Pick your metaphor: General ledgers are the heart, backbone, and foundation of your accounting system. They’re absolutely critical, in other words. And too often they’re not nearly as flexible and accurate as businesses and nonprofits need, which wastes time and inhibits decision-making.
What’s the Problem?
The limitations of traditional general ledgers become increasingly apparent as your organization grows. Tracking one department and one project? No problem. But what happens when you have to enter dozens or hundreds of account codes for different customers, vendors, employees, departments, items, and more.
It’s not just that Excel spreadsheets become massive and unwieldy. It’s that while those spreadsheets are growing and growing (which takes untold hours of setup and data entry), you don’t have real-time access to the information you need to make smart business decisions. Plus, mistakes creep in that can be difficult and time-consuming to find and fix.
A Better Way Forward
Dimensional accounting has emerged as a time-saving alternative to traditional accounting methods. It gives you a more efficient way to track and report your financial and operational data while also simplifying your chart of accounts.
The key difference with dimensional accounting is that instead of using traditional account segments, you tag data with dimension values. That enables you to capture the all-important business context of your transactions, budgets, and operational measures. Then you can easily track performance by whatever elements you’d like, such as by project, customer, or location.
Sage Intacct cloud accounting software, the premier accounting software solution for businesses and nonprofits, provides unique multi-dimensional visibility in its industry-leading general ledger software. The software comes with 10 predefined dimensions (customer, item, employee, etc.), and it gives you the flexibility to easily add user-defined dimensions and set required dimension values.
With dimensional accounting through Sage Intacct, your organization can:
- Spend fewer hours on tedious data entry
- Access accurate, up-to-date data on any business area
- Quickly produce customized reports
- Make more informed decisions without delay
- Increase visibility into products, locations, customers, etc.
Take the First Step
Michaud Accounting Solutions can help you explore the features and benefits of Sage Intacct’s general ledger software so you can determine if it provides a better foundation for your organization’s finances.
Contact us to talk with experienced professionals who can discuss the different types of business software available and how you might be able to increase the flexibility and visibility of your financial management tools.