After many years of business, an independent asset management firm; that provides disciplined, consistent, and reliable investment strategies to help clients reach their long-term goals was experiencing major growth. Their existing accounting system wasn’t fulfilling tasks as software should be in this day and age, so they began looking to move to a financial services cloud accounting software platform. Their current legacy systems did not support or match their IT cloud initiatives and it was critical that they harnessed their historical data in their move to a new system.
Moving Away from a Legacy Accounting Software
The firm was operating in MAS 90 (also known as Sage100), an on-premise accounting platform that was first released in 1985 and the newest releases did not have the functionality to collect and store data in meaningful ways. It also lacked in forecasting and reporting. They had set major growth initiatives and as their organization grew, within a couple of years their MAS 90 couldn’t keep up with simple tasks. They began experiencing issues. They:
- Began having check printing issues.
- Had to create a lot of GL accounts and wanted to condense.
- Used Excel excessively for financial reporting
Financial Services Cloud Accounting Software that Supports Growth Initiatives
As the firm was ready to make the move, they worked with a consulting firm who recommended they speak with CompuData, a Philadelphia Sage Intacct Partner. They were evaluating big players in ERP and Accounting Software such as NetSuite, Microsoft and Sage Intacct. It was important for the firm to have a smooth transition between systems as the old MAS 90 system was no longer being serviced and was not compatible with their servers.
The choice to move from MAS 90 to Sage Intacct supported the cloud initiatives of the IT Director and the growth initiatives of the organization.
5 Key Factors for the Move from MAS 90 to Sage Intacct
Flexibility with Data
Keeping all the historical data in order to fully leave MAS 90 behind was critical. All of the organization’s historical data needed to be converted into Sage Intacct.
Financial Services Cloud Accounting Software
Sage Intacct met the Director of IT’s Cloud Initiatives. It is a SaaS platform so employees that were traveling can securely access the system from anywhere. The company’s CEO travels and likes to see the reporting dashboards when the books are updated. The monthly dashboard (income, margins, ratios) includes comments for the CEO and CFO. It shows monthly and year to date numbers. It can be set up and updated in minutes.
“Sage Intacct has given us the ability to better streamline our day to day accounting tasks. We can duplicate transactions and use prepaid expense amortization to reduce data entry. Reporting is easier in Intacct than in Sage 100, and we can see information in real-time. “
– Financial Reporting & Analysis Accountant
- Dimensional Reporting
Being able to provide dimensional reporting within different departments and business segments is very important now with growth initiatives. Getting department heads their own access and setting their own budgets, preparing forecasting and doing expenses has created a new level of workflows and processes for the organization.
Cost Center Accounting
Dimensions also has a flexible foundation that provides a new way to track and report on financial and operational data while simplifying chart of accounts.
Integration Capabilities – Built for Your Business
Sage Intacct easily integrates with many software systems to create a single sign on solution built to business needs. For example; the firmworks in Concur, which easily integrates with Sage Intacct to streamline processes. The cloud-to-cloud integration eliminates the need for their organization to manually download and manipulate files to integrate data between systems.
“The cloud base software with single sign on capabilities has been a game changer for me. In a world of endless passwords and pins this has been eliminated for me. I have no concerns that I can readily and easily access our financial database at will and anywhere I am.”
Realizing the Benefits of Sage Intacct and Partnering with CompuData
CompuData’s implementation of Sage Intacct has allowed the firm to eliminate tedious tasks and scale their organization to meet growth initiatives. Leveraging the many benefits of Sage Intacct over the past three years they can now look at GL and AP modules at the same time to be able to compare different metrics and make strategic decisions. The enhanced real-time reporting allows them to provide a full financial view, anywhere and anytime to help their team make informed financial decisions.
CompuData is a proud Philadelphia Sage Intacct Partner and has helped our clients implement Sage products across the nation for over 30 years.
Email us today to learn how Sage Intacct can benefit your organization.