Financial professionals in management and business consulting organizations need to be able to ask hard questions, yet easily get answers. You need to know how to optimize client service levels, see which clients are most profitable, and determine how to best utilize staff.
Sage Intacct cloud professional services automation software takes the heavy lifting out of financial management for consulting firms, plus gives you instant access to a full view of your business in real time. As a result, you can get deeper insight, tackle more strategic issues, and help keep your whole organization focused on your clients.
Gain visibility into your whole business—not just finance—so you can create accurate client estimates and make more informed decisions. With Sage Intacct business accounting software, your jobs and projects are connected to your accounting transactions. That makes it possible to see metrics such as profitability by service type, utilization of billable resources, and direct and indirect costs of labor—for one project, some jobs, or all jobs. Sage Intacct can also show you revenue by service type, by location, and other factors that are unique to your business.
Consulting companies charge different rates for different services. Adding to the accounting complexity, those services may each have different revenue recognition rules associated with them, from bookings, to billed, to deferred revenue, to collections. Sage Intacct offers automated, easy revenue recognition so you can save staff time for more strategic work and easily get reports on the state of cash flow and deferred revenue.
Most accounting software solutions are one-size-fits-all, like QuickBooks, Freshbooks and Xero, so they fall short in providing the insight that consulting firms need to run profitable projects. These are considered "entry-level" accounting systems.
Accounting software with project accounting capabilities, like Sage Intacct, helps consulting firms stay on top of critical project costs and better meet client needs, without having to solely manage this information in Excel spreadsheets.
Sage Intacct's project accounting module allows you to see a real-time profit and loss (P&L) statement on every active project – as you can see in the Project Manager screen shot below.
Sage Intacct's Accounts Receivables billing and invoicing helps consulting firms get paid faster by offering the following:
This shortens the cash cycle, ensures that invoices don't get lost, and even improves client satisfaction when billing is clear and consistent.
We are the leading Sage Intacct professional services automation software reseller and integrator in Seattle, Portland and throughout both Washington and Oregon. We've implemented Sage Intacct for many consulting firms.
We believe that Sage Intacct is the best accounting software for consulting firms because of the clarity it gives you on project and overall profitability.
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Best Practices for Selecting Accounting Software for a Professional Services Firm
Several key mandates have emerged that, when followed, can position finance teams in tech and professional services firms to drive higher growth. Download this whitepaper to learn more.