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class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/products/allocations"><span>Advanced Allocations</span></a></h2></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:70.27777777777777%"></div><img src="https://images.prismic.io/baker-tilly-www%2Fa1e32127-8b18-462d-bbd1-2d47278185e9_cl_cre_contractors+signing.jpg?auto=compress,format&amp;rect=0,288,5760,3456&amp;w=20&amp;h=12" alt="home services" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/products/home-services"><span>Home Services</span></a></h2></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:70.27777777777777%"></div><img src="https://images.prismic.io/baker-tilly-www/e75b5560-06a0-42c2-9e49-dbb36775fa07_water+drop+with+ripples+in+a+calming+outward+flowing+wave+as+a+symbol+of+peace+and+of+course+water+duh+iStock_000002888280Medium.jpg?auto=compress,format&amp;rect=0,85,1698,1019&amp;w=20&amp;h=12" alt="Ministry Intelligence" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/products/ministry-intelligence"><span>Ministry Intelligence</span></a></h2></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:70.27777777777777%"></div><img src="https://images.prismic.io/baker-tilly-www/508a6d5e-8b50-4df7-b168-0d14831f2166_gen-header_growth-symbol_about-us.jpg?auto=compress,format&amp;rect=90,0,1800,1080&amp;w=20&amp;h=12" alt="SaaS Intelligence - saas metrics" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/products/saas-intelligence"><span>SaaS Intelligence</span></a></h2></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:70.27777777777777%"></div><img src="https://images.prismic.io/baker-tilly-www/b35c931d-d7c3-47d1-b017-7e2acc413b29_gen-handshake-meeting.jpg?auto=compress,format&amp;rect=0,174,3500,2100&amp;w=20&amp;h=12" alt="touchpoint integration" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/products/church-management-systems-integration"><span>Church Management Systems Integration</span></a></h2></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:70.27777777777777%"></div><img src="https://images.prismic.io/baker-tilly-www/46c911f4-20af-499d-845e-4b6f3fe7225d_Team%2Bhuddle%2Bcomputer_dark.jpg?auto=compress,format&amp;rect=90,0,1800,1080&amp;w=20&amp;h=12" alt="1099 filing software" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/products/1099-automation-and-e-filing"><span>1099 Automation &amp; e-Filing</span></a></h2></div></div></li></ol></div><div class="tabCarousel__button___1uGdk tabCarousel__buttonNext___2hGu1"><button class="carouselButton___152gx tabCarousel__buttonEl___36NAT next___23Zwy"><span class="carouselButton__inner___1-fqP"><span></span><span class="carouselButton__arrowBody___2cKF4"><svg width="6" height="8" class="carouselButton__svg___1bjcE"><title>next</title><path fill="none" fill-rule="evenodd" stroke="currentColor" d="M5 0L1 4l4 4"></path></svg></span></span></button></div><div class="tabCarousel__actions___fEqq9"></div></div></div></div><div class="tabs__panel___2unRX"><div class="tabCarousel___24nZ2 dark___30dRy spaced___20byY"><div class="tabCarousel__wrapper___dTr33"><div><ol class="tabCarousel__inner___2fm4U" style="transform:translateX(-0px)"><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www/4461ae93-d405-415a-a884-a235489cd25b_Wagner_+Marcus_cropped_web_BH_2021.jpg?auto=compress,format&amp;rect=0,133,710,355&amp;w=20&amp;h=10" alt="Marcus Wagner" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/marcus-wagner"><span>Marcus  Wagner</span></a></h2><div class="drawerCard__text___3nKyZ"><p>CPA</p><p>Partner</p></div></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www/e0feddfc-ac88-4629-8142-2159a9f5598b_growth-symbol_no-photo_charcoal.png?auto=compress,format&amp;rect=0,249,710,355&amp;w=20&amp;h=10" alt="Baker Tilly Professional" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/susan-vincent"><span>Susan   Vincent</span></a></h2><div class="drawerCard__text___3nKyZ"><p></p><p>Managing Director</p></div></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www/36382360-a04b-480a-8d24-014d12037a4c_West_+Ken_cropped_web_BH_2021.jpg?auto=compress,format&amp;rect=0,133,710,355&amp;w=20&amp;h=10" alt="Ken West" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/ken-west"><span>Ken  West Jr.</span></a></h2><div class="drawerCard__text___3nKyZ"><p></p><p>Principal</p></div></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www/7e6299d3-c085-4b9d-bc44-c9a27284bd80_Michaelson_+Brett_cropped_web_BH_2021.png?auto=compress,format&amp;rect=0,119,710,355&amp;w=20&amp;h=10" alt="Brett Michaelson" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/brett-michalson"><span>Brett  Michalson</span></a></h2><div class="drawerCard__text___3nKyZ"><p></p><p>Principal</p></div></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www%2F21cd5940-11b4-4057-a2c7-eebef907dfcd_ann+blakely_2019.jpg?auto=compress,format&amp;rect=0,679,4480,2240&amp;w=20&amp;h=10" alt="Ann E. Blakely" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/ann-blakely"><span>Ann E. Blakely</span></a></h2><div class="drawerCard__text___3nKyZ"><p></p><p>Managing Partner</p></div></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www/cfaf11aa-082b-4fe9-a915-1f53b01c5a1f_Silver_+John_cropped_web_BH_2021.jpg?auto=compress,format&amp;rect=0,141,710,355&amp;w=20&amp;h=10" alt="John Silver" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/john-silver"><span>John  Silver</span></a></h2><div class="drawerCard__text___3nKyZ"><p></p><p>Director</p></div></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www/2af7c057-9770-475c-b245-129c598fb637_Price_+Chris_cropped_web_BH_2021.jpg?auto=compress,format&amp;rect=0,178,710,355&amp;w=20&amp;h=10" alt="Chris Price" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/chris-price"><span>Chris  Price</span></a></h2><div class="drawerCard__text___3nKyZ"><p></p><p>Director</p></div></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www/2578c095-5d0f-47b9-af46-c224f21f5778_Webb_+Allison_cropped_web_BH_2021.jpg?auto=compress,format&amp;rect=0,187,710,355&amp;w=20&amp;h=10" alt="Allison Webb" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/allison-webb"><span>Allison  Webb</span></a></h2><div class="drawerCard__text___3nKyZ"><p>CPA</p><p>Director</p></div></div></div></li><li class="tabCarousel__item___nbw3k"><div class="drawerCard____KN1- dark___35kZb"><div class="drawerCard__imageWrap___lUc20"><div class="drawerCard__image___XtZSJ prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:53.333333333333336%"></div><img src="https://images.prismic.io/baker-tilly-www/27bcf295-fe13-4477-86ed-e940042d5187_Sonmez_+Baran_website+crop.jpg?auto=compress,format&amp;rect=0,205,710,355&amp;w=20&amp;h=10" alt="Baran Sönmez" class="prismicImage__blur___3O9EY"/></div></div></div><div class="drawerCard__inner___19d7K"><h2 class="drawerCard__heading___2TjsD"><a class="drawerCard__link___9jJDg" href="/contact/directory/baran-sonmez"><span>Baran   Sönmez</span></a></h2><div class="drawerCard__text___3nKyZ"><p></p><p>Senior Manager</p></div></div></div></li></ol></div><div class="tabCarousel__button___1uGdk tabCarousel__buttonNext___2hGu1"><button class="carouselButton___152gx tabCarousel__buttonEl___36NAT next___23Zwy"><span class="carouselButton__inner___1-fqP"><span></span><span class="carouselButton__arrowBody___2cKF4"><svg width="6" height="8" class="carouselButton__svg___1bjcE"><title>next</title><path fill="none" fill-rule="evenodd" stroke="currentColor" d="M5 0L1 4l4 4"></path></svg></span></span></button></div><div class="tabCarousel__actions___fEqq9"></div></div></div></div></div></div></section><section class="segment___25ls6 white___2gK-1"><div class="container___3QHbe"><div class="row___1qryC"><div class="content___2tc1k col-12___1BO4J"><div class="text___qnBI9"><div class="richText___yxhk_ largerFont___pZhw7"><div><h4>Baker Tilly Digital provides companies with financial solutions that can scale with speed and flexibility, allowing you to focus more time on the strategic aspects of accounting and not the administrative ones. Sage Intacct provides businesses the core financial information they need to support their growing business.</h4></div></div></div></div></div></div></section><section class="segment___25ls6 white___2gK-1"><div class="container___3QHbe"><div class="row___1qryC"><div class="content___2tc1k col-12___1BO4J"><div class="text___qnBI9"><div class="richText___yxhk_ largerFont___pZhw7"><div><h3>Our Sage Intacct products</h3><p>We offer proprietary cloud accounting solutions built directly on Sage Intacct </p></div></div></div></div></div></div></section><section class="segment___25ls6 white___2gK-1"><div class="container___3QHbe"><div class="row___1qryC"><div class="content___2tc1k col-12___1BO4J"><div class="accordions___ZuuKt"><div class="accordions__list___2V7Kl"><div class="accordion___1cgtX"><div class="accordion__border___mdvQ2"><div id="header-0"><button class="accordion__button___2k-dN" aria-expanded="false" aria-controls="collapse-0"><span class="accordion__flex___2ymDv"><span class="accordion__text___zYfSv"><div><h3>Advanced Allocations</h3></div></span><span class="accordion__icon___uVNFN"></span></span></button></div><div id="collapse-0" class="accordion__collapse___1zXOd" aria-labelledby="header-0"><div class="accordion__description___1j_p-"><div class="richText___yxhk_ largerFont___pZhw7"><div><p>Feel more confident in your period-end allocations processing while gaining an accurate and detailed view of your organization&#x27;s revenue and expenses with <a href="/products/allocations" as="/products/allocations">Baker Tilly Digital&#x27;s Advanced Allocations tool</a>. With Advanced Allocations, you have the ability to enable allocations to multiple dimensions in one step with unlimited filters, allowing your business to experience more flexibility, reduce manual processes and errors and seamlessly integrate your accounting to technology. </p></div></div></div></div></div></div><div class="accordion___1cgtX"><div class="accordion__border___mdvQ2"><div id="header-1"><button class="accordion__button___2k-dN" aria-expanded="false" aria-controls="collapse-1"><span class="accordion__flex___2ymDv"><span class="accordion__text___zYfSv"><div><h3>Home Services</h3></div></span><span class="accordion__icon___uVNFN"></span></span></button></div><div id="collapse-1" class="accordion__collapse___1zXOd" aria-labelledby="header-1"><div class="accordion__description___1j_p-"><div class="richText___yxhk_ largerFont___pZhw7"><div><p>Baker Tilly Digital provides holistic finance and accounting solutions and services for companies in the home services business.</p><p><strong>Baker Tilly Digital + ServiceTitan<br/></strong><a href="/products/home-services" as="/products/home-services">ServiceTitan + Baker Tilly Digital is a complete solution</a> designed to optimize every aspect of your service business. Based on customer feedback and our extensive understanding of the requirements of ServiceTitan’s customers, we&#x27;ve developed enhancements to Sage Intacct to address the unique needs of field and home services providers. Our product automates reconciliation of cash and credit card receipts to deposits, cash refund processing, invoice credits and average costing of inventory. Baker Tilly Digital is ServiceTitan&#x27;s preferred provider of Sage Intacct and a ServiceTitan Certified Accounting Provider.</p></div></div></div></div></div></div><div class="accordion___1cgtX"><div class="accordion__border___mdvQ2"><div id="header-2"><button class="accordion__button___2k-dN" aria-expanded="false" aria-controls="collapse-2"><span class="accordion__flex___2ymDv"><span class="accordion__text___zYfSv"><div><h3>Ministry Intelligence </h3></div></span><span class="accordion__icon___uVNFN"></span></span></button></div><div id="collapse-2" class="accordion__collapse___1zXOd" aria-labelledby="header-2"><div class="accordion__description___1j_p-"><div class="richText___yxhk_ largerFont___pZhw7"><div><p>Get an intelligence engine for your churches and faith-based organizations that will automatically analyze and categorize giving data to empower church finance leaders to make informed decisions. <a href="/products/ministry-intelligence" as="/products/ministry-intelligence">Baker Tilly Digital’s Ministry Intelligence</a> highlights the KPIs and insights that can help you successfully deliver on your mission.</p></div></div></div></div></div></div><div class="accordion___1cgtX"><div class="accordion__border___mdvQ2"><div id="header-3"><button class="accordion__button___2k-dN" aria-expanded="false" aria-controls="collapse-3"><span class="accordion__flex___2ymDv"><span class="accordion__text___zYfSv"><div><h3>SaaS Intelligence </h3></div></span><span class="accordion__icon___uVNFN"></span></span></button></div><div id="collapse-3" class="accordion__collapse___1zXOd" aria-labelledby="header-3"><div class="accordion__description___1j_p-"><div class="richText___yxhk_ largerFont___pZhw7"><div><p>With <a href="/products/saas-intelligence" as="/products/saas-intelligence">Baker Tilly Digital&#x27;s SaaS Intelligence</a>, you get access to all your SaaS analytics in one place. SaaS intelligence replaces the manual process of entering data into excel, while updating them with real-time reliable metrics to accurately analyze how the business is performing. With SaaS Intelligence, you can slice and dice data to build your own dashboard and integrate any KPI’s and trends important to your business including growth trends, revenue retention and renewal metrics, unit economics to review significant metrics like acquisition costs and customer lifetime value, status of your current cash balances, and gain visibility into future renewal events.</p></div></div></div></div></div></div><div class="accordion___1cgtX"><div class="accordion__border___mdvQ2"><div id="header-4"><button class="accordion__button___2k-dN" aria-expanded="false" aria-controls="collapse-4"><span class="accordion__flex___2ymDv"><span class="accordion__text___zYfSv"><div><h3>Church Management Systems Integration</h3></div></span><span class="accordion__icon___uVNFN"></span></span></button></div><div id="collapse-4" class="accordion__collapse___1zXOd" aria-labelledby="header-4"><div class="accordion__description___1j_p-"><div class="richText___yxhk_ largerFont___pZhw7"><div><p><a href="/products/church-management-systems-integration">Baker Tilly Digital&#x27;s Church Management Systems Integration</a> allows churches and faith-based organizations to connect accounting and business operations automatically to increase efficiency and accuracy.</p></div></div></div></div></div></div><div class="accordion___1cgtX"><div class="accordion__border___mdvQ2"><div id="header-5"><button class="accordion__button___2k-dN" aria-expanded="false" aria-controls="collapse-5"><span class="accordion__flex___2ymDv"><span class="accordion__text___zYfSv"><div><h3>1099 Automation and e-Filing</h3></div></span><span class="accordion__icon___uVNFN"></span></span></button></div><div id="collapse-5" class="accordion__collapse___1zXOd" aria-labelledby="header-5"><div class="accordion__description___1j_p-"><div class="richText___yxhk_ largerFont___pZhw7"><div><p>Do you feel like your business is always scrambling to pull together your 1099 filing information year-over-year? <a href="/products/1099-automation-and-e-filing" as="/products/1099-automation-and-e-filing">Baker Tilly Digital&#x27;s 1099 automation and e-filing solution</a> can alleviate some of stress by cleaning up your data, ensuring your various vendors are set up properly and allow you to file your taxes electronically. </p></div></div></div></div></div></div></div></div></div></div></div></section><section class="segment___25ls6 gray___1RjvR"><div class="container___3QHbe"><div class="cards___t6QOf"><div class="cards__body___1YV-n"><div class="cards__header___3yJ8c"><h2 class="cards__heading___2MFrD">Why choose Baker Tilly Digital?</h2></div><div class="cards__copy___do0UM"><div class="richText___yxhk_"></div></div></div><div class="cards__grid___2k_iM cards__two_column___rTDUv"><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6">Our team</p><h3 class="cardItem__heading___3m478">Experienced and knowledgeable</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Our professionals have years of collective experience and we have the largest Sage Intacct development team outside of Sage.</p></div></div></div></div><div></div></div></div></div><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6">Awards and accolades </p><h3 class="cardItem__heading___3m478">Sage Intacct Partner of the Year</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Baker Tilly Digital has been named Sage Intacct’s Overall Partner of the Year from 2014 to 2022. Sage Intacct is the only financial management software endorsed by the American Institute of Certified Public Accounts (AICPA).</p></div></div></div></div><div></div></div></div></div><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6">Marketplace solutions</p><h3 class="cardItem__heading___3m478">Best in class</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Baker Tilly Digital cultivates relationships with best-in-class AP, AR, time and expense, payroll providers and more. We can leverage our relationships with a curated list of add-on software providers to deliver you a whole product solution.</p></div></div></div></div><div></div></div></div></div><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6">Enhanced support</p><h3 class="cardItem__heading___3m478">Unlimited Help</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Baker Tilly Digital offers a variety of support plans that go above and beyond the experience available when you buy direct.</p></div></div></div></div><div></div></div></div></div></div></div></div></section><section class="segment___25ls6 white___2gK-1"><div class="container___3QHbe"><div class="row___1qryC"><div class="content___2tc1k col-12___1BO4J"><div class="iframe___3LeYU"><div class="iframe__wrapper___IKMxw"><iframe src="https://view.ceros.com/baker-tilly/sage-intacct-awards-accolades" frameBorder="0"></iframe></div></div></div></div></div></section><section class="segment___25ls6 dark___Mf_hx"><div class="container___3QHbe"><div class="cards___t6QOf"><div class="cards__body___1YV-n"><div class="cards__header___3yJ8c"><h2 class="cards__heading___2MFrD">Sage Intacct Core Financials</h2></div><div class="cards__copy___do0UM"><div class="richText___yxhk_"><div><p>Baker Tilly Digital makes it easy to use Sage Intacct to share data and integrate with best-of-breed solutions without the enormous IT costs. Here’s a sample of the core modules in Sage Intacct:</p></div></div></div></div><div class="cards__grid___2k_iM cards__three_column___1-z6M"><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6"></p><h3 class="cardItem__heading___3m478">Accounts payable</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Cut your accounts payable processing time by 65% or more annually by automating manual processes and eliminating inefficient workflows. Just point and click to configure approvals processes that work for your organization.</p></div></div></div></div><div></div></div></div></div><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6"></p><h3 class="cardItem__heading___3m478">Accounts receivable</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Get paid faster by automating your processes, emailing your invoices and offering more payment options. Slash client billing and accounts receivable processing time by 50%.</p></div></div></div></div><div></div></div></div></div><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6"></p><h3 class="cardItem__heading___3m478">Cash management</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Accelerate the close and speed up daily cash management activities with a complete view of your cash footprint and working capital.</p></div></div></div></div><div></div></div></div></div><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6"></p><h3 class="cardItem__heading___3m478">General ledger</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Transform your business strategy and processes with continuous accounting, consolidations and insights with the only general ledger (GL) powered by artificial intelligence. Don’t wait for the close to get the information you need.</p></div></div></div></div><div></div></div></div></div><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6"></p><h3 class="cardItem__heading___3m478">Order management</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Automate the order management cycle by streamlining your complex quote-to-cash processes with Sage Intacct. Easily manage inventory challenges, and pricing structures while you save time, improve accuracy and increase profitability.</p></div></div></div></div><div></div></div></div></div><div class="cardItem___3Rb5C"><div class="cardItem__left___buG38 cardItem__no_image___fCJXp"><div class="cardItem__body___2b6vJ"><div><p class="cardItem__kicker___2SfI6"></p><h3 class="cardItem__heading___3m478">Purchasing automation</h3><div class="cardItem__copy___1PEQT"><div class="richText___yxhk_"><div><p>Cut invoice-to-payment time by up to half and eliminate hundreds of hours of tedious data entry. Create structured, predefined transaction and purchase approval workflows that increase purchasing speed, accuracy and efficiency.</p></div></div></div></div><div></div></div></div></div></div></div></div></section><section class="segment___25ls6 smallSpace___3XPpN"><div class="container___3QHbe"><article class="quote___2msb7"><div class="quote__content___3RsOJ"><div class="quote__text___3JwBC"><blockquote class="quote__blockquote___1lnt5">Baker Tilly Digital has always been a leader in performing complex implementations of Sage Intacct for customers, including customization and development using the Sage Intacct platform and API’s.&quot; </blockquote><cite class="quote__cite___3fog7">Aaron Harris, Chief Technology Officer, Sage </cite></div></div></article></div></section><section class="segment___25ls6 gray___1RjvR"><div class="container___3QHbe"><div class="tabs___3WAO6"><div class="tabs__body___28Nkg"><div class="tabs__header___3oqQ3"><h2 class="tabs__heading___TsCFF">Sage Intacct Advanced Financials</h2></div><div class="tabs__copy___1ZoPn"><div class="richText___yxhk_"><div><p>Finance needs differ from industry to industry, and advanced modules fit industry-specific and specialized requirements. With Baker Tilly’s experience and products, we can help you get more functionality from Sage Intacct, streamline the unique key functions of your operations with advanced financial modules and get the freedom to choose industry solutions you prefer.