more agile than ever before.
Sage Intacct: Streamlined Entity Management
Sage Intacct provides a unified platform for multi-entity management, allowing you to streamline operations and focus on growth. With centralised visibility and automated consolidations, you can complete multi-entity consolidations quickly and accurately, reducing the financial close process to just a few days. For organisations with multiple locations or companies, Sage Intacct provides the flexibility to see combined data from different entities or view metrics within a single entity. This agility helps you get the right information to the right stakeholders in real-time, empowering you to make informed decisions.
Limited Remote Access vs. Seamless Cloud Accessibility
Sage 50: Challenges of Remote Work
In today’s post-pandemic world, the ability to work remotely is both crucial and expected. Sage 50’s on-premises solution makes remote access difficult, often requiring expensive remote access servers. With hybrid and remote work becoming increasingly the norm within the working world, this can also make it difficult to recruit or retain employees who are seeking more flexible working conditions.
The limitations in remote accessibility, exacerbated by COVID-19, have led to poor performance, challenges with integrating with other systems, and painful system upgrades for businesses that can be as costly as new implementations.
The Sage 50 Cloud upgrade is a prime example of this. Despite what its name suggests, Sage 50 Cloud is not a cloud-native solution; it does not store all data in the cloud and still requires businesses to run centralised systems to store the data. In fact, the name Sage 50 “Cloud” refers simply to the solution’s ability to connect to real cloud software such as Office 365.
Sage Intacct: Effortless Remote Work
Sage Intacct’s cloud-native solution operates on true-cloud infrastructure, enabling seamless remote access to your data and ensuring your financial management is agile and responsive to change. You can work securely from anywhere at any time, integrate easily with other systems, and avoid the high maintenance costs associated with on-premises servers. This flexibility both enhances productivity and supports a modern, agile workforce. Alongside 24/7 remote access, Sage Intacct’s true-cloud infrastructure provides real-time data and analytics meaning up-to-the-minute reports can be compiled in a matter of seconds. This both increases visibility into your financial performance and streamlines reporting processes that may have once taken days to compile.
Manual Processes vs. Advanced Automation
Sage 50: Reliance on Manual Processes
The need to run manual processes in Sage 50 is not only time-consuming but also increases the risk of errors. As your business scales, these processes can lead to delays, increased admin fees, and the need to recruit more and more employees to manage the workload. The absence of automation tools means you’re likely spending more time on repetitive tactical tasks instead of focusing on higher-level strategic initiatives that drive growth and efficiency.
Sage Intacct: Advanced Automation
Sage Intacct automates your most important processes, reducing your reliance on error-prone spreadsheets. Tasks such as purchase ordering workflows, vendor payments, and bank reconciliations are automated, allowing you to focus on strategic growth initiatives. This automation improves efficiency, enhances the accuracy of your financial data, and supports long-term sustainability. In fact, Sage Intacct customers have accelerated finance team productivity by 40% or more.
Conclusion: The Smart Choice for Forward-Thinking Businesses
Savvy CFOs and finance managers are making the switch to cloud-finance and leaving legacy software like Sage 50 in the past. Here’s why Sage Intacct is the perfect step up into the modern realm of cloud-finance:
✔️ Better Visibility: Compile up-to-date reports in seconds, gain real-time insights with advanced analytics, and have visibility of the data you need with role-based financial dashboards.
✔️ Increased Agility: Enjoy the flexibility of remote cloud access and streamlined integrations.
✔️ Optimised Processes: Leverage advanced automation tools and AI to enhance efficiency and accuracy, reduce admin fees, and tackle financial skill shortages
With these improvements from Sage 50, implementing Sage Intacct can lead to impressive and meaningful ROI. Armed with a comprehensive suite of advanced accounting tools, Sage Intacct customers often see their investment pay off in less than 6 months, making it the smart and sustainable choice for modern businesses.
At ION, we specialise in helping organisations transition to Sage Intacct smoothly, ensuring you’re set up for your most successful year of growth yet. Don’t let outdated software hold you back — make the switch to Sage Intacct today and experience the future of cloud-financial management.