Emerging Technology Capabilities Set to Transform the Accounting and Finance Industries – What We learned at the 2018 Sage Intacct Advantage Conference
There are so many things to love about the great state of Tennessee; which is why tourists, travelers and businesses are drawn to our state nearly every month of the year. Whether it’s for a love of music, the state’s natural beauty, innovative food, our creative community or our thriving business scene, it’s no wonder Sage Intacct chose to host its 2018 Sage Intacct Advantage Conference in Nashville, TN.
For LBMC, Tennessee is home to our headquarters location in Brentwood, as well as our offices in Knoxville and Chattanooga. As the state’s largest accounting and business consulting firm in the state, recognized as a Top 50 Firm in the nation, and the fourth largest revenue generating partner for Sage Intacct, LBMC was uniquely positioned to host our customers from both near and far at the conference held at the Gaylord Opryland Resort and Convention Center.
For our customers not able to attend, below is a summary of some of the emerging themes and technology capabilities highlighted that are set to transform the accounting and finance industries in the very near future.
Together We Rock
The Sage Intacct Advantage Conference has become known as the premier event for accounting and finance professionals; this year attracting a record number of customers and partners with nearly 3,500 in attendance. The conference theme was “Together We Rock” and is rooted in the idea that technology is elevating accounting and finance from a being task-oriented role to being more of a strategic business advisor role.
The Future of Finance
At the opening keynote session, Sage Intacct executives shared their 2019 vision to be the first and last cloud-based financial management solution its customers will ever need by making key strategic investments in the follow areas:
Deep Cross-Industry Business Processes and Best Practices Improving the platform to support a wide range of key functions, best practices, and use cases from vertical markets to accelerate time to value for customers
Global Expansion and Scale Expanding core product capabilities to support the needs of customers with global operational scale
Best in Class Modern Platform Continuing to lead the market with unmatched visibility and insight, streamline user interface, integrate intelligent automation, and deliver unique solutions with configuration and customization
New Product Innovations
Sage Intacct reinforced its commitment to delivering more value to its customers by highlighting three new innovations that address the toughest financial management challenges facing our customers. They include:
Budgeting & Planning, Available Now,Download Datasheet Ensure Holistic, Secure Collaboration for Improved Planning Across Small to Midsize Businesses
Introduced in limited release in September, Sage Intacct Budgeting and Planning is a powerful, yet easy to use, cloud-based financial budgeting and planning solution that streamlines and improves the budget planning process. It is designed for small and midsize businesses that have outgrown spreadsheets and email for collaborative planning but don’t have the time and money to implement and manage an enterprise-scale solution.
Sage Intacct Budgeting and Planning improves organizational alignment, reduces wasted resources, and improves security. It enables organizations to collaborate on the latest version of the plan or budget in a single secure application.
Interactive Custom Report Writer,Available in Q4 2018 Increase Business Agility and Improve Operational Insights
Sage Intacct Interactive Custom Report Writer is a modern, visual reporting tool built to increase the flexibility and agility required to improve business insights and day-to-day operations.
The new module enables users to build custom reports quickly and easily with hierarchical field selection, drag-and-drop functionality, and automatic formatting and simple subtotaling. The rich interactivity enables users to pivot, filter, sort, and expand data to answer specific business questions. Interactive Custom Report Writer also addresses more complex needs, implementing rolling sums and aggregations, as well as functionality that easily reorganizes and summarizes data with pivot tables. It also offers conditional formatting and color selection to draw attention to the most important data and trends to improve report usability.
Dynamic Allocations, Available in Q4 2018 Allows Customers to Streamline Complex Close Processes with Confidence
Like most close-related activities, allocations can be arduous, time-consuming, and error prone, but also vital to understanding organizational performance. Without allocations, nonprofits have limited visibility into the full cost of programs, and project-based businesses struggle to understand profitability.
Sage Intacct Dynamic Allocations empowers organizations to streamline the close process with confidence, enabling them to more efficiently and accurately represent the financial performance of products, projects, departments, and business processes through allocation of indirect revenue and costs. It enables companies to save time, reduce errors, and streamline audits, increasing transparency into organization performance and eliminating cumbersome spreadsheets.
Organizations save time by setting up sophisticated allocations once and then dynamically generating future allocations with the press of a button. This ensures consistent, automated processing to reduce errors, streamline audits, and drive significant time savings.
Nonprofit Revenue Recognition Eliminates the Burden and Complexity Around New Accounting Standards
Announced in June of 2018 by the Financial Accounting Standards Board, Accounting Standards Update (ASU) 2018-08 clarifies the guidance from Accounting Standards Codification 958 (ASC 958) around accounting for grants and contracts of nonprofit organizations. For nonprofits that manage several grants or rely on grants for much of their funding, this new accounting standard requires changing many internal processes.
Sage Intacct Revenue Recognition for Nonprofits streamlines complex and manual-intensive processes by automating revenue recognition for conditional grants and contributions in one central system, eliminating the need to pour over calculations in various spreadsheets. With consistent tracking, it saves time, reduces errors, and empowers nonprofits with the data required to streamline internal workflows, audits, and even board presentations. The application also works seamlessly with Sage Intacct Grant Tracking & Billing to automate billing for grant funding to save nonprofits time and money.
New “Action” User Interface, Coming Q1 2019
Sage Intacct users should be preparing now for the new “Action UI” user interface release that will soon become the standard user interface for all users. Currently in beta testing, customers can tryout the Action UI by clicking “Enable Beta UI” link located in the top right of their screens. Once the new release is fully rolled out in early 2019, the old interface will be retired which is expected before the end of Q3 2019.
Sage Intacct named the new UI “action” because it drives efficiency, enabling users to focus on the most important work at hand. Once launched it will deliver a personalized experience for each user—allowing them to do things such as “drag-and-drop” key parts of the navigation to make it work the way each individual user uses the system. In addition, the UI offers new application overviews and a new reporting center bringing together Intacct’s deep insight capabilities all in one place.
Six LBMC Technology Solutions’ Customers Honored with Exemplary Customer Success Awards
Please join us in congratulating the winners of the 2018 Sage Intacct Customer Success Awards: Pathway Lending; University Clinical Health; Brentwood Baptist; Nashville Predators, Qualderm Partners, LLC, and Capital Confirmation.
The Sage Intacct Customer Success Awards recognize organizations that have used Sage Intacct to dramatically improve both their business and financial operations, as well as their bottom lines.
Barbara Harris and the team from Pathway Lending celebrate with LBMC Technology Solutions after receiving the 2018 Sage Intact Customer Success Award.
Customer Appreciation Event
LBMC Technology Solutions would like to thank our customers for joining us at our customer appreciation event hosted at Madame Tussauds in Nashville, TN. We also would like to extend a big thank you to our event sponsors, VersaPay, Avid Exchange and Nexonia. While we are known for deploying sophisticated technology solutions, we also enjoy getting to know our customers and having a little fun.
If you are an LBMC Technology Solutions customer and plan on attending the 2019 Advantage Conference in Las Vegas, Nevada from Oct 21-25, please SAVE THE DATE to attend our 2019 Customer Appreciation Event. Additional details to follow.