The thought of replacing your existing venture capital accounting software may seem intimidating. However, when you compare that to the reality of the dollars and hours lost each month to countless spreadsheets and manual consolidations, it may not seem so bad.
There are endless features and capabilities offered by modern accounting software. It’s hard to know where to begin. To help you confidently pick a solution that will simplify your current accounting as well as provide a platform that supports future growth, here are four features wealth management companies like you have stated were game changers and should be on your Must Have List.
Must Have Feature #1: Dimensional Chart of Accounts
Accounting requirements and business structures continue to grow in complexity, and your general ledger should be able to keep pace. With Sage Intacct’s “dimensions” capability, you get an innovative way to track and report on your financial and operational data that also simplifies your chart of accounts.
With Sage Intacct, you simply “tag” your transactions in the general ledger, receivables and payables, revenue management, and even fixed assets. Using these dimension values rather than hard coding them to individual accounts, you can get a perspective on your business you couldn’t get with QuickBooks or your legacy accounting software.
Must Have Feature #2: Visual Reporting and Dashboards
More and more, the time you have to make the most of a new opportunity is getting shorter, which gives you even less time to provide the critical data your executives need to make good decisions. Worse yet, you may not even spot an emerging trend or hot opportunity because your reporting is all Excel based, not visual, and not up to the minute.
Ideally, you need an interactive custom report builder so you and your stakeholders can easily drag and drop the data fields into your report, apply filters from your dimensional tags, and instantly see real-time data in a visual dashboard (you can see how Intacct does it below). Sage Intacct also has automated, configurable conditional formatting and trend lines so you can turn your data into insights in seconds.
Must Have Feature #3: Simple Integration to Other Data Sources
How many hours are spent monthly compiling and parsing financial and operational data using various spreadsheets and systems, none of which are your accounting system of record? And then how many hours do you spend reviewing and correcting cell references and formula errors across all these separate spreadsheets?
Must Have Feature #4: Multi-Entity, Shared Chart of Accounts, Single Point of Security, Shared Master Records
Ease of use to go between entity while keeping everything separate and the option to consolidate if necessary. Multi-currency and consolidation is available and easy in Intacct.
Adding new business units and entities doesn’t have to be a huge, time-wasting headache. Ideally, you should be able to add a new physical or virtual entity in a few minutes without requiring IT support.
Sage Intacct makes new-entity setup instant with configurable rules for inter-entity transactions, bank accounts, etc. All your consolidations are journaled, so you get the granular visibility you need for easy audits. And with continuous consolidation, Sage Intacct automatically processes currency conversions, inter-entity transactions, and local tax reporting with the push of a button.
What you need is a single source of truth. Sage Intacct accomplishes this easily with on-board integrations to hundreds of industry-specific systems and tools you’re probably already using. For example, pull your payroll data with an easy integration rather than downloading the file, then manually uploading it to your accounting system. And the best part, you don’t need IT support to integrate your best-in-class applications with Sage Intacct, just a few clicks.
When polled, Sage Intacct users stated more than 85% of the time that they wished they had taken the leap sooner. If you think it’s time to say goodbye to your current venture capital accounting software, we’re here to help.
Contact us if you have questions about business care or need personalized support from our team of Sage Intacct technical experts.