Daily Archives: October 21, 2023

Accurate planning and budgeting are critical components for the long-term success of any business, regardless of size or industry sector. With advancements in technology, organisations now have the opportunity to move beyond traditional methods of budgeting and embrace more sophisticated tools. Replacing your spreadsheets with Sage Intacct can revolutionise how you budget and plan ahead for the future.

Below we have explored this modern accounting software in more detail, highlighting how it can enhance budgeting capabilities and streamline processes for finance departments.

How Accurate Budgeting Supports Business Success

Budgeting isn’t just an exercise that financial teams undertake at the beginning of the fiscal year, it’s an ongoing activity that’s the backbone of decision-making and financial management. Accurate budgeting allows organisations to allocate resources where they are most needed, which can boost efficiency and drive growth.

Some of the key benefits of precise budgeting include: 

• Strategic Alignment – Accurate budgeting aligns financial resources with organisational goals, ensuring that every euro spent contributes to achieving the strategic vision.
  
  
• Risk Management – Predicting revenue and costs allows companies to set aside a contingency fund, helping mitigate risks and uncertainties in the future.
  
  
• Cash Flow Optimisation – Well-planned budgets help to maintain optimal cash flow levels, ensuring that a business can meet all its obligations.
  
  
• Performance Tracking – Comprehensive budgets become a baseline for evaluating actual performance against expected outcomes. This allows for real-time adjustments, supporting the changing needs of a business.

Spreadsheets v Sage Intacct

While spreadsheets have been the go-to tool for budgeting and planning for many years, they come with several challenges. From limited data integration and manual data entry errors to scalability issues, spreadsheets aren’t always the best option for day-to-day budgets.

For businesses looking to enhance their budgeting and planning capabilities, Sage Intacct accounting software is an effective alternative to spreadsheets for many financial tasks. This comprehensive solution can meet all of your financial management needs and reduce your reliance on inflexible, traditional tools like spreadsheets.

• Automation

Automation is one of Sage Intacct’s standout features that provides tangible benefits for budgeting and planning. By automating complex or repetitive tasks, you can remove the need for manual data entry, freeing up time to focus on data analysis and strategic planning. Automation can reduce the risk of human error too, ensuring you get the accurate insights you need to drive your business forward. Enhancing the efficiency of your finance teams and increasing the reliability of your data will enable you to deliver financial insights much easier.

• Real-Time Data

In today’s fast-paced business world, real-time data access is crucial for making informed decisions. Sage Intacct offers real-time insights to a wide range of departments, allowing collaboration across the entire organisation. This efficient accounting software enables you to make timely adjustments to your budget and strategy too. You can see the whole financial picture, so you can act quickly to seize opportunities or mitigate problems as they arise. This gives you a competitive edge in a saturated industry.

• Scalability

Scalability is a significant factor to consider whenever you’re selecting a budgeting and planning tool for your business. Sage Intacct financial management software is designed to scale with your business, ensuring you don’t outgrow the software or need to make constant adjustments to fit your needs. With multi-currency reporting and additional functionality available, it’s a long-term solution that will serve you well regardless of what the future holds. Not to mention, Sage Intacct integrates with a variety of other applications too.

• Customisation

Sage Intacct offers robust customisation features that allow you to tailor the software to meet your specific business needs. Whether you’re operating a small start-up, a large enterprise or a growing business, you can configure Sage Intacct to align perfectly with your budgeting and planning requirements. This level of customisation provides a more user-friendly experience, ensuring that the tool serves as an extension of your financial team. With features like rolling forecasts and what-if scenario modelling, you can use what’s most beneficial to you.

• Cloud-Based

One of the most compelling features of Sage Intacct accounting software is that it’s cloud-based, offering unparalleled flexibility and accessibility. Regardless of your location, cloud accounting solutions allow you to access your financial data anytime. This level of convenience enables your team to collaborate more effectively and streamlines the decision-making process. You will be able to adjust your budget and planning strategies as and when needed, without being tied to a specific physical location.

• Straightforward Use

One critical factor when choosing a budgeting and planning solution is the ease in which it can be set up and used by finance departments. Sage Intacct offers an intuitive point-and-click setup, allowing your financial team to be up and running in no time. The tours and walkthroughs make the various functionalities easy to use from the get-go too. This means less time spent on training and troubleshooting, so your team can focus on what matters most; strategic financial planning and effective budgeting.

Integrating Sage Intacct 

Ultimately, Sage Intacct provides a comprehensive solution that enhances planning and budgeting processes. By providing automation, accuracy and efficiency, this accounting system can revolutionise how your finance team operates on a day-to-day basis. With its unique benefits tailored to meet the challenges of different industries and business types, it’s a great investment. By integrating Sage Intacct into your operations, you can not only gain a competitive advantage but also position your business for sustainable growth.

If you’d like to learn more about Sage Intacct in Ireland, don’t hesitate to contact our team at Envisage. With the most experienced Sage technical team in-house, we can confidently say we ‘know our stuff’. We have assisted a variety of clients with their accounting and finance system needs and have developed creative solutions to their unique challenges.

You can find out more about our approach on our website and if you have any questions at all about Sage software, we will happily answer these for you.

We’re delighted to be exhibiting at this years ERP Head to Head where we’ll be showcasing Sage Intacct and the benefits of this solution. 

To register, click below and use promo code Envisage20 for a 20% discount: 

The digital age has revolutionised the way businesses operate, but it isn’t always easy to know which type of software can be used to improve efficiency and performance. As an accountant or consultant, you may find yourself in a position where you notice your clients would benefit from upgrading their current accounting applications to something more advanced. However, you might not know what modern software to recommend.

Sage accounting software can benefit businesses of all sizes and it’s worth exploring in more detail, regardless of who your client is, the size of their business or what industry they operate in. Our teams at Envisage and Pimbrook are working together once again to provide advisory services to accountants and consultants so they can match their clients with the best Sage solutions, helping them to overcome the challenges they’re currently facing.

