Does your chart of accounts resemble a secret code?

Many companies struggle with being able to report on their data and spend hours exporting and importing into spreadsheets then filtering and creating pivot tables. Only to find by the time they have done all that work the data is out of date or mistakes have been made in all the splicing and dicing.

There is a better way!

With Sage Intacct use of Dimensional Accounting you can code transactions the way you need for the way you want to report on the data.

With seven dimensions right out of the box, you can code each transaction with any combination of dimensions without creating a general ledger account.

Flexibility is key to an organizations ability to grow. If you need to report on two, ten, a hundred or thousands – there is no limit to how many dimensions in a list.

Let us look at dimensions in action.

A multi-site adult care and senior living facility needs to track the following:

• Residents (Customers): Independent Living and Supportive Living.
• Location: Rose Quarter, Willamette, Mt Tabor.
• Departments: Administrative, Facilities, Nursing, Maintenance, Grounds Keeping, Dining, Café, and Housekeeping.
• Billing Type: Insurance, Private Pay, Medicaid.

 The old method for tracking this information meant creating five segments to the general ledger account structure.

An example of posting payroll expenses looked like:

 Coding revenue or an expense looked like:

Not only were there over 3000 accounts to accommodate each combination, but staff had to have cheat sheets to look up each list and its corresponding value. The time spent simply on coding an invoice was longer than it took to enter it.

With Sage Intacct there is the Main Account. Each applicable dimension is then listed, and staff simply choose from a drop-down list. If a dimension is not needed for the transaction, it is not chosen.

To drive workflows, you can require dimensions for each account, securing the integrity of the data. Providing a workflow for each transaction drives the user experience. In the end, you can produce reports quickly, therefore gaining the information needed for timely decision making.

For organizations that need to track Projects, Contracts or by Warehouse, the dimensions are available with corresponding modules. 

Flexibility is built into Sage Intacct; any of the standard dimensions can be renamed. For example, a non-profit organization may wish to rename CLASS to FUNDS and track various donations and fundraising activity.

A more efficient transaction allocation method provides cost saving benefits.

• Reduce the time to produce financial statements from days to minutes.
• Significantly cut the chart of accounts from thousands to a few hundred.
• Eliminate hours of manual work per week by no longer having to check lists and be sure each transaction is coded correctly.
• Gain greater insight for reconciling with drill down capabilities right to the transactions from any financial report.
• Spend less time entering transactions and more time analyzing the business.

At any time, you can run financial reports or create powerful dashboards to see real-time data with the click of your mouse.

Would you like to learn more about how Sage Intacct can revolutionize your accounting department?  Contact us today.