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.

How to Know When it’s Time to Dump QuickBooks

If you’re a small business, you’re most likely running QuickBooks. In fact, millions of businesses use QuickBooks as their very first accounting system. Why?

For a lot of businesses, QuickBooks is the last accounting system they will ever have to buy because their needs don’t change.

What if Your Business is Growing?

But if your business is growing and evolving, your finance system needs to adapt. Your reporting requirements evolve. More and more people depend on critical reports and financials and need them quicker.

Most businesses respond to these increased expectations by compensating with manual entries, workarounds and the biggest crutch of all…spreadsheets.

As they continue to evolve, they add more workarounds, and more manual, duplicate data entry and more bandaids.  Now they are so in the weeds trying to get basic financials issued each month that they lose sight of how difficult their life has become each month.

How to Know When it’s Time to Dump QuickBooks.

Based on my experience with hundreds of companies, I would like to share with you 5 Warning That Your Company Has Outgrown QuickBooks. We’ll cover the first two Warning Signs in this post and discuss the last three in our next post.

Warning Sign #1 – Monthly Reporting Nightmares

QuickBooks designed its reporting capabilities for very small businesses.   In order to get more complex, meaningful financial reports, all of the data must be exported to Excel, summarized, formatted and printed manually each month.

Change a single amount and you need to repeat the entire process again.

How much time are you wasting taking all of these extra steps each month? What more productive and valuable activities could you be working on instead?

Warning Sign #2 – Disconnected Critical Systems

Let’s face it, as your company grows, your systems become more complex.

You need more systems to manage the operational aspects of your business: customers, time and billing, sales, orders, production, payroll, scheduling, delivery and fulfillment.

QuickBooks was designed to stand alone, creating disconnected silos of information that are very difficult to manage as you grow.

If you are only entering your sales data once a month from your billing system, it’s hard to have any visibility into operations during the month.

Want to Learn More?

If you would like to learn more, we have compiled a free e-Book for you. Simply click here to download.