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Streamlining Financial Management in Education with Sage Intacct

  • Education, Finance, Sage Intacct

Fee-paying schools face unique challenges in managing their accounts. Handling responsibilities, from compliance reporting to generating outcome metrics, can consume significant time and resources. 

Traditionally, fee-paying schools manage their accounts with extensive manual spreadsheet work, which is prone to errors. Legacy accounting software may also be frustrating and not fully meet their needs. Sage Intacct for Education offers real-time insights to help schools control budgets and keep departments on track. Informative dashboards enable effective decision-making with just a click. Featuring purchase approvals, workflows and budget/spend management, Sage Intacct for Education enables schools to maintain stricter control over their finances.

So, what exactly is Sage Intacct for Education? It’s a modern, cloud-based financial management system that helps fee-paying schools have better control and visibility of their finances. In this blog, we’ll explore the key features and benefits of Sage Intacct for Education and how it can streamline financial management in your school.

Why Your Institution Might Need Sage Intacct for Education

Managing student payments can get complicated, especially with multiple payers each handling different bills for their children. Sage Intacct for Education simplifies this by managing payments created externally and integrating them into the system.

It offers powerful capabilities that go beyond what’s currently available. Robust reporting is crucial for schools. They must generate specific reports and adhere to prescribed chart of accounts. Sage Intacct meets these requirements efficiently. Additionally, its cloud-based nature ensures more reliable reporting and data management.

Many schools use older on-premise systems. Such schools often create reports for parents and boards of management in Excel, which may require extensive reformatting. Sage Intacct offers superior high availability compared to on-premise solutions, with its cloud infrastructure ensuring continuous uptime and automatic failover capabilities. On-premise systems often lack these robust features, requiring significant investment in redundant hardware and manual intervention for disaster recovery.

The Key Features and Benefits of Sage Intacct for Education

Sage Intacct for Education offers a range of key features and benefits tailored to finance departments. These include the following:

• Sage Intacct works hand-in-hand with multiple fee billing systems to facilitate complex billing scenarios. Managing payments from multiple payees becomes streamlined and efficient, with all the financial data centralised in one system. Live reporting, instant month-end closures, reduced spreadsheet errors, and the flexibility of a cloud-based system are some of the key benefits of Sage Intacct.

• Choosing Sage Intacct doesn’t mean replacing your current fee billing system. Sage Intacct for Education works in conjunction with existing systems.

• Having experienced and knowledgeable implementation and support teams available to handhold you through your finance system project and beyond, is where we excel.

• Sage Intacct’s comprehensive reporting offers customisable reporting capabilities to meet the diverse requirements of stakeholders, including boards, donors, and government agencies.

• Personalise dashboards, views, tabs, fields, and more to ensure that all stakeholders have the information they need at their fingertips. This flexibility helps schools better manage their finances and make informed decisions that support their educational goals.

• Sage Intacct streamlines your financial processes by automating tasks, enhancing reporting capabilities, and reducing the time spent on manual work. This allows schools to focus more on educational activities and less on administrative tasks, ensuring a more efficient and effective operation.

• With Sage Intacct for Education, you can access your data from anywhere, at any time, using various devices. Your data is securely stored on high-speed remote servers.

Key Takeaways for Sage Intacct for Education

Imagine reducing departmental pressure, gaining better insights into your data, and improving operational efficiency? Sage Intacct for Education isn’t just an accounting system; it’s a comprehensive solution that adapts to your school’s specific needs. By integrating various financial processes and enhancing reporting capabilities, it provides a streamlined approach to managing your educational institution’s finances. This means you can focus more on delivering quality education and less on managing financial complexities.

Below are some of the key takeaways:

• Real-Time Financial Insights: Provides up-to-date financial reporting and dashboards for better decision-making.

• Grant and Fund Management: Streamlines the management of grants and funds with automated compliance tracking and reporting.

• Budgeting and Planning: Facilitates accurate budgeting and spend management planning processes tailored to the specific needs of educational institutions.

