Understanding how professional service companies can use information, data, and insight for business intelligence is vital for making informed decisions in today’s market.
But how do the three terms compare? Data is raw facts, statistics, and images used to develop specific goals and metrics. Information, for example, can be a collection of facts used to recall an event. Insight is what you get from analyzing all that data and information.
Data collecting and analyzing to tabulate insights is time-consuming. But what if you had a solution that provides real-time insights and saves you up to 40 hours every month without compromising on data accuracy?
Any service-based business needs timely, insightful financial reports to help run profitable projects and make intelligent business decisions.
Put simply, every significant member of your professional services company requires accurate financial information to help them keep track of your business performance and make daily decisions that benefit the business.
These people include your stakeholders, board members, investors, executives, and leaders from your departments. However, providing financial reports is not merely enough– to ensure your business is performing at optimal levels, you must provide information and data that is innovative, transparent, easy to understand, and in real-time.
Professional services companies need an ERP solution that goes beyond tabulating data and information and instead analyzes everything to provide results with high value and accurate insight.
Sage Intacct gives professional service businesses insightful data, visibility across different business dimensions, and insight tailored to every individual stakeholder. Here’s how:
A visible and updated financial report is essential before, during, and after finishing a project or service line. You also need one for other business activities such as hiring new staff members. Sage Intacct makes it easy to create real-time financial reports, visualization, and dashboards.
Intacct’s financial reports give professional services businesses the information and data-collection capabilities to identify matters and direct them to relevant departments or business members.
Sage Intacct tracks and reports the operational data that drives your business processes together with your financial data. More than that, you get a multi-dimensional visibility platform where you can view information about your finances and operations in one place.
Sage Intacct maximizes your agility with collaboration capabilities it provides through the financial management system. Your team is embedded in a secure layer spanning every device and process, meaning your finance, services, and sales teams can resolve issues together and in one central place.
Agility comes from complete visibility into your income statements, cash flow, and balance sheets. As a result, you reduce the time usually spent checking the accuracy of your financial statement significantly, leaving you with enough time to make decisions for your business. Can you imagine reclaiming 40 hours every week?
If you’ve been looking for a way to take your professional service business to the next level, let’s see what Sage Intacct can do:
Dive Deeper: What’s it cost to implement Sage Intacct for Professional Service Companies?
The innovative general ledger provided by Sage has ten dimensions to record the condition of your budget, transactions, and operations. Now professional service companies like yours can analyze your performance quickly and without complications. Additionally, you can enhance these dimensions or customize them to fit your business preference. This gives you the fast answers you need to reach peak performance.
This module within the Sage Intacct solutions comes with various dashboards and reports to help you manage your business financials and key accounting metrics. The module additionally has tools that help you create graphs, dashboards, reports, and visualizations that drive your business towards success.
One of the biggest benefits of real-time insight is that it provides the capability to offer your business leaders updated and immediate access to your business’s financial information and performance. This makes it easier for your leaders to make informed decisions for business success.
Every professional services business needs a cloud-based accounting solution that ensures business resources are spread properly, revenue and cash flow are at hand, projects are profitable, and financial data is collected, analyzed, and stored properly. This is what Sage Intacct provides.