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Is It Time to Update Your Accounting Practices?
As a member of the hospitality industry, you know all too well that sound financial management can keep your business on track and strengthen your operations. If you start to feel a strain on your financials, you should reassess your accounting processes.
But how do you know where to even begin?
QuickBooks is often a common choice for the hospitality industry for its ease of use and ability to serve core financial needs. However, it lacks the flexibility and functionality to handle true business growth.
On the other hand, Sage Intacct provides key functions unique to the hospitality industry, with advanced reporting capabilities and powerful automation.
Let’s dig a little deeper and consider the following features when deciding which option is a better fit for your business.
With Sage Intacct, you have access to a real-time data flow that easily integrates with point-of-sale systems you’re already using, such as QSR Online, MarginEdge, Ctuit and Venn Technology. You’ll eliminate the need for manual tasks and data entry, which create more accurate financials you can trust.
The cloud-based system lets you access and manage your financials whenever and wherever you need them while staying secure with powerful data protection. QuickBooks offers other cloud-based products to meet those needs, but they aren’t equipped with the same functionality as its primary software.
Robust reporting is at the core of Sage Intacct’s software architecture. With its reporting capabilities, you’ll be able to consolidate easily and drill down into information, identifying things like cost drivers, turnover and average invoice prices.
Sage Intacct is able to aggregate data from POS systems, human resource systems, payroll apps and more, providing virtually an end-to-end view of your business operations. Once you set up your dimensions, you can create custom reports, dashboards specific to your users and drill into the finer details to get a better understanding of what drives your business.
This insight empowers you to make decisions that promote business growth. Unfortunately, this visibility isn’t as easily achieved with QuickBooks and requires hours of manual entry and report preparation.
Consolidations with QuickBooks aren’t intuitive. They require third-party apps and individual subscriptions to QuickBooks Online. If you plan to grow your business to multiple locations, this could become a headache. Sage Intacct offers continuous consolidations with multi-entity management. Run a single chart of accounts, consolidating all entities or expand by location to better understand your business performance.
This feature sets you up for success and growth. According to Bret Atkinson from Benchmark Global Hospitality, setting up new entities is “a very simple and easy process….we can set up a new entity and bring in historical data in a couple of days, so it’s a very efficient timeline.”
Automation takes the lead with your accounts payable (AP) so you can say goodbye to hours of labor allocated for manual data entry. Sage Intacct allows you to define and streamline customized workflows, so you never miss a payment or lose an invoice again.
QuickBooks is much more limited and doesn’t offer customizations to improve your productivity and AP processes.
Stop downloading bank transactions, uploading them to your accounting software and reconciling accounts. With Sage Intacct, this process is streamlined. Connect your bank to Sage Intacct for a live feed of transactional data, automated matching and simple daily reconciliations.
With its full suite of best-in-class capabilities, Sage Intacct is offering the hospitality industry a better way to manage financials, improve productivity and gain the financial intelligence needed to make smart business decisions.
If you’re experiencing growing pains with QuickBooks, you might need to reevaluate your accounting processes. Don’t settle for limiting software that doesn’t properly serve your core needs.
Want to find out if you have outgrown QuickBooks? Contact us about Sage Intacct!
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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