• Tuition and Fee Management: Efficiently handles the financial allocations associated with fee billing (via fee billing system), scholarships, and other financial aid.

• Multi-Entity Consolidation: Simplifies financial consolidation for institutions with multiple campuses or departments.

• Comprehensive Reporting: Offers customisable reporting capabilities to meet the diverse requirements of stakeholders, including boards, donors, and government agencies.

• Automated Workflows: Enhances efficiency with automated approval processes and workflow management.

• Integration Capabilities: Seamlessly integrates with existing campus management systems and other third-party applications.

• Compliance and Audit Trails: Ensures compliance with educational regulations and provides detailed audit trails for transparency and accountability.

 

As a Sage Partner, we have expert knowledge of the education sector. With years of experience, we understand the challenges faced by fee-paying schools and our team is fully equipped to offer the right guidance and support. Contact one of our experts to learn how we can help you streamline financial management in education with Sage Intacct.

Why not explore our Sage Intacct Product Tour?

In this product tour, you’ll be given an overview of the solution including the platform, core financials, dashboards & reporting and more.

About the Author

Picture of David Burke

David Burke

David Burke, the Technical Director for Envisage, is responsible for developing bespoke and off-the-shelf solutions, including easyDD for Sage. In 2023, he achieved accreditation as a Sage Intacct Implementation Certified Consultant.

Business people working with online project on laptop

TASBooks Coming to an End – What Are My Options?

  • Accounting, Sage, Sage 200, Sage Intacct

TASBooks has been around for over three decades now and it’s an accounting solution used by many small and medium-sized businesses. However, as of 31st August 2024, Sage will be retiring TASBooks software. This decision is understandably a concern for accounting departments who are reliant on its functionality, but don’t worry, there are lots of other options available to support the day-to-day financial operations of your business. 

After August, there is no guarantee that TASBooks will continue to function and the software will no longer be supported or updated. Any other Sage products you use, such as Payroll, will continue to work but they won’t be tested to integrate with TASBooks. So, now is the ideal time to consider your options. Perhaps your business has grown or evolved since you first purchased TASBooks. It would be worth reviewing other Sage accounting software options to find the solution that best fits your business now and into the future. This is a strategic move for business owners that can impact everyday operations and streamline processes for accounting teams.  

As your business evolves, so should the tools you use to manage your financial information and Sage is committed to providing the best products to support your business. Below we have put together some useful information for SMEs that are currently using TASBooks, including some alternative software solutions to consider. 

Why is TASBooks Being Retired?

Sage continually reviews the software solutions it offers to ensure they align with modern business needs. Over the years, advancements in technology have significantly impacted the types of software that businesses use and it’s key for companies like Sage to invest in the right solutions both now and in the future. The option to retire TASBooks is a reflection of Sage’s commitment to providing the best accounting software to businesses. While TASBooks has been a reliable tool for many years, Sage is now focusing on more robust systems that offer greater functionality and integration capabilities. 

Exploring Alternatives for Accounting Teams 

If you’re currently using TASBooks, it’s beneficial to start exploring some alternative accounting software options. Staying within Sage offers several benefits and can make the transition process much more straightforward. There are a couple of stand-out options that can replace TASBooks; Sage 200 and Sage Intacct. Both of these products offer a variety of integrated tools and features that can help you manage different aspects of your operations.  

  • Sage 200 

Sage 200 is a popular software solution among small and medium-sized businesses, especially those wanting to grow their operations. This product extends beyond the capabilities of TASBooks by offering a fully integrated suite of ledgers. It can be used as a stand-alone solution or be integrated with a variety of other applications to suit specific business processes and requirements. Sage 200 can support decision-making through its comprehensive data insights and advanced reporting tools providing full transparency into your financial status. The option to automate repetitive and time-consuming tasks can be hugely beneficial too, streamlining operations and reducing the likelihood of human error. Ultimately, it’s an all-around solution that can increase efficiencies for accounting teams.  