Below we have explored Sage software solutions in more detail and touched on the importance of choosing the right Sage partner to guide you towards the best products for your clients.

An Overview of Sage 50, Sage 200 and Sage Intacct

The Sage product range caters to businesses of various sizes, industries and complexities. While Sage 50 is an ideal fit for small businesses, Sage 200 is often better suited to medium-sized businesses. On the other hand, Sage Intacct is the go-to choice for advanced financial management and accounting needs.

There is always a next step within the Sage product portfolio too. So, clients can start small and move up the range as they scale up and expand their operations. Here is an overview of the Sage software offerings:

• Sage 50

Sage 50 is the ideal product for smaller businesses, giving a complete view of finances and inventory. It includes financial management tools, such as invoicing, billing and inventory management, and can simplify day-to-day operations for accounts departments. With a user-friendly interface, Sage 50 software is also ideal for businesses with in-house bookkeepers or accountants who need to simplify basic processes such as invoicing and financial management along with more complex business accounting tasks. The financial reporting and forecasting capabilities can be tailored to business-specific needs, and will support cash flow management too.

• Sage 200

Sage 200 suits growing, medium-sized businesses and there are two options to choose from; Sage 200 Standard or Sage 200 Professional. This solution can support various business processes and help to manage both customers and suppliers. With detailed reporting and analytics, it has the capability to handle more complex financial structures, and Sage 200 software can be integrated with a host of integrated applications. It’s ideal for driving efficiencies through automation and can simplify day-to-day operations.

For businesses that need a scalable solution, Sage 200 is an excellent choice. It can support more users, transactions, internal departments and warehouses, and can be tailor-made to meet specific needs. 

• Sage Intacct

Sage Intacct is the latest cloud-based Sage accounting software. It’s a powerful financial management solution that’s suited to medium to large organisations. Sage Intacct provides real-time financial and operational insights, and has impressive functionality. With multi-entity and multi-currency support, it’s ideal for businesses operating both globally and locally. Although it offers best-in-class accounting functionality, it has a simple and modern interface making it straightforward to use and can streamline manual processes.

This solution is perfect for organisations that are looking for a modern and agile solution to help accelerate their growth. Sage Intacct is trusted by financial professionals from a range of industries to drive their successes.

The Importance of Choosing the Right Sage Partner

Choosing the right Sage product for a client’s unique needs is just the first step. To truly harness the power of Sage software, it’s crucial to find the best partner. A Sage Partner can help turn complex scenarios into simple solutions.

•  
• Sage Software Knowledge – An experienced Sage partner will have the skills and knowledge to recommend the right software to transform day-to-day operations. They can support you in your conversations with clients and ensure you’re making the best suggestions. They will stay up-to-date with the world of software, so you don’t have to.
  
  
• Customised Implementation – Every business is unique and a credible partner will ensure that a Sage solution is tailored to your client’s specific needs. They offer efficient and hassle-free implementation services to remove the stress associated with introducing new software. Regardless of how big the project may be, it will be handled by an expert team and support will be provided every step of the way.
  
  
• Software Training – To maximise the benefits of any Sage software, the accounting team needs to know how to use it effectively. A good partner will provide comprehensive training sessions to your clients and their employees, answering any questions to ensure they’re making the most of the available functionalities.

• Ongoing Support – A dependable Sage Partner won’t just assist with the initial setup but they will provide ongoing support, ensuring smooth operations and timely updates. They can make using Sage software solutions an enjoyable experience and will be on hand to help whenever may be required. They can provide advice as a business grows too, ensuring their software remains suitable for their everyday needs.

Searching for a Sage Partner in Ireland?

Ultimately, Sage offers a spectrum of products that are designed to meet diverse business needs. By understanding the basics about each product and partnering with a reputable Sage Partner, accountants and consultants can equip their clients with the tools they need for success. Should you require any guidance in selecting the best Sage solutions for your clients, our team at Envisage and our partner Pimbrook is here to assist you.

Envisage and Pimbrook have worked in collaboration for several years to ensure that clients’ are accurately matched to the right Sage products. Our expert Sage consultants work with like-minded accountants and consultants to achieve the common goal of delivering the best possible solutions for their clients. You can rely on both Envisage and Pimbrook to deliver a high-quality project, and ensure that your clients have a positive experience throughout.

Webinar

 On this interactive panel-style webinar, you’ll learn:

• Advice and Best Practices for Advising Clients on Finance/ERP systems
• Use Case Scenarios
• The Distinguishing Features of the Sage Product Range
  
  

Sign Up for Webinar

In today’s digital world, technological breakthroughs are becoming more common. However, nothing has revolutionised day-to-day life quite as much as Artificial Intelligence. Computers having the ability to emulate human thoughts can seem concerning at first and while there are challenges to overcome, the benefits are substantial. When AI is used responsibly, it can transform the way finance departments operate.

AI has been in the media almost daily over the past few months and as the public becomes more aware of the capabilities of AI, it’s no surprise that CFOs and finance leaders are keen to reap the benefits of this technology. There are several ways forward-thinking finance teams can leverage the power of AI technology for finance departments. Various elements of the accounting process could be improved with the right AI tools, significantly enhancing productivity and output.

The continuous growth of AI means that it can now add value to businesses in ways that were previously unimaginable. From automating monotonous tasks and streamlining operations to generating reports and increasing the reliability of data, AI could change financial management for businesses of all sizes. Below we have further explored how the latest advancements in AI technology can benefit finance departments and how accounting software like Sage Intacct is already making use of Artificial Intelligence.

Automating Routine Tasks

There is an abundance of repetitive and time-consuming tasks that are essential to financial processes. AI can take over routine responsibilities and specific tasks from finance teams, such as data entry and invoice processing, saving hours of manual work and freeing up time for other more strategic tasks. When routine jobs are automated, finance experts can focus on future planning and decision-making.

