In the first part of our series on Sage Intacct’s multi-book functionality, we explored the basics of how this powerful feature simplifies complex reporting and the importance of financial analysis software. Now, in Part 2, we’re getting into the weeds of purchase commitments and demonstrating how setting up a purchase commitments book can transform your financial insights and forecasting capabilities.
To give a quick refresher, Sage Intacct’s multi-book functionality is a powerful accounting automation tool for finance teams looking to layer and stack various financial reporting needs. It seamlessly tracks accrual and cash basis journals while layering in additional transactions, such as:
Did you know that 52% of accounts payable teams still spend over 10 hours a week processing invoices? Automation in your financial analysis software can drastically reduce this burden. For example, Sage Intacct’s multi-book streamlines tracking financial and non-financial data, eliminating the need for time-consuming manual processes. Let’s find out how this technology helps Sage Intacct businesses manage their purchase order commitments…
One of the most impactful applications of multi-book functionality is tracking purchase commitments. Imagine being able to monitor all your open purchase orders (POs) - whether they’re for subcontractors, raw inventory items, software licenses, or labor, and layer that information on top of your accrual and cash basis reports.
Don’t believe us? Here’s how it works:
If you’re a part of the nearly 40% of CFOs who don't trust your organization's financial data, you need this. Tracking purchase commitments in your financial analysis software doesn’t just improve reporting; it significantly improves your forecasting abilities. By seeing your net committed spend in real-time, you can:
Once your purchase commitment book is configured, it operates seamlessly on the back end. Here’s our in-house expert, Brian Miller, walking you through the quick walkthrough setup with screenshots, or you can watch the full video here:
1. Configure the purchasing system to establish a user-defined purchase commitment book.
2. Define transactions to include additional GL postings tied to POs.
3. Once this initial configuration is complete, it requires no further user intervention.
Now, every time a PO is created, Sage Intacct will automatically post to the commitments journal. On the entity 100 level, for example, this means you can:
With Sage Intacct’s multi-book functionality, you can finally see the complete picture. By layering commitments on top of traditional journals, they’ll:
Sage Intacct’s purchase commitments functionality isn’t just a feature; it’s a smarter way to manage financial planning and reporting in a world where real-time data has become a competitive necessity. By
leveraging this native capability, your team can stay ahead of commitments, optimize budgets, and deliver more insightful financial analysis. We’re not done yet! Stay tuned for Part 3 (the final article of this blog series on multi-book functionality), where we’ll discuss statistical account/book tracking, as well as how to report on financial and non-financial data together.
If you have questions on Sage Intacct’s multi-book technology and the impact it, or financial analysis software and Sage Intacct, can deliver to your organization, reach out to our experts today.
Feeling worn out with all the talk about legacy system challenges? Well, we have one more for you,...
Equation Technologies
United States: 533 2nd Street Encinitas, CA 92024
Canada: #301 - 220 Brew Street Port Moody, BC V3H 0H6
Phone: 866.436.3530 • E-mail: info@equationtech.us
Equation Technologies ©2016