The Challenge in QuickBooks
Many hours have been wasted manually adding any required accounts into each entity in QuickBooks. This means less time working on important financial projects and more on something your system should do for you.
How often do you have to make changes to your COA in QuickBooks? With the linear COA format provided, each new account or segment is required to be added as a distinct report. In an ideal world, every time a new one is added, the user would go through and enter it into each entity in order to ensure accuracy. However, as you may have experienced, this is not always the case.
There are many daily tasks to complete and everything cannot be dropped to spend time adding accounts over and over in the moment. Depending on when and by whom it is added, this can result in accounts having different naming conventions or
numbers. When it comes time for reporting, many accounts may be difficult to compare across entities or cause consolidations to be exceedingly laborious.
Wouldn’t it be nice if you had a consistent Chart of Accounts across all of your entities?
Sage Intacct’s Solution
You can add a new account one time at the “Top Level,” and it will be available for use in any entity. With this type of shared COA, you never have to worry about if accounts match or if you are using the right naming convention across
entities. This gives you more time to do important tasks such as reporting, which Sage Intacct also makes easier. When it comes to reporting, you have a simpler process for comparison across entities, as well as for consolidations.
Additionally, Sage Intacct allows you to “tag” transactions as well as operational data with dimension values. Tagging with dimensions, enables you to add business context to your data easily and gives you more flexibility for reporting. For example, by tagging your transactions (revenue/expense accounts) with a department, you can easily expand a Profit and Loss (P&L) report by department in one click. By utilizing Intacct’s dimensions with your chart of accounts, your family office’s entire P&L (with budget versus actuals) can be generated with a single setting. Sage Intacct offers a simplified, yet dynamic process and more flexibility with your Chart of Accounts.
For more about how Sage Intacct offers your family office the solutions you need, click the image below to download our guidebook Sage Intacct: Solving the Challenges Family Offices Face on QuickBooks