By replacing manual tasks with automated solutions, AI can also help to reduce the risk of human error. Your data will instantly become more reliable when it’s not manually inputted, for example, and you can reap the benefits of accuracy. Not to mention, AI can complete repetitive tasks much quicker than finance teams. This can help to prevent common bottlenecks and streamline operations.

Decision-Making with Data Analytics

Data is essential in the financial world. AI can process vast amounts of real-time information in a matter of seconds, providing insights and trends that humans might overlook. You can trust that AI won’t miss patterns that could be key to decision-making and you will have all of the financial reports you need to make informed decisions about the future of the business. When it comes to responding to market changes, quick and reliable data is particularly beneficial.

The ability to analyse large amounts of data accurately enables finance departments to make more informed decisions, whether they relate to financial planning or investment strategies. In addition to analysing past data, AI can even use existing information to predict the future. By leveraging predictive analytics, finance professionals can anticipate things like market trends and adapt their strategies accordingly.

Risk Management

With AI, risk management reaches a new level of accuracy. This core responsibility of finance departments is made much more straightforward and you can trust that nothing will be overlooked. AI can analyse historical data and various risk factors to predict potential outcomes and highlight future risks that businesses need to consider. AI can be continually refined as more data becomes available, leading to increasingly precise risk assessments.

AI technology can even be used for forecasting and it has more capabilities than humans. By analysing things such as customer-related data, AI can predict future behaviours and enable you to plan accordingly to ensure future success. Through every stage of the supply chain, AI can help to reduce risks and ensure business continuity, resulting in improved customer satisfaction and profitability.

Compliance and Regulation

Regulatory compliance in the finance department is often a complex and labour-intensive process. AI can simplify this task by automatically monitoring transactions and other activities to ensure that they comply with relevant laws and regulations. This can reduce the resources required for compliance management and enable finance teams to focus on other important aspects of their job roles. Not to mention, it also minimises the chance of human error.

It’s possible to use AI to stay on top of industry regulation changes as well. You can be notified of changes that will impact business operations and even use AI to summarise important documents and highlight key information finance departments need to be aware of. Complying with all legal requirements couldn’t be easier with AI and the right technology can prevent the problems associated with non-compliance.

Accounting Software and AI Technology 

Lots of accounting software already uses AI technology to improve functionality for users, you just might not know about it. Sage Intacct, for example, utilises AI technology in several ways that can benefit finance departments. Knowing more about the accounting capabilities of your software and understanding how AI is used can help you to make the most of your systems and improve the accounting process as a whole.

We have recently explored some of the main ways Sage Intacct delivers AI benefits to users. However, there is much more to Sage Intacct and its functionality can significantly improve day-to-day accounting tasks. Keep an eye on our blog page for more information about AI and Machine Learning, and how technology is not just revolutionising finance departments, but business operations across all industry sectors.

Speak to an Expert About Sage Intacct in Ireland

If you’ve been considering updating your accounting software to streamline operations for finance teams, we can answer any questions you may have about Sage Intacct. At Envisage, we work in partnership with our clients to help them find the best solutions to their unique challenges. We specialise in Sage Intacct product ranges and we have a highly skilled and creative development team.

When you contact us about Sage Intacct, not only can we help you to determine whether it’s the right solution for you, but we can assist you with the implementation of this software. Our experts can make the process of updating your current software and implementing Sage Intacct as straightforward as possible. We are committed to providing an efficient end-to-end service and we would love to have a no-obligation chat with you.

To learn more about the benefits that Sage Intacct can bring to your business, download a copy of our brochure: 

Click to Download

Overcoming the Cash/Stock Dilemma With Sage 200

As an Award-Winning Sage Partner and expert in the field of distribution, we thought we’d share our thoughts on the cash/stock dilemma, which is something that many warehouse and distribution businesses struggle with, and this is often because they don’t have the right software to manage all the requirements they have. Critically, it’s about the left hand knowing what the right hand is doing. It’s about keeping all departments in tune with each other, so that the warning signs appear before reaching full impact.

 We’ve summarized 7 considerations for this cash/stock dilemma below. If you’d like to read more on this topic, why not download our Cash Stock Dilemma e-book and learn more about how Sage 200 can help address these critical challenges?

Inventory Levels and Forecasting

Balancing stock levels can be tricky. On the one hand, overstocking means you’ll be tying up cash in stock that doesn’t turn quickly and it can prevent you from investing this cash elsewhere. On the other hand, understocking means you may lose business due to insufficient stock levels and miss out on future orders due to customers going elsewhere. Understocking can result in you having to pay higher prices to source from an alternative supplier to fulfil orders too.

Courier Tracking

When distributors don’t have all the dots joined up with their couriers, it can lead to time-consuming, messy and inefficient processes. It also makes it more difficult to keep customers up-to-date with expected delivery information which can result in dissatisfaction and cause customers to take their business elsewhere, impacting your bottom line. The last mile delivery optimisation is crucial and the more integrated your courier process is, the more efficient your operation will be with a noticeable reduction in customer queries regarding delivery times and dates.

Pre-Allocations and Prioritisation

Many distributors will create purchase orders and then when the stock comes in, their system will allocate items based on the sales order date. However, this isn’t always the most efficient way to do things and it can cause problems. Getting this bit right and having a pre-allocation system in place can help keep your bottom line healthy.

Container Management

The uncertainty that comes from not being able to track containers, compare provisional dates with actual dates and automatically update all purchase orders, will have a direct impact on the customer experience.

Procurement

From our experience, many distribution organisations operate ad-hoc/semi-automated procurement processes. For example, items can be purchased without proper item codes (e.g. miscellaneous), goods can come in be placed in the wrong location such as an aisle, shelf, bin or even warehouse, and inspections that should be carried out systematically can be somewhat hit-and-miss. Purchase authorisation rules can often be loose or sometimes even too rigid and cumbersome resulting in productivity losses. Continuing to operate like this can result in many problems.