  • Sage Intacct 

Sage Intacct is a leading cloud-based financial management solution, ideal for businesses that need advanced functionality. This software can transform day-to-day business processes and boost overall productivity. It provides real-time financial and operational insights, reducing your reliance on inflexible spreadsheets, and enables you to automate several essential workflows. For businesses with multiple locations or entities Sage Intacct Core Financials can support accounting teams and it easily connects with other industry-specific solutions to ensure all of your needs are met. Not to mention, Sage Intacct’s cloud-based nature ensures it can scale alongside your business, supporting your growth without the need for substantial additional investment, making it a long-lasting solution.  

Determining the Best Fit for Your Business

When transitioning from TASBooks to another Sage accounting software solution, it’s key to ensure you’re making the right decision for your business. This requires careful consideration of how you currently use the software as well as any functionality that could benefit your business’ accountants. Here are some steps to help you determine which Sage product is the best choice for your business;  

• Assess your needs – Review what you currently use TASBooks for on a day-to-day basis. Identify the features you can’t do without and are having the biggest impact on operations. It’s useful to also consider any additional needs that aren’t being met and features that could improve efficiency or reduce costs by streamlining processes. 

• Consider your growth plans – It’s always beneficial to think about where you see your business in the next 5-10 years. For instance, will you need a product that scales or offers more extensive reporting and analytics? It’s also vital to choose accounting software that can adapt to changing market conditions and business opportunities without being overly complicated to use or manage. 

• Evaluate integration requirements – Consider what other systems your business uses in other aspects of operations, from e-commerce and sales to inventory and supply-chain. It’s crucial to ensure the new software integrates with any existing systems to not only ensure data flow and reduce the risk of errors, but increase visibility and improve overall operational efficiency. 

• Seek advice – It can be useful to speak to a Sage expert who can provide insights and recommendations based on your specific business needs. An external perspective can help identify potential benefits and drawbacks of software that might not be immediately obvious, ensuring a well-informed decision. 

Upgrading Your Accounting Software in Ireland  

All in all, the retirement of TASBooks marks the end of an era, but it also opens new doors for businesses looking to leverage more advanced technology. With a range of Sage accounting software solutions to choose from, you can ensure you’re integrating new products that will help transform your business’ financial operations. As Sage continues to deliver innovative and efficient solutions, now is the ideal time to plan your transition from TASBooks to ensure your business isn’t impacted in August.  

At Envisage, we specialise in Sage accounting software in Ireland. Our expert team is ready to help you find the ideal solution to replace TASBooks. Over the years, we have successfully migrated many customers from TASBooks to an alternative Sage solution. You can turn to us in confidence knowing we will take the time to understand your needs and our team will be open and honest throughout, enabling you to make the best decisions for your business. Don’t hesitate to get in touch with us today to find out more about how a new Sage accounting software can transform your operations both now and in the future. 

On June 19th, we will host a webinar “Paving the way for growth with Sage Software”.

The following topics will be discussed:

• Accounting Software Evolution
• AI and Future Trends In The Market
• Challenges Facing Small-Mid Businesses
• The Positive Impact of Sage Software
• Choosing The Right Solution For Your Business

See link to register: https://envisagecloud.ie/paving-the-way-for-growth-sage-software-webinar/

About the Author

Picture of Ivan Darmody

Ivan Darmody

Ivan is a customer-centric self-starter with a passion for technology. With extensive sales experience in various industries, he has focused on problem-solving customers’ requirements and providing the best solutions to streamline their processes while maximising potential utilising both direct and indirect sales channels.

The Cash Stock Dilemma

7 Ways to Overcome the Cash Stock Dilemma with Sage 200

The Cash Stock Dilemma
  • Barcoding & Warehouse Management, Healthcare, Sage 200, Sage 200 Distribution, Wholesale Distribution

As an Award-Winning Sage Partner and expert in the field of distribution, we thought we’d share our thoughts on the cash/stock dilemma, which is something that many warehouse and distribution businesses struggle with, and this is often because they don’t have the right software to manage all the requirements they have. Critically, it’s about the left hand knowing what the right hand is doing. It’s about keeping all departments in tune with each other, so that the warning signs appear before reaching full impact.

