ALNET Technologies empowers leading investment organisation with Sage Intacct

Take back your financial power with Sage Intacct.

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ALNET Technologies reports the benefits reaped by a leading investment organisation that recently embraced the financial power of Sage Intacct. In doing this, it achieved a 70% efficiency rate across 48 entities during its monthly close.

“This enterprise had previously relied on legacy accounting applications that did not meet its functionality and scalability needs for managing complex accounting across multiple business facets in multiple entities,” says Netesh Maharajh, Director at ALNET Technologies.

He reveals this company resorted to Excel-based spreadsheets to compile departmental expenses because its legacy system could not provide the allocation rules required for processing and reporting. “Daily and weekly shared expense allocations across the business and entities were manual, time-consuming and monotonous tasks due to their inability to process inter-company transactions and lack of multi-entity capabilities. Financial controllers had to log in and out of separate companies in its legacy accounting application to manage and process transactions, resulting in a more tedious, cumbersome and time-consuming exercise.”

He explains the organisation evaluated three other industry bespoke solutions before selecting Sage Intacct for its financial management entities. “They were impressed by Sage Intacct’s capabilities for automated rule-based expense allocations across all cost centres in the business, multi-entity financial management, automated inter-company journal entries, dimensions for the general ledger and customised reporting and dashboards,” says Maharajh.

“With Sage Intacct, this company’s finance team reduced the time needed for closing the books by an impressive 70%. This encompassed everything from manual and tedious expense allocations in Excel to bank reconciliations, inter-company journal entries and accruing for liabilities and provisions required for the month.”

He further confirmed more time and insights for informed decision-making allowed efficiency gains that were extremely important as new investment portfolios and projects grew significantly to about 22 new customer portfolios. As a result of these time savings, new opportunities emerged to use Sage Intacct to track key metrics such as liquidity and expense ratios, cashflows and growth, enabling them to drill down and analyse processed financial data for informed decisions on investment portfolios.”

According to Maharajh this entity now has a clear picture of its cash on hand trends and working capital, enabling data-driven decisions based on real-time information flowing into its dashboards and reports. “Key performance indicators on the dashboard scorecards highlight areas that need attention for quick decision-making processes. They were extremely excited about being able to customise dashboards and reports themselves, which meant content could be added or deleted with just a few clicks using drag-and-drop functionality.”

Sage Intacct's Procurement dashboard facilitates the viewing of budget to actuals, analyses costs and oversees the entire procure-to-pay process. Increased efficiencies in vendor onboarding and price evaluation supports price negotiation and helps to maintain full compliance with the supply chain.

As a result of automation, the organisation further benefits from:

• Accounts receivables and accounts payables automation through invoicing process definitions, paperless workflows and seamless vendor payments.
• Automation of bank reconciliations, eliminating the need for compiling tedious manual spreadsheets.
• Replacement of filing cabinets by attaching documents directly to transactions posted in Sage Intacct.
• Reduction of board reporting frequency from quarterly to monthly.
• Reduction of audit risks by deployment of auditor dashboards with drill-down transaction details and audit trails.

“This leading financial institution can now automatically route purchase requests for approval, reducing hours of manual effort to just three to five minutes. This represents a 98% reduction in time spent, making purchasing smarter and saving the organisation money. Sage Intacct provides consolidated views across the company’s entities and drill-down capabilities, enabling easy vendor spend evaluation across entities. Beyond efficiency, increased visibility into spending with a cloud system can benefit the bottom line," Maharajh concludes.