As procurement is a critical piece of the of the distribution/supply chain puzzle, it’s important that this it’s managed correctly.

Sales Orders

Similar to the procurement process, managing the sales order process is critical. The secret is having a process that is both seamless and efficient, where the sales/administrative operative has all the relevant information right in front of them. Mistakes made at the sales order entry stage will be carried through to procurement, despatch, finance and customer service, so a reduction in errors will have a positive impact on the bottom line.

It’s about having access to the right data at the right time. Simple things like accessing historical orders, copy lines, view back orders etc, can cut down on unproductive time and will reduce the margin for error.

Warehouse Management

The right software can make it easy for warehouse managers to manage everything from picking and despatching orders to writing off damaged stock and transferring stock in the warehouse. The tools available to them will make their day-to-day responsibilities much easier and they can ensure that nothing important is being overlooked. Having fully integrated processes and access to real-time stock updates can enable quicker and more accurate stock picking, resulting in fewer returns, as well as quicker and more accurate stock receipting, resulting in better stock accuracy.

The right system to fit your distribution business

We’d love to share our e-book with you on this very topic. In this e-book, we discuss these challenges as well as ways that our Sage 200 Warehouse Management system can help overcome them.

We pride ourselves on helping customers by recommending software that makes it easier for them to do business.

Spreadsheets have been a go-to tool for businesses when it comes to organising and analysing data for decades. Many continue to use spreadsheets for financial reporting as well as for monitoring various operational metrics. However, spreadsheets aren’t necessarily the best option available for data analysis now and there are several modern software solutions available that are specifically designed to streamline the reporting process.

From small start-ups to large multinational corporations, companies of all sizes can benefit from updating their systems and using smart accounting software, like Sage Intacct. Although many are currently reliant on spreadsheets, the dashboards and KPIs (Key Performance Indicators) within Sage Intacct can transform the reporting process. As your operations grow and data becomes more complex, there are several limitations to using spreadsheets and now is the perfect time to introduce Sage Intacct into your reporting process.

Below we have explored how dashboards and KPIs can be beneficial when you’re reporting and why they’re a preferred choice to spreadsheets for lots of growing companies.

How Dashboards and KPIs can Benefit Reporting  

When compared to using spreadsheets and manually gathering, inputting and analysing data, using dashboards and KPIs can be hugely beneficial. Sage Intacct provides you with accurate data at your fingertips and the reporting capabilities can help you to ensure you’re providing the right people with the best insights at the right time. Some of the key benefits of using detailed dashboards and KPIs include;

• Real-time data: Accounting software like Sage Intacct will provide you with real-time data that is automatically updated. You can select KPIs to track on your dashboards and this will make it easy to analyse business performance. Removing the need for manual data entry and updating can save time and ensure you always have the up-to-date data you need to make business decisions.
  
  
• Visual representation – The dashboards in Sage Intacct will provide you with a visual representation of data and you can clearly see the information that matters most. It will be much easier to spot trends, flag exceptions and identify patterns when you have report visualisation. In contrast, when data is spread across different spreadsheets, it can be very difficult to turn it into useful insights.
  
  
• Interactivity – Modern, online accounting software is designed to be interactive and you can tailor the reporting experience to your specific needs. Using dashboards and KPIs, you will have full financial transparency and you can drill down into data to get a much more detailed view of performance. This will enable you to identify the root cause of any issues and make data-driven decisions.
  
  
• Collaboration – The customisable dashboards can be shared with different departments and stakeholders in real time through email or via the cloud. This ensures that everyone is on the same page and it enables collaboration. You have full control over who sees real-time reports and period-end views, and you won’t have to manually consolidate or share data like you do with spreadsheets.
  
  
• Ease of use – Sage Intacct is designed to be straightforward to use. Its simple and modern interface will enable the whole team to access the data they need, whenever they need it. There will be no time-consuming and error-prone spreadsheet formulas and functions to worry about, and you won’t require advanced skills or knowledge to make the most of the Sage Intacct functionality.

While spreadsheets still have their place in business, they are no longer the best option available for reporting. Keeping finances in good health starts with using dashboards and KPIs, which will provide you with the real-time visibility you need and will streamline your reporting process. Not only can accounting software save you time and enable you to use your resources more efficiently, but it can improve the accuracy of data reporting and provide you with a competitive edge.

Using Sage Intacct to Improve Reporting Capabilities

Sage Intacct is user-friendly, cloud-based accounting software that supports the needs of businesses in different industries. It’s a highly flexible solution that can be scaled up as your business grows and it provides impressive reporting capabilities. Sage Intacct offers a variety of dashboard features to help businesses track their financial performance, including;

• Customisable reports – This accounting software provides a range of standard reports that can be customised to suit your current business needs. Whether you have multiple locations or you operate in multiple currencies, it will be easy for you to create your own reports using the Report Writer tool.

• Real-time data – As mentioned above, Sage Intacct provides real-time data that can be accessed from anywhere at any time. It enables you to keep your finger on the pulse of your growing business and make informed decisions quickly. Having a flow of up-to-date data across your organisation can be very useful.

• Interactive dashboards – This cloud-based solution offers interactive dashboards that provide a visual representation of your financial data. The dashboards allow you to easily track the performance of your business and you can customise them to display the metrics that matter most, ensuring nothing important is overlooked.

• Drill-down capabilities – Sage Intacct enables you to drill down into 24/7 data to get a more detailed view of your financials. Being able to identify trends and spot patterns will help you to make informed decisions to drive your success. Having a full audit trail and being able to highlight exceptions is beneficial too.

• Connected solution – Not only can Sage Intacct be beneficial for accountants and bookkeepers, but it opens up a world of insights to all key stakeholders. It allows users to collaborate on reports and dashboards, making it easy to share information across teams. Not to mention, it also connects with other industry-specific solutions. 