We’ve summarized 7 considerations for this cash/stock dilemma below. If you’d like to read more on this topic, why not download our Cash Stock Dilemma e-book and learn more about how Sage 200 can help address these critical challenges?

1. Inventory Levels and Forecasting

Balancing stock levels can be tricky. On the one hand, overstocking means you’ll be tying up cash in stock that doesn’t turn quickly and it can prevent you from investing this cash elsewhere. On the other hand, understocking means you may lose business due to insufficient stock levels and miss out on future orders due to customers going elsewhere. Understocking can result in you having to pay higher prices to source from an alternative supplier to fulfil orders too.

2. Courier Tracking

When distributors don’t have all the dots joined up with their couriers, it can lead to time-consuming, messy and inefficient processes. It also makes it more difficult to keep customers up-to-date with expected delivery information which can result in dissatisfaction and cause customers to take their business elsewhere, impacting your bottom line. The last mile delivery optimisation is crucial and the more integrated your courier process is, the more efficient your operation will be with a noticeable reduction in customer queries regarding delivery times and dates.

3. Pre-Allocations and Prioritisation

Many distributors will create purchase orders and then when the stock comes in, their system will allocate items based on the sales order date. However, this isn’t always the most efficient way to do things and it can cause problems. Getting this bit right and having a pre-allocation system in place can help keep your bottom line healthy.

4. Container Management

The uncertainty that comes from not being able to track containers, compare provisional dates with actual dates and automatically update all purchase orders, will have a direct impact on the customer experience.

5. Procurement

From our experience, many distribution organisations operate ad-hoc/semi-automated procurement processes. For example, items can be purchased without proper item codes (e.g. miscellaneous), goods can come in be placed in the wrong location such as an aisle, shelf, bin or even warehouse, and inspections that should be carried out systematically can be somewhat hit-and-miss. Purchase authorisation rules can often be loose or sometimes even too rigid and cumbersome resulting in productivity losses. Continuing to operate like this can result in many problems.

As procurement is a critical piece of the of the distribution/supply chain puzzle, it’s important that this it’s managed correctly.

6. Sales Orders

Similar to the procurement process, managing the sales order process is critical. The secret is having a process that is both seamless and efficient, where the sales/administrative operative has all the relevant information right in front of them. Mistakes made at the sales order entry stage will be carried through to procurement, despatch, finance and customer service, so a reduction in errors will have a positive impact on the bottom line.

It’s about having access to the right data at the right time. Simple things like accessing historical orders, copy lines, view back orders etc, can cut down on unproductive time and will reduce the margin for error.

7. Warehouse Management

The right software can make it easy for warehouse managers to manage everything from picking and despatching orders to writing off damaged stock and transferring stock in the warehouse. The tools available to them will make their day-to-day responsibilities much easier and they can ensure that nothing important is being overlooked. Having fully integrated processes and access to real-time stock updates can enable quicker and more accurate stock picking, resulting in fewer returns, as well as quicker and more accurate stock receipting, resulting in better stock accuracy.

The right system to fit your distribution business

We’d love to share our guide with you where we explore Sage 200 features and how it can benefit your business. 

On June 19th, we will host a webinar “Paving the way for growth with Sage Software”.

The following topics will be discussed:

• Accounting Software Evolution
• AI and Future Trends In The Market
• Challenges Facing Small-Mid Businesses
• The Positive Impact of Sage Software
• Choosing The Right Solution For Your Business

See link to register: https://envisagecloud.ie/paving-the-way-for-growth-sage-software-webinar/

About the Author

Picture of Ivan Darmody

Ivan Darmody

Ivan is a customer-centric self-starter with a passion for technology. With extensive sales experience in various industries, he has focused on problem-solving customers’ requirements and providing the best solutions to streamline their processes while maximising potential utilising both direct and indirect sales channels.