Post-secondary educational institutions across the country are struggling to subsidize their programs. Federal and state funding has dried up over the last decade due to post-recession belt-tightening, according to research from Center on Budget and Policy Priorities. State governments contributed roughly $82 billion to two- and four-year colleges during the 2016-2017 school year, almost $9 billion less than they provided during the 2007-2008 school year. While funding has ticked up slightly since 2013, American universities are still in less-than-ideal budgetary positions. As a result, many have instituted cost-cutting measures, including partnership programs wherein multiple institutions collaborate to share administrative fees, The Chronicle of Higher Education reported. However, these strategies alone cannot facilitate total financial stabilization. Colleges navigating this adverse higher education funding environment need cutting-edge tools that allow them to take control of their spending.
Sage Intacct allows universities to do just that through a collection of robust accounting features designed to support operational efficiency, transparency and scalability.
Embracing efficient workflows
University financial departments maintain expansive processes that require contributions from multiple stakeholders spread out across disparate departments. While some of the complexities that stymie these systems are difficult to address without compromising budgetary oversight, there are other operational kinks that are easier to resolve. Consider calculator-dependent consolidation activities, for example. With Sage Intacct, colleges can automate these and other tasks. Additionally, the platform is designed to support multiple locations or entities, simplifying campus-wide financial management.
Achieving reporting accuracy
Reporting is an essential component of sound organizational accounting. While nearly all postsecondary institutions leverage reporting workflows to track expenses and look for budgetary insights, many of these processes center on manual data entry and collection. In most cases, employees from the finance department collect information from separate departmental spreadsheets and distil this data into master documents. The likelihood of inaccuracy is high here, as are the chances that leadership will not be able to pinpoint opportunities for optimization by staring at hundreds of numeral-filled spreadsheet cells.
Sage Intacct negates the need for such manual processes by leveraging real-time reporting tools to deliver up-to-the-minute budgetary insights via easy-to-understand visualizations. The solution also generates GAAP and FASB financial statements and Form 990 submissions.
Laying the groundwork for scalability
Despite their budgetary troubles, many institutions of higher learning continue to look for innovative educational offerings. Some are even building satellite campuses across the globe in an effort to draw in international talent. However, antiquated financial processes make this growth difficult, as they cannot support the complex budgeting operations that accompany expansion. Manual accounting workflows simply cannot scale with the organization. Consequently, forward-thinking colleges must choose between holding off expansion or move ahead knowing financial trouble is likely. Universities do not have to make this choice with Sage Intacct, which leverages cloud-based architecture to grow or shrink to fit users’ ambitions. With this scalability, postsecondary educational entities can confidently plan for a future where funding is not so tight and growth is possible.
These features and countless others make Sage Intacct the ideal online accounting solution for colleges looking to take control of their spending and find success in today’s marketplace. Is your university interested in unlocking the power of Sage Intacct? Connect with The TM Group today, and learn more about our Intacct implementation offerings.