Cloud computing has come a very long way in a relatively short period of time. As recently as 2011, approximately half of all businesses maintained at least one application in the cloud. Fast forward to today and the rate is closer to three-quarters, according to estimates from IDG. And for good reason, as the cloud has revolutionized data security, accessibility and operability for millions of companies worldwide.
Nearly as numerous as those participating in the cloud are cloud-based core management suites, available from vendors such as Acumatica, Oracle, Unit 4, Ramco Systems and SAP. They all boast impressive features that make data maintenance seamless and more convenient.
It raises the question, though: Which one is the best? When it comes to financial management suites, you’d be hard-pressed to find one better than the program from Sage Intacct, a company that for the third year in a row received Gartner’s top score in core financials for the lower midsize enterprise market.
In Gartner’s annual Critical Capabilities report, Sage Intacct received a nearly perfect 4.63 score (out of 5), topping Oracle, Acumatica, FinancialForce and Ramco Systems, which rounded out the first five.
How did evaluation work?
Functionality – much like beauty – is in the eye of the beholder, so to arrive at its findings that put Sage Intacct at the top, the Stamford, Connecticut-based research and advisory firm formulated its assessment on several criteria, including core general ledger functionality (e.g. accounts payable, accounts receivable, etc.) fixed assets, project accounting and project billing. Gartner also evaluated financial analytics and reporting capabilities, such as the speed with which managers and executives could receive specifics on key performance indicators, or KPIs. Additionally, the advisory services firm assessed the cloud core financial management suites’ indirect purchasing capabilities, like accounts payable invoice matching.
These were just a few of the metrics that Gartner examined, applying a simple 1.0 to 5 rating system for each, 1.0-1.9 representing “poor or absent” with 5.0 being “outstanding,” or significantly superseding expectations.
Virtually across the board, Sage Intacct was a top vote-getter, earning a perfect 5.0 in GL coding structures, 4.7 in complex GL capabilities, 4.8 in usability, 4.6 in configuration/deployment and another sterling 5.0 in overall performance for lower to midsize companies. Within five years, a projected 60% of all just-developed midsize core financial management application projects may be on the public cloud, Gartner forecasts.
Rob Reid chairman of mid-market solutions at Sage, said he couldn’t be more pleased by the report’s results, but confesses being none too surprised.
“We feel our placement in the Visionaries quadrant and our product scores in the Critical Capabilities report reflect the deep understanding Sage possesses for the needs of midsize companies,” Reid explained in a press release. “With Sage Intacct, we’ve built a robust system that empowers finance teams to accelerate growth, streamline complex financial processes, and deliver the rich financial and operational insights needed to scale their business.”
Proven to save time and cut costs
It’s one thing for Sage Intacct to be highly rated on paper. What about in practice? Does it truly result in a reliable return on investment? It certainly appears that way. As an example, a Nashville, Tennessee-based IT service management startup in 2018 went public for the first time, completing an initial public offering in July. It was during this IPO preparation period that the company cut its close process by 45% and ramped up its finance team’s efficiency 16-fold.
Even long-established companies have experienced significant ROI by leveraging Sage Intacct. A franchise restaurant with 30 locations in four states implemented the financial management suite and in mere months, the midsize eatery experienced dramatic growth in productivity – up 50% with Sage Intacct – and reduced the costs associated with closing the books by 25%.
The restaurant franchise’s director of accounting noted how financial management and ledger transparency is so much easier with Sage Intacct cloud business management solutions. The TM Group is a proud partner of Sage Intacct, but we don’t stand by this software just because we’re affiliated with the company. We do it because we’re an industry leader in financial systems management and have been since our founding in 1984. Because we collaborate with many providers, we’re not beholden to anyone but our customers’ best interests. You can trust us to recommend the solution that works for you and your financial goals. In short, our bottom line is your bottom-line. Contact us to learn more. ab