Sage Intacct: Is it the fit for you?
May 17, 2019
Sage Intacct: Is it the fit for you?
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with Sage Intacct
Sage Intacct is used company wide as our only accounting system. It interfaces with our in house property management system. Our general managers use it to manage their budgets on both existing and new construction. We use the API heavily to interact with our property management system and website. All our customer data travels through the API when a deal is made. We also use the API to set up our reporting dimensions. For example, when our property management software is updated with new building information, that same information travels through the API so our reporting is always equal to the information in our property management software.
- The API is well defined and easy to use. We have a very competent in-house property management software that writes our contracts and runs our website, we didn't want to have to double all that data into another system to do our financial reporting. The API allows all that dimensional information to be updated immediately and consistently.
- We are able to combine information from multiple entities easily and reliably. The reporting system allows for one report to be created and used over all our markets using the features prompt when the report is run.
- Our managers enjoy the report scheduling system. The budget reports are emailed to them on a set time frame without them having to generate them every time or anyone having to remember to send it to them.
- The accounts payable and accounts receivable module have a balancing problem at the entity level with the general ledger. For example, running the G/L at month end and comparing the overall total to the A/P ledger will show you in balance, however, if you run the same report for company A, the G/L and A/P ledger the number may not balance if company A had an invoice paid for by company B. It is a known problem and Intacct does not have a solution except to make manual balancing entries each month. This is challenging with multiple companies and large numbers of transactions.
- When setting permissions, it is difficult to understand what to turn on or off in a particular user profile when you are trying to put in controls. Giving just enough access is a lot of trial and error.
- The AP ledger shows the invoice date and lists in that order, it does not show the posting date. So if you have a missing invoice for January, and you enter it with a posting date of May, it will not show on the AP ledger for that vendor in May, it will show in January. There is no option to see the G/L posting date, so it is sometimes difficult to find that invoice that was a late submission. This is minor, but difficult when trying to reconcile with vendor statements.
- If an order is entered and partially invoiced, then a customer's information is updated, the rest of the order cannot be converted to an invoice. If someone goes in and updates a spelling or address, the order will no longer convert to an invoice, nor can it be credited out or deleted.
- We have shortened the time it takes to close our month end books by 5 days.
- Our A/P process utilizes the API and went from 45 hours per week to 10 hours per week.
- Our payment recording process has shortened by using a Sage Intacct partner 2CP, the invoice payments are posted immediately to customer accounts, and we only have to verify the deposit.
We use the online payment system through 2CP. Our customers have the convenience of paying online and 2CP is integrated with our Intacct accounts receivable so the payment is posted in real time. We go in and verify the deposit and we are done. It saves approximately 5 hours a week by not having to post each payment individually.