Industry-First Solution Helps Nonprofits Address New Revenue Recognition Guidelines
NASHVILLE – October 24, 2018 – Sage, the market leader in cloud business management solutions, today unveiled new innovations purpose-built for several key vertical markets onstage at Advantage 2018. They include Sage Intacct Revenue Recognition for Nonprofits, Sage Intacct Billing Workbench for software and technology companies, and new features for distributors and inventory-based companies to maximize operational efficiencies. All solutions will be made available within Sage Intacct, a solution available on Sage Business Cloud.
Dan Miller, vice president of product for Sage Intacct, showcased the new functionality during the conference opening keynote.
“We understand that every business is unique. Even within vertical industries, you have specific business practices that make you an effective organization,” Miller said. “Our goal is to provide an unmatched set of capabilities that embrace the complexity of any organization, while helping to streamline processes and deliver deep business insights.”
Sage Intacct Revenue Recognition for Nonprofits Eliminates Burden and Complexity Around New Accounting Standards
Introduced this past June, 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 a majority of their funding, this new accounting standard requires changing many internal processes.
Sage today introduced Sage Intacct Revenue Recognition for Nonprofits, the first industry solution to help nonprofits comply with the new Accounting Standards Update (ASU) 2018-08 from the Financial Accounting Standards Board.
Sage Intacct Revenue Recognition for Nonprofits streamlines complex and manual-intensive revenue recognition 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.
“This is a great example of the power of cloud-based solutions to adapt to changing customer needs around accounting standards,” said Stephanie J Cavadeas, CPA, Wipfli LLP, a Sage Intacct partner. “As an auditor, I serve as a key resource for our clients in navigating any new accounting guidelines. What I really like about Sage Intacct is that it’s so flexible in the ways that clients can track information. The system is easily configured to match the information needed based on the revenue sources and related revenue treatment needs per organization. Since the information is centralized in Sage Intacct, our clients don’t need to track these details in ancillary systems or spreadsheets, reducing the effort for everyone.”
Sage Intacct Revenue Recognition for Nonprofits will be generally available in Q4 2018. For more information, visit: https://www.sageintacct.com/nonprofit-accounting-software.
New Sage Intacct Billing Workbench to Increase Efficiencies for Subscription Businesses
Subscription businesses, such as software and technology companies, often struggle with complex billing sources and increased volume as organizations scale and customer counts increase. Order-based systems typically result in too much manual work, especially now when customer contracts feed into revenue.
Billing Workbench is designed to address these challenges and become the heart of a software and technology company’s billing process. It’s core to Sage Intacct’s continued emphasis on enabling efficiency and insight for subscription-based organizations.
The new application manages disparate billing events and charges from all sources — including subscriptions, services, project milestones, time, employee expenses and inventory — and includes configurations to determine the required billing process and workflow. Billing Workbench also offers customers a billing summary to quickly deliver key insights into any unbilled charges, making it easy to identify billing exceptions that need attention.
Controllers can easily define billing processes and policies unique to their company, and billing staff can review pre-created invoices based on policy and focus on exceptions that require more attention, saving time while also increasing cash flow. Preconfigured billing cycles is also available to support multiple billing staff members and drive more efficient billing workflows, as individual billing staff members can manage their own work.
For more information about Sage Intacct’s offering for subscription businesses, visit https://www.sageintacct.com/subscription-billing.
Innovation for Distributors and Inventory-Based Companies to Maximize Operational Efficiencies
A major challenge facing distributors today is creating and accessing an accurate, real-time picture of the financial and operational wellbeing at any time. To accomplish this, robust financials must underpin solid inventory accounting and high operational efficiency.
Sage Intacct today showcased new innovations designed to automate processes, including easy-to-use solutions that save time and provide business insights, enabling distributors and inventory-based companies to make smarter decisions about suppliers, landed costs and purchasing. The tools are designed to help enable warehouses, including sophisticated multi-warehouse environments, to maximize inventory investments and ensure staff is used in the most efficient way. It also enables warehouses to handle receiving, putaway, picking and fulfillment, and shipping more effectively. Ultimately, these enhancements empower inventory-based companies to deliver products to customers more quickly and streamline the order-to-cash process.
For more information, please visit: https://resources.sageintacct.com/data-sheets/the-right-items-in-the-right-place-at-the-right-time.
Sage (FTSE: SGE) is the global market leader for technology that helps businesses of all sizes manage everything from money to people – whether they’re a start-up, scale-up, or enterprise. We do this through Sage Business Cloud — the one and only platform that customers will ever need, comprising Accounting, Financials, Sage Intacct, Enterprise Management, People & Payroll, and Payments & Banking.
Our mission is to free business builders from the burden of admin, so they can spend more time doing what they love — and we do that every day for three million customers across 23 countries, through our 13,000 colleagues and a network of accountants and partners. We are committed to doing business the right way and giving back to our communities through Sage Foundation. Find out more at www.sage.com/en-us.