</p></div></div></div></div><div class="tabs__vert___uQ47a"><div class="tabs__nav___2gndQ"><ul class="tabNav___2RwNn tabNav__vert___2LzBz"><li class="tabNav__item___36auu tabNav__active___HHHB8" tabindex="0" role="button">Intelligent inventory management</li><li class="tabNav__item___36auu" tabindex="0" role="button">Simplified time tracking</li><li class="tabNav__item___36auu" tabindex="0" role="button">Comprehensive project accounting</li></ul></div><div class="tabs__cards___rso4N"><div id="card-0" class="tabCard___xokuM tabCard__visible___20FzK"><div class="tabCard__body___3siHn"><div><p class="tabCard__kicker___LBW2F"></p><h2 class="tabCard__heading___1_Vug">Cloud-based inventory management that works your way</h2><div class="tabCard__copy___3_T9G"><div class="richText___yxhk_"><div><p>Real-time inventory management software features comprehensive reporting so you can see across locations, products and inventory status. That means you can make smarter decisions to optimize inventory levels and set efficient reorder points and quantities. Use standard templates for adjustments, transfers, damaged goods, scrap and more. Or create your own templates that fit your processes and needs, from vendor quotes to customer invoices.</p></div></div></div></div><div></div></div></div><div id="card-1" class="tabCard___xokuM"><div class="tabCard__body___3siHn"><div><p class="tabCard__kicker___LBW2F"></p><h2 class="tabCard__heading___1_Vug">Capture your time with a button click</h2><div class="tabCard__copy___3_T9G"><div class="richText___yxhk_"><div><p>Reduce revenue leakage by ensuring all billable time is captured and invoiced. Easily and automatically start a stopwatch in the Sage Intacct timesheet to track the time you work on a project. The stopwatch handles start and stop time accumulation of multiple time segments. When you bill, the system automatically aggregates the time accrued without tedious, error-prone, manual tallying.</p></div></div></div></div><div></div></div></div><div id="card-2" class="tabCard___xokuM"><div class="tabCard__body___3siHn"><div><p class="tabCard__kicker___LBW2F"></p><h2 class="tabCard__heading___1_Vug">Automate project accounting processes and resource planning</h2><div class="tabCard__copy___3_T9G"><div class="richText___yxhk_"><div><p>It’s possible to have all your project accounting processes your service business needs in one place. See the costs, time and expenses easily so you can manage resources, billing and revenue recognition quickly. Generate useful insights from financial reporting that keeps individual projects on track, on time and on target so your business grows profitably. Track expenses by projects, budget to actual and more within projects, identify unbilled R&amp;D costs or run billable services projects for clients.</p></div></div></div></div><div></div></div></div></div></div></div></div></section><section class="segment___25ls6 white___2gK-1"><div class="container___3QHbe"><article class="flyin___3jNvW" data-visible="false"><div class="flyin__copy___1sTm6"><div><h2 class="flyin__heading___2G2xs">Is Sage Intacct right for you? </h2></div><div class="flyin__button___2Q9IL"><a target="_blank" rel="noopener noreferrer" href="https://connect.bakertilly.com/demo-request?utm_source=sage-intacct&amp;utm_medium=web-speciality" as="https://connect.bakertilly.com/demo-request?utm_source=sage-intacct&amp;utm_medium=web-speciality" class="button___3B9Ox primary___2zEcF"><div class="button__inner___d5C-5">See our solutions in action<svg class="button__icon___KlcnA" width="14px" height="12px" viewBox="0 0 14 12" version="1.1"><title>arrow</title><desc>Created with Sketch.</desc><g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"><g transform="translate(-251.000000, -25.000000)" fill="#000000"><g transform="translate(251.000000, 25.000000)"><g><rect transform="translate(10.181981, 3.181981) rotate(-585.000000) translate(-10.181981, -3.181981) " x="9.68198052" y="-0.818019485" width="1" height="8"></rect><rect transform="translate(10.181981, 8.181981) scale(-1, 1) rotate(-585.000000) translate(-10.181981, -8.181981) " x="9.68198052" y="4.18198052" width="1" height="8"></rect><rect transform="translate(4.500000, 5.500000) rotate(-630.000000) translate(-4.500000, -5.500000) " x="4" y="1" width="1" height="9"></rect></g></g></g></g></svg></div></a></div></div></article></div></section><section class="segment___25ls6 gray___1RjvR noTopSpace___rZnVC"><section class="cardListing___txEtD whiteBackground___1VuV4"><div class="cardListing__container___3U7e9"><h2 class="cardListing__heading___2CsPb">Learn how we&#x27;re helping businesses like yours </h2><div class="cardListing__row___1hCG-"><div class="cardListing__item___3t6Re"><div class="insightCard___32BU1"><div class="insightCard__kicker___2Z8ra">Not-for-profit</div><div class="insightCard__imageWrap___1c_84"><img src="https://images.prismic.io/baker-tilly-www/d6a45391-de67-4256-b0d0-4e5ea9d0b82b_Hand+raised+at+church+service.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188" srcSet="https://images.prismic.io/baker-tilly-www/d6a45391-de67-4256-b0d0-4e5ea9d0b82b_Hand+raised+at+church+service.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188 1x, https://images.prismic.io/baker-tilly-www/d6a45391-de67-4256-b0d0-4e5ea9d0b82b_Hand+raised+at+church+service.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188 2x" alt="Organization improves efficiency with church management system" class="insightCard__image___3pO65"/></div><div class="insightCard__inner___1Zw6u"><h2 class="insightCard__heading___qZxjk"><a class="insightCard__link___3gMUf" href="/insights/church-organization-saves-time-and-improves-efficiency-with-church-management-systems-integration">Organization improves efficiency with church management system</a></h2></div></div></div><div class="cardListing__item___3t6Re"><div class="insightCard___32BU1"><div class="insightCard__kicker___2Z8ra">Technology </div><div class="insightCard__imageWrap___1c_84"><img src="https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188" srcSet="https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188 1x, https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188 2x" alt="Technology company discovered insights with SaaS Intelligence" class="insightCard__image___3pO65"/></div><div class="insightCard__inner___1Zw6u"><h2 class="insightCard__heading___qZxjk"><a class="insightCard__link___3gMUf" href="/insights/technology-company-discovers-actionable-insights-and-trends-with-saas-intelligence">Technology company discovered insights with SaaS Intelligence</a></h2></div></div></div><div class="cardListing__item___3t6Re"><div class="insightCard___32BU1"><div class="insightCard__kicker___2Z8ra">Oil and gas </div><div class="insightCard__imageWrap___1c_84"><img src="https://images.prismic.io/baker-tilly-www/e72b94b2-0be2-4fc4-93a4-655341aa12c4_EU-header_oil-distant-rig.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188" srcSet="https://images.prismic.io/baker-tilly-www/e72b94b2-0be2-4fc4-93a4-655341aa12c4_EU-header_oil-distant-rig.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188 1x, https://images.prismic.io/baker-tilly-www/e72b94b2-0be2-4fc4-93a4-655341aa12c4_EU-header_oil-distant-rig.jpg?auto=compress,format&amp;rect=98,0,1723,1080&amp;w=300&amp;h=188 2x" alt="Oil and gas company moves their financials to the cloud " class="insightCard__image___3pO65"/></div><div class="insightCard__inner___1Zw6u"><h2 class="insightCard__heading___qZxjk"><a class="insightCard__link___3gMUf" href="/insights/oil-and-gas-company-engages-baker-tilly-digital-to-move-financials-to-the-cloud">Oil and gas company moves their financials to the cloud </a></h2></div></div></div></div><div class="cardListing__cta____nxlJ"></div></div></section></section><section class="segment___25ls6 dark___Mf_hx"><div class="container___3QHbe"><article><div class="row___1qryC"><div class="professionalGrid__header___7GI4M"><h2 class="professionalGrid__heading___2WQ26">Our Sage Intacct leaders</h2></div><div class="professionalGrid__text___lOxcX"><div class="richText___yxhk_"></div></div></div><div class="row___1qryC"><div class="professionalGrid__images___fVwSs"><div class="professionalGrid__item___2rUn-"><div class="employeeCard___T_Ix0"><a href="/contact/directory/marcus-wagner"><div class="employeeCard__link___1dx30"><div class="employeeCard__imageWrap___2lkhY"><div class="employeeCard__image___1Q1-U prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:140%"></div></div></div></div><div class="employeeCard__inner___20Wnc"><div class="employeeCard__content___lBwec"><span class="employeeCard__name___1-Scu">Marcus  Wagner</span><span class="employeeCard__title___3mOb0">Partner</span></div></div></div></a></div></div><div class="professionalGrid__item___2rUn-"><div class="employeeCard___T_Ix0"><a href="/contact/directory/susan-vincent"><div class="employeeCard__link___1dx30"><div class="employeeCard__imageWrap___2lkhY"><div class="employeeCard__image___1Q1-U prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:140%"></div></div></div></div><div class="employeeCard__inner___20Wnc"><div class="employeeCard__content___lBwec"><span class="employeeCard__name___1-Scu">Susan   Vincent</span><span class="employeeCard__title___3mOb0">Managing Director</span></div></div></div></a></div></div><div class="professionalGrid__item___2rUn-"><div class="employeeCard___T_Ix0"><a href="/contact/directory/ken-west"><div class="employeeCard__link___1dx30"><div class="employeeCard__imageWrap___2lkhY"><div class="employeeCard__image___1Q1-U prismicImage___2TGkO"><div class="prismicImage__inner___qceVV"><div class="prismicImage__aspect___himXx" style="padding-bottom:140%"></div></div></div></div><div class="employeeCard__inner___20Wnc"><div class="employeeCard__content___lBwec"><span class="employeeCard__name___1-Scu">Ken  West Jr.</span><span 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Users can customize layouts, add computational columns, add basic analytical functions like “sum,” “count” and “average” and still drill down into individual transaction entries.  Custom reports are “great” at combining financial and non-financial data, Mossad said. This capability comes in handy, for example, when looking at total expenses along with the details of the vendor bills that make up those expenses. However, when users need to change the formatting – or add advanced formulas – to their reports, that’s the time to use the interactive custom reports capabilities, he recommended. Those reports can use rolling sums, CASE statements of if/then logic, create pivot tables and generate multiple views of the data in the same report.  Users can also add a time dimension to compare data over periods of time, from days to years. The financial report writer, which offers the flexibility to display comparisons of data by time periods or by budgets, calculate percent of revenue or gross margin percentage and create visualizations to show trends and performance. Sage Intacct’s accounting software shines brightest in its ability to create meaningful visualizations, Mossad said, with more than 30 different types of graphs available, along with the ability to portray patterns and trends. These features help presenters turn numbers into compelling narratives or “stories” that leave audiences with unforgettable takeaways.  Mossad closed his presentation with demonstrations of several other useful features: Notations that explain variances in the numbers, or other matters of interest to auditors  Billboards that remind users of deadlines and other important news Report groups that automatically assemble and deliver reports on similar subjects Cover letters that tie a report package together To learn more about how you can enhance your reporting with Sage Intacct, contact Baker Tilly Digital today.","image":{"dimensions":{"width":1920,"height":1080},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"man looking at data on tablet","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=0,547,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"man protects firm from cybersecurity risks","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/c374d73f-cf84-40c5-ab48-bb1e1cf0b517_cybersecurity.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2023-02-22T06:00:00+0000","dateTimestamp":1677045600,"description":"Deepen insights into organizational performance and create compelling narratives with Sage Intacct's standard or custom reports.","category":"Article","objectID":"insight-using-sage-intacct-software-to-tell-memorable-stories","_highlightResult":{"title":{"value":"Using Sage Intacct software to tell memorable stories in reports","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"When Shadi Mossad gave his presentation at the 2022 Sage Transform Conference, he shared powerful ways financial experts can deepen their insights into organizational performance as well as create compelling narratives in their reports to management using Sage Intacct. Mossad, a manager at Baker Tilly, has more than a dozen years of experience as a finance and business leader.  Mossad began his talk, titled “Reporting and Dashboards Tips and Tricks,” by reviewing the types of reports users can create using Sage Intacct’s software. As a first step, he suggested, he suggested, users define their intended audience, and tailor the information the best way that will be understood by them whether as numbers in a standard financial report, or as visualizations in more interpretive charts and graphs.  Standard, “out of the box” reports with pre-defined layouts work well for transactional information, he said. Those templates allow users to filter by time frame or dimension and drill down for more detailed information. However, if readers require different information than the basic templates provide, a custom report may be in order. Users can customize layouts, add computational columns, add basic analytical functions like “sum,” “count” and “average” and still drill down into individual transaction entries.  Custom reports are “great” at combining financial and non-financial data, Mossad said. This capability comes in handy, for example, when looking at total expenses along with the details of the vendor bills that make up those expenses. However, when users need to change the formatting – or add advanced formulas – to their reports, that’s the time to use the interactive custom reports capabilities, he recommended. Those reports can use rolling sums, CASE statements of if/then logic, create pivot tables and generate multiple views of the data in the same report.  Users can also add a time dimension to compare data over periods of time, from days to years. The financial report writer, which offers the flexibility to display comparisons of data by time periods or by budgets, calculate percent of revenue or gross margin percentage and create visualizations to show trends and performance. Sage Intacct’s accounting software shines brightest in its ability to create meaningful visualizations, Mossad said, with more than 30 different types of graphs available, along with the ability to portray patterns and trends. These features help presenters turn numbers into compelling narratives or “stories” that leave audiences with unforgettable takeaways.  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McClure, a CPA and a senior manager at Baker Tilly Digital US, began her session with an audience “poll,” asking her listeners to stand if they’ve ever tried user-defined books. She was encouraged that a large number of attendees knew of or had tried user-defined books. Her informal audience survey revealed that her listeners had set up user-defined books to track funds, but had not experienced the wide variety of usage in categories, including: Grant matches Committed purchases  Taxes  Allocations  Payroll details Mergers, acquisitions and divestitures Envisioning the future McClure indicated that user-defined books are particularly useful in envisioning the future; that is, understanding the consequences of various “what-if” decisions. She noted that Sage Intacct accounting software makes it easy to enable user-defined books; grant user permissions; and add them to books and journals. Users can create as many user-defined books as they wish, all tied to the same chart of accounts. They are free to the user and helpful in adding detail around the organizations’ future orders, sales, purchases, and in essence, helping readers envision the future and better understand the consequence of various “what-if” decisions.   This Sage Intacct help information gives real-world examples of how organizations can take advantage of user-defined reports to draw attention to issues important to particular industries, like how real estate adjustments affect the fortunes of property management companies. The how-to guide also explains how companies can report on a particular book alone, or in combination with other books.  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Custom reports can also link to more information of interest. One of the key differentiators between custom lists and custom lists is the presentation of dimension detail present on transactions. If you need to view or export information that includes dimensions, like Location or Department, then custom reports are the way to go. Custom lists will not show specific dimensions nor line-item details. Sloan is knowledgeable about all facets of Sage Intacct accounting ERP system design, project implementation and operational support. She emphasized that both the custom lists and custom reports features of Sage Intacct software offer report readers valuable additional insights. The cloud-based Sage Intacct software integrates with existing tools to automate routine and time-consuming processes, including accounts payable and receivable, billing, cash management, general ledger, order management, purchasing and reporting. 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Custom reports can also link to more information of interest. One of the key differentiators between custom lists and custom lists is the presentation of dimension detail present on transactions. If you need to view or export information that includes dimensions, like Location or Department, then custom reports are the way to go. Custom lists will not show specific dimensions nor line-item details. Sloan is knowledgeable about all facets of Sage Intacct accounting ERP system design, project implementation and operational support. She emphasized that both the custom lists and custom reports features of Sage Intacct software offer report readers valuable additional insights. The cloud-based Sage Intacct software integrates with existing tools to automate routine and time-consuming processes, including accounts payable and receivable, billing, cash management, general ledger, order management, purchasing and reporting. 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They appear on the balance sheet in the credit card liability account, not in accounts payable. Richardson noted that once the user associates a general ledger liability account with the appropriate credit card, the field “greys out” and cannot change.   Next, create a vendor listing in accounts payable, with one entry for each type of credit card, and associate the vendor listing with the credit card, Richardson said. Now it’s time to upload the credit card transactions into Sage Intacct, using one of these three techniques: \tThrough the user interface, a completely manual exercise that Richardson discourages;  \tThrough a bank feed with auto-matching, a process Richardson recommends; \tThrough a third-party vendor  Once the credit card transactions are in the system, and with the credit card statement in hand, it’s time to “grab the bull by the horns,” and reconcile, Richardson said, though she reminded her audience that reconciling the charges and paying the bill are distinctly separate activities.   “Reconciling your credit card statement does not create a charge payoff or create a bill in accounts payable,” she reiterated, citing one of the most common mistakes users make.  Richardson promised that creating a charge payoff is “a breeze” if the previous steps were correctly executed. Do not create a journal entry under “more actions,” she said. Instead, “make your entries through the credit card application, so the entries will display correctly later.”  Creating a charge payoff is “a breeze” On the charge payoffs screen, select the plus sign. Fill in the name of the credit card that was used and the date of the charges of interest. Select post. Creating the charge payoff moves the funds from the Credit Card liability account and into Account Payable by creating a bill under the Vendor tagged in the Credit Card setup. Then, pay the bill in the usual manner from the “pay bill” screen in accounts payable.  One last tip: if you have a large monthly bill and want to make a mid-month payment, do not use the advance functionality feature found in accounts payable, Richardson advised. This will create issues when reconciling your statements. A workaround for this is to create a negative credit card transaction using a clearing account as the “expense”. The system will allow you to choose a bank account, but this will not show up when reconciling your bank account. You will then have to create a JE to move the funds from the clearing account to your bank account.  Richardson said she hopes users remember two key pointers from the presentation: \tReconciling the credit card does not create a bill in accounts payable. Only the charge payoff function does that.   \tThe credit card account behaves like a sub-ledger. The transactions need to be created in the sub-ledger for the user to reconcile. Whether you work at a large or small company, staying organized while reconciling your credit card is key. 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Remove the pain of credit card reconciliation with Sage Intacct. Read more in this article.","category":"Article","objectID":"insight-tips-to-relieve-the-headaches-of-credit-card-reconciliation","_highlightResult":{"title":{"value":"Tips to relieve the headache of credit card reconciliation","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"“I understand your pain.” That’s how Vicki Richardson began her presentation at the Sage Transform conference 2022 in Orlando. She spoke about how to soothe the “trauma” of reconciling the many transactions made on company credit cards carried by employees.  Richardson, manager at Baker Tilly Digital, spent more than a decade as the chief financial officer of a large not-for-profit in California, where she kept track of the use of one corporate credit card by more than 100 employees.  At the conference, Richardson demonstrated reconciliation and payment tricks using Sage Intacct accounting software.  Proper preparation is key to success To avoid the familiar dilemma of “garbage in, garbage out,” Richardson said, proper setup is key. As a first step, create one liability account in the general ledger for each brand of credit card – Amex, Mastercard, Discover, VISA – that employees use.  All those transactions remain in the appropriate general ledger liability accounts until the user creates a charge payoff. Richardson likened the liability accounts to “buckets” that hold the credit card transactions. They appear on the balance sheet in the credit card liability account, not in accounts payable. Richardson noted that once the user associates a general ledger liability account with the appropriate credit card, the field “greys out” and cannot change.   