Organizations can either view budget vs. actual reports on one platform or company-wide financial margin information on another but don’t necessarily get comprehensive insights.
Halloran Consulting Group, a clinical development, regulatory compliance, and quality assurance service provider for life sciences companies, faced the same issue. The company was utilizing systems like QuickBooks and NetSuite’s OpenAir to manage their various workflows. Although the company was delivering outstanding service to their customers, they were managing project costs in the dark and understanding their business through a fractured lens of disconnected systems.
The different systems that Halloran Consulting Group was using for managing workflows were not compatible to share information with each other. It was tough to lock down a report and trust the integrity of the data. They needed time entry, billing and invoicing, project reporting, and a detailed financial center for granular reporting on different performance metrics that would help them effectively grow their business.
The situation necessitated Halloran Consulting Group to implement a novel accounting and financial management software. In their search for the perfect partner, the company came across Sage Intacct—a cloud financial software that enabled many SMBs and public companies to meet their accounting demands. It did not take long for Halloran Consulting Group to implement this solution.
Sage Intacct enabled Halloran Consulting Group to dive deep into their business and pursue the use of a blended billing rate—something that QuickBooks and OpenAir could not handle. The solution integrated with Salesforce and Nexonia, providing the client with detailed time and expense tracking and powerful financial management and project reporting capabilities. Halloran Consulting Group also customized these different systems and made them work as a cohesive solution designed specifically for the needs of their business. And the outcomes were really impressive.
Sage Intacct helped Halloran Consulting Group find an additional profit of $4 million, increase project profit by 12 percent, leap billable utilization from 50 percent to 68 percent, significantly drop project write-offs, and improve invoicing for additional cash flow.
Halloran Consulting Group’s success is just one example. Sage Intacct has successfully led the cloud financial management revolution for numerous businesses. The software covers every requirement of a project-based company—from maintaining costs, getting bills out the door, and tracking time to project delivery. It provides continuous, accurate, and complete insights to profitably manage any service business across multiple industries, including healthcare, hospitality, professional services, and wholesale firms.
But How does Sage Intacct Achieve this Feat?
Whether it’s a cookie-cutter or highly customized project, Sage Intacct helps businesses ensure accurate time entry to stay on top of the finances, prevent revenue leakage, and cap profitability. The accurate time entry not only helps in project costing but enables proper bidding for future work as well.
On top of that, operation and execution teams utilize different tools to manage various aspects of a project. This disconnect between systems results in increased efforts and time for time entry leading to data duplication and loss. Monolithic ERP systems also cannot help in this regard, given that the requirements of project-based organizations are complex and they are subject to rapid changes.
Sage, with its AI-powered time entry system, eliminates all these issues by providing each employee with a virtual time assistant to manage their company’s profitability and financial responsibility. The system allows individuals to reduce the non-billable time spent filling out timesheets while enabling them to gain visibility into their work progress. This helps companies recognize the true cost of projects and charge their customers accordingly. For example, when customers repeatedly request changes and adjustments, it increases the time and resources spent on the project. Companies can ensure profitability by charging clients for the extra time and resources they spend on the project.
“We live our company values and strive to serve clients in the best possible way”
Sage Intelligent Time captures each effort of the project even if it is not billable. This allows clients to make informed decisions on staffing and pricing.
Clients can capture around 18 percent more billable hours using this system. They can recover up to $10,000 in annual billable time per employee and submit timesheets in less than 13 days. Most important, Sage Intelligent Time comes at no extra cost for Sage Intacct users—a true multi-tenant cloud financial management product.
Enhancing Financial Visibility
Sage Intacct also equips users with resource management capabilities. Consequently, they can execute a project effectively from a financial standpoint; clients can decide on how and where to bucket their costs. Sage’s intelligent GL allows businesses to give characteristics for tags to transactions that enable them to bucket their revenue and cost in numerous ways.
“We are born in the cloud, and this is what sets us apart,” Brian Siefkes, Sr. director for professional services industry marketing, Sage. “Since most companies are unaware of difference between multi-tenant cloud systems and hosted services, legacy system providers often migrate a single instance to the cloud and provide remote access to it. Our multi-tenant cloud capabilities and open APIs enable easy connectivity for different systems, enabling clients to drive more profitability for their projects with better visibility into project performance.”
Organizations that have multiple entities and tax IDs under one umbrella utilize Sage Intacct to consolidate their financials. Unlike conventional solutions that take weeks to consolidate the financials of numerous entities, Sage Intacct can complete the workflow within minutes.
Our goal is to reduce administrative tasks, increase data influx and visibility, enhance productivity, and lower admin time
“Our goal is to reduce administrative tasks, increase data influx and visibility, enhance productivity, and lower admin time. We achieve this by streamlining time entry, ensuring the granularity of the project reporting, enabling project managers to make informed decision, and providing executive and operations team the visibility for resource availability and workloads,” says Siefkes.
Committed to Serve Clients Right
While many organizations claim to be customer-focused, Sage’s core values are to do right for its customers. The company constantly seeks clients’ feedback to enhance its solutions and has built programs to ensure customer success and engage in business practices true to its values.
For instance, with its standard support offering, Sage provides businesses with a dedicated account manager who knows the clients and their organization. The clients always have a true partner to rely on for meeting their current as well as future needs. Leveraging the latest technologies, the company is continually making project finance management more efficient for executors, project managers as well as their clients.
“We live our company values and strive to serve clients in the best possible way. Our customer-friendly business practices and standard support are testaments to it,” adds Siefkes.
Today, numerous finance professionals utilize Sage Intacct to automate their processes to increase efficiency and drive growth for their organizations. With greater insight and flexibility, businesses can confidently make long-term decisions and act fast to execute changes and enhance overall performance. Sage Intacct allows companies to look at project costing granularly and obtain real-time information for project managers.