2020 Release 2 Highlight – Sage Intacct Extends Its Leadership in Multi-Entity Management
Consolidations are nothing new for many accounting departments, but they have become significantly more complex. Globalization, increasing inter-entity relationships, and the varying nature of accounting rules across jurisdictions are just a few of the main drivers. According to a benchmark study performed by Robert Half, as many as 58% of companies are still manually reconciling accounts, so the crunch is on to ensure accounting departments have an efficient, compliant way to manage their multi-entity organizations.
Connecting these multi-entity organizations is a web of inter-entity relationships. For many organizations, untangling that web and getting a clear, centralized view is a daunting task. Sage Intacct has already delivered a strong foundation of features to simplify the setup and maintenance of inter-entity relationships. Now with Release 2, we’re delivering best-in-class inter-entity relationship functionality that enables you to save hours to days when creating, troubleshooting, and reconciling inter-entity transactions.
Let’s take a closer look at exactly what Sage Intacct has built for you.
Centralized Inter-Entity Set Up
With Release 2, a new centralized inter-entity set up page allows you to see, manage, and set up your inter-entity relationships all in one place. Best practice suggestions guide the set up of inter-entity account relationships at the entity level or the more granular entity pair level. If you have a large number of entities to set up, just import your inter-entity setup in mass. Either way, the centralized inter-entity page enables you to ensure your inter-entity relationships are properly configured so you don’t run into any surprises when it’s time to do consolidations.
Flexible Subset Eliminations
Speaking of consolidations, Sage Intacct gives you the flexibility to automate subset eliminations during your consolidation process. And with validation rules in place to simplify inter-entity eliminations, you can be confident in the accuracy of your subset consolidations. Should you need changes to your inter-entity accounts for elimination, you simply go back to the centralized setup page and update it.
Automated Inter-Entity Transactions
Sage Intacct already automated inter-entity journal transactions, saving customers time, and eliminating manual work. Now you can automate inter-entity journal transactions across multiple base currencies, in addition to customer and vendor invoice payments, to improve accuracy and reconciliations across multi-national entities. Sage Intacct manages the exchange rates for you and automatically balances your inter-entity transaction entries to ensure accuracy and eliminate manual intervention.
Unified Source and Inter-Entity Journal Entries
Only available with Sage Intacct, your inter-entity transactions appear together with the source entry as one journal entry transaction. From this unified view you can seamlessly drill down from reports to journal entries, to scour transaction details. Giving you the visibility, and traceability, you need for faster, easier reconciliations.
Easy, Flexible Entity Set Up
These new Release 2 capabilities pair perfectly with our already easy, flexible entity set up. In many financial management solutions, setting up an entity is a long process that often requires you to engage services. With Sage Intacct, you can save time and put away your wallet. In previous releases, we’ve focused on streamlining entity set up so you can get them up and running quickly. Entity set up is so simple you can do it yourself in as little as two hours, giving you complete control and visibility throughout the entire process. New entities inherit policies and workflows automatically, eliminating a lot of time-consuming rework. Since all the relationships are shared, you don’t need to worry about re-creating your reports. They’ll be available as soon as your entity is set up.
Sage Intacct continues invest in providing mid-market multi-entity organizations with industry leading functionality to meet, and exceed, their needs.
If you're a Sage Intacct customer, you can learn more in the Sage Intacct 2020 Release 2 Release Notes within the system.
If you’re in the market for a new solution and would like to learn how Sage Intacct might be able to help you, contact us at 877-437-7765 or download our Multi-Entity Financial Management datasheet.
Ryan Woodward is a Senior Product Marketing Manager at Sage Intacct. Ryan discovered his passion for Product Marketing at E2open, LLC, and continued to build upon that at Workday. Now, he’s excited to use his experience and help organizations learn more about Sage Intacct’s best-in-class cloud accounting and financial management solutions.
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