Top 3 Reasons to Implement Medical Practice Management Software
Medical Practice Accounting Software The advantages of medical practice management software are numerous, and if you’re a busy accounting...
Wealth management ERP software that is designed specifically for the unique needs of the investment industry is a strategic advantage compared to the traditional, on-premises solution reliant on manual processes. Here are the ways you can leverage the leading cloud financial management software, Sage Intacct to automate your consolidations.
Is your existing wealth management accounting software built to easily answer questions about all the assets under management, broken down by geographies, asset type, and currency? If not, it may be time to take a look at how you can automate the consolidation process. What if manual consolidations could be eliminated?
Does it take you too long to add a new physical or virtual entity in your current accounting software? You're not alone: A recent study by Executives Research Foundation and Robert Half determined that 58% of companies surveyed are still manually reconciling their accounts and only 22% are using software to help them automate.
58% of companies surveyed are still manually reconciling their accounts;
only 22% are using software to help them automate
Sage Intacct enables you to add new business entities with just a couple clicks, which saves you hardware, software, IT, and accounting costs. Scale your business faster by reducing or eliminating additional headcount requirements as your company grows because Sage Intacct’s cloud financial software automation is now doing a lot of the heavy lifting.
Sage Intacct utilizes a shared, dimensional chart of accounts. That means you can easily adapt to localized reporting to meet the needs of your new business units. Sage Intacct wealth management accounting software makes it simple to configure your new accounts based on existing, similar entities so you save time.
The corporate accounting group can easily set up and roll up a new entity in minutes, including all the reporting and valuable information required to support the various decisions that often occur at the beginning of an entity.
The vast number of emails you must send to gather data you need for consolidations from your busy colleagues takes a lot of time and causes delay. What do you do when a late entry happens? Does this type of offline communication cause longer audits?
Sage Intacct has collaboration and documentation tools built in. Your accounting staff and business unit teammates can chat, save discussions and decisions, and attach documents to your transactions so that it’s easy to recall and simple to audit.
How long is the lag between the originating data and the data in your spreadsheet used to perform the consolidation? That time latency between your business activities taking place and the report delivery may be preventing visibility which could result in missed opportunities to further invest or react to negative impacts to avoid loss.
The Sage Intacct ERP integrates your disparate data in one system where it’s continuously consolidated. Your decision makers have real-time, constantly consolidated information at the press of a button instead of waiting days or weeks. In addition, you can see all the transactions driving your results from the consolidated perspective all the way down to the operating entity’s transactions. And Intacct makes it effortless to choose and pivot the reporting currency from the parent to the local currency of the subsidiary without requiring additional, manual consolidations.
Automated consolidations increase the credibility of the finance team so your accounting team can become an even more valuable, strategic source of information enabled by the only AICPA-endorsed wealth management ERP software, Sage Intacct.
Contact Equation Technologies to learn how Sage Intacct helps streamline business processes.
Another version of this blog was posted on May 13, 2019 - Automate Consolidation with Wealth Management Accounting Software.
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