For many business owners, Sage 50 is the first preferred choice to manage their financial records. But your company’s development and growth curve call for more than simply a basic accounting system. They want a much faster solution that empowers them to access various metrics instantaneously and allows them to consolidates entities in a matter of minutes. However, along with the versatility and scalability, they want something that fits their budget. Sage Intacct is the one that perfectly meets all new criteria. Henceforth, making the switch from Sage 50 to Sage Intacct software is one of the biggest decision that SMEs can make. The versatile solution is perfect for medium-scale businesses. Read this blog to learn more about Sage Intacct software.
A Brief Introduction of Sage 50 and Sage Intacct
Sage 50 is a popular accounting software that is easily usable by small and medium businesses. It is a desktop edition and needs to install on your system. It indicates that you can just access the application from that desktop only. You need to buy a new license every time you add a new employee to your system since it is not scalable. Due to its non-scalability, most users search for sage 50 end of life. With the new industry-standard security protocols, Sage has decided to discontinue Sage 50 end-of-life. If you are a regular user of the software and are thinking about switching from the older to the new version, then Sage Intacct is the perfect solution.
Sage Intacct is a cloud-based software that helps business owners in managing their finance tasks. It improves the productivity and efficiency of business operations by providing deep insights into their finances. The application offers seven different modules that help businesses streamline their most important finance processes, such as reporting, accounts payable, cash management, general ledger, accounts receivables, and more.
Sage Intacct and its Edition: Starter Edition and Sage Intacct’s full version.
- Sage Starter Edition: It is an entry-level version and is designed for smaller businesses with less budget. The number of users is limited. You can purchase additional modules as per your requirements.
- Sage Intacct Full Version: In this the application is available with all its features and tools. It provides the tailor made industry specific solutions such as accounts payable, cash management, inventory management and more.
Top Reasons to Migrate Sage 50 to Sage Intacct
The continuous growth and evolvement of businesses pushes businesses to switch to a better financial solution.
Below, we have mentioned the five key reasons that always emerges as key drive away from Sage 50 to Sage Intacct.
- Multi-Dimensional Reporting: You can generate reports in seconds rather than days with unlimited dimensions and calculated fields. It reduces the audit time by 50% as auditors have direct access to reports. Also, you will get real-time insights into the critical metrics.
- Built for the Cloud: Many businesses want to work remotely. They need flexible software that allows them to work from anywhere or anytime. Also, it eliminates upgrade disruption and integration is easy and inexpensive.
- Multi-Entity Management: In Sage 50, the consolidation of multi-entity management typically takes several days. However, you can easily perform multi-entity management in minutes rather than days. It easier to add new entities without the need of costly advisors. Also, the book is closed 80% faster.
- Automate Scalable Financial Processes: It automates various manual processes. The day sales reduces the outstanding to 30 – 60 % by generating invoices automatically. Also automate the PO, PR, and payment approval workflow, which ultimately increases the efficiency by 50% – 90%.
- Needs More Automation: Collaborating with various business processes is a hectic task. It is a time-consuming process. Sage Intacct automates various manual processes. It increases efficiency as the manual process is eliminated.
- Amazing Features of Sage Intacct: Sage Intacct’s advantages are not limited to multi-currency support only. The outstanding
What are the features of Sage Intacct?
- Multi-Currency Support: The software is equipped with multi-currency capabilities, which enables you to make exchange rates per transaction. Also, the daily exchange rates are pulled daily into the system.
- Reporting: Organizations need to have more detailed reports that are valuable to all board members, investors, finance departments, and more. When financial reports are dispersed throughout several spreadsheets and manually compiled to obtain financial insights, it can be quite inconvenient. Henceforth, the software comes with multiple reports that provide deep insights into your business finances. The business owners can generate a more detailed report that best fits their business criteria.
- Stock and Inventory Management: The right and detailed report of inventory helps in the growth of your business. The software’s stock and inventory management tool helps provide you with a detailed inventory report that reduces the cost and increases the cash flow.
- Fixed Assets: Managing fixed assets is a complex task for businesses as they have multiple sets of asset acquisition. The software simplifies the task of fixed assets by automating the life cycle from acquisition to disposal. Apart from that, the software reduces the risk with complete audit trails, as you have more control over your processes and data.
- Contract Management: You can manage the contracts and subscription billing or automate and monitor contract revenue recognition. Also offers a SaaS digital board book.
Sage Intacct vs. Sage 50: Key Difference Between Both
No wonder both software of Sage are well-established enterprise resource planning solutions that are specially designed for small businesses. However, there is a key difference between both applications.
Below, we have compared both the applications, sage intacct vs sage 50:
- Users: Only 20 users can log in simultaneously to Sage 50. On the other hand, Sage Intacct has virtual with no Limits of users and is easily scalable by using its cloud-based architecture.
- Transaction Volume: The ceiling transactions in Sage 50 are limited to 1,000,000 only. However, in Sage Intacct, it’s easy to scale.
- Performance: Even with the updates, the performance in Sage 50 can be a notorious issue for the storage and processing time. It can lead to loss of data, which is a serious issue. However, with Sage Intacct, you need not think about performance issues. Hence it will not corrupt or affect your files, as it is scalable by using a cloud host.
- Automation: Businesses rely on manual entry processes with spreadsheets in Microsoft Excel. The Sage Intacct removes the manual entry process by automating various tasks. Streamlining of Various Financial processes.
- Visibility: Sage Intacct will provide real-time financial visibility that helps in making improved decisions. You can have more deeper insights into your business finances.
What are the Usage of Sage Intacct?
Businesses are switching from Sage 50 to Sage Intacct due to its ability to manage their business finances over the cloud. It provides the deep insights based on facts and figures to enhance your company’s success. Moreover, it automates various critical tasks of your business so that you can handle your business more effectively.
By using the application, you can perform the below-mentioned things:
- Get real-time interactive reports
- You can easily manage your finances and accounts
- It Safely keeps all your precious data in the cloud
- You can easily manage the inventory, tasks, resources, and costs and can perform bank reconciliation.
- It provides simple online access to accounting and financial transactions.
- You can access accounting data online, anytime, anywhere.
- You can work together with your accountant and other users.
- No need to buy expensive servers and backup systems.
- You can easily combine several organizations, several entities, and multiple currencies.
- Online VAT submissions are consistent with Making Tax Digital (MTD).
Choosing the right solution for your small business is a challenging task. Sage Intacct is the right decision to switch from Sage 50 to Sage Intacct. The seven core modules of Sage Intacct streamline the most important financial processes, such as purchasing, order entry, general ledger, and more. Hopefully, this blog provides you with enough reasons to switch from Sage 50 to Sage Intacct. In case you are still having any further queries, you can call our experts immediately.
Frequently Ask Questions (FAQs)
The price of Sage Intacct depends on the number of users and the additional modules you purchase for your organization. You can pay the fees monthly or annually, depending upon the type of subscription you purchase.
You can search the query on the internet. Different members post on community forums in case there is a problem accessing the application.
Different companies across the industry widely use the application. However, the most popular uses of Sage Intacct as per the industry type are healthcare, financial companies, accounting, IT, Non-profit, real estate, property, and more.
The key difference between both applications is that Sage Intacct empowers you to take full control over your company finances. On the other hand, Sage 50 is perfect for small businesses who are not having enough budget.
Yes, our experts will assist you through various Sage products. They are experts in their niches and will guide you through various stages of Sage products. All you need is to call them.