Next, create a vendor listing in accounts payable, with one entry for each type of credit card, and associate the vendor listing with the credit card, Richardson said. Now it’s time to upload the credit card transactions into Sage Intacct, using one of these three techniques: \tThrough the user interface, a completely manual exercise that Richardson discourages;  \tThrough a bank feed with auto-matching, a process Richardson recommends; \tThrough a third-party vendor  Once the credit card transactions are in the system, and with the credit card statement in hand, it’s time to “grab the bull by the horns,” and reconcile, Richardson said, though she reminded her audience that reconciling the charges and paying the bill are distinctly separate activities.   “Reconciling your credit card statement does not create a charge payoff or create a bill in accounts payable,” she reiterated, citing one of the most common mistakes users make.  Richardson promised that creating a charge payoff is “a breeze” if the previous steps were correctly executed. Do not create a journal entry under “more actions,” she said. Instead, “make your entries through the credit card application, so the entries will display correctly later.”  Creating a charge payoff is “a breeze” On the charge payoffs screen, select the plus sign. Fill in the name of the credit card that was used and the date of the charges of interest. Select post. Creating the charge payoff moves the funds from the Credit Card liability account and into Account Payable by creating a bill under the Vendor tagged in the Credit Card setup. Then, pay the bill in the usual manner from the “pay bill” screen in accounts payable.  One last tip: if you have a large monthly bill and want to make a mid-month payment, do not use the advance functionality feature found in accounts payable, Richardson advised. This will create issues when reconciling your statements. A workaround for this is to create a negative credit card transaction using a clearing account as the “expense”. The system will allow you to choose a bank account, but this will not show up when reconciling your bank account. You will then have to create a JE to move the funds from the clearing account to your bank account.  Richardson said she hopes users remember two key pointers from the presentation: \tReconciling the credit card does not create a bill in accounts payable. Only the charge payoff function does that.   \tThe credit card account behaves like a sub-ledger. The transactions need to be created in the sub-ledger for the user to reconcile. Whether you work at a large or small company, staying organized while reconciling your credit card is key. 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Wood offered tips for a successful transition to remote working during a conference session co-hosted by Allison Webb, Director with Baker Tilly Digital. The presentation, titled “The Hybrid Workplace World in Not-for-Profit Finance,” was offered in Orlando, Florida, at the Sage Transform Conference 2022. Baker Tilly Digital is a Sage Intacct value-added reseller. The annual conference brings together customers and partners of Sage Intacct, a Silicon Valley-based provider of cloud-based financial management software and services.  Wood explained that most houses of worship initially said “no” to remote work. Certain church workers in maintenance, landscaping and facilities, he noted, clearly were required to perform their jobs on church premises. But the emerging COVID-19 pandemic, and related safety regulations mandating workers keep a safe distance from one another, forced church leaders to rethink their workforce models for office workers, he said.  Meanwhile, workforce experts began issuing studies that touted the benefits of remote work for reasons unrelated to pandemic safety. For example, Wood noted, as early as 2015, the OWL Labs’ annual “State of Remote Work” report noted that a majority of workers would prefer to telecommute every day, simply to skip tedious and time-consuming commutes. Employers began to support flexible and reduced work schedules to boost employee satisfaction in a competitive hiring environment. Over time, many employers began offering a mix of some jobs that must be performed on premises, and other jobs that can be performed remotely, giving rise to today’s popular “hybrid workforce.”  After two full years’ successful experience managing remote workers, today many employers are changing onboarding and employee management processes to accommodate their hybrid and remote workers. During their session, Wood and Webb posed three questions to answer when moving a workforce to remote work. Question 1: How can your managers and employees communicate to agree on remote working schedules and guidelines? One recent trend, Webb said, is the effort to foster clear communications between workers and managers to illustrate what remote working “success” looks like. Start by “defining the workday,” she said, including the days and hours employees are expected to be working, available to attend meetings and answer emails. It may work best for the not-for-profit to declare the entire staff must be available for a weekly team meeting. Or that accounts payable staffers with small children at home may do their work at night when the kids are sleeping.  Whatever schedule is suggested, she said, everyone should “talk through it” to understand and agree to what’s expected. Just remember that employees must be paid for all the hours they are asked to work, whatever the time of day or night. Question 2: How is your organization committed to training its remote workers? Comprehensive training is as important for remote workers as it is for in-office workers, the speakers emphasized. That training can be as basic as how to dress and act professionally on video calls, or as technical as how to be an expert user of the software and hardware required for the job.  Knowing that remote employees will want to work from colorful locations including the closest coffee shop, the living room couch, the dining room and the nearest beach, employers should consider suggesting appropriate, business-like locations. And employers can help by purchasing professional–and ergonomic–office furniture and computers for remote team members. The organization should also decide whether to pay for internet service and telephone charges for its remote employees.  Question 3: How can your not-for-profit adopt remote audits? Webb, whose broad experience in finance includes two decades in the not-for-profit audit world, said conducting accounting audits remotely can save not-for-profit’s significant time and money. She recommended granting auditors read-only access to Sage Intacct financial systems that way, auditors can see what their clients see, and pull information as they need it, around the clock. Also, they can note questions and request more information any time through Sage software’s “Collaborate” and “Checklist” features.  Webb added that two Sage Intacct church customers have saved 20 to 25% in auditors’ fees during 2021 by conducting remote audits.  Working remotely has not only saved companies money but has also given employees more flexibility and a better work-life balance. Baker Tilly Digital is here to help you transform your not-for-profit organization in the new world of remote work.","image":{"dimensions":{"width":3500,"height":2333},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,233,3500,1867\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,175,3500,2100\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,141,3500,2049\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,145,3500,2049\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,70,3500,2193\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,725,3500,884\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,233,3500,1867\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,233,3500,1867\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,700,3500,875\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,142,3500,2049\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Professional works remotely from home","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/6cec593b-5b1b-4c1f-a9fa-7483995318f5_work-from-home-remote-work.jpg?auto=compress,format\u0026rect=0,175,3500,1925\u0026w=20\u0026h=11"}},"date":"2023-01-19T06:00:00+0000","dateTimestamp":1674108000,"description":"Remote work is here to stay, including those in the not for profit world. Read this article to learn how your not-for-profit can save time and money by moving your organization's workforce to remote work.","category":"Article","objectID":"insight-three-questions-not-for-profits-should-ask-remote-work","_highlightResult":{"title":{"value":"Three questions not-for-profits should ask when considering a remote working environment","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Remote workers – including those working in finance in the not-for-profit world – are “here to stay,” according to Glenn Wood, the Pastor of Administration for Seacoast Church, a non-denominational church with locations across North and South Carolina, after a successful trial of remote working forced by the global COVID-19 pandemic.   Wood offered tips for a successful transition to remote working during a conference session co-hosted by Allison Webb, Director with Baker Tilly Digital. The presentation, titled “The Hybrid Workplace World in Not-for-Profit Finance,” was offered in Orlando, Florida, at the Sage Transform Conference 2022. Baker Tilly Digital is a Sage Intacct value-added reseller. The annual conference brings together customers and partners of Sage Intacct, a Silicon Valley-based provider of cloud-based financial management software and services.  Wood explained that most houses of worship initially said “no” to remote work. Certain church workers in maintenance, landscaping and facilities, he noted, clearly were required to perform their jobs on church premises. But the emerging COVID-19 pandemic, and related safety regulations mandating workers keep a safe distance from one another, forced church leaders to rethink their workforce models for office workers, he said.  Meanwhile, workforce experts began issuing studies that touted the benefits of remote work for reasons unrelated to pandemic safety. For example, Wood noted, as early as 2015, the OWL Labs’ annual “State of Remote Work” report noted that a majority of workers would prefer to telecommute every day, simply to skip tedious and time-consuming commutes. Employers began to support flexible and reduced work schedules to boost employee satisfaction in a competitive hiring environment. Over time, many employers began offering a mix of some jobs that must be performed on premises, and other jobs that can be performed remotely, giving rise to today’s popular “hybrid workforce.”  After two full years’ successful experience managing remote workers, today many employers are changing onboarding and employee management processes to accommodate their hybrid and remote workers. During their session, Wood and Webb posed three questions to answer when moving a workforce to remote work. Question 1: How can your managers and employees communicate to agree on remote working schedules and guidelines? One recent trend, Webb said, is the effort to foster clear communications between workers and managers to illustrate what remote working “success” looks like. Start by “defining the workday,” she said, including the days and hours employees are expected to be working, available to attend meetings and answer emails. It may work best for the not-for-profit to declare the entire staff must be available for a weekly team meeting. Or that accounts payable staffers with small children at home may do their work at night when the kids are sleeping.  Whatever schedule is suggested, she said, everyone should “talk through it” to understand and agree to what’s expected. Just remember that employees must be paid for all the hours they are asked to work, whatever the time of day or night. Question 2: How is your organization committed to training its remote workers? Comprehensive training is as important for remote workers as it is for in-office workers, the speakers emphasized. 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Quickbooks offers different versions of its software to use its accounting features, including one for self-employed individuals, but doesn’t have industry specific features.   3.  A financial system that adapts with your business All businesses experiences change over time as you expand your workforce and offerings. Quickbooks offers the right amount of flexibility for start-ups and newer businesses hoping to streamline their accounting processes. However, large scale businesses may find that it’s not adaptable enough given the system cannot handle the data; resulting in database corruption with debits and credits not balancing properly. Sage Intacct has a wide variety of solutions, designed so that you get exactly what your business needs without paying for extra services you don’t need. As your business expands and changes, we can adapt your Sage Intacct offering to better suit your new needs.   4.  Reduce regulatory concerns with compliance and certifications  Sage Intacct is the only financial management software endorsed by the American Institute of Certified Public Accounts (AICPA). Additionally, it is also GAAP-compliant which helps you follow regulatory requirements especially during an auditing process as well as HIPAA compliant when utilizing the advanced audit trail module. While Quickbooks is not GAAP compliant, that gives more flexibility in how it can organize and store information due to the lack of appropriate controls.   5.  Customer support when you need it  Both Sage Intacct and Quickbooks offer a variety of ways to reach out for customer support including phone, email, live-chat, user community and help pages. In addition to that, there is an online Sage Intacct Community that you can access 24/7 to submit a support case, read blogs and training tools and search their help center for fixes to common issues and other troubleshooting solutions.  The support, customization and flexibility Sage offers when it comes to finance management systems makes it an easy choice for companies looking to have several employees on their financial platform, companies in industries with niche financial tracking needs and companies anticipating growth over time.  To be successful in the world of digital transformation, you need the right technology to help you thrive. Choosing the right financial management system is tough, but with Baker Tilly Digital’s vast experience with Sage Intacct we can help you find the right system that is best for your business. 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Sage Intacct and Quickbooks both offer great solutions that include accounting and financing features like income and expense tracking, invoice and payment management, tracking mileage and receipts, measuring time and visualizing cash flows, but there are distinct differences between the two programs that might make Sage a better choice for your expanding business. 1.  Access to unlimited users for more collaboration  As your company grows, more people on your team will need access to your financial program. A limitation of Quickbooks for medium and large businesses is their maximum user amount. With Sage Intacct there is no limit for the number of users you can have on your account, which allows businesses to have multiple users that can access the accounting software simultaneously. Additionally, Sage Intacct allows collaboration between users, helping your larger accounting team to work seamlessly within the program. 2.  Experience in various industry-specific services Certain industries require unique accounting solutions. For instance, Not-for-profit organizations need to manage donors, funds, gifts and track recruitment networks, all of which are not typically included in the standard accounting software program Healthcare organizations need to manage inventory, quality control and production scheduling from suppliers Home services companies need job-based accounting data, such as purchasing transactions, order entry and payroll, all in one place to better price future jobs Sage Intacct has specific features set up to handle the differing needs found in various industries through its variety of packages designed to provide your business all of the features needed to effectively track your finances and beyond, and our team at Baker Tilly has the knowledge and skillset to help integrate Sage Intacct seamlessly into your businesses operations. Quickbooks offers different versions of its software to use its accounting features, including one for self-employed individuals, but doesn’t have industry specific features.   3.  A financial system that adapts with your business All businesses experiences change over time as you expand your workforce and offerings. Quickbooks offers the right amount of flexibility for start-ups and newer businesses hoping to streamline their accounting processes. However, large scale businesses may find that it’s not adaptable enough given the system cannot handle the data; resulting in database corruption with debits and credits not balancing properly. Sage Intacct has a wide variety of solutions, designed so that you get exactly what your business needs without paying for extra services you don’t need. As your business expands and changes, we can adapt your Sage Intacct offering to better suit your new needs.   4.  Reduce regulatory concerns with compliance and certifications  Sage Intacct is the only financial management software endorsed by the American Institute of Certified Public Accounts (AICPA). Additionally, it is also GAAP-compliant which helps you follow regulatory requirements especially during an auditing process as well as HIPAA compliant when utilizing the advanced audit trail module. While Quickbooks is not GAAP compliant, that gives more flexibility in how it can organize and store information due to the lack of appropriate controls.   5.  Customer support when you need it  Both Sage Intacct and Quickbooks offer a variety of ways to reach out for customer support including phone, email, live-chat, user community and help pages. In addition to that, there is an online Sage Intacct Community that you can access 24/7 to submit a support case, read blogs and training tools and search their help center for fixes to common issues and other troubleshooting solutions.  The support, customization and flexibility Sage offers when it comes to finance management systems makes it an easy choice for companies looking to have several employees on their financial platform, companies in industries with niche financial tracking needs and companies anticipating growth over time.  To be successful in the world of digital transformation, you need the right technology to help you thrive. Choosing the right financial management system is tough, but with Baker Tilly Digital’s vast experience with Sage Intacct we can help you find the right system that is best for your business. If you are interested in learning more about Sage Intacct and how Baker Tilly Digital can help, contact us.  ","matchLevel":"none","matchedWords":[]},"description":{"value":"Companies often wait too long to make the switch to the right financial management system and end up with unstable finances. 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Their customers include commercial and government agencies requiring definitive real estate data and powerful workflow solutions including brokers, developers, investors, lenders, insurers, technology providers, environmental consultants and valuation professionals. The business challenge Like so many other SaaS companies, this business’s finance department was reliant on manual, time consuming processes to record and analyze their customer subscription activity data in Excel on a monthly basis. Subscription data was pulled from their CRM system, which often contained unreliable subscription details and categorizations input by their sales organization. This required them to then extract contract details and revenue activity from their Sage Intacct ERP system to reconcile, decode and rectify the subscription data in an attempt to maintain the trustworthiness of their Excel model. At their scale, it necessitated a team of specialized analysts to manage and maintain a litany of spreadsheets just to produce a consolidated, high-level Annual Recurring Revenue (ARR) analysis. When it came to reporting their recurring revenue (MRR/ARR) activity and SaaS metrics to executive leadership, the process required dozens of hours each month and the result was merely a historical view and a broad, directional analysis of their subscription business. The finance team still couldn’t pinpoint the underlying drivers of recurring revenue growth or analyze trends by critical subscription segmentation variables such as customer, segment, industry and product. The client knew they needed to upgrade from Excel spreadsheets to a business intelligence tool that could shift their team’s focus from data management to advanced data analytics. However, the tool had to be a purpose-built SaaS industry solution that integrated with their Sage Intacct ERP system and provided configurability to adeptly manage the complexities of their subscription business now and into the future (e.g., distinct add-on, cross-sell, upsell, and uplift tracking; direct customer and channel sales; multi-entity and multi-currency consolidations; self-service reporting; etc.). Most importantly, the business intelligence tool had to deliver in-depth, reliable and real-time metrics to empower the business with insights to support rapid, data-driven decisions in response to evolving market signals. Strategy and solution After reviewing various business intelligence solution alternatives, they enthusiastically moved forward with SaaS Intelligence by Baker Tilly Digital. The client was impressed by the power of application’s intelligence engine, and its ability to automatically parse customer’s subscription activity in real-time, and contextualize the impact into discrete, detailed categories that revealed specific drivers of recurring revenue growth. It was an easy decision to make once they learned the business intelligence tool’s breadth and depth of functionality, configurability, out-of-the-box dashboards and self-service reporting on top of having been built directly on the Sage Intacct ERP system. With the guidance of Baker Tilly Digital’s application and industry experts, SaaS Intelligence was installed and configured to meet their business processes and reporting needs. As the application consumed and processed the existing subscription data in their Sage Intacct ERP Order Entry and Contracts subledgers, they were able to immediately see the unique, hidden insights that the intelligence engine was uncovering – their dashboards displaying a new vantage of their customer subscription activity and SaaS metrics trends. The client utilizes SaaS Intelligence to automate their reporting process and empower stakeholders with on-going visibility into their subscription contracts and key performance indicators (KPIs). Unburdening the finance team from these manual efforts and providing them with more detailed MRR/ARR activity data and crucial SaaS metrics (e.g., Net \u0026 Gross Revenue Retention [NRR / GRR], Renewal Rates, Churn Rates, Customer Acquisition Cost [CAC], Customer Lifetime Value [CLTV], etc.) has allowed their analysts to concentrate their efforts on advanced data analytics instead of data management and ad-hoc reporting requests. Analysts can now segment and explore their customer subscription data and metrics to identify, monitor and escalate emerging trends – equipping business leaders with the information necessary to respond to discovered market opportunities and risks.