As a premier Sage Intacct partner, we wind down our year and celebrate how, for 20 years, they have brought us tidings and joy (and excellent finance and accounting tools). We gladly bring you … the 12 Days of Sage Intacct.
On the twelfth day of Christmas, Sage Intacct gave to me: automated consolidations to provide global financial reporting in an instant.
As companies grow, their business functions, locations, and operations naturally diversify. With growth and change comes increased complexity when trying to obtain accurate financials across your entire organization. Often, this results in manual closing processes that are time-consuming and error prone. By utilizing Sage Intacct’s Global Consolidations module, customers automate these processes and handle additional growth with ease.
This module serves two main functions that have historically been completed manually:
- First, it automates the elimination of inter-entity transactions which drastically reduces the time finance teams spend on reporting, creating journal entries, and reconciling their data, which is always welcome during tight schedules;
- Second, it provides flexibility across different types of organizational roll-ups and currencies. Organizations can have as many consolidation books as they want, so whether you need one consolidation to report on your entire company or multiple consolidations to cover different entities, regions, etc., Intacct can support you.
Customers also have the option to select their preferred reporting currency for each consolidation book, and all currencies within the consolidation are converted to their preference. This eliminates the time-consuming tracking of exchange rates from the finance team’s closing process.
One of CrossCountry’s financial services clients is a global organization that operates on three continents with transactions in 10-plus currencies. Before implementing the consolidations module, the client was required to perform days of manual, error-prone work in Excel in order to consolidate several books at the end of each month and quarter. With Sage Intacct, these processes have been automated and now take only a few seconds, freeing their financial team to perform other required tasks in order to close the books.
Sage Intacct’s Consolidations module offer far more than we can explain here. To learn more about Sage Intacct and sign up for their 30-minute Coffee Break Demo, click here. To learn more about CrossCountry’s Sage Intacct capabilities, please click here.
Be sure to check out the complete “12 Days of Sage Intacct” series to see how Sage Intacct can bring your finance team joy all year ‘round!