Intacct and ADP Announce Payroll Partnership

Improving Payroll Expense Management and Visibility with Sage Intacct and ADP

In many companies, payroll is one of their most significant expenses. In most companies we work with, weekly or bi-weekly payroll expenses from the outsource provider are entered into the accounting system with a monthly journal entry. The result? Wasted manual effort and no visibility into payroll expenses as they are incurred.

Sage Intacct and ADP have addressed this need through the integration of Sage Intacct’s ERP cloud software with ADP’s Workforce Now.

ADP designed Workforce Now as a comprehensive HCM suite that reduces administrative chores and keeps companies compliant with regulations. The integration between Sage Intacct and ADP allows mid-size companies to sync their employee data and transfer payroll data from ADP to their general ledger within Sage Intacct by clicking a mouse instead of entering the information by hand. That makes for fewer errors and saves employees time.

System One is a staffing company that has to process payroll every week for 65,000 employees and issues 15,000 W-2s at the end of the year. They used to enter all new hire employee and payroll information into two systems by hand. The company has said that migrating to Sage Intacct/ADP has saved them $60,000 each year as they avoided hiring new staff while they were growing.

ADP noted that by giving their clients the ability to spend less time on duplicative administrative tasks, they have more time to spend on more strategic initiatives that will help grow their businesses.

If you are using or thinking about using ADP to outsource your payroll and want to learn more about streamlining payroll processes and getting real-time visibility into your payroll expenses, please contact us.

Avoiding Poor Communication Between Sales and Accounting

Improving Customer Service Using Sage Intacct Collaborate

In today’s hyper-competitive world, speed is everything. People expect to make purchasing decisions in seconds, not minutes or days. Think of the last time you were shopping online. How quickly did it take to complete your purchase?

Do your customers have the same experience with your company?

Firms that continue to grow quickly and aggressively work very hard to replicate this same experience with their customers and prospects. They do this by removing any barriers to the sales process by promoting instant communication and efficient collaboration between sales and finance.
Where does your company stand?

Are you like most companies, that send an e-mail and wait for a response…leaving the customer waiting?
What if you were able to have your salespeople instantly see their customer’s credit status, outstanding balance, and aging immediately, right from within your CRM system?

What if your company had the ability to send instant messages to the finance team, and get an immediate response for approval and keep track of these conversations as part of that sales order so that you can instantly access the history…without digging through hundreds of e-mails?

In this video, Hans Schaedel, CFO of Canto, discusses how his company improves collaboration between sales and finance teams using Sage Intacct Collaborate. This product, which is based on Salesforce’s award winning Chatter platform, allows all members of the finance and sales team to communicate and collaborate easily and efficiently.

Sage Intacct Collaborate allows users to collaborate securely in the context of financial records. Conversations are stored with the individual customer, vendor, invoice, or general ledger records where they are posted. Users can also attach relevant documents, such as credit reports, to these conversations. This approach allows everyone in the finance and sales team instant access to any issues in a way that they can be easily reviewed, understood and updated. Issues can be quickly identified, discussed and resolved.

According to Sage Intacct, Collaborate is available free of charge to all Sage Intacct users and does not require the company subscribe to Salesforce. Sage Intacct will provide the licenses to their users free of charge if they don’t subscribe to Salesforce.

If you’re interested in learning more about Sage Intacct Collaborate, please contact us.

Is Your Finance System Ready for the New Revenue Recognition Standard?

A new survey of top finance executives at U.S.-based companies released by Sage Intacct, reveals that finance departments are behind in preparing to transition to new ASC 606 revenue recognition guidelines.

The survey included responses from 187 CFOs, VPs of Finance, or other top financial executives at SMBs and large organizations across a variety of industry segments.

The Sage Intacct ASC 606 Readiness Study found that 40 percent of finance professionals say that preparing for and implementing the new accounting standards will be a painful experience.

The ASC 606 guidelines issued by the Financial Accounting Standards Board (FASB) will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle-based approach for determining revenue recognition. The new accounting standard goes into effect starting on January 1, 2018 for public companies and December 15, 2018 for non public companies.

Despite the quickly approaching deadline, a majority of organizations (54 percent) have not even begun the assessment phase of their ASC 606 implementation.

A majority of the companies surveyed however, realize they will have to update their accounting software and implement new policies to accommodate the change. While the changes required by ASC 606 will be felt across the organization, it is clear that finance and IT departments will bear the heaviest burden.

The survey highlights are in this infographic, which you can download by clicking here.