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=0,298,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Architects meet to discuss new real estate development","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e71e2711-7ba9-4036-abc0-7c4f8512d047_gen-header_team-meeting-community-architecture.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2022-12-09T06:00:00+0000","dateTimestamp":1670565600,"description":"Learn more about how this business discovers key SaaS metrics from implementing Baker Tilly Digital’s SaaS Intelligence","category":"Case Study","objectID":"insight-real-estate-technology-platform-gains-more-visibility","_highlightResult":{"title":{"value":"Real estate technology platform gains more visibility with SaaS Intelligence","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background The client is a real estate information and technology platform that provides commercial, geographical, spatial and environment building data. Their customers include commercial and government agencies requiring definitive real estate data and powerful workflow solutions including brokers, developers, investors, lenders, insurers, technology providers, environmental consultants and valuation professionals. The business challenge Like so many other SaaS companies, this business’s finance department was reliant on manual, time consuming processes to record and analyze their customer subscription activity data in Excel on a monthly basis. Subscription data was pulled from their CRM system, which often contained unreliable subscription details and categorizations input by their sales organization. This required them to then extract contract details and revenue activity from their Sage Intacct ERP system to reconcile, decode and rectify the subscription data in an attempt to maintain the trustworthiness of their Excel model. At their scale, it necessitated a team of specialized analysts to manage and maintain a litany of spreadsheets just to produce a consolidated, high-level Annual Recurring Revenue (ARR) analysis. When it came to reporting their recurring revenue (MRR/ARR) activity and SaaS metrics to executive leadership, the process required dozens of hours each month and the result was merely a historical view and a broad, directional analysis of their subscription business. The finance team still couldn’t pinpoint the underlying drivers of recurring revenue growth or analyze trends by critical subscription segmentation variables such as customer, segment, industry and product. The client knew they needed to upgrade from Excel spreadsheets to a business intelligence tool that could shift their team’s focus from data management to advanced data analytics. However, the tool had to be a purpose-built SaaS industry solution that integrated with their Sage Intacct ERP system and provided configurability to adeptly manage the complexities of their subscription business now and into the future (e.g., distinct add-on, cross-sell, upsell, and uplift tracking; direct customer and channel sales; multi-entity and multi-currency consolidations; self-service reporting; etc.). Most importantly, the business intelligence tool had to deliver in-depth, reliable and real-time metrics to empower the business with insights to support rapid, data-driven decisions in response to evolving market signals. Strategy and solution After reviewing various business intelligence solution alternatives, they enthusiastically moved forward with SaaS Intelligence by Baker Tilly Digital. The client was impressed by the power of application’s intelligence engine, and its ability to automatically parse customer’s subscription activity in real-time, and contextualize the impact into discrete, detailed categories that revealed specific drivers of recurring revenue growth. It was an easy decision to make once they learned the business intelligence tool’s breadth and depth of functionality, configurability, out-of-the-box dashboards and self-service reporting on top of having been built directly on the Sage Intacct ERP system. With the guidance of Baker Tilly Digital’s application and industry experts, SaaS Intelligence was installed and configured to meet their business processes and reporting needs. As the application consumed and processed the existing subscription data in their Sage Intacct ERP Order Entry and Contracts subledgers, they were able to immediately see the unique, hidden insights that the intelligence engine was uncovering – their dashboards displaying a new vantage of their customer subscription activity and SaaS metrics trends. The client utilizes SaaS Intelligence to automate their reporting process and empower stakeholders with on-going visibility into their subscription contracts and key performance indicators (KPIs). Unburdening the finance team from these manual efforts and providing them with more detailed MRR/ARR activity data and crucial SaaS metrics (e.g., Net \u0026 Gross Revenue Retention [NRR / GRR], Renewal Rates, Churn Rates, Customer Acquisition Cost [CAC], Customer Lifetime Value [CLTV], etc.) has allowed their analysts to concentrate their efforts on advanced data analytics instead of data management and ad-hoc reporting requests. 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While digital applications and SaaS platforms have fulfilled the need for faster verification, businesses that find a better way to pull everything together save time. Finance automation within the cloud can allow businesses the opportunity to see all their financial data in real-time, across multiple applications. Read more to learn how the Baker Tilly Digital’s proprietary 1099 Automation \u0026 e-Filing product along with Tax1099 tax filing and regulatory reporting completes the chain of the vendor life cycle. Manage your vendors during the onboarding process   With Baker Tilly Digital’s 1099 Automation \u0026 e-Filing product, the following processes in managing vendor data becomes as simple as following a few clicks: Vendor sync: Users can update vendors within Tax1099 and sync the updates back to Sage Intacct. W-9 sync: Users can pull signed PDFs of vendors’ W-9 forms from Tax1099 directly into Sage Intacct.  Vendor W-9 review: This integration capability is used to send W-9 requests to vendors. It contains sections to edit vendor information, such as vendor name and the email address where the request was sent. You can also view the PDF attachment from the request and the date of receipt. These details can also be accessed from the vendor profile in Sage Intacct. Vendor 1099 review: This streamlines vendor data and accurately maps their payments from Sage Intacct for import to Tax1099. You can also find a list of all vendors that have had any payments for a specified tax year and make changes in the platform to vendor names, tax IDs, addresses and more.  Vendor verification during the vendor life cycle Vendor verification often involves using multiple applications and SaaS platforms. Baker Tilly Digital’s 1099 Automation \u0026 e-Filing product utilizes Tax1099’s incredible Real-Time TIN (Taxpayer Identification Number) matching to verify vendors. Similar to Tax1099’s UI, TIN Validation takes tax IDs from Sage Intacct, imports them to Tax1099 from the integration to perform TIN checks sourced directly from the IRS database. Once these checks are performed, you can access the verification information from the 1099 Automation \u0026 e-Filing product using vendor 1099 review. Comprehensive tax filing with Tax1099 features Baker Tilly Digital’s 1099 Automation \u0026 e-Filing product aims to keep the user from switching to multiple platforms, pulling all the data into its integration. When you select '1099 Filing’, Baker Tilly Digital utilizes the robust filing capabilities of Tax1099 by allowing you to file from two form types. You can select 1099-MISC or 1099-NEC, select the tax year, once loaded it will provide every vendor that is eligible for 1099 filing and you’ve reviewed the data, you can check all recipients who need 1099s submitted and select at the bottom of the screen ‘Submit to Tax1099’. To seamlessly file your taxes, companies should begin preparing their organization to merge vendor management and accounts receivable processes with vendor onboarding, tax filing and regulatory reporting compliance to. Contact us to get started.\nAbout Tax1099 Tax1099.com, powered by Zenwork, processes over 12 million of these forms a year, for companies in many industries. From some of the largest accounting firms and payment processors to AP departments of all sizes, these companies find help meeting the fast approaching deadline with compliance verifications all along the way, reducing unnecessary penalties. For over a decade, they’ve been the perfect resource for tax professionals and AP departments with over 40 different forms available that are filed to the IRS and states, including recipient distribution and other capabilities such as W-9 collection. 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Read more.","category":"Article","objectID":"insight-complete-your-1099-vendor-life-cycle","_highlightResult":{"title":{"value":"Complete your 1099 vendor life cycle","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"Edward Pratt","matchLevel":"none","matchedWords":[]},{"value":"Jr.","matchLevel":"none","matchedWords":[]},{"value":"COO of Tax1099","matchLevel":"none","matchedWords":[]},{"value":"powered by Zenwork","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Many companies use multiple software applications to complete the key stages of the vendor life cycle from onboarding to verification, accounting and reporting. While digital applications and SaaS platforms have fulfilled the need for faster verification, businesses that find a better way to pull everything together save time. Finance automation within the cloud can allow businesses the opportunity to see all their financial data in real-time, across multiple applications. Read more to learn how the Baker Tilly Digital’s proprietary 1099 Automation \u0026 e-Filing product along with Tax1099 tax filing and regulatory reporting completes the chain of the vendor life cycle. Manage your vendors during the onboarding process   With Baker Tilly Digital’s 1099 Automation \u0026 e-Filing product, the following processes in managing vendor data becomes as simple as following a few clicks: Vendor sync: Users can update vendors within Tax1099 and sync the updates back to Sage Intacct. W-9 sync: Users can pull signed PDFs of vendors’ W-9 forms from Tax1099 directly into Sage Intacct.  Vendor W-9 review: This integration capability is used to send W-9 requests to vendors. It contains sections to edit vendor information, such as vendor name and the email address where the request was sent. You can also view the PDF attachment from the request and the date of receipt. These details can also be accessed from the vendor profile in Sage Intacct. Vendor 1099 review: This streamlines vendor data and accurately maps their payments from Sage Intacct for import to Tax1099. You can also find a list of all vendors that have had any payments for a specified tax year and make changes in the platform to vendor names, tax IDs, addresses and more.  Vendor verification during the vendor life cycle Vendor verification often involves using multiple applications and SaaS platforms. Baker Tilly Digital’s 1099 Automation \u0026 e-Filing product utilizes Tax1099’s incredible Real-Time TIN (Taxpayer Identification Number) matching to verify vendors. Similar to Tax1099’s UI, TIN Validation takes tax IDs from Sage Intacct, imports them to Tax1099 from the integration to perform TIN checks sourced directly from the IRS database. Once these checks are performed, you can access the verification information from the 1099 Automation \u0026 e-Filing product using vendor 1099 review. Comprehensive tax filing with Tax1099 features Baker Tilly Digital’s 1099 Automation \u0026 e-Filing product aims to keep the user from switching to multiple platforms, pulling all the data into its integration. When you select '1099 Filing’, Baker Tilly Digital utilizes the robust filing capabilities of Tax1099 by allowing you to file from two form types. You can select 1099-MISC or 1099-NEC, select the tax year, once loaded it will provide every vendor that is eligible for 1099 filing and you’ve reviewed the data, you can check all recipients who need 1099s submitted and select at the bottom of the screen ‘Submit to Tax1099’. 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Oftentimes vendor onboarding is examined with only flowcharts and bullet points, leaving important information out regarding the process and value of compliance and data security. \n\nWhen businesses examine the importance of vendors, it is necessary to focus beyond the initial onboarding and their separation to better understand the steps that occur throughout the entire duration of the life cycle. This article will explore the process a company must take to engage with the entire vendor life cycle: onboarding, verification, payments and 1099 filings. Request onboarding documents  To begin the life cycle journey, businesses need to organize and collect vendor data by requesting W-9 forms. Many companies automate this process, so the entry is as simple as sending the digital W-9 request by e-mail. After you’ve received all documentation, you will set each vendor up with their own profile in your preferred accounting software tool. After the data is entered, systems can log the data along with the signed W-9 PDG and save it for your records. Conduct vendor verification   Once the W-9 is collected, the information can be used to validate the Taxpayer Identification Numbers (TINs) against the IRS records which can prevent your business from being assessed B-notices and penalties for reporting incorrect TINs. This is where you will want to verify that the legal name and the TIN/Employers Identification Number (EIN) or Social Security Number (SSN) combination provided by the payee match with the IRS database with Real-Time TIN Matching. Not adhering to these requirements could result in penalties and additional filing fees for corrections.  Test accounting tools and invoice payments After verifying your vendors, onboarding them will be one of the easiest steps in the vendor life cycle. This is where you’ll set each vendor up with their own profile in your accounting software tool. During the onboarding process, you can conduct a test of the accounting tools to verify that accounts and invoicing are mapped properly. Proper invoicing requires maintaining records of vendor payments throughout the year. This means not only making certain that individuals are paid on-time and paid correctly, but also determining what account should be properly credited, debited and assuring reports reflect that. Use your accounting suites invoicing tools as well as confirming payments are directed to the right accounts and account types with vendor mapping to chart of accounts. 1099 reporting Every year, the IRS requires businesses to accurately report information about payments made to individuals. Entities will want to verify that payments have been placed in the right categories for your recipients and report the information on the accurate form based on filing requirements and what category those payments belong to. Lack of accurate filing can lead to penalties. How Baker Tilly Digital and Tax1099 can assist with a Sage Intacct integration When it comes to your onboarding, offboarding, and everything in between, Baker Tilly Digital’s integration harnesses the power of Tax1099 and Sage Intacct to assist in compliance and regulatory reporting. With these Baker Tilly Digital integration tools, your processes for W-9 collection and vendor onboarding can be automated with a simple email to your prospective vendors. For that extra step to validate vendors, you’ll want to utilize the TIN Check verification with Tax1099. Baker Tilly Digital’s integration streamlines all these features and helps accounting departments enhance their processes with Tax1099’s verification checks and informational tax compliance software. Maintain accurate data  Maintaining that data doesn’t have to be a challenge or something daunting. With the help of Baker Tilly Digital, you can save time on maintaining accurate records by automating your vendor 1099 review and cleanup process. Report accurate information  Reporting accurate information can be easy if you are managing vendor 1099s through Sage Intacct. What you’ll do at the end of the year is use the importing tools in the integration to carry tax information directly to Tax1099 from Sage. Seamlessly file with Tax1099  During the filing season, you can issue those informational tax forms by email or USPS mail with Tax1099. You can file 1099s for the current filing season and two years prior through Tax1099. 1099 records are kept by Tax1099 for a total of 4 years in case you need your records for an IRS audit.  It’s time for your company to begin preparing their organization for full data compliance. Baker Tilly Digital harnesses the power of Sage Intacct with Tax1099 to provide thorough accounting, tax compliance and regulatory reporting to hundreds of thousands of accounting firms. To learn more about what we do, contact us.\nAbout Tax1099 Tax1099.com, powered by Zenwork, processes over 12 million of these forms a year, for companies in many industries. From some of the largest accounting firms and payment processors to AP departments of all sizes, these companies find help meeting the fast approaching deadline with compliance verifications all along the way, reducing unnecessary penalties. For over a decade, they’ve been the perfect resource for tax professionals and AP departments with over 40 different forms available that are filed to the IRS and states, including recipient distribution and other capabilities such as W-9 collection. 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After the data is entered, systems can log the data along with the signed W-9 PDG and save it for your records. Conduct vendor verification   Once the W-9 is collected, the information can be used to validate the Taxpayer Identification Numbers (TINs) against the IRS records which can prevent your business from being assessed B-notices and penalties for reporting incorrect TINs. This is where you will want to verify that the legal name and the TIN/Employers Identification Number (EIN) or Social Security Number (SSN) combination provided by the payee match with the IRS database with Real-Time TIN Matching. Not adhering to these requirements could result in penalties and additional filing fees for corrections.  Test accounting tools and invoice payments After verifying your vendors, onboarding them will be one of the easiest steps in the vendor life cycle. This is where you’ll set each vendor up with their own profile in your accounting software tool. During the onboarding process, you can conduct a test of the accounting tools to verify that accounts and invoicing are mapped properly. Proper invoicing requires maintaining records of vendor payments throughout the year. This means not only making certain that individuals are paid on-time and paid correctly, but also determining what account should be properly credited, debited and assuring reports reflect that. Use your accounting suites invoicing tools as well as confirming payments are directed to the right accounts and account types with vendor mapping to chart of accounts. 1099 reporting Every year, the IRS requires businesses to accurately report information about payments made to individuals. Entities will want to verify that payments have been placed in the right categories for your recipients and report the information on the accurate form based on filing requirements and what category those payments belong to. Lack of accurate filing can lead to penalties. How Baker Tilly Digital and Tax1099 can assist with a Sage Intacct integration When it comes to your onboarding, offboarding, and everything in between, Baker Tilly Digital’s integration harnesses the power of Tax1099 and Sage Intacct to assist in compliance and regulatory reporting. With these Baker Tilly Digital integration tools, your processes for W-9 collection and vendor onboarding can be automated with a simple email to your prospective vendors. For that extra step to validate vendors, you’ll want to utilize the TIN Check verification with Tax1099. Baker Tilly Digital’s integration streamlines all these features and helps accounting departments enhance their processes with Tax1099’s verification checks and informational tax compliance software. Maintain accurate data  Maintaining that data doesn’t have to be a challenge or something daunting. With the help of Baker Tilly Digital, you can save time on maintaining accurate records by automating your vendor 1099 review and cleanup process. Report accurate information  Reporting accurate information can be easy if you are managing vendor 1099s through Sage Intacct. What you’ll do at the end of the year is use the importing tools in the integration to carry tax information directly to Tax1099 from Sage. Seamlessly file with Tax1099  During the filing season, you can issue those informational tax forms by email or USPS mail with Tax1099. You can file 1099s for the current filing season and two years prior through Tax1099. 1099 records are kept by Tax1099 for a total of 4 years in case you need your records for an IRS audit.  It’s time for your company to begin preparing their organization for full data compliance. 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The Partner of the Year Awards are given annually to Sage’s top-performing channel partners, recognizing excellent consulting, development and technical services practices supporting the Sage Intacct development platform and business ecosystem. “We are excited and proud to be named Sage Intacct’s 2022 Partner of the Year for the ninth consecutive year. This award is a testament to our shared commitment to excellence – one that empowers us to deliver best-in-class innovation and customer-focused solutions based on Sage and Sage Intacct channel programs,” said Marcus Wagner, Baker Tilly Digital partner. Baker Tilly Digital is known for its industry-leading client satisfaction, differentiated product mastery and unparalleled practice growth within the Sage Intacct community. An experienced provider of cloud financial automation and management solutions, Baker Tilly has a global client presence across industry segments including Software-as-a Service (SaaS), faith-based/not-for-profit and home services.   