- 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.Â
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.
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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.
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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
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.