Are you considering upgrading your ERP system from QuickBooks? If so, congratulations, your company has likely seen success and could use some guidance on what this means for your accounting team.
1. What does my future state look like?
Is my company going to grow (hopefully yes)? Are we opening a new line of business? Will my reporting needs change? These are all important questions that CFOs and controllers should be asking themselves while contemplating switching to Intacct. This will allow you to make key design decisions for your business processes moving forward and help shape your new general ledger’s design.
2. What reporting am I lacking?
If you are still using QuickBooks you should identify what reports you are lacking. How many times have you heard “It would be great if we could see the data this way…”? Maybe you are a professional services firm that wants to track revenue by project. Maybe you are an investment firm that wants to see the value of your loans by industry. Cloud systems like Intacct offer more robust reporting capabilities that give you the exact information you need with one click.
3. How can I clean my chart of accounts?
Do you have accounts that you rarely use? Are you a lending company with 10 different fees receivable accounts? In Intacct you can tag transactions with customized dimensions to give yourself a leaner chart of accounts with more robust reporting capabilities. The parent – child structure in QuickBooks is replaced with a dynamic account group structure which enables more custom and flexible reporting.
4. What is the extra benefit of the cloud?
Are you getting free upgrades four times a year? Is there an active forum that allows you to submit ideas to be included in these upgrades? With systems like Intacct you are always running on the latest and greatest version of the software. And, if you think a functionality is missing or could be improved you have a direct path of communication to voice what you would like in the new releases.
5. How will Intacct interact with the other systems my company uses?
Intacct has the capability to fully integrate with many applications that businesses use today such as Salesforce, Host Analytics, Adaptive Insights, and PayPal. And, through its extensive file upload capabilities Intacct can even interact with home-grown technologies.
6. Most importantly, do you want your life to be easier?
Intacct allows your accounting team to spend significantly less time on manual data entry and reconciliation and more time on revenue generating initiatives. For example, Intacct can automate inter-entity transactions, handle multi-currency environments, and perform global consolidations. These added functionalities allow for a more manageable and more automated close process which greatly increases the efficiency and capability of your accounting department.