Stop wasting time and money and automate your venture capital ERP.
Though maybe not the top of your New Year's Resolutions List, implementing new venture capital ERP software may be the most impactful. If you stop to tally the dollars and hours spent each month using spreadsheets and manual consolidations, it may unpleasantly surprise you.
If you're overwhelmed by the countless capabilities and features available in today's modern accounting software, here's a guide to help you confidently pick a solution that will automate your current accounting in addition to enabling future growth. Here are the four things wealth management companies like you called game changers.
Game Changer #1 : Dimension-Based Chart of Accounts
As accounting requirements and business structures continue to get more complex, your general ledger will need to keep pace. Sage Intacct uses “dimensions” to track and report on your financial and operational data and simplifies your chart of accounts.
With Sage Intacct, you “tag” your transactions in the general ledger, payables and receivables, revenue management, and fixed assets. Using these dimensions instead of hard coding them to individual accounts, you get a perspective into your data you can't get with QuickBooks or older accounting software.
Game Changer #2: Visual Dashboards and Reporting
These days, the time you have to capitalize on a new opportunity is short and getting shorter, which gives you even less time to provide the critical data your executives need to make those decisions. And in worse-case scenarios, you may miss an emerging trend or hot opportunity because your reporting is all Excel based, not visual, and not delivered in real time.
Ideally, you would use an interactive custom report builder so you and your executives can easily drag and drop the data fields into the report, apply filters from your dimensional tags, and in seconds see real-time data in a visual dashboard. Sage Intacct also enables automated, configurable conditional formatting and trend lines so you can turn your data into insights instantly.
Game Changer #3: Multi-Entity, Shared Chart of Accounts
Switching between entities while keeping everything separate while easy to consolidate if necessary is easy using Intacct. Now, adding new business units and entities, or new physical or virtual entities, no longer require expensive IT support.
With Sage Intacct, new-entity setup is instant with configurable rules for inter-entity transactions, bank accounts, and more. You get the granular visibility you need for easy audits because all your consolidations are journaled. Sage Intacct automatically processes currency conversions, inter-entity transactions, and local tax reporting with continuous consolidation.
Game Changer #4: Easy Integration With Other Sources of Data
How many hours does your team spend monthly compiling and parsing financial and operational data using dozens of spreadsheets and systems, and then doubling data entry into your accounting system of record? And then how many hours do you spend quality controlling and correcting cell references and formula errors occurring in all these separate spreadsheets? The money you save in just a couple of months could pay for your new wealth management accounting software.
Ideally, what you need is a single source of truth. Sage Intacct enables this easily with built-in integrations to hundreds of industry-specific systems and tools you may already be using. For instance, Intacct can 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.
When polled, Sage Intacct users said more than 85% of the time that they wished they had made the change to Intacct sooner. If you think it’s time to say goodbye to your current venture capital accounting software, we’re here to help.
It's possible to transform your venture capital firm's performance, productivity, and growth with real-time data on demand to empower quicker decisions with the only AICPA-recommended venture capital ERP software, Sage Intacct.
Contact Equation Technologies to learn how Sage Intacct can help streamline your business processes.
Another version of this blog was posted on January 16, 2020 - Venture Capital Accounting Software: 4 Must-Have Features.