To learn how Baker Tilly helps businesses and organizations accelerate digital transformation with Sage Intacct, the first-and-only preferred financial-management system of the AICPA, visit www.bakertilly.com/specialties/sage-intacct. About Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 38,000 professionals and a combined worldwide revenue of $4.3 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.  About Sage   Sage exists to knock down barriers so everyone can thrive, starting with the millions of small and mid sized businesses served by Sage, its partners and accountants. Customers trust Sage’s finance, HR and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks and governments, Sage’s digital network connects SMBs, removing friction and delivering insights. 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This award is a testament to our shared commitment to excellence – one that empowers us to deliver best-in-class innovation and customer-focused solutions based on Sage and Sage Intacct channel programs,” said Marcus Wagner, Baker Tilly Digital partner. Baker Tilly Digital is known for its industry-leading client satisfaction, differentiated product mastery and unparalleled practice growth within the Sage Intacct community. An experienced provider of cloud financial automation and management solutions, Baker Tilly has a global client presence across industry segments including Software-as-a Service (SaaS), faith-based/not-for-profit and home services.   To learn how Baker Tilly helps businesses and organizations accelerate digital transformation with Sage Intacct, the first-and-only preferred financial-management system of the AICPA, visit www.bakertilly.com/specialties/sage-intacct. 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","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YzscSRIAAGqha1Nk","uid":"church-organization-saves-time-and-improves-efficiency-with-church-management-systems-integration","tags":[],"type":"insight","lastPublicationDate":"2023-01-05T23:00:06+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1672959606,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"Church Management Systems Integration","uid":"church-management-systems-integration"}],"title":"Church organization saves time and improves efficiency with Church Management Systems Integration ","co_authors":[""],"body":"Client background First Presbyterian Church of Orlando has been deeply rooted in the Orlando community for over 140 years and works within a larger network of churches to ensure accountability, share resources and support the ministry of the global church. The business challenge First Presbyterian Church of Orlando’s financial recording of church deposits were limited to relying on manual processes, with the imports and exports from their church management system to Sage Intacct taking two to three hours per week. There was a certain level of human intervention and data manipulation to create the imports that was error-prone and inefficient. Bank reconciliations, including reconciling credit cards and Automatic Clearing House (ACH) transactions, were very labor-intensive, forcing employees to spend 10-12 hours per month on managing four bank accounts. Realizing how much time was spent each month with antiquated, manual processes, First Presbyterian Church of Orlando decided they needed a more efficient process for their accounting of church deposits.\nStrategy and solution As First Presbyterian Church of Orlando uses Sage Intacct for their accounting system, the Baker Tilly Digital team was able to efficiently implement our  Church Management Systems Integration  into their pre-existing system, making a significant difference in their time and efforts exerted each month. Initially focusing on contribution transactions, Baker Tilly Digital encouraged them to process and map non-contribution transactions as well. By doing this, we were able to have a “double-win” to cover both areas that each had very manual, time-consuming steps.  With our Church Management Systems Integration, First Presbyterian Church of Orlando was able to achieve the following: 10 to 12 hours per month saved working on reconciling four bank accounts by automating the process to match bank and general ledger records A move from manual import/export processes to an application programming interface (API) integration, saving them two to three hours per week and delivering a higher level of accuracy and less data manipulation when creating the imports With the help from Baker Tilly Digital, First Presbyterian Church of Orlando now has a church management system that not only transfers data efficiently but also cuts down on countless hours of unnecessary manual efforts.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Hand raised at a church 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The business challenge First Presbyterian Church of Orlando’s financial recording of church deposits were limited to relying on manual processes, with the imports and exports from their church management system to Sage Intacct taking two to three hours per week. There was a certain level of human intervention and data manipulation to create the imports that was error-prone and inefficient. Bank reconciliations, including reconciling credit cards and Automatic Clearing House (ACH) transactions, were very labor-intensive, forcing employees to spend 10-12 hours per month on managing four bank accounts. Realizing how much time was spent each month with antiquated, manual processes, First Presbyterian Church of Orlando decided they needed a more efficient process for their accounting of church deposits.\nStrategy and solution As First Presbyterian Church of Orlando uses Sage Intacct for their accounting system, the Baker Tilly Digital team was able to efficiently implement our  Church Management Systems Integration  into their pre-existing system, making a significant difference in their time and efforts exerted each month. Initially focusing on contribution transactions, Baker Tilly Digital encouraged them to process and map non-contribution transactions as well. By doing this, we were able to have a “double-win” to cover both areas that each had very manual, time-consuming steps.  With our Church Management Systems Integration, First Presbyterian Church of Orlando was able to achieve the following: 10 to 12 hours per month saved working on reconciling four bank accounts by automating the process to match bank and general ledger records A move from manual import/export processes to an application programming interface (API) integration, saving them two to three hours per week and delivering a higher level of accuracy and less data manipulation when creating the imports With the help from Baker Tilly Digital, First Presbyterian Church of Orlando now has a church management system that not only transfers data efficiently but also cuts down on countless hours of unnecessary manual efforts.","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn more about how First Presbyterian Church of Orlando benefits from Baker Tilly Digital’s Church Management Systems Integration with their seamless connection to Touchpoint’s church deposit activity.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YzS11xIAABEeTz4e","uid":"four-benefits-of-automating-your-1099s","tags":["Sage Intacct","tax"],"type":"insight","lastPublicationDate":"2022-09-30T18:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1664560800,"_tags":["SAGE INTACCT","TAX"],"industries":[],"services":[{"title":"Tax","uid":"tax"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"1099 Automation \u0026 e-Filing","uid":"1099-automation-and-e-filing"}],"title":"Four benefits of automating your 1099s","author":"Brett Michalson","co_authors":[""],"body":"A 1099 is a tax form that can quickly become a headache for your finance team. The traditional, manual way of preparing a 1099 involves tedious steps that consume your team’s valuable time and often lead to human error. With Baker Tilly Digital’s 1099 Automation \u0026 e-Filing tool, you now have the option to automate your 1099 process, allowing you to compile data reports easily, improve data accuracy, e-file, and save your team time. 1. Data validation and reporting Traditional 1099 reporting is often tedious and error-prone, requiring manual report creation and one by one updates of vendor 1099 data. With an automated 1099 process, your vendor data is automatically compiled, allowing you to quickly update all vendors at once instead of editing one at a time. Using an automated 1099 process also enables you to request up to date information, like address changes or W-9s, from vendors directly through the system easily and quickly. This ensures that when you file at the end of the year, you can be confident that all your vendor information is accurate and won’t lead to complications later. Additionally, not all transactions from vendors should be included on a 1099 filing. Our solution allows you to easily review and determine which transactions should be included on the 1099 form. 2. Improved data accuracy Eliminating the need to manually extract, manipulate and import or key in balances for filing means less human error and more data accuracy when it comes time to file. Automated TIN validation with the IRS reduces downstream issues from your 1099 filing. This means less back and forth between your team and vendors, and far less stress when it comes to meeting your end of the year filing deadline. 3. Simplified e-filing E-filing your 1099s takes away the hassles of buying paper 1099 forms, figuring out how to get them to print on your printer, stuffing envelopes, and mailing them. It also lets you avoid having to file the related Form 1096 with the 1099 IRS copies, plus you get the added benefit of having until the end of March to e-file. Tax1099.com seamlessly integrates with our 1099 Automation \u0026 e-filing tool to ensure that you just file them once online and you're done. There is no risk that anything will get lost in the mail, so you can rest assured that you filed on time due to your digital receipt. 4. Save time Typically, the scramble at the end of the year to file 1099s before the deadline can be time consuming. When your 1099 process is automated, end of the year stress is all but eliminated – your data is available in a quick and intuitive set of automated reports to review, quickly address any issues, and complete your filing with the click of a button. You can go even further to cut down on end of the year stress by compiling quarterly reports throughout the year instead of saving everything for the already hectic holiday season. 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With Baker Tilly Digital’s 1099 Automation \u0026 e-Filing tool, you now have the option to automate your 1099 process, allowing you to compile data reports easily, improve data accuracy, e-file, and save your team time. 1. Data validation and reporting Traditional 1099 reporting is often tedious and error-prone, requiring manual report creation and one by one updates of vendor 1099 data. With an automated 1099 process, your vendor data is automatically compiled, allowing you to quickly update all vendors at once instead of editing one at a time. Using an automated 1099 process also enables you to request up to date information, like address changes or W-9s, from vendors directly through the system easily and quickly. This ensures that when you file at the end of the year, you can be confident that all your vendor information is accurate and won’t lead to complications later. Additionally, not all transactions from vendors should be included on a 1099 filing. Our solution allows you to easily review and determine which transactions should be included on the 1099 form. 2. Improved data accuracy Eliminating the need to manually extract, manipulate and import or key in balances for filing means less human error and more data accuracy when it comes time to file. Automated TIN validation with the IRS reduces downstream issues from your 1099 filing. This means less back and forth between your team and vendors, and far less stress when it comes to meeting your end of the year filing deadline. 3. Simplified e-filing E-filing your 1099s takes away the hassles of buying paper 1099 forms, figuring out how to get them to print on your printer, stuffing envelopes, and mailing them. It also lets you avoid having to file the related Form 1096 with the 1099 IRS copies, plus you get the added benefit of having until the end of March to e-file. 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Reimagining your company and discovering the power of finance automation can seem daunting. To streamline operations, Baker Tilly Digital invites you to join us at Sage Transform conference in Orlando, FL from October 10-14, 2022. Whether you are using Sage Intacct cloud ERP or considering it, here are three reasons you should attend Sage Transform 2022. 1. Network and expand your knowledge  Sage Transform is designed exclusively for the Sage Intacct community of customers, partners and industry leaders to collaborate and learn from each other. With more than 150 sessions across 11 core tracks, you’re sure to find educational opportunities that tackle today’s most pressing industry challenges – allowing you to focus on more strategic initiatives. Baker Tilly Digital will be presenting 12 sessions at Sage Transform. Join us to learn about SaaS metrics, advanced revenue workflows and more. Wednesday, Oct 12 Delight stakeholders and impress investors with your SaaS Intelligence\nChris Price, Director, Baker Tilly Digital Clear up the mystery of User-Defined Books and expand your reporting options\nSandy McClure, Senior Manager, Baker Tilly Digital The hybrid workplace world in Nonprofit finance\nAllison Webb, Director, Baker Tilly Digital\nGlenn Wood, Pastor of Administration, Seacoast Church Thursday, Oct 13 Building customer success\nAnthony Della Selva, Manager, Baker Tilly Digital Transaction rules in Project Accounting\nTom Jurasek, Director, Baker Tilly Digital An ERP designed for advanced revenue workflows for Sage Intacct Contracts\nKari Ross, Manager, Baker Tilly Digital SaaS business dashboards: Transform reporting, decision making, and board meetings with real-time SaaS metrics\nChris Price, Director, Baker Tilly Digital Friday, Oct 14 Preparing for a paperless and remote audit\nAllison Webb, Director, Baker Tilly Digital                                                                                   \nDavid Abel, Principal Solution Consultant, Sage On-Demand speaking sessions Best practices for eliminating the pain of credit card reconciliation\nVicki Richardson, Experienced Manager, Baker Tilly Digital Custom Lists or Custom Reports–which should you use?\nLaura Sloan, Senior Associate, Baker Tilly Digital Generate financial report packages with ease\nLaura Sloan, Senior Associate, Baker Tilly Digital Reporting and Dashboards tips and tricks\nShadi Mossad, Manager, Baker Tilly Digital 2. Learn about future Sage Intacct product releases Attendees will get a sneak peek at the latest solutions and features in Sage Intacct as well as add-on solutions. With hands-on experience during personalized labs, you’ll take a deep dive into product functionality to see if it’s right for your business. 3. Learn about Baker Tilly Digital’s proprietary products  Baker Tilly Digital has created more than 10 proprietary products, including tax e-filing, allocations reconciliation, SaaS intelligence analytics and church network solutions, all built directly on the Sage Intacct platform.  With more than 1,000+ implementations, we’re proud to be Sage Intacct’s Partner of the Year for 8 years running. Baker Tilly Digital's experienced professionals help companies maximize the value of their Sage Intacct investment. Visit us at booth 119 during the conference! 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Learn about future Sage Intacct product releases Attendees will get a sneak peek at the latest solutions and features in Sage Intacct as well as add-on solutions. With hands-on experience during personalized labs, you’ll take a deep dive into product functionality to see if it’s right for your business. 3. Learn about Baker Tilly Digital’s proprietary products  Baker Tilly Digital has created more than 10 proprietary products, including tax e-filing, allocations reconciliation, SaaS intelligence analytics and church network solutions, all built directly on the Sage Intacct platform.  With more than 1,000+ implementations, we’re proud to be Sage Intacct’s Partner of the Year for 8 years running. Baker Tilly Digital's experienced professionals help companies maximize the value of their Sage Intacct investment. Visit us at booth 119 during the conference! 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","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YtrZ9BEAACIAec3p","uid":"best-practices-and-tips-to-maximize-the-value-of-your","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T11:57:11+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659355031,"_tags":[],"industries":[{"title":"Private Equity \u0026 Portfolio Companies","uid":"private-equity"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"},{"title":"Mergers \u0026 Acquisitions","uid":"mergers-and-acquisitions"}],"solutions":[],"sectors":[],"generic_pages":[],"title":"Are you ready to sell?","subheadline":"Best practices and tips to maximize the value of your business in today’s unprecedented M\u0026A environment","author":"Marcus Wagner","co_authors":[""],"body":"Selling a business can be a lengthy process. Or perhaps the best way to phrase it is that selling a business should be a lengthy process.  The idea that a business owner decides to sell one day and completes the transaction the next – or even the next week or the next month, for that matter – is simply not realistic.  Even the seemingly simple issue of whether you’re ready to sell your business is a critical step that requires lots of time, energy and question asking before any conclusion should be reached. Baker Tilly Digital hosted a panel discussion entitled “Are you ready to sell?” at Service Titan’s Pantheon 2022 Conference. Baker Tilly Digital partner Marcus Wagner led the conversation alongside Robert Sheesley, the Chief Information Officer at Wrench Group, and William Matson, the president and co-founder of Apex Service Partners.  Wagner represented the sell-side perspective, having sold his company (AcctTwo Shared Services, LLC) to Baker Tilly last September. Sheesley brought to the table his expertise in global M\u0026A transactions systems, processes and data science and Matson offered his private equity specialization to help facilitate a thoughtful and interactive three-way dialogue.   Examining the elements of a winning playbook \n  At a high-level company perspective, a winning corporate playbook includes elements of marketing, sales, supply chain, legal, human resources and many other areas. For the purpose of this discussion, Wagner and the panel focused on one of the other key areas of a winning playbook: Finance and accounting.  (Let’s define a “playbook, as an action plan that an organization puts in place to help achieve its goals.)   Baker Tilly Digital’s playbook, as you can see in the adjacent graphic, revolves around a foundation of scalable infrastructure. From there, our playbook has five key components, beginning with proactive planning and concluding with funding and exit readiness.  Each of the five key areas is highlighted in greater detail below: Proactive planning: The days of doing a budget once a year, getting it approved and setting it on the shelf for the next 12 months are long gone. In reality, proactive planning is about visualizing where you want to go as an organization in a living, breathing manner. Realistically, you need to monitor your systems weekly and constantly evaluate how the results compare to the original plan. That mindset of proactive planning and regular evaluations allows you to make adjustments and improvements throughout the year.  Sound transaction management: Organizations need to set up their systems in the right way. What does that mean? Well, a way that captures data in a structured manner and then automates and optimizes all the processes. And it needs to be the right data at the right place – at the source. That’s the key to getting accurate, valuable, real-time feedback about your business. Furthermore, it is critical to understand your KPIs and to have both lagging and leading indicators when you’re preparing for a potential transaction. Additionally, your KPIs need to align with the organization’s culture. Only once you understand your environment and what has driven your growth (and will continue to drive your growth) is your organization capable of moving forward. Responsible cash management: An organization needs to know its cash requirements (which typically features a 13-week cash flow forecast), as well as the seasonality of its business. It is important to develop and maintain a cash reserve and know exactly how many payrolls the business needs to have in the bank. Another part of responsible cash management is being able to promptly provide GAAP financial statements (among other documents and information) in a timely matter, should banks request them.  Timely reporting and analytics: Ten or twenty years ago, we lived in a business world built around systems of record, that provided historical data. These days, that isn’t good enough. You need real-time feedback and up-to-the-minute analytical data to keep pace with the speed of business and to interact with and adjust to your customers in real time.   Funding and exit readiness: We divided our discussion on this particular area into four sub-sections, each featuring a key question for an organization to ask itself.\n\nAre you ready to hit it out of the park? How early should you start if you decide that you want to sell your company? That      depends on a variety of factors. There is no one answer, but five years might be a good general guideline. There is a lot of work involved., start by identifying what you have and what you don’t have. You will need to organize your files, contracts, documents, succession plans, organizational charts, etc. Nobody has it all laying around, so get started early. Your preparedness and readiness in this area will add immediate credibility to the organization when you’re ready to sell.