If you want to track the profitability of each department, branch, project, or just about any other aspect of your organization, you've been out of luck...
The dimensions capability of Intacct cloud accounting software (a.k.a. multi-dimensional accounting) allows you to track revenues, expenses and profitability for any department, location, customer, vendor, employee, item, class, and project while also simplifying your chart of accounts – from setup through real-time reporting.
With this flexible financial foundation, you'll gain insights that speed decision-making that may not be possible with personal accounting software like QuickBooks, Sage Peachtree and Xero, and even business accounting/enterprise resource planning (ERP) software like NetSuite.
Chart of Accounts Simplification
Most accounting software applications use a hard-coded structure for your chart of accounts. For example, to track 3 departments, 5 projects and 5 customers, you'd need 75 account code combinations—and you'd end up with a complicated, unmanageable set of codes. Adding new ones could also force you to add hundreds of additional accounts.
Intacct lets you keep it simple—you only need to set up your primary account codes and there's never a need to add hard-coded segment combinations. In addition to the eight standard Intacct dimensions (mentioned above), an unlimited number of dimensions can be added. Once created, you can use dimensions for any transaction—general ledger, receivables, payables, purchasing, time entry, expense entry, fixed assets, and more.
How It Works
Using dimensions fundamentally improves reporting, making it easier for you to get answers fast. Dimensions are integrated into Intacct's easy-to-use financial report writer so it's simple to view performance from any dimension. As you create reports, simply use drop-down lists to filter, group and organize your data by dimensions. For example, you can go from a standard income statement to profitability by project or revenue by geography with a few clicks of the mouse.
If you're interested in using dimensions or need help implementing and using them for your organization, contact us. As an Intacct partner, we are well versed in using dimensions to that you can new insights into your financials. We can also help you with project accounting, revenue recognition, managing multiple currencies, and much more.