When it comes to investing in a new accounting software, buyers have a research puzzle on their hands. There are plenty of options to consider, and even after a ‘basic needs’ analysis, the selection process is complicated and time-consuming. Tighter margins, stronger competition, and increasingly stringent regulatory policies are some of the major challenges that have built up to a situation where any forward-thinking CFO would see the need to evolve.
Sage Intacct and Sage 300 offer a wide range of core financial features such as general ledger, sales and order management, accounts payable and receivable, purchasing, reporting, and more. Both integrate well with other applications and offer customization capabilities to help processes and reports meet industry- or application-specific needs. To help you decide which solution is right for your business, let’s take a deeper look at both.
Deciding if cloud is right for your finance organisation
While your next financial solution could be a cloud solution, it doesn’t have to be. Today’s CFOs are part of a C-Suite force leading the digital transformation in their organisations. Our Sage consultant Lusanda Mlilo explains how CFOs that adopt new technologies will navigate uncertain times more easily – “the move into mobile work environments has been accelerated – albeit forcibly and somewhat haphazardly. Being in the cloud allows for such mobility, which increases the flexibility and adaptability of businesses. The cloud, therefore, enables businesses to be resilient, an essential characteristic in times of uncertainty. So as we collectively exhale, why not take an (unpanicked) moment to plan your migration to the cloud in order to futureproof your business?”.
It’s crucial that the modern CFO is versatile – merging a rare combination of accounting, analytics, business, and strategic-thinking skills into one package. This is the right time to make the move into the era of CFO 3.0 with Sage Intacct as the cloud offers compelling and unmatched advantages for deploying business software, particularly financial applications. Instead of continuing to invest in outdated, on-premise systems, leading digital transformation businesses have turned their focus to SaaS and cloud-enabled software.
So, to determine if the cloud is right for your finance organisation ask yourself these six questions:
1. Does my team need to work outside the office?
Something that’s more important than ever is “anytime, anywhere” accessibility. By moving to the cloud your finance team can work from anywhere in the world with a secure Web browser and internet connection. You don’t need extra security hardware or software, or a VPN connection.
2. Does my business need to accelerate financial processes—without increasing headcount or IT budget?
Cloud systems drive higher ROI through time savings and process efficiencies. Being Web-based, live, and real-time cloud systems greatly accelerate crucial financial processes like collections, consolidations, and period closes.
3. Does my financial system need to integrate with Salesforce.com or other applications?
Extensibility is standard when it comes to the cloud. APIs and Web services provide a pre-built framework for cloud systems to integrate, so your company can use the best applications for each functional area of the business. That means no more costly custom programming and maintenance from expensive IT resources.
4. Do my managers want or need self-service access to their relevant KPIs?
Real-time visibility is a standard of today’s cloud systems. You can control access to traditional finance department users and other stakeholders across the business. Many financial services firms that are adopting cloud financials use real-time dashboards for their management team, so everyone can see the key performance indicators that apply to their department.
5. Does my organisation struggle with inefficient processes?
Moving to the cloud can help you gain company-wide operational efficiency as it enables companies to avoid the risk of “management by spreadsheet” and avoid the limitations of single-user systems that confine information to silos.
6. Do we need to compete with bigger businesses—on a smaller budget?
Having a cloud-based financial system offers you a far higher level of performance, reliability, and security than you may be able to afford on your own. Your vendor amortises costs over thousands of customers, so they can maintain world-class infrastructure and provide you with year-round operations, continuous backups, disaster recovery, and security.
Related Post: A guide to Sage Intacct
Considerations when selecting a cloud accounting solution
Before we get stuck into Sage Intacct and Sage 300 let’s look at the considerations when it’s time to evaluate vendors for your financial system.
1. Gather requirements
Work out your needs. Get input from key users in related departments. Do you need to integrate with CRM systems? Talk to sales. Do you need to deploy new purchase requisition processes? Talk to accounts payable.
2. Identify your top priorities and challenges
Determine which functionality and requirements are “musts” and rank them so that you can select the system which best fits your finance team’s unique needs.
