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accounting for professional services industry Are you a CFO or Controller in the professional services industry? If so, how’s your current accounting software working out for you? We find ourselves talking to more people in your position that are struggling with their current accounting program. Sure, the software did well at first, but now it’s like trying to fit a square peg into a round hole…and it just doesn’t work. Yes, you can force it, and yes, it will eventually go through — but there’s way too much effort involved in making it happen. Forcing your accounting program to do things it’s not designed to do is inefficient, error-prone and time-consuming. Stop the madness! Let’s take a look at a recent case study that showed how well Sage Intacct helped a growing company like yours. Do any of these pain points resonate with you?

Company: STS International – a global IT outsourcing company operating on six continents and recognized as one of Inc. 5000 fastest growing companies.

Previous accounting solution: Sage Peachtree

STS’s pain points and how Sage Intacct solved for each:

Pain point: Global data consolidations and currency conversions were time-consuming

Sage Intacct solution: Gave the ability to fully consolidate its books in US dollars with one click, all while maintaining a view of each international entity in its local currency.

Result: Because the company used multiple accounting applications worldwide, it previously took the internal team three to five months after the end of every quarter to enter its global financial data in Excel and process all currency conversions. Sage Intacct shortened global consolidations from several months to just a few weeks.

Pain point: Current system was inflexible and lacking in features that could support business growth

Sage Intacct solution: Immediately gave the ability to add more entities and increase transaction volumes. Also provided a cloud solution that offers seamless upgrades.

Result: Increased productivity and minimized finance staffing needs, avoiding two full-time employees, and saving $100,000 in annual salaries.

Pain point: Reporting was slow and lacking in detail

Sage Intacct solution: Provided highly flexible, real-time reporting with the ability to drill-down.

Result: Gave greater insights into financial and operational trends across multiple company entities, which also helped improve data-driven decision making.

Pain point: Too much double entry in different software programs that didn’t integrate

Sage Intacct solution: Gave the ability to plug into other business systems being utilized by STS, including ADP, Concur, Kronos, and multiple credit card processing systems.

Result: Tasks that used to take two days in the previous, disconnected financial system now took just a couple hours, which saved at least a week of work each month.

Payroll processing was too slow

Sage Intacct solution: Seamless integration with ADP

Result: STS was able to shave off three to four days each month that it previously spent on labor allocation, project costing, and manually posting of payroll data.

Mike Munson, The controller at STS International, said it best,“We were blown away by [Sage] Intacct’s global consolidations capabilities and the flexible reporting and analytics, along with its overall scalability and the flexibility to plug into any other business system we needed. Having a true, modern cloud solution that offers seamless upgrades, as opposed to a hosted on-premises system, made it by far the best choice.”

So, if you’re toying with the idea of improving your accounting program, consider Sage Intacct. Contact us to set up a demo today.

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