Multi-Entity Accounting: Make Sure Your System Can Scale with Your Business

From the Perspective of an AcctTwo Implementation Consultant

As a Professional Services Manager at AcctTwo, I've been involved in dozens of implementations of Intacct's on-demand ERP products. When asked what I see as the key requirement or function of an ERP system for our customers, it's tough to pick just one. Along with the ability to provide powerful and relevant reporting, process automation, and configurability, I also see scalability as a key requirement. And one of the main ways in which we provide our customers with the ability to scale is through Intacct's multi-entity architecture.

Filed Under: accounting software, ERP, Multi-Entity and Consolidations

Are You Ready for ASC 606 and IFRS 15?

Every subscription-based business and services firm should be aware of ASC 606 (FASB ASU 2014-09) and IFRS 15, which substantially affect how revenue is recognized.

As Rev Rec rules are to become standard across all industries, we find that the changes will affect different industries in different ways. This report by independent research firm Blue Hill Research explains the impact of the changes and describes Intacct's first-to-market Contacts and Revenue Management solution for organizations seeking to understand how best to manage “performance obligations” and event-based revenue.

Filed Under: FASB, Revenue Recognition, Subscription-Based Revenue

Oracle Buys NetSuite

Software Giant Buys Downmarket Rival in $9.3BN Deal

In what will be the second largest deal in the company's 18-year history, Oracle has agreed to purchase NetSuite, the cloud-based ERP provider. The deal will likely close by year's end, subject to regulatory and shareholder approval. Oracle has been an aggressive acquirer of companies, most recently buying OPower, Inc. and Textura Corp., both providing cloud-based business systems for the utility and construction industries respectively.

Filed Under: Intacct versus NetSuite, NetSuite, Oracle

Four New Mandates for Finance in Tech Services Firms

Finance and Project Teams Can Drive Higher Growth and Customer Satisfaction

Whether your firm is in IT services, design services, R&D, or even construction consulting and other services disciplines, chances are you’re facing a growing set of complex operational and strategic challenges, such as those highlighted in the chart below. New fast-evolving business models and technologies—including the cloud, mobile devices, and the Internet of Things—are creating a defining moment for technical services firms that aim to control, rather than react to, these change agents.

Filed Under: Professional Services Industry, Tech Services Industry

Dimensions in Accounting Software Part 2: Churches

How Is Dimensional Accounting Software a Must-Have for Churches?

I'm excited to follow up Baran Sonmez's recent blog post on Dimensions in Accounting Software with a look at how dimensionality is particularly important in the world of churches and faith-based organizations. For some background, I'm a Professional Services Manager at AcctTwo. As a tax accountant, programmer, and Intacct reporting and implementation specialist, I've spent more than 25 years in finance and technology, particularly church finance, and I've held financial analyst and finance director positions at two churches in the Dallas/Fort Worth area. I have a little experience with this!

Filed Under: Intacct Dimensions

Spreadsheets in Finance: Manual rollups, errors, needless complexity, and simplistic reporting

We've posted before about the dangers of Excel-based reporting and other spreadsheet pitfalls in finance and accounting. Spreadsheets are an indispensable tool for some personal productivity and job functions, but they can be a hindrance to effective processes and controls in finance and accounting departments.

Filed Under: Blog, spreadsheets, accounting software, White Paper, Excel, Featured Posts, Awareness

What is BPaaS and Why Should it Matter to Your Business or Nonprofit?

AcctTwo CEO Shares Insight about the Changing Nature of Outsourcing

Back in March, AcctTwo's Founder and CEO, Marcus Wagner contributed a piece to Accounting Today's Accounting Technology section about the spectrum of cloud technology adoption, and how Houston and Austin, TX are a great representation of how cloud and SaaS have been received nationally. Accounting Today recently asked him to provide some insight into another piece of AcctTwo's business: Business-Process-as-a-Service or BPaaS, and that article was published this week.

Filed Under: business process outsourcing, bpo, F&A outsourcing, accounting outsourcing, BPaaS

QuickBooks Will Get Your Business off the Ground, But What Will You Do Next?

QuickBooks is a well-known, easy to use, and affordable accounting product for getting a new business started, but what happens when your business runs into its limitations? What are those limitations? What are the actual costs associated with creating workarounds and using spreadsheets to fill in the gaps in QuickBooks' functionality? When is the right time to move to a more powerful system?

Filed Under: Quickbooks Replacement, quickbooks

The Importance of a Reporting Strategy When Implementing ERP

Advice from AcctTwo's Chief Technology Officer

Part of our customer success methodology is to conduct a project close interview with project stakeholders at the end of every Intacct ERP implementation. Along with capturing a quantitative customer satisfaction score that contributes to our overall Net Promoter Score, we also ask qualitative questions about how the implementation went and whether we provided the necessary leadership, communication, and training to make the project a success. One response I too commonly receive is: "The implementation went really well but there are some reports and dashboards we still want to have built."

Filed Under: management reporting, ERP, Financial Reporting, reporting, Implementation, Operational Reporting

Staffing Your Finance and Accounting Department

"If only I had the right people..."

As a small or mid-sized business owner, how many times have you said that phrase to yourself or to others? This concern applies to all areas of your business, but can be especially challenging to the entrepreneur trying to build a quality accounting team because they often times lack the background, expertise, or patience to hire their own accounting department. Not only is it costly and time consuming to find the right people for this critical department, but there's also the challenge of finding the the right balance of skills versus costs. This balancing act becomes even more difficult when trying to staff a small department. How do you staff half of a controller, one quarter of a cash applications person, and one quarter of an accounts payable person, while still providing the accounting expertise for the future? This is never an easy task, even if you can find a qualified person willing to split tasks among different levels of work.

Filed Under: FAO, bpo, F&A outsourcing, Outsourcing, BPaaS, Staffing

    

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