3. Create an RFP
Once you have your requirements established, it’s time to list your needs, expectations, and parameters on a Request for Proposal (RFP) form that you can send to a shortlist of vendors. Using the same format for all vendors will make the comparison of solutions easier.
4. Research your options
Start online. Develop a shortlist, sift through competing offerings, and comb through independent research and reviews. You can consult social networks like LinkedIn and Twitter to connect with people that are already using products that may help you with your day-to-day.
5. Book a demo from your shortlist
You’ve identified your business objectives and project requirements, planned your project budget, established a case for it, outlined your product specifications, written your RFP, and evaluated your proposals. Now, it’s time for the last piece in the procurement puzzle: selecting your vendor. Book a demo with vendors on your shortlist and take each software for a test drive.
Sage Intacct at a glance
Sage Intacct is the number one cloud-based financial management platform for customer satisfaction as rated by G2. It helps your business increase operational efficiency and gain valuable real-time insight into your finances.
Sage Intacct gives you complete control over your data to analyse it more closely and work with it in ways that suit your every need. You can tag transactions and operational data with dimensions, so you can quickly view your data from any angle while adding business-specific context to your data.
Sage Intacct is a cloud solution with features focused around:
Core accounting capabilities
Streamlining financial management
Tetrad’s Marco Moreira shares his thoughts on Sage Intacct and it’s place in today’s shifting world – “There is a definite shift happening within the market at the moment. With the affordability of the internet to people in general, internet has become a tool which is more widely used and being adopted by many more people in South Africa.
Look at how businesses have been affected with covid. Everything moved online, no need to meet in person, travel to another province to have a face to face meeting… All done over the internet.
With the adoption of banking into a “cloud” environment, we are now able to have our data sitting in the “cloud” accessible from any device from anywhere in the world. No more worrying about Servers, Backups, SQL licences, etc… It’s all taken care of by the provider, Sage Intacct.”
With over 13 years of implementing and supporting Sage products, we will help you leverage the full power of Sage Intacct. Book a Demo today.
Sage 300 at a glance
Imagine a world where your business can process orders, fulfil orders on time, make and accept payments, reconcile your books across multiple companies and currencies, pay employees, and manage projects, all with one trusted solution. Sage 300, formerly Accpac, is an enterprise resource planning solution that does it all.
Sage 300 helps small and medium-sized companies manage their entire business across geographies without the cost or complexity of traditional enterprise resource planning (ERP) software. It automates workflow processes for your enterprise through on-premise or online deployment.
Sage 300 is typically an “on-premise” solution with features more focused around:
Enterprise resource planning (ERP)
Multi-currency and multilingual functionality
Operations and process management
Deployment of Sage Intacct vs Sage 300
Sage 300 is a desktop application with cloud functionality. Known formerly as Sage ERP Accpac and Sage 300c, Sage 300 offers finance, operation, inventory, and sales modules to help businesses streamline process management.
Despite the name, Sage 300 is considered an “on-premise” solution because it is installed as a desktop app. Once installed, users can connect to the software anywhere, from any device. Remember that legacy products like Sage 300 begin to age the second they’re installed. Without regular maintenance and upgrades, the risk associated with performance and reliability grows.
Unlike Sage 300 and other legacy Sage solutions, Sage Intacct was born during the Internet Age. Using a software-as-a-service (SaaS) model, Sage Intacct handles all of its computing in the cloud, eliminating the burden and expense for users to maintain hardware and software. Sage Intacct provides unparalleled flexibility and scalability as cloud accounting software, and it is ideal for global multi-entity and project-based organisations. The cloud provides your team with secure access anytime, anywhere, with flexible, customisable reporting to fit your needs.
Price differences between Sage Intacct and Sage 300
The monthly cost per user significantly differs between Sage Intacct and Sage 30, with Sage Intacct being much higher. However, keep in mind that the difference in cost results from various factors, and the initial price is not the final cost that your business would have to pay.