\n\nDo you have a good track record? As part of the selling process, you’re essentially telling your story about the future by pointing to your past. Key elements of this include: Do you have a playbook? Do you explain how you have grown historically and how you’ll continue to grow? Can you detail the decisions you have made and the pivots you took as part of the decision-making process? As negotiations sometimes can take a year or more, prospective buyers may want to see last month’s numbers as part of their quest to learn your entire story. \n\nAre the numbers reliable? Connected to the last point, have you been getting regular audits done on your books? Buyers will do               significant due diligence on your company. You may want to consider a quality of earnings review (which is like an audit, but focused on revenue and EBITDA). It’s not cheap, but it’s almost   always money well spent. Meanwhile, not doing one can potentially destroy your enterprise value and can cost you millions in the long run. \n\nAre you ready for a graceful exit? This, of course, depends on what you want and what your timeline is. Whether you are ready for a graceful exit in six months is a lot different than whether you’re ready for one in three years. Additionally, it depends on what you want life to look like after the deal. Are you planning to stay in the business? Do you want to work closely with the buyers for years to come, or do you want a clean break and a future completely removed from the business? Finally, make sure you have financial advisors and tax advisors lined up long before the sale of the business. Baker Tilly Digital’s practice professionals can help you put the pieces in place well in advance to best prepare for a graceful exit and a successful sale of the business. 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Baker Tilly Digital partner Marcus Wagner led the conversation alongside Robert Sheesley, the Chief Information Officer at Wrench Group, and William Matson, the president and co-founder of Apex Service Partners.  Wagner represented the sell-side perspective, having sold his company (AcctTwo Shared Services, LLC) to Baker Tilly last September. Sheesley brought to the table his expertise in global M\u0026A transactions systems, processes and data science and Matson offered his private equity specialization to help facilitate a thoughtful and interactive three-way dialogue.   Examining the elements of a winning playbook \n  At a high-level company perspective, a winning corporate playbook includes elements of marketing, sales, supply chain, legal, human resources and many other areas. For the purpose of this discussion, Wagner and the panel focused on one of the other key areas of a winning playbook: Finance and accounting.  (Let’s define a “playbook, as an action plan that an organization puts in place to help achieve its goals.)   Baker Tilly Digital’s playbook, as you can see in the adjacent graphic, revolves around a foundation of scalable infrastructure. From there, our playbook has five key components, beginning with proactive planning and concluding with funding and exit readiness.  Each of the five key areas is highlighted in greater detail below: Proactive planning: The days of doing a budget once a year, getting it approved and setting it on the shelf for the next 12 months are long gone. In reality, proactive planning is about visualizing where you want to go as an organization in a living, breathing manner. Realistically, you need to monitor your systems weekly and constantly evaluate how the results compare to the original plan. That mindset of proactive planning and regular evaluations allows you to make adjustments and improvements throughout the year.  Sound transaction management: Organizations need to set up their systems in the right way. What does that mean? Well, a way that captures data in a structured manner and then automates and optimizes all the processes. And it needs to be the right data at the right place – at the source. That’s the key to getting accurate, valuable, real-time feedback about your business. Furthermore, it is critical to understand your KPIs and to have both lagging and leading indicators when you’re preparing for a potential transaction. Additionally, your KPIs need to align with the organization’s culture. Only once you understand your environment and what has driven your growth (and will continue to drive your growth) is your organization capable of moving forward. Responsible cash management: An organization needs to know its cash requirements (which typically features a 13-week cash flow forecast), as well as the seasonality of its business. 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As negotiations sometimes can take a year or more, prospective buyers may want to see last month’s numbers as part of their quest to learn your entire story. \n\nAre the numbers reliable? Connected to the last point, have you been getting regular audits done on your books? Buyers will do               significant due diligence on your company. You may want to consider a quality of earnings review (which is like an audit, but focused on revenue and EBITDA). It’s not cheap, but it’s almost   always money well spent. Meanwhile, not doing one can potentially destroy your enterprise value and can cost you millions in the long run. \n\nAre you ready for a graceful exit? This, of course, depends on what you want and what your timeline is. Whether you are ready for a graceful exit in six months is a lot different than whether you’re ready for one in three years. Additionally, it depends on what you want life to look like after the deal. Are you planning to stay in the business? 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It is organized by revenue and number of employees to illustrate which VARs are the largest and how they aim to resolve their customers’ needs.   Baker Tilly’s deep experience with Sage Intacct provides businesses with a financial management tool. Sage Intacct provides businesses with an accounting solution that can automate tasks to increase efficiency and allow businesses to keep up with the changing market.  “The pandemic and recent economic turmoil caused by the war in Ukraine have polarized companies into two extremes in terms of their sense of urgency to move to the cloud and accelerate digital transformation,” said Marcus Wagner, Baker Tilly Digital partner and middle-market digital practice leader. “For those who want to act quickly, they are driven by an increased sense of urgency to automate processes due to the need to continue to support remote work and the ongoing shortage of skilled resources, coupled in many cases with an extremely active M\u0026A market where both buyers and sellers are trying to accelerate digital transformation as quickly as possible to maximize enterprise value and integrate new acquisitions.” Now more than ever, our clients are making large investments in their digital infrastructure to keep up with the changing business environment. Baker Tilly is committed to helping businesses navigate change and meet their growing needs.  Learn more about Sage Intacct at https://www.bakertilly.com/specialties/sage-intacct   About Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 38,000 professionals and a combined worldwide revenue of $4.3 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter. ","image":{"dimensions":{"width":2000,"height":1335},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,133,2000,1067\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,100,2000,1200\u0026w=20\u0026h=12"},"list_x1":{"dimensions":{"width":820,"height":480},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,83,2000,1171\u0026w=820\u0026h=480"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,40,2000,1253\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,414,2000,505\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,133,2000,1067\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,133,2000,1067\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,400,2000,500\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,83,2000,1171\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Team holds a strategy meeting ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/afdea5d9-eb5f-4638-92ad-69a21ae3406e_gen_meeting-table.jpg?auto=compress,format\u0026rect=0,100,2000,1100\u0026w=20\u0026h=11"}},"date":"2022-07-15T05:00:00+0000","dateTimestamp":1657861200,"description":"Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly), has been named to Accounting Today’s 100 VARs for 2022.","category":"Press Release","objectID":"news-baker-tilly-named-accounting-todays-top-100","_highlightResult":{"title":{"value":"Baker Tilly is Named to Accounting Today’s Top 100 VAR for 2022","matchLevel":"none","matchedWords":[]},"body":{"value":"CHICAGO (July 15, 2022) – Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly), has been named to Accounting Today’s 100 VARs for 2022. The Top VAR 100 is an annual list consisting of the top implementation partners and resellers in the accounting industry. It is organized by revenue and number of employees to illustrate which VARs are the largest and how they aim to resolve their customers’ needs.   Baker Tilly’s deep experience with Sage Intacct provides businesses with a financial management tool. Sage Intacct provides businesses with an accounting solution that can automate tasks to increase efficiency and allow businesses to keep up with the changing market.  “The pandemic and recent economic turmoil caused by the war in Ukraine have polarized companies into two extremes in terms of their sense of urgency to move to the cloud and accelerate digital transformation,” said Marcus Wagner, Baker Tilly Digital partner and middle-market digital practice leader. “For those who want to act quickly, they are driven by an increased sense of urgency to automate processes due to the need to continue to support remote work and the ongoing shortage of skilled resources, coupled in many cases with an extremely active M\u0026A market where both buyers and sellers are trying to accelerate digital transformation as quickly as possible to maximize enterprise value and integrate new acquisitions.” Now more than ever, our clients are making large investments in their digital infrastructure to keep up with the changing business environment. Baker Tilly is committed to helping businesses navigate change and meet their growing needs.  Learn more about Sage Intacct at https://www.bakertilly.com/specialties/sage-intacct   About Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 38,000 professionals and a combined worldwide revenue of $4.3 billion. 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CHICAGO (June 23, 2022) – Leading advisory CPA firm, Baker Tilly US, LLP (Baker Tilly), has been named to the Bob Scott’s Top 100 VARs for 2022. The Top 100 resellers are chosen from organizations specializing in the sale and implementation of enterprise resource planning (ERP) and accounting software.  Baker Tilly’s deep experience with Sage Intacct provides businesses with a financial management tool to meet the growing needs of the company. Sage Intacct provides businesses an accounting solution that can scale with speed and flexibility, allowing business leaders more time to focus on the strategic aspects of accounting and not the administrative ones. “We want to congratulate this year's class of Bob Scott's Top 100 VARs,” said Bob Scott, executive editor of ERP Global Insights (formerly known as Bob Scott’s Insights). “This selection represents recognition of leaders in this important field.”  The selection is based on annual revenue generated by each reseller. A special report that includes names of the organizations selected for this year’s Top 100 list, ranked by revenue, is downloadable at erpglobalinsights.com.  “We’re honored to be named to Bob Scott’s Top 100 VAR for 2022. As a Sage Intacct VAR, we help clients achieve their digital and financial goals with technology software,” said Marcus Wagner, Baker Tilly partner and middle-market digital practice leader.  Bob Scott has covered this market for nearly 31 years through print and electronic publications, first as technology editor of Accounting Today and then as the editor of Accounting Technology from 1997 through 2009. Scott has published this award nomination since 2009.  To earn more about Sage Intacct, visit: bakertilly.com/specialties/sage-intacct. About Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 38,000 professionals and a combined worldwide revenue of $4.3 billion. 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CHICAGO (June 23, 2022) – Leading advisory CPA firm, Baker Tilly US, LLP (Baker Tilly), has been named to the Bob Scott’s Top 100 VARs for 2022. The Top 100 resellers are chosen from organizations specializing in the sale and implementation of enterprise resource planning (ERP) and accounting software.  Baker Tilly’s deep experience with Sage Intacct provides businesses with a financial management tool to meet the growing needs of the company. Sage Intacct provides businesses an accounting solution that can scale with speed and flexibility, allowing business leaders more time to focus on the strategic aspects of accounting and not the administrative ones. “We want to congratulate this year's class of Bob Scott's Top 100 VARs,” said Bob Scott, executive editor of ERP Global Insights (formerly known as Bob Scott’s Insights). “This selection represents recognition of leaders in this important field.”  The selection is based on annual revenue generated by each reseller. A special report that includes names of the organizations selected for this year’s Top 100 list, ranked by revenue, is downloadable at erpglobalinsights.com.  “We’re honored to be named to Bob Scott’s Top 100 VAR for 2022. As a Sage Intacct VAR, we help clients achieve their digital and financial goals with technology software,” said Marcus Wagner, Baker Tilly partner and middle-market digital practice leader.  Bob Scott has covered this market for nearly 31 years through print and electronic publications, first as technology editor of Accounting Today and then as the editor of Accounting Technology from 1997 through 2009. Scott has published this award nomination since 2009.  To earn more about Sage Intacct, visit: bakertilly.com/specialties/sage-intacct. About Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 38,000 professionals and a combined worldwide revenue of $4.3 billion. 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One of our earlier  posts explored how accounting can hold back growth because companies can’t effectively manage all the money coming in. But accounting isn’t just an obstacle at worst and an obligation at best – it can be an accelerator for growth as well. In fact, excellent accounting is what distinguishes many of the leading home services providers from the rest.  Top providers can use accounting to their advantage because they have the underlying technology it takes. That means they have upgraded from their basic or introductory accounting software to something like Sage Intacct that was built for mature, upward-oriented companies. They also have a tool like ServiceTitan running the front-office while feeding financial data directly into Sage Intacct. Integration is the key to the whole equation. Important as it may be to have a powerful platform at both ends of a company, linking them together unleashes powerful accounting capabilities that put home services CFOs in the driver’s  seat of success. Growth comes sooner, happens smoother and scales farther when accounting ties into everything else. Here’s how: Minimize mistakes – Accounting mistakes can be a constant source of frustration that wastes time and creates confusion – or worse. Most of those mistakes result from moving data manually, which isn’t necessary anymore once two systems share data automatically.  Extend visibility – When the accounting team has better visibility into the service side of the company, it doesn’t have to ask for missing information or make decisions with an incomplete understanding. Every part of accounting improves with more visibility into what’s happening inside a company. Save time – Less time spent moving data between systems and repeating redundant processes means more time to focus elsewhere. CFOs and accountants could use that newfound time to plan growth strategies in all the detail they require. Improve insights – Companies have a more accurate and expansive understanding of financial performance and so much more when the accounting software ingests data from the rest of the organization. Better insights lead to better decision making and strategic planning, especially during growth phases when companies are expanding into the unknown. Drive efficiency – Linking systems together eliminates friction points. And thanks to improved visibility, integration reveals where invisible inefficiencies might exist. Improving efficiency inside and outside the accounting department helps make growth possible and then sustainable. Avoid disruption – The pandemic taught everyone to expect the unexpected. A transforming home services industry will keep companies on their toes, making adaptability essential for continued growth. Integrated systems facilitate change. More importantly, disconnected systems make change harder (or impossible) to manage. Discover innovation – Innovation is both an opportunity and a requirement for home services providers headed into a transformative decade. Integrated technology enables some forms of innovation while calling attention to others. Companies have the means to evolve and improve after they start to operate as a single entity united by technology.   Companies can upgrade and integrate their technology now, while it’s still an advantage. Or they can wait until later, when it’s an overdue obligation. 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One of our earlier  posts explored how accounting can hold back growth because companies can’t effectively manage all the money coming in. But accounting isn’t just an obstacle at worst and an obligation at best – it can be an accelerator for growth as well. In fact, excellent accounting is what distinguishes many of the leading home services providers from the rest.  Top providers can use accounting to their advantage because they have the underlying technology it takes. That means they have upgraded from their basic or introductory accounting software to something like Sage Intacct that was built for mature, upward-oriented companies. They also have a tool like ServiceTitan running the front-office while feeding financial data directly into Sage Intacct. Integration is the key to the whole equation. 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After a rigorous software evaluation, HCSS chose Baker Tilly Digital over other cloud (and on-premises) solutions as the best fit to meet the needs of the business.\nThe business challenge While the company uses Salesforce for CRM, it wasn't integrated with their finance and accounting systems The finance and accounting team described their processes as “reactive” not “proactive” There was limited visibility and transparency in the reporting from the accounting system\nStrategy and solution HCSS will see increased visibility with flexible financial and business reporting that includes both financial and operational performance metrics Improved decision-making by analyzing performance according to the organization’s unique business drivers enabled by dimensions Baker Tilly Digital's Salesforce integration will save time and reduce errors by eliminating duplicate data entry between finance and sales, and increase sales team effectiveness with greater visibility into the financial impact of their activities HCSS will be able to grow without having to add headcount by streamlining new entity set-up HCSS now has multibook accounting, allowing insight into revenue recognition using both legacy and ASC 606 rules","image":{"dimensions":{"width":1920,"height":1080},"alt":"Research team discusses software development and data organization","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/be36ed8d-e1f1-4973-a543-fa728470a427_gen-header_team-data-software-analyze.png?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Research team discusses software development and data organization","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/be36ed8d-e1f1-4973-a543-fa728470a427_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Research team discusses software development and data 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Today, the company is recognized as a pioneer and leader in the market, serving thousands of construction companies across the nation. Year after year, HCSS continues to innovate, refine and expand their products as the industry evolves. After a rigorous software evaluation, HCSS chose Baker Tilly Digital over other cloud (and on-premises) solutions as the best fit to meet the needs of the business.\nThe business challenge While the company uses Salesforce for CRM, it wasn't integrated with their finance and accounting systems The finance and accounting team described their processes as “reactive” not “proactive” There was limited visibility and transparency in the reporting from the accounting system\nStrategy and solution HCSS will see increased visibility with flexible financial and business reporting that includes both financial and operational performance metrics Improved decision-making by analyzing performance according to the organization’s unique business drivers enabled by dimensions Baker Tilly Digital's Salesforce integration will save time and reduce errors by eliminating duplicate data entry between finance and sales, and increase sales team effectiveness with greater visibility into the financial impact of their activities HCSS will be able to grow without having to add headcount by streamlining new entity set-up HCSS now has multibook accounting, allowing insight into revenue recognition using both legacy and ASC 606 rules","matchLevel":"none","matchedWords":[]},"description":{"value":"Read this case study to learn how HCSS managed rapid growth and innovation by implementing cloud-based financials.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIdY","uid":"baker-tilly-digital-helps-not-for-profit-streamline-processes-and-implement-better-controls","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Baker Tilly Digital helps not-for-profit streamline processes and implement better controls","co_authors":[""],"body":"Client background Boys and Girls Clubs of Greater Dallas (BGCD) is one of the leading youth-serving organizations in North Texas, positively impacting more than 8,700 children ages six to 18. BGCD enables all young people, especially those who need it most, to reach their full potential as productive, caring, responsible citizens. Cecillia Rivas joined the organization as Vice President of Finance in January 2020 after serving as CFO for United Way of Central New Mexico (UWCNM) where she was responsible for providing strong financial leadership and prudent fiscal stewardship; promoting a culture of customer service and collaboration with internal staff and external constituents; and advising senior leadership and the Board of Directors on plans to achieve UWCNM’s goals and objectives. Rivas brings to BGCD more than 25 years of successful finance and budgeting leadership experience in the not-for-profit, public and corporate sectors. When Rivas arrived at BGCD, she and Anita Goble, an accountant who’d been with the organization for about three years, both realized there were several potential improvements they could make with more modern not-for-profit technology and by moving to a modern cloud-based system. The organization was running its finances on an older legacy version of Blackbaud’s Financial Edge platform. The system had seen little change or improvement in more than 30 years. Rivas also saw process and internal controls improvements she could implement alongside the new accounting system.