Try Sage Intacct Accounting Software in Ireland

If you’re currently using spreadsheets for reporting, you should look into Sage Intacct in more detail. This financial management solution can help drive your internal efficiencies and it can be useful for both small businesses and multinational corporations. If you have any questions about how Sage Intacct can help your business, don’t hesitate to contact our team at Envisage today. We specialise in modern accounting software in Ireland and we will happily discuss the benefits of upgrading to Sage Intacct with you in more detail.

Here at Envisage, we take the time to truly understand our customer’s unique needs and we work in partnership with them to find the best solutions to their problems. We pride ourselves on being open and honest from the outset, and we genuinely care about the outcome of the projects we work on. Building and maintaining relationships with our customers is important to us and we look forward to being of assistance to you.

SMB Distributors in 2023 – Challenging times

SMB distribution businesses are an essential part of the business landscape, providing an extensive range of products and services to organisations in the small and medium business (SMB) sector. Distributors are a reliable and cost-effective resource for growing businesses, helping them to reduce their costs and increase their efficiency whilst meeting the needs of their customers and delivering a reliable service.

Although they play such a key role in the success of small and medium businesses, distributors face many challenges to remain successful and competitive. Both external and internal challenges impact the day-to-day operations of SMB distributors, and being aware of these common challenges can help them to better prepare and manage their business.

Below we have explored just a few of the most common external and internal challenges SMB distributors are facing in 2023. For a more detailed review of these challenges, download our free e-book on this topic.

When it comes to external factors, there are a multitude of challenges that can crop up out of the blue. We’ve seen how new threats can come stem from nowhere without much notice. We’ve had a few years of global challenges with knock on affects for distributors from economic downturns to energy crisis to technological advancements, and unfortunately, things that are outside of SMB distributors’ control can have a big impact on their bottom line.

E-Commerce

Changes in the way consumers shop are having an impact on SMB distribution businesses. Advancements in technology and the increase in e-commerce websites gives manufacturers the option to ship directly to consumers, sometimes even taking the distributors and retailers completely out of the equation. Changes in consumer demand can also impact SMB distributors. We’ve also seen shifts in customer demands over the past few years. Remaining agile and relevant is fundamental for any distribution business.

Knowledge of your Consumer 

There was a time when businesses knew their competitors inside out. They knew everything about them and knew how to compete against them. Today, the landscape moves so quickly, that new competitors can spring out of anywhere. Competitors don’t necessarily need to be built on the same model as more established businesses, in fact newer competitors are more than likely built with technology and agility at its core. New entrants will prompt distributors to raise their game and force, with less focus on price and more focus on customer service, reputation and availability of product.

Internal Challenges

From an internal perspective, challenges can present themselves from many different angles including staffing (shortages and skill-set alignment) and systems and processes. While we can’t control all the external challenges, we do have control over the internal challenges such as cash flow and profitability.

KPI’s

Having up-to-date insights and clearly being able to see what’s happening with your finances is paramount. Yet, many SMB distributors don’t have sufficient data to run their business.

Planning and Forecasting

Data is a hot topic now. It’s essentially about knowing instantly what’s going on in your business, removing the guesswork. It’s about forecasting and planning with as much precision as possible. It’s about knowing what to order and when (based on accurate data) to avoid cash flow or customer service headaches. It’s about spotting potential issues and mitigating these issues before they become a real problem.

Cash Flow

Miscalculation of the cost of goods sold is also a big issue for distribution businesses. This can lead to overpayment of taxes and shrinking profitability, and having a good overview of cash flow is imperative. Some distribution businesses are not able to determine profit by item either, which is crucial to ongoing success. And finally, the practice of ad-hoc pricing is far too common, putting margins at risk, where price bands or customer-specific pricing isn’t being set.

Overcoming Challenges with Sage Small Business Software

Environmental concerns, cybersecurity risks, regulatory requirements and technology are all high up on the agenda for many distribution companies. Navigating through these challenges requires flexibility, accurate data and a proactive approach, helping to turn these challenges into opportunities.

Here at Envisage, Award Winning Sage Partner with expertise in Sage 200, we help businesses implement intelligent, powerful and game-changing Sage software solutions, and we can help you to overcome the challenges that your distribution business may be facing. Should you have any questions about how Sage 200 software can propel your distribution business to the next level, contact our experts.

Sage 200

This is a topic that I am passionate about and I thought now would be the perfect time to write this article. With so much hype surrounding AI these days, it’s both mind-blowing and scary. Only a short while ago, we were amazed by the power and capabilities of AI. As time has passed, its boundaries have become much more blurred. Where can it go from here? What are the societal implications of AI? The other factor that I find both exciting and scary is the speed at which technology is moving. Have humans created intelligent beings with potential to outwit and potentially deceive humans? How is that even possible? Regardless of where you stand on this topic, it’s fascinating to see.

Wearing my technical director hat now, our business is all about cost and time savings, delivering automation and technology solutions to make it easier for our customers to do business. So, I thought it would be a good place to start by exploring the practical uses for both AI and Machine Learning in business. So, before we get started, let’s do a quick re-cap on AI and Machine Learning definitions:

AI – Artificial intelligence refers to the general ability of computers to emulate human thought and perform tasks in real-world environments. 

Machine Learning – Machine learning aims to teach a machine how to perform a specific task and provide accurate results by identifying patterns.

The Finance Department

Finance Leaders don’t want to be behind the curve. They want to be in the know at all times across all departments. They want their teams to be highly productive with technology and automation stepping in to take away the tedious, monotonous activities.

The Finance Team wants proactive data to be sent their way. They want to use technology to present emerging opportunities and risks to them on topics that they may not ever had on their radar.

I’ll bring in Machine Learning at this point, where machines can be taught to carry out a specific task and provide accurate results based on identifying patterns. Running a business with an “always on”, “ready to report at any moment”, strategy is what most finance leaders aspire to. However, this is only valuable if the data is accurate to begin with. Machine learning can be hugely beneficial in spotting anomalies and inconsistencies within the data based on previous patterns.