Sage 300 users need to buy a separate support package that is not included in the software subscription. In addition to cloud hosting fees and hardware maintenance, the cost can add up quickly. Alternatively, Sage Intacct comes at a high-cost upfront, but that cost takes care of your support and maintenance.
Feature differences also play a significant role in the cost. Sage 300 users often use third-party software such as Excel for data entry, reporting, and dashboarding. Manual input is standard for legacy Sage software, and time is money. Wouldn’t you prefer to spend your time on more critical business decisions and tasks?
Although a Sage Intacct subscription costs more than a Sage 300 subscription, Sage Intacct’s reporting and dashboarding capabilities are built into the software which means you gain access to capabilities of multiple organisations and cloud-exclusive features with just the one subscription.
Another critical difference between the two that leads to their distinct pricing differences is that Sage 300 is a general ERP option while Sage Intacct is a feature-specific, best-in-class financial management software. This means that Sage 300 can handle various activities and managerial duties that Sage Intacct cannot. However, those activities are more generalised and could easily be accomplished on different platforms. Sage Intacct allows you to maintain GAAP (Generally Accepted Accounting Principles) compliance and perform highly-specialised accounting tasks and customisations that Sage 300 cannot.
When assessing any accounting software, the best advice is to factor in all the variables to avoid surprises. Pricing models for cloud applications vary widely. Some vendors charge an all-in-one fee, and others might break out various components like maintenance, support, or training and then add overage charges based on the number of users or number of transactions.
What the integration is like for Sage Intacct vs Sage 300
Sage Intacct uses a web-based API to synchronise with various other software. As a best-in-class solution with robust vertical functionality, Sage Intacct is designed to integrate with other best-in-class products, giving you the flexibility to build your ideal business management system from the tools that best fit your needs.
The Sage Intacct Marketplace houses third-party software and modules from more than 200 providers. These solutions can be installed and applied to your software, expanding its capabilities in just a few simple steps.
On the other hand, Sage 300 integrates with preexisting sales and service software, such as Microsoft Office 365 and other CRMs. However, non-Microsoft integrations are likely to encounter misalignment; since Sage 300 is desktop software, its updates can lead to limited and difficult-to-maintain integrations with third-party applications.
It’s easy to see how the integration and pricing of these solutions interconnect—Sage 300 comes at a lower price than Sage Intacct but requires you to invest in other synchronous software solutions to utilise more advanced features. Sage Intacct requires more expenditure to implement but offers a vast marketplace of other best-in-class modules by developers worldwide.
As a premier Sage Intacct partner, Tetrad IT provides high-level service and support to help businesses implement ERP systems. If you’re interested in learning more about Sage Intacct and cloud accounting, please contact us today.
The final verdict
Should you stay with Sage 300 or switch to Sage Intacct? The answer depends entirely on you and your needs. Both are strong solutions, and neither one puts a company at a disadvantage.
Instead of selecting one solution over the other, pick the product that sets your accounting department and the broader enterprise up for success moving forward. As we’ve mentioned, recent events have proven how quickly things can change, and create opportunities for companies and CFOs with vision and agility. Companies are reconsidering their strengths and weaknesses, rethinking their business models, and revising their strategies for the coming months and years. The right accounting software is critical for you to adapt to whatever comes next.
If you need best-in-class, accounting-specific software, Sage Intacct is better. As a cloud-based, hosted SaaS solution, Sage Intacct provides all the robust accounting department infrastructure you need without the expensive in-house hardware and software—and all the management and maintenance associated with it.
Work with Tetrad IT and make the switch to Sage Intacct
We don’t want to push you in one direction or the other – only towards the right solution for your needs now and later. Continue this conversation with the team at Tetrad IT. Our mission is to help you gain unprecedented control over your business by leveraging award-winning, cloud-based business solutions.
With over 13 years of implementing and supporting Sage products, coupled with our understanding of customer experience best practices, we will bring a breadth of knowledge to the table that will help you win with Sage. If you’d like to discuss a Sage Intacct implementation get in touch with our team.