\nThe business challenge Before working with Baker Tilly Digital, Bank Reconciliations at BGCD were done outside of the accounting system in Excel. This was time consuming and error prone. Because the organization had established strong segregation of duties, if an error was made on the AP side, the AR resource was forced to resolve issues via email and phone calls, a painstaking process. That process is now a breeze, saving BGCD 2 hours per month. Fixed Asset management was another process that had to be managed outside the accounting system in Excel. BGCD had to rely on their auditors to manage the process and their depreciation schedules. Baker Tilly recommended AssetEdge, a marketplace solution, to bring that process into Sage Intacct, saving BGCD money each year on their audit. ACH functionality was not yet set up because of the complexity involved in managing that through the legacy system. Sage Intacct makes that setup simple - a big win for Rivas’ team. Another area of improvement has been around setting up approvals in the system. Sage Intacct’s approval functionality has increased communication and interaction between various approvers and has allowed BGCD’s AP resource more flexibility in getting her work done. Rather than having to catch up on a huge backlog whenever she’s in the office, she can process invoices anytime and from anywhere. All in all, Rivas and her team estimate more than 50 hours per month of time saved from the elimination of duplicated effort, the reduction in paper-based filing and processes, better and more accurate reporting with no required Excel manipulation and the other process improvements mentioned above. Rivas sees reporting as a huge opportunity for improvement. While they’re new to the system and therefore have only set up a handful of reports, she mentioned attending Baker Tilly’s Faith-Based Finance Collaborative user conference and, based on reporting sessions she attended, says she can already see the opportunity for automating reports, setting up dashboards and providing real-time insights into the organization’s financial and operational health. She also acknowledges that they haven’t been on the new system very long and they will continue to see additional efficiency improvements. “We all see the light at the end of tunnel,” she says. “We all see more reasonable working hours coming soon. Anita’s office is piled high with paper – just getting rid of all the paper processes and reducing the necessary filing is a huge thing for us.”\nStrategy and solution Even though BGCD used Blackbaud products for both fundraising and accounting, they were never able to integrate the systems. With Baker Tilly Digital’s implementation of Sage Intacct, the organization can now keep the accounting system in sync with the fundraising system via a flat file integration, saving a great deal of manual, dual data entry and allowing the person responsible for managing the donor database to expand her skills, learn more about the finance processes and increase her impact on the organization. When asked about improvements since working with Baker Tilly Digital, Rivas doesn’t hesitate, “Dimensions are a lifesaver,” she says. “We have 35 locations, and we use ten different dimensions in Sage Intacct.” BGCD’s chart of accounts had grown large and unwieldy. It was difficult to track the various dimensions of the organization – in addition to 35 locations, they have multiple departments, projects, grants and scholarships. As with many legacy accounting systems, those dimensions had to be reflected in increasingly complex account codes for even limited reporting to be possible. “One of our programs is called Collegiate Steps where we work with young kids through high school to get them college scholarships and then we track those scholarships. We wanted to track by the student and by the scholarship and we have 50 to 100 different scholarships. And every year we've got 50 to 100 different students, so you can imagine tracking that on a spreadsheet is just a nightmare. Now we have it running through Sage Intacct and that probably made Anita, our Staff Accountant, the happiest I’ve ever seen her: Getting that set up within the actual accounting system and not having to have that spreadsheet anymore.” BGCD can track this using Sage Intacct’s built-in dimensional accounting functionality, where transactions are tagged by employee, department, location, class, etc., capturing the data needed to get the reporting, data and insights to visually see the overall financial health of the organization. Updating the finance and accounting technology was part of a larger organizational push at BGCD to modernize their systems. Other aspects of that initiative include moving to a new payroll system, migrating to Microsoft Office 365, and starting the process of architecting a new club attendance management system on the Salesforce platform. The effects of the COVID pandemic only increased the urgency and timeline of these initiatives. “Our Operations Director recently commented to me that because of COVID we’ve compressed five years of technology advancement into a single year’s timeframe,” says Rivas.","image":{"dimensions":{"width":2121,"height":1414},"alt":"Group of people touching hands in a circle","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,141,2121,1131\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,106,2121,1273\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,85,2121,1242\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,88,2121,1242\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,42,2121,1329\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,439,2121,536\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,141,2121,1131\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,141,2121,1131\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,424,2121,530\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,86,2121,1242\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"not-for-profit girl scouts ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d212891b-dac6-4eca-aea8-aebaf8cca302_not-for-profit-girl-scouts-boy-scouts-kids.jpg?auto=compress,format\u0026rect=0,106,2121,1167\u0026w=20\u0026h=11"}},"date":"2022-03-12T06:00:00+0000","dateTimestamp":1647064800,"description":"Read this case study to learn how The Boys and Girls Club of Greater Dallas was able to streamline their processes and implement better controls.","category":"Case Study","objectID":"insight-baker-tilly-digital-helps-not-for-profit-streamline-processes-and-implement-better-controls","_highlightResult":{"title":{"value":"Baker Tilly Digital helps not-for-profit streamline processes and implement better controls","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background Boys and Girls Clubs of Greater Dallas (BGCD) is one of the leading youth-serving organizations in North Texas, positively impacting more than 8,700 children ages six to 18. BGCD enables all young people, especially those who need it most, to reach their full potential as productive, caring, responsible citizens. Cecillia Rivas joined the organization as Vice President of Finance in January 2020 after serving as CFO for United Way of Central New Mexico (UWCNM) where she was responsible for providing strong financial leadership and prudent fiscal stewardship; promoting a culture of customer service and collaboration with internal staff and external constituents; and advising senior leadership and the Board of Directors on plans to achieve UWCNM’s goals and objectives. Rivas brings to BGCD more than 25 years of successful finance and budgeting leadership experience in the not-for-profit, public and corporate sectors. When Rivas arrived at BGCD, she and Anita Goble, an accountant who’d been with the organization for about three years, both realized there were several potential improvements they could make with more modern not-for-profit technology and by moving to a modern cloud-based system. The organization was running its finances on an older legacy version of Blackbaud’s Financial Edge platform. The system had seen little change or improvement in more than 30 years. Rivas also saw process and internal controls improvements she could implement alongside the new accounting system.\nThe business challenge Before working with Baker Tilly Digital, Bank Reconciliations at BGCD were done outside of the accounting system in Excel. This was time consuming and error prone. Because the organization had established strong segregation of duties, if an error was made on the AP side, the AR resource was forced to resolve issues via email and phone calls, a painstaking process. That process is now a breeze, saving BGCD 2 hours per month. Fixed Asset management was another process that had to be managed outside the accounting system in Excel. BGCD had to rely on their auditors to manage the process and their depreciation schedules. Baker Tilly recommended AssetEdge, a marketplace solution, to bring that process into Sage Intacct, saving BGCD money each year on their audit. ACH functionality was not yet set up because of the complexity involved in managing that through the legacy system. Sage Intacct makes that setup simple - a big win for Rivas’ team. Another area of improvement has been around setting up approvals in the system. Sage Intacct’s approval functionality has increased communication and interaction between various approvers and has allowed BGCD’s AP resource more flexibility in getting her work done. Rather than having to catch up on a huge backlog whenever she’s in the office, she can process invoices anytime and from anywhere. All in all, Rivas and her team estimate more than 50 hours per month of time saved from the elimination of duplicated effort, the reduction in paper-based filing and processes, better and more accurate reporting with no required Excel manipulation and the other process improvements mentioned above. Rivas sees reporting as a huge opportunity for improvement. While they’re new to the system and therefore have only set up a handful of reports, she mentioned attending Baker Tilly’s Faith-Based Finance Collaborative user conference and, based on reporting sessions she attended, says she can already see the opportunity for automating reports, setting up dashboards and providing real-time insights into the organization’s financial and operational health. She also acknowledges that they haven’t been on the new system very long and they will continue to see additional efficiency improvements. “We all see the light at the end of tunnel,” she says. “We all see more reasonable working hours coming soon. Anita’s office is piled high with paper – just getting rid of all the paper processes and reducing the necessary filing is a huge thing for us.”\nStrategy and solution Even though BGCD used Blackbaud products for both fundraising and accounting, they were never able to integrate the systems. With Baker Tilly Digital’s implementation of Sage Intacct, the organization can now keep the accounting system in sync with the fundraising system via a flat file integration, saving a great deal of manual, dual data entry and allowing the person responsible for managing the donor database to expand her skills, learn more about the finance processes and increase her impact on the organization. When asked about improvements since working with Baker Tilly Digital, Rivas doesn’t hesitate, “Dimensions are a lifesaver,” she says. “We have 35 locations, and we use ten different dimensions in Sage Intacct.” BGCD’s chart of accounts had grown large and unwieldy. It was difficult to track the various dimensions of the organization – in addition to 35 locations, they have multiple departments, projects, grants and scholarships. As with many legacy accounting systems, those dimensions had to be reflected in increasingly complex account codes for even limited reporting to be possible. “One of our programs is called Collegiate Steps where we work with young kids through high school to get them college scholarships and then we track those scholarships. We wanted to track by the student and by the scholarship and we have 50 to 100 different scholarships. And every year we've got 50 to 100 different students, so you can imagine tracking that on a spreadsheet is just a nightmare. Now we have it running through Sage Intacct and that probably made Anita, our Staff Accountant, the happiest I’ve ever seen her: Getting that set up within the actual accounting system and not having to have that spreadsheet anymore.” BGCD can track this using Sage Intacct’s built-in dimensional accounting functionality, where transactions are tagged by employee, department, location, class, etc., capturing the data needed to get the reporting, data and insights to visually see the overall financial health of the organization. Updating the finance and accounting technology was part of a larger organizational push at BGCD to modernize their systems. Other aspects of that initiative include moving to a new payroll system, migrating to Microsoft Office 365, and starting the process of architecting a new club attendance management system on the Salesforce platform. 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Their facilities are used by major oil companies, independent refiners, crude oil and petroleum product marketers, regional distributors and industrial manufacturers for the storage and throughput of transportation fuels, crude oil and other petroleum products. 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Price specializes in helping finance professionals transform their organizations from paper-and-pencil practices into modern digital domains. He said that with the proliferation of data in business today, it’s imperative that financial professionals become “data whisperers” who can effectively gather and interpret data into useful measurements and insights for their executive decision-makers.  New roles for the SaaS finance team The good news, according to Price: SaaS executives are realizing the crucial role their finance team members play in supplying both financial and operational insights to guide tough business decisions. As a result, in addition to their traditional roles in accounting, audit, compliance and treasury, organizational finance leaders are now expected to be soothsayers who can interpret huge amounts of data in real-time, track and deliver key performance indicators and predict the effects of new strategies on future financial health.  The bad news is that finance professionals are too often conditioned to be overly reliant on spreadsheets, which typically worked well as historical snapshots of financial dealings, but lacks the sophistication to efficiently monitor and discover keen insights.  Price characterized spreadsheets as time-consuming, fragile, error-prone, unreliable and lacking the required depth of analysis to support today’s goal of data-driven decision making.  No one-size-fits-all for metrics Growing SaaS organizations can sometimes fall into the trap of becoming hyper-fixated on a single metric as their indicator of success.  While positive trends in individual metrics such as MRR/ARR Growth, Net Dollar Retention or Customer Lifetime Value (CLTV) can signal strong business health, no single metric can gauge the viability and predictability of a SaaS organization’s model. It requires a combination of metrics to assess the performance of a business across the critical pillars of growth, retention, unit economics and capital efficiency. Having the right information will help organizations stay solvent as startups and attract investors while building a path toward growth.  The metrics needed to measure will vary, depending on the “stage” of your business, whether it’s an early startup, a growth company, or one that’s on the verge of going public. The later the stage, the more complex the metrics. Complex metrics call for a SaaS-based metrics tracking system. When choosing a system, Price suggested, finance leaders should select one with these four characteristics: Automation: The software should remove reliance on humans to enter metrics about sales and subscriptions, allow finance experts to focus on data analytics rather than data entry, expedite delivery of critical business data to stakeholders, enforce business policies and automate processes and scale as the business grows. Real time data: The metrics tracking application should support a lean startup methodology so leaders can quickly build and measure success, highlight emerging and evolving trends, enable rapid course-correction to quickly mitigate loss, identify growth levers producing positive outcomes and help finance experts transform from keepers of a historical record to strategic planners. Reliability: The tracking system should generate metrics from a controlled reliable system of record and integrate with an Enterprise Resource Planning (ERP) to pull the most up-to-date, accurate financial data, allowing team members to conduct drill-down research. Insightful: Finally, the SaaS metrics tracking application should reflect a deep dive into finance activity. For example, subscription records should go beyond the usual broad categories of “new,” “expansion,” “contraction” and “churn.” The software should also enable segmentation of data by a variety of customer and product cohorts, deliver crucial metrics for all stages of maturity and support customizable calculations, reports and visualization.  Cloud solutions for finance The best solution, as Price advised during his session, is to build a company’s finance function around a cloud-based ERP software such as Sage Intacct.  In October 2021, Baker Tilly acquired AcctTwo, a seven-time Sage Intacct Partner of the Year and provider of the only “preferred” financial management system of the American Institute of Certified Public Accountants. The Sage Intacct software helps team members:  Eliminate manual re-entry of data which reduces errors and processing costs Produce paperless workflows Speed up routine accounting and reporting tasks Create user-friendly dashboards and reports In SaaS systems like Sage Intacct, the cloud automatically delivers the most current versions of financial software, so all finance team members have access to the latest thinking in metrics tracking. To learn more about Sage Intacct and how Baker Tilly Digital professionals can help you, contact us. 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Price specializes in helping finance professionals transform their organizations from paper-and-pencil practices into modern digital domains. He said that with the proliferation of data in business today, it’s imperative that financial professionals become “data whisperers” who can effectively gather and interpret data into useful measurements and insights for their executive decision-makers.  New roles for the SaaS finance team The good news, according to Price: SaaS executives are realizing the crucial role their finance team members play in supplying both financial and operational insights to guide tough business decisions. As a result, in addition to their traditional roles in accounting, audit, compliance and treasury, organizational finance leaders are now expected to be soothsayers who can interpret huge amounts of data in real-time, track and deliver key performance indicators and predict the effects of new strategies on future financial health.  The bad news is that finance professionals are too often conditioned to be overly reliant on spreadsheets, which typically worked well as historical snapshots of financial dealings, but lacks the sophistication to efficiently monitor and discover keen insights.  Price characterized spreadsheets as time-consuming, fragile, error-prone, unreliable and lacking the required depth of analysis to support today’s goal of data-driven decision making.  No one-size-fits-all for metrics Growing SaaS organizations can sometimes fall into the trap of becoming hyper-fixated on a single metric as their indicator of success.  While positive trends in individual metrics such as MRR/ARR Growth, Net Dollar Retention or Customer Lifetime Value (CLTV) can signal strong business health, no single metric can gauge the viability and predictability of a SaaS organization’s model. It requires a combination of metrics to assess the performance of a business across the critical pillars of growth, retention, unit economics and capital efficiency. Having the right information will help organizations stay solvent as startups and attract investors while building a path toward growth.  The metrics needed to measure will vary, depending on the “stage” of your business, whether it’s an early startup, a growth company, or one that’s on the verge of going public. The later the stage, the more complex the metrics. Complex metrics call for a SaaS-based metrics tracking system. When choosing a system, Price suggested, finance leaders should select one with these four characteristics: Automation: The software should remove reliance on humans to enter metrics about sales and subscriptions, allow finance experts to focus on data analytics rather than data entry, expedite delivery of critical business data to stakeholders, enforce business policies and automate processes and scale as the business grows. Real time data: The metrics tracking application should support a lean startup methodology so leaders can quickly build and measure success, highlight emerging and evolving trends, enable rapid course-correction to quickly mitigate loss, identify growth levers producing positive outcomes and help finance experts transform from keepers of a historical record to strategic planners. Reliability: The tracking system should generate metrics from a controlled reliable system of record and integrate with an Enterprise Resource Planning (ERP) to pull the most up-to-date, accurate financial data, allowing team members to conduct drill-down research. Insightful: Finally, the SaaS metrics tracking application should reflect a deep dive into finance activity. For example, subscription records should go beyond the usual broad categories of “new,” “expansion,” “contraction” and “churn.” The software should also enable segmentation of data by a variety of customer and product cohorts, deliver crucial metrics for all stages of maturity and support customizable calculations, reports and visualization.  Cloud solutions for finance The best solution, as Price advised during his session, is to build a company’s finance function around a cloud-based ERP software such as Sage Intacct.  