The Whole Business

But it doesn’t stop there. The scope for using AI across the business is enormous. It will present accurate, real-time data, at any point. So, cloud is key. I’ve mentioned data accuracy and detection of anomalies, but it goes much deeper into complete process automation, security monitoring, seamless integrations between different applications and flexible workspaces and user interfaces that adapt based on user activity and preferences.

The Value of Data

Many organisations struggle with data analytics as in they don’t have any or they have but they are not using it in a meaningful way. Some organisations are highly advanced in this area and are tapping into a wealth of data to help understand their opportunities and risks. I think it would be fair to say, however that the vast majority of businesses don’t have these visual insights to help guide them along the right strategic path.

Guesswork, fingers in the air and spreadsheets will just not cut it. Competitors are banging on doors to let them in, to let them do business with your customers. The power of your data should not be underestimated. It just needs to be harnessed and leveraged to help plot your strategic direction as well as managing the day-to-day with a critical eye.

Sage Intacct

I’m going to explore 4 key areas where Sage Intacct delivers AI benefits to its users:

1. General Ledger

The concept of having a continuous close means that the data in your GL is open for business at any time of the day or night. The GL is the heart of your financial system and being able to tap into your data at this level means that you know exactly what’s going on. Powered by AI and automation, the intelligent GL allows you to post and report transactions immediately, share financials securely with specific people and reduces the reliance to manipulate data externally.

Manual data entry is reduced while accuracy is improved, just by simplifying and automating core tasks within your finance department and beyond.

2. Detection of Anomalies

With manual data processing comes mistakes, despite all the best intentions in the world. They are so-called “Human Errors”. So, what if AI gave us a helping hand to stop us in our tracks should it detect something out of the ordinary?

Sage Intacct’s GL Outlier Detection is magic. It leverages the power of AI to scan thousands of transactions in minutes. It will pick up any discrepancies and will flag any transactions that need to be reviewed. The GL Outlier Detection has built-in machine learning capabilities, so it grows to understand your business and its patterns. The system can be set up with parameters to set to tell the system what transactions qualify as an outlier.

The GL Outlier Detection is critical, not just as a time saver but for flagging serious anomalies such as fraudulent activities.

3. A Picture Paints a Thousand Words

Nice, easy to see, graphical data representations that sit on your dashboard, leave the humble spreadsheet for dust. You may ask… Couldn’t you just “pretty up” your spreadsheets to give the same result? No and this is key. It’s not just about the pictures, it’s about the collation of the data to deliver those nice graphs and charts. How long would it take to compile vast amounts of data and then start to analyse trends, patterns and correlations using spreadsheets? This obviously depends on your spreadsheet skills, but clearly it will need time and effort to get this information.

Sage Intacct has an Interactive Visual Explorer, which builds visual data representations of your data. In seconds, you can have comparative data, showing trends, patterns and correlations. You have in the region of 200 pre-built visuals, plus you can build your own.

Here is a very simple example of what can be achieved. Let’s say you want to view your actual revenue, month by month. Using Sage Intacct’s Interactive Visual Explorer, you will get a prediction of next month’s revenue based on the analysis of past data and patterns. This is just a simplistic example, but my intention here is to get you thinking about the potential power of this tool.

4. Time Capture

This is a real game-changer for organisations that rely on capturing timesheets for projects or for other reasons. With Sage Intelligent Time, the experience for users will be slick and efficient and for the Finance Team, the entire process will be visual and seamless. Billing delays will be confined to the history books, month end closing will just happen, teams will be freed up from monotonous and laborious tasks and the entire system will become much more efficient.

I’ve focused on these four topics, but there is still so much more to discuss including AP Automation and Contract Renewals. I’ll look forward to writing on these topics later this summer, so stay tuned.

No business has escaped the inflationary surge over the past year. During these very uncertain times, many organisations have had to re-adjust and re-calibrate as they try to manage their finances and fluctuating costs caused by inflation.

Higher prices for goods and services impact on production costs, resulting in increased consumer prices and potentially lower profit margins. This can lead to reduced consumer spending, slower economic growth and greater uncertainty for businesses. In addition, rising inflation can (as we have seen) directly affect interest rates and the value of currency, making it difficult for businesses to expand into international markets.

Cost Containment

Organisations of all sizes that aim to thrive in these financially challenging times are turning to analytics and cost accounting to better understand their business.

High inflation will continue to be an issue in 2023, at different levels across different countries. Organisations will be doing everything in their power to limit their exposure with initiatives such as:

• Paying close attention to cost accounting and leverage analytics to find those cost reduction opportunities
  
  
• Conducting regular vendor cycles to put pressure on suppliers to absorb costs and look to re-negotiate terms on agreements, where possible
  
  
• Continuing to rely on technology – with many organisations having moved to the cloud during COVID. Going forward, organisations will rely even more heavily on cloud technology with all the favourable security and agility benefits they came to appreciate during COVID.

Seeing the Value from your Technology Investment

Finance leaders are looking to their technology investments to see how to extract even more value from their systems by:

• Reviewing existing systems to see where the gaps are and what is required to bring greater value. Upgrading, adding more modules, integrating more systems can all help to bring additional value to the organisation
  
  
• Leveraging AI where possible across the organisation is key. AI may exist within current systems or it could be something that requires an upgrade. In any case, finance executives are leaning heavily in favour or automation to help exploit opportunities to save money and make teams more productive
  
  
• Reaching out to service providers (such as Envisage) to help customers optimise their systems to take advantage of functionality such as AI, reporting and data analytics, predictive forecasting, budgeting and planning

Better Understand your Finances

Cloud Financial Systems such as Sage Intacct can transform your business from spreadsheet-reliant to slick and efficient, where a world of insights and analytics is unlocked. With 24/7 data at your fingertips, there are no excuses for not having the financial data you need in real-time.

