In an unpredictable world, agility is the key to business survival. Professional services must have the proper capacity to help clients adapt to ever-changing business landscapes and minimize risk without compromising the quality of services delivered.
Professional services businesses can produce consistent client value and ensure profitability with real-time visibility into project status, margins, and cost management. For these companies to help clients shift to their new reality effortlessly, they require technology, data, and people; the three factors work in tandem to ensure clients score high in speed and adaptiveness.
The aim is to enhance efficiency and adaptability to a disruptive market.
Here’s the caveat: your professional service business must be genuinely agile first. This flexibility is where a solution like Sage Intacct comes in.
The Role of Digital Transformation
Every professional service business must have a digital infrastructure to meet the needs of its clients. Cloud-based solutions like Sage Intacct make it possible to unleash business potential while maintaining an excellent level of customer satisfaction. Here we take a look into Sage Intacct’s role in digital transformation.
Sage Intacct accommodates every unique need of professional service businesses by delivering the flexibility to turn a business agile, despite the industry. Most of this is achieved through automation and customization. Companies that work with Sage Intacct to improve their financial services experience streamlined planning and budgeting processes, improving their overall business agility.
Fundamentally, doing away with manual spreadsheet processes and streamlining accounting and financial processes is the work of every cloud-based financial solution in the market. But this is where Sage shines:
- Sage Intacct helps you focus your plans so that you strategically exploit any business opportunities with reduced risk
- Sage removes the errors you encounter with model calculations on sales, projected cash, and revenue
- Your decision-making process improves in speed and accuracy because you need a few clicks to access your financial forecast
- You can create numerous budget scenarios with Sage Intacct, compare the outcome on each, and choose the one that best suits your business performance
- You provide user-level security to access budget and financial data, making it easier to track issues like lost data, entry errors, or breaches of data
The Role of Data
Speed, Adaptiveness, Stability: these are three more characteristics that determine just how agile your professional service business is. A primary determinant of achieving your enterprise agility is accurate data.
You need a centralized system to store all your data and make it easily accessible to make fast, well-informed business decisions. Sage Intacct provides this single secure data source to store and access your updated financial and budgeting information.
Achieving the Agility Goal
According to Accenture, financial services score below average on velocity and adaptiveness. Additionally, transforming your professional services business for stability, adaptiveness, and speed is not an easy feat, but the benefits are worth the effort.
Red Door Interactive
Red Door Interactive managed to reduce their budgeting and planning time by 85%, reduce their scenario planning time by 50%, and increase the speed of creating their final budgets by 3-5 weeks.
Purple Wave improved its budget time by 50%, closed its financial books faster by 75%, and increased its growth YoY by 10 to 15%.
An agile solution like Sage Intacct lets you control the process by telling you exactly what to expect using historical data, identifying the time you need for every financial project, the issues you might face, and the report to collect from the project. Centralizing this data helps with planning your budgets and financial management processes.
Even better, collaboration across your company helps optimize your resources accurately at any given time. Teamwork among different department heads to build organizational budgets allows you to dig into the details you need to distribute skill sets, improve productivity, and attend to your clients’ workload successfully because of the even distribution of tasks.
The Bottom line
In essence, to be agile means improving the speed of responsiveness in every sector of your business. It also means having the capacity to accommodate the agile needs of your clients. By and large, Sage Intacct gives you the proper functionality to streamline your accounting and financial management processes.
Professional services organizations are increasingly hoping to leverage best-in-class cloud accounting software to beat their biggest financial challenges. Sage Intacct empowers users to create a single source of business insight using an end-to-end system that brings together sales, service, and finance departments.
The time has come for professional services organizations to embrace radical transformation and continuous change for a competitive advantage. Let Sage Intacct continuously streamline your planning and budgeting process.
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Contact us to learn how you can save big by bringing speed, accuracy, and insight to your organization through modern enterprise resource planning.