Prospective customers who come to Intacct after using a legacy on-premises accounting system, such as those from Microsoft or Sage, are often highly concerned with the lack of adaptability of their current system. They tell us that, over time, their business changed and they now need their on-premises system to adapt to a new way of doing business. That's the problem—their old system was so inflexible that they needed custom programming work to be performed by an IT professional in order to adapt to the new business environment. This costs them both time and money.
These companies come to Intacct because a modern cloud accounting system lets you quickly adapt your financial system to changing requirements without writing code.
No matter what you think is going to happen with your business, it is going to change. Hopefully your business will be successful and grow organically—more transactions, orders, customers, employees—that’s the right kind of change in your business. But your business will definitely change in complexity as you strive for growth. You may introduce a new product or product line, bring on channel partners, add a subsidiary, or expand into a new geography. That change will add complexity to the way your accounting and finance staff go about their business.
As an example, let’s look at an organization that has grown from a standalone business to one with multiple entities. When your business grows by forming or acquiring a new entity, your legacy on-premises software won’t adapt to your new business structure unless you pay for even more custom programming or install a new instance of the software. Even worse, performing a financial consolidation of the combined entities usually involves a complex spreadsheet because so many on-premises systems do a poor job with consolidations and rarely deliver detailed, auditable inter-company elimination entries.
Most on-premises accounting systems weren't designed to adapt to business changes like this. You’re stuck hiring additional staff to manage the extra manual work, or you’re stuck paying for more custom IT work and software to update your legacy finance system.
Yet there is another way to handle growth and change in your business. At Intacct, our goal is to provide you with a solution that works well for the requirements you have today, but also for the changes that your business may experience in the future.
As you compare Intacct with your on-premises solution, consider what it will take to get your system to adapt to change:
- Time and money spent on updating your reports when you add a new line of business
- Programming or re-implementation work when you change your reporting structures
- Manual data entry effort as you add customers, vendors, or products that apply to multiple locations and entities
The Intacct difference is that you’ll be able to adapt to all of these changes with no additional effort, or at most, with a few clicks of the mouse. Adapt your financial management software to the way you do business, not vice versa.
Here are just a few of the things that make Intacct a highly adaptable finance and accounting system:
- With Intacct, you can use check-box configuration settings to define attributes and behaviors that are typically customized with code in on-premises systems.
- You can add entities in under an hour without writing any code, instead of setting up an all new implementation of your on-premises system.
- Intacct lets multi-entity organizations choose whether to use consistent or different workflows, charts of accounts, period definitions and lists across entities. On-premises systems generally require you to separately create, upload, and maintain a chart of accounts for each entity.
- Intacct can automate consolidations for multi-entity organizations with complex domestic structures, shared ownership structures, and global operations; this process involves cumbersome manual processes with on-premises systems.
Next time we’ll take a look at how switching to the cloud can give you better visibility into your business with metrics and key performance indicators.
Be sure to follow Intacct on all our social media channels, including Facebook, Twitter, and LinkedIn. Also... have you joined the Intacct Cloud Accounting group and the CFOInsights group on LinkedIn... they are a great place to network with other people interested in cloud financial applications.