By using Sage Intacct’s detailed dashboards and reporting capabilities, it’s easier than ever to keep a close eye on your data to ensure that nothing important is being overlooked. Not only does this increased visibility heighten your awareness to any financial problems or new market trends that may occur, but you can also forecast more accurately. The transparency and understanding that Sage cloud-based solutions provide means you can flexible with your approach to handling the current uncertain economic times.

If current inflation trends are causing uncertainty in your industry and placing further pressure on cost containment, it’s important to ensure you have the right tools in place to help you manage your day-to-day finances. There are several benefits to using Sage finance and accounting solutions like Sage Intacct to help you keep your finances on track and in good health.

Plan Ahead, Even in Uncertain Times 

Although there is no crystal ball here, experts predict recessionary conditions ahead and so no matter what way things pan out, planning is key. The organisation that is equipped with the facts and figures in meaningful dashboards is already one step ahead of the company that just can’t see the wood from the trees. This is where Sage’s best-in-class accounting functionality comes in. Sage Intacct can help you overcome challenges all businesses are likely to face.

By analysing data regularly with Sage Intacct accounting software, you can lean into cost-reduction initiatives and eliminate unnecessary costs from your operations. This alone can make a big impact during these very uncertain times, helping you to save money and stay afloat. This flexible and powerful financial management system also connects with other industry-specific solutions to provide you with the data you need across your organisation to drive your future success. Having one comprehensive system is invaluable and it will help you to be as prepared as possible for whatever the future has in store.

Become More Efficient

Becoming more efficient has grown in importance for businesses of all sizes and Sage solutions can help you to streamline operations. Using automation modules can help you to extend staff and resources by reducing manual processes, and you can improve day-to-day operations. This can have a big impact on your bottom line and help you save money organisation-wide. Sage Intacct has a simple interface, so it’s easy for the whole team to incorporate into their roles.

Using automation can also help to reduce human error and inconsistencies, making your data more reliable. When employees don’t have to manually enter information into a system, which can be very time-consuming, you can trust that your financial reports will be accurate. You can then make business decisions based on up-to-date reports in confidence knowing that the data is correct and you don’t have to deal with the consequences of errors later down the line. As your business grows and scales, additional functionality is available to ensure Sage Intacct is still able to meet your requirements, improving productivity and profitability.

Speak to an Expert About Sage Intacct in Ireland 

If you’re concerned about rising inflation and the uncertainty it has caused in your industry, then investing in cloud financial systems such as Sage Intacct accounting software can be hugely beneficial. With the correct tools, macroeconomic inflation factors won’t have such a big impact on your finances and you can ensure that you keep them in good health.

To speak to an expert about Sage Intacct in Ireland and to find out more about how you can manage your finances more effectively, get in touch with our team at Envisage today. We work closely with businesses to provide solutions that revolutionise their operations. We will happily discuss the Sage Intacct cloud-based system with you in more detail and help you determine whether it’s the best option for your business at this time.

We pride ourselves on providing outstanding customer service to businesses of all sizes and we genuinely care about the outcome of the projects we work on. You will be in very good hands when you turn to us for Sage Intacct in Ireland.

Sage Intacct Reporting and Dashboards: Download Guide

Download your Guide

Over time, it isn’t uncommon for businesses to find themselves in a situation where they’re using several different software solutions to manage everyday operations. Many will implement new software as and when their needs change, particularly during times of growth, resulting in an overly complicated and inefficient way of working.

If you have separate software solutions in place to manage things like your accounting, supply chain and customer relationships, you would likely benefit from upgrading to one all-encompassing system. However, the up-front cost of a new system can be off-putting so many will try to convince themselves that they’re coping just fine with their current software and that their inefficiencies aren’t holding them back.

The truth is, your software will have a direct impact on your ability to grow into a thriving business. Using Sage 200 to overcome common inefficiencies can transform your operations and enable you to run a faster, more connected business. Below we have listed some of the most common inefficiencies faced by small and medium-sized businesses, and looked into how Sage 200 can help you to overcome them.

The Problem – You’re Struggling to Find Key Data

As your business grows and you open new locations or start expanding into new markets, the quantity of data you have can become overwhelming. Finding key data hidden amongst an abundance of information can feel like an impossible task when you’re using outdated systems that aren’t really designed for growing businesses.

The time it takes to track down the data you need, whether this is details of a specific order or figures from a supplier, can cause a whole host of problems. In fast-paced environments, so much can happen while you’re still trying to collate data too, resulting in you having to search for new data to try and handle any issues caused by your inability to pinpoint key information.

The Solution – Anytime Data Access with Sage 200

Sage 200 is designed to provide businesses with the data they need, whenever and wherever they need it. Regardless of what you’re searching for, a few clicks on your new business management system is all it takes to find the data you need. You can access, gather and review your data on the road, as well as in the office, so you are fully prepared for whatever your working day may entail. You will never feel like you’re left in the dark again.

The Problem – You’re Missing out on Good Opportunities

And the challenges are not solely restricted to internal housekeeping. When you’re using several different systems to operate your business, this will have an impact on your agility. It will be harder for you to access the information you need to make business decisions and adapt to changing circumstances. While you’re searching for the insights you need, you can miss out on opportunities to boost sales or remain competitive.

As your business scales up, it becomes even more difficult to keep track of the insights you need to make informed decisions about your products and services. Regardless of what industry you operate in, remaining agile is crucial if you want to be able to meet customer demand and increase your profitability.

The Solution – Real-Time Reporting with Sage 200

Upgrading to a comprehensive system, like Sage 200, enables you to easily access a range of insights that can be used to make cost-effective decisions. You will be able to create and gather accurate reporting, giving you the insights you need into various aspects of your business. The detailed analysis Sage 200 software provides prevents the need for additional tools as well, so you can quickly make decisions about business opportunities.

The Problem – You’re Wasting Time and Resources Every Day

If you’re still using the same software that you implemented when you first started your business, there’s a high chance that simple tasks are taking much longer than they should be. Having to manually complete tasks that could be automated will be slowing your team down and preventing them from using their time wisely.

Not only can manual tasks be time-consuming, but they’re also error-prone, especially when they’re carried out repeatedly and all employees do things slightly differently. Staying compliant and up to date with new legislation can be challenging when you’re doing things manually too, putting you at risk of fines and reputational damage.

The Solution – Automation with Sage 200 Software

Sage 200 has a wide range of useful features that can help to improve efficiency. This business management solution is designed to meet the needs of various industries, enabling you to make better use of your resources. You can also automate several complex processes, enhancing productivity and ensuring everyone does things the same way. Using only one piece of software enables better communication across all areas of your business too, streamlining processes and reducing the risk of compliance problems.

Want to Speak to a Sage 200 Partner in Ireland?

Overcoming common inefficiencies becomes even more important as your business grows and if you’re using lots of software solutions to manage everyday operations, it’s worth considering upgrading to Sage 200. It’s fair to say that this all-encompassing software solution can transform the way your business operates and it’s a worthwhile investment.

 As an award winning Sage business partner in Dublin, you can rely on us to help you find creative and flexible solutions to your unique requirements. We pride ourselves on working in partnership with businesses to revolutionise what they do and how they do it, and we can introduce you to some game-changing Sage solutions.

Why not download our e-Book with further insights on this topic?

Click to Download

As business owners and executives, we find ourselves with an ever-increasing to-do list and just when you think you’re on top of things, it grows longer again. Do we actually thrive on being busy or do we crave a little less chaos and a little more control?

If things are going well and demand is high, then it’s all hands on deck. The sales, operations, procurement and finance teams are all busy, and they will be working away to meet customer requirements. If business isn’t doing particularly well, operations may experience some “calm” time, but other teams like management, sales and marketing will be working even harder to re-imagine, re-invigorate, re-engage and work out a strategy to generate additional revenue.

With all this busyness constantly going on around you, it can be easy for important tasks to get pushed to the bottom of your ‘to-do’ list time and time again. You may find yourself spotting issues when it’s just a little too late and all of your best-made plans for the day being scrapped as you try to find solutions to whatever it is you’re up against. Being hit with several reactive situations throughout the day such as your top salesperson being poached by a competitor, an important project missing a milestone or your best customer being let down with a late shipment, can cause you to take one step forward and two steps back every day.

If constantly being in fire-fighting mode and not having the time you need to drive the business forward sounds familiar, this article is for you. Your business is probably running you, rather than you running it and technology can be used to help you overcome operational challenges. Below we have looked into common issues business owners face that result in them being reactive rather than proactive and how Sage small business solutions can help to resolve them.

Business performance – what’s happening?

Pinpointing potential issues before they explode will help to reduce reactive pressures and the right technology can help you do this. Having KPIs in place against products, projects, services, locations and customers will enable you to see exactly what’s happening on the ground.

One important question to ask yourself is how much time is currently spent gathering, compiling, extracting and consolidating data to see your reports? There may have been a point in time when this key information was “on the top of your head” but as you grow your business, there are many more considerations to factor in, such as:

• More employees and more overheads
• More customers, suppliers, invoices and expenses
• More locations and more remote workers
• More legislative requirements
• More financial transactions

Regardless of whether workers are in the office full-time, working from home or following a hybrid model, it’s important to understand any operational issues and inefficiencies that may be impacting business performance, as well as team morale and motivation. As a team member, knowing that your job involves filling up a “leaky bucket”, motivation will inevitably begin to wane and productivity will suffer. One great way to unearth any hidden operational issues would be to conduct staff surveys or to work with managers and map out the time spent doing various tasks, so you can at least get a grip on the bottlenecks.

From our experience working with customers in the Services, Wholesale Distribution and Retail sectors, updating, checking data, inputting data, re-inputting data and producing reports are always high up on the “frustration” and “negative productivity” lists. These are all things that can be streamlined with the help of Sage software to stop your business from running you.

Digital transformation – manage your business

If you’re struggling to keep up with your business, it might be time to do a comprehensive review. Is there a quicker, more automated, integrated, smarter way to run your business? Are you just making do when you could be forging ahead at speed?

Identifying and then eliminating any time-absorbing tasks will free everybody up to be much more focused, and ultimately improve the way you manage your business from end to end. Here are some of the common culprits that are holding businesses back and preventing them from reaching their full potential:

• Manual data entry into different systems
• Manual bank reconciliations
• Manual supplier payments
• Entering quotations, then re-entering sales orders/invoices
• Consolidations
• Stock counts with pen and paper
• Creating budgets, forecasts and scenarios
• Reporting on spreadsheets

Now, re-imagine your business where data effortlessly flows from A to B to C, where real-time business insights are instantly accessible, where you can monitor performance across departments and where employees can see what’s relevant to them. Implementing Sage small business solutions can make this possible.

Businesses were run very differently a decade ago from how they’re run in 2023. A lot has changed between now and then, and the recent economic challenges have prompted a response from business leaders to revolutionise the way they operate, ensuring they’re not left behind and they’re driving business forward by reinventing how they do things. The impetus for change has come about by necessity, but in the longer term, businesses that have invested in Sage systems and absorbed technology right into their core will undoubtedly have every chance to successfully compete in a very different digital world.

Is your business running you?

If you can relate to any of the operational problems mentioned above, it’s beneficial to explore how Sage small business solutions can help you in more detail. With the help of our team at Envisage, you can take back your workday with insights and automation, and use Sage software to improve your business operations.

As a Sage partner with years of experience working with businesses in a range of industries and helping them to revolutionise what they do and how they do it, you can trust you will be in very good hands with our team. We follow proven methodologies for each unique Sage project and we genuinely care about the outcome of Sage implementation. As a dedicated Sage partner, we can confidently say we can deliver creative, flexible and long-lasting cloud solutions that help you to overcome common challenges.

Contact us today for a no-obligation chat with one of our Sage experts to find out more about the software available or to arrange a free trial.

For more on this topic, download this interesting Whitepaper