In October 2021, Baker Tilly acquired AcctTwo, a seven-time Sage Intacct Partner of the Year and provider of the only “preferred” financial management system of the American Institute of Certified Public Accountants. The Sage Intacct software helps team members:  Eliminate manual re-entry of data which reduces errors and processing costs Produce paperless workflows Speed up routine accounting and reporting tasks Create user-friendly dashboards and reports In SaaS systems like Sage Intacct, the cloud automatically delivers the most current versions of financial software, so all finance team members have access to the latest thinking in metrics tracking. To learn more about Sage Intacct and how Baker Tilly Digital professionals can help you, contact us. 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Cambodian Children’s Fund cares for more than 2,000 students and 10,000 people annually, providing to entire families and communities in crisis. For the children of the Steung Meanchey area of Phnom Penh, education is their lifeline out of poverty and Cambodian Children’s Fund offers an award-winning education aimed at providing hope, opportunity and security. The business challenge Cambodian Children’s Fund was outgrowing its existing financial software. They were always running three weeks behind on their financials and this led to wasted resources and poor reporting/metrics. Cambodian Children’s Fund needed a cloud-based accounting solution that could: Manage their projected growth Reduce their dependency on Excel spreadsheets Provide complete transparency to their donors Deliver up-to-date custom reports and dashboards Support users in both Cambodia and the United States Delivering up-to-date custom reports to Cambodian Children’s Fund’s donors was the main driving force behind the search for a new accounting software system.\nStrategy and solution Cambodian Children’s Fund chose Baker Tilly Digital to implement Sage Intacct, a cloud-based accounting software solution. Baker Tilly Digital enabled them to significantly improve accounting processes (no more tedious Excel spreadsheets) and deliver complete transparency to their donors. Financial transparency is a common concern for many not-for-profit organizations. In addition, many stakeholders and donors have different reporting criteria and custom reports have to be constructed. Sage Intacct’s Dimensions feature met the reporting requirements for Cambodian Children’s Fund’s different stakeholders and provide complete transparency across the organization. Since Baker Tilly Digital's implementation, they have: Improved the monthly reporting cycle to provide timely reports within days of the month-end Simplified and streamlined key accounting processes Improved overall efficiencies because transactions are now done online with up-to-date data Increased competence of accounting transparency and ability to track spending Managed spend better to stay in line with income Baker Tilly Digital enables the transparency Cambodian Children’s Fund needs and the opportunity to grow their organization without worry that they’ll outgrow their accounting solution.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Empty desks in elementary school classroom","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/305f1805-b577-4b45-b894-b3109fc22d2d_gen-header_elementary-school-classroom.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Empty desks in elementary school 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Cambodian Children’s Fund cares for more than 2,000 students and 10,000 people annually, providing to entire families and communities in crisis. For the children of the Steung Meanchey area of Phnom Penh, education is their lifeline out of poverty and Cambodian Children’s Fund offers an award-winning education aimed at providing hope, opportunity and security. The business challenge Cambodian Children’s Fund was outgrowing its existing financial software. They were always running three weeks behind on their financials and this led to wasted resources and poor reporting/metrics. Cambodian Children’s Fund needed a cloud-based accounting solution that could: Manage their projected growth Reduce their dependency on Excel spreadsheets Provide complete transparency to their donors Deliver up-to-date custom reports and dashboards Support users in both Cambodia and the United States Delivering up-to-date custom reports to Cambodian Children’s Fund’s donors was the main driving force behind the search for a new accounting software system.\nStrategy and solution Cambodian Children’s Fund chose Baker Tilly Digital to implement Sage Intacct, a cloud-based accounting software solution. Baker Tilly Digital enabled them to significantly improve accounting processes (no more tedious Excel spreadsheets) and deliver complete transparency to their donors. Financial transparency is a common concern for many not-for-profit organizations. In addition, many stakeholders and donors have different reporting criteria and custom reports have to be constructed. Sage Intacct’s Dimensions feature met the reporting requirements for Cambodian Children’s Fund’s different stakeholders and provide complete transparency across the organization. Since Baker Tilly Digital's implementation, they have: Improved the monthly reporting cycle to provide timely reports within days of the month-end Simplified and streamlined key accounting processes Improved overall efficiencies because transactions are now done online with up-to-date data Increased competence of accounting transparency and ability to track spending Managed spend better to stay in line with income Baker Tilly Digital enables the transparency Cambodian Children’s Fund needs and the opportunity to grow their organization without worry that they’ll outgrow their accounting solution.","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn how Baker Tilly Digital helped deliver the reporting requirements for Cambodian Children’s Fund’s different stakeholders.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIee","uid":"saas-technology-firm-improves-month-end-by-four-days-using-sage-intacct","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Software \u0026 Technology","uid":"software-and-technology"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"SaaS Intelligence","uid":"saas-intelligence"}],"title":"SaaS technology firm improves month-end by four days using Sage Intacct","co_authors":[""],"body":"Client background RapidRatings is the creator of the proprietary FHR® (Financial Health Rating), the industry’s leading assessment of public and private company financial health. Their disruptive methodology, scalable solutions and unparalleled support enables businesses to effectively manage and price risks associated with the financial health of third-parties including customers, trading counterparties, suppliers, vendors and investments. Hundreds of leading companies across industry verticals rely on the FHR’s® data visualization and detailed reporting tools to provide visibility and early warning of financial deterioration. RapidRatings is the only company to rate public and private companies, globally and with the same depth of analysis.\nThe business challenge After reviewing their cash-to-order process they wanted to reduce the manual effort surrounding the invoice creation process. RapidRatings was using Excel to manage their invoicing process, which led to avoidable errors, end-of-the month bottlenecks and an exorbitant amount of wasted time. They needed a solution that could: Automate the creation of invoices Automate revenue recognition and commission expense in accordance with ASC 606 Reduce the manual efforts of their accounting department and sales team\nStrategy and solution In May 2017, RapidRatings chose to adopt Sage Intacct Contracts Billing and Contracts Revenue Recognition functionalities, as well as integrate their Sage Intacct environment with the Salesforce CRM platform. The Contracts Module helps ease the pain of using manual methods and disconnected applications, in addition to leveraging best-in-class revenue management capabilities. The module also allows for dual treatment of contracts according to both ASC 605 and ASC 606. This provides organizations with immediate visibility into how the upcoming guideline changes impact financials. Previously, RapidRatings’ accounting team spent a majority of their time manually entering in invoices and updating excel spreadsheets to calculate revenue and commission expense. Since implementation, those tasks are now automated, they now have the time to focus on growing professionally and learning new skills to bring more to the business. Since RapidRatings’ implementation, they have: Improved the time to close accounts receivable, commissions and revenue to the first business day of the month-end close, a time reduction of four days using their old manual method Simplified and streamlined key accounting processes Improved overall efficiencies, invoices are automatically sent out within one business day of deals closing Increased interdepartmental communication, the sales team is more in the loop of what’s happening on the accounting side In addition to the Sage Intacct Contracts functionalities and integration of their Sage Intacct environment with Salesforce, RapidRatings also chose to implement Avalara. Avalara offers seamless, automated, end-to-end sales tax compliance solutions for your whole business. It was up and running in a week and they instantly saw the benefits. 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RapidRatings is the only company to rate public and private companies, globally and with the same depth of analysis.\nThe business challenge After reviewing their cash-to-order process they wanted to reduce the manual effort surrounding the invoice creation process. RapidRatings was using Excel to manage their invoicing process, which led to avoidable errors, end-of-the month bottlenecks and an exorbitant amount of wasted time. They needed a solution that could: Automate the creation of invoices Automate revenue recognition and commission expense in accordance with ASC 606 Reduce the manual efforts of their accounting department and sales team\nStrategy and solution In May 2017, RapidRatings chose to adopt Sage Intacct Contracts Billing and Contracts Revenue Recognition functionalities, as well as integrate their Sage Intacct environment with the Salesforce CRM platform. 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The company is bucking the trend of traditional customer support. Their “movement” is to lighten the load of digital engagement for global brands like the NFL, NBC, Sony Online Entertainment, Warner Bros., Zendesk and even the State Department. With operation centers in northern California and Northern Ireland and offices in San Francisco, London and New York, ModSquad’s more than 10,000 Mods around the world moderate content, chat with customers, manage communities and buzz in social media 24/7/365, in more than 50 languages and dialects.\nThe business challenge Given the company’s growth, back in 2014 ModSquad found that its current financial software could no longer meet its needs and was leading to a lot of manual effort: Billing worksheets took account managers many hours to complete each month Invoices were often delayed Financial and management reporting was not published in the cloud or visible in a timely manner With the addition of an operations center and subsidiary in Northern Ireland, global consolidation requirements created a real burden for the accounting team Integration between accounting systems and others (e.g., CRM and labor tracking) was virtually impossible\nStrategy and solution ModSquad’s Senior Director of Finance and Accounting, David Wohlwend, made it his personal mission to put in place the infrastructure to improve days sales outstanding, deliver more timely financial analysis (particularly around customer and project profitability) and ensure scalability to handle the company’s aggressive growth plans. After a rigorous evaluation, Baker Tilly Digital was the clear answer. Before working with Baker Tilly Digital, invoices were created one by one from manually-prepared billing worksheets. The invoices were then circulated via email for review and often required changes. With Baker Tilly Digital's guidance, ModSquad has seen meaningful benefits: Billable hours are tracked and recorded with greater precision Invoice cycle has been reduced by one third the time Integration with Salesforce streamlines project set-up Customer and project profitability reports are completely automated and available to every stakeholder And on the scalability front, ModSquad has grown significantly since selecting Baker Tilly Digital without the need to add a single accounting headcount.","image":{"dimensions":{"width":5333,"height":3000},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=0,80,5333,2844\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=250,0,5000,3000\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=106,0,5125,3000\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=100,0,5125,3000\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=271,0,4787,3000\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=0,21,5333,1348\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=0,77,5333,2844\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=0,71,5333,2844\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=0,800,5333,1333\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=104,0,5125,3000\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Woman analyzing data on several computer screens","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F31b75b36-b689-4be2-869d-1f6c2344dca0_insurtech.jpg?auto=compress,format\u0026rect=0,0,5333,2933\u0026w=20\u0026h=11"}},"date":"2022-02-01T06:00:00+0000","dateTimestamp":1643695200,"description":"Read more to learn how ModSquad saw their invoice cycle had been reduced by one-third of the time after implementation with Baker Tilly Digital.","category":"Case Study","objectID":"insight-digital-engagement-company-sees-invoice-cycle-reduced-after-implementation","_highlightResult":{"title":{"value":"Digital engagement company sees invoice cycle reduced by one-third after implementation","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background Founded in 2007, ModSquad has been on a torrid growth path. The company is bucking the trend of traditional customer support. Their “movement” is to lighten the load of digital engagement for global brands like the NFL, NBC, Sony Online Entertainment, Warner Bros., Zendesk and even the State Department. With operation centers in northern California and Northern Ireland and offices in San Francisco, London and New York, ModSquad’s more than 10,000 Mods around the world moderate content, chat with customers, manage communities and buzz in social media 24/7/365, in more than 50 languages and dialects.\nThe business challenge Given the company’s growth, back in 2014 ModSquad found that its current financial software could no longer meet its needs and was leading to a lot of manual effort: Billing worksheets took account managers many hours to complete each month Invoices were often delayed Financial and management reporting was not published in the cloud or visible in a timely manner With the addition of an operations center and subsidiary in Northern Ireland, global consolidation requirements created a real burden for the accounting team Integration between accounting systems and others (e.g., CRM and labor tracking) was virtually impossible\nStrategy and solution ModSquad’s Senior Director of Finance and Accounting, David Wohlwend, made it his personal mission to put in place the infrastructure to improve days sales outstanding, deliver more timely financial analysis (particularly around customer and project profitability) and ensure scalability to handle the company’s aggressive growth plans. After a rigorous evaluation, Baker Tilly Digital was the clear answer. Before working with Baker Tilly Digital, invoices were created one by one from manually-prepared billing worksheets. The invoices were then circulated via email for review and often required changes. With Baker Tilly Digital's guidance, ModSquad has seen meaningful benefits: Billable hours are tracked and recorded with greater precision Invoice cycle has been reduced by one third the time Integration with Salesforce streamlines project set-up Customer and project profitability reports are completely automated and available to every stakeholder And on the scalability front, ModSquad has grown significantly since selecting Baker Tilly Digital without the need to add a single accounting headcount.","matchLevel":"none","matchedWords":[]},"description":{"value":"Read more to learn how ModSquad saw their invoice cycle had been reduced by one-third of the time after implementation with Baker Tilly Digital.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIbY","uid":"water-disposal-company-reduces-it-costs-increases-financial-visibility","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Energy","uid":"energy"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Water disposal company reduces IT costs and increases financial visibility","co_authors":[""],"body":"Client background East Texas Salt Water Disposal Company (ETSWD) began operations in Kilgore, Texas in 1941. The company disposes of salt water produced from the Woodbine formation in East Texas, and currently has more than 100 disposal wells. After a rigorous software evaluation, ETSWD chose Baker Tilly Digital over NetSuite as the better fit for the company's business needs.\nThe business challenge ETSWD's internal servers running Microsoft Dynamics GP required substantial monthly fees for maintenance and report development The finance department was forced to use Excel to generate the reports they needed Modifications to the Dynamics GP system were costly and time-consuming The company predicts the need for integration with other systems\nStrategy and solution Implementing cloud ERP will provide ETSWD with the reporting capabilities the company needs The company will be able to automate needed workflows for better internal controls The company can more easily scale as it grows, allowing ETSWD to quickly integrate with other systems in the future Baker Tilly Digital built ETSWD's custom financial reporting, whereas Dynamics GP required the purchase of additional reporting services ETSWD now has a true, multitenant, 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After a rigorous software evaluation, ETSWD chose Baker Tilly Digital over NetSuite as the better fit for the company's business needs.\nThe business challenge ETSWD's internal servers running Microsoft Dynamics GP required substantial monthly fees for maintenance and report development The finance department was forced to use Excel to generate the reports they needed Modifications to the Dynamics GP system were costly and time-consuming The company predicts the need for integration with other systems\nStrategy and solution Implementing cloud ERP will provide ETSWD with the reporting capabilities the company needs The company will be able to automate needed workflows for better internal controls The company can more easily scale as it grows, allowing ETSWD to quickly integrate with other systems in the future Baker Tilly Digital built ETSWD's custom financial reporting, whereas Dynamics GP required the purchase of additional reporting services ETSWD now has a true, multitenant, cloud-based accounting solution, a feature not available with Microsoft Dynamics GP Built-in reporting and workflow capabilities are a better fit and are more configurable than NetSuite's","matchLevel":"none","matchedWords":[]},"description":{"value":"Read more to learn how East Texas Salt Water Disposal Company was able to reduce IT costs and increase their financial visibility.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIbQ","uid":"technology-company-discovers-actionable-insights-and-trends-with-saas-intelligence","tags":["saas intelligence","Baker Tilly Digital","SaaS"],"type":"insight","lastPublicationDate":"2022-11-10T19:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1668106800,"_tags":["SAAS INTELLIGENCE","BAKER TILLY DIGITAL","SAAS"],"industries":[{"title":"Software \u0026 Technology","uid":"software-and-technology"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"SaaS Intelligence","uid":"saas-intelligence"}],"title":"Technology company discovers actionable insights with SaaS business intelligence software","co_authors":[""],"body":"Client background Quest Analytics is a technology company dedicated to improving healthcare provider network management and in turn, helping people across America receive the information and care they deserve. Their Provider Network Management platform brings trust, transparency and confidence in the process of measuring, managing and monitoring provider networks. Quest Analytics partners with both providers and healthcare organizations to address two significant issues facing the healthcare industry today: accessible networks and accurate provider directories.\nThe business challenge As the company moved more of its products and services to the cloud, it became clear that Quest Analytics should be measuring itself against and evaluating its business as a Software-as-a-Service company. Upgrading their financials from QuickBooks and spreadsheets was a major step in that direction and the company chose Sage Intacct over NetSuite. Sage Intacct’s subscription billing and contract management capabilities and its native integration with Salesforce made it the best solution for the organization.  Quest Analytics originally looked at Sage Intacct’s Digital Board Book application as a SaaS and subscription metrics tracking solution but ultimately selected SaaS Intelligence to provide those KPIs. Baker Tilly Digital's SaaS Intelligence is built on the Sage Intacct development platform, so it sits natively inside Sage Intacct, and it automatically categorizes transactions in real-time using a sophisticated intelligence engine, providing metrics that are automatic, reliable and insightful.  We spoke with Sam Robertson, corporate controller at Quest Analytics, about the shift the company has made recently and how Baker Tilly Digital has been able to play a part in that transformation. “The company has been in business since 2003 and had historically been a desktop software provider,” says Robertson. “As we moved more of our solutions to the cloud, we knew we needed to think in terms of more complex multiyear, multi-element contracts, and that managing those contracts with QuickBooks and spreadsheets wasn’t going to work long term.” Robertson knew they needed an ERP system, Sage Intacct, that could manage their increasingly complex billing and revenue recognition requirements, while also automating the tracking of crucial SaaS KPIs for the organization – for this, he turned to SaaS Intelligence. According to Robertson, the implementation of SaaS Intelligence was straightforward. The product team, led by Baker Tilly' Digital's head of SaaS Vertical, Chris Price, helped Robertson understand exactly how the metrics were being calculated. “The Baker Tilly Digital team was super responsive and always provided me with a lot of detail whenever I had questions,” says Robertson. “The product works exactly as it was sold to us.”\nStrategy and solution “Spreadsheets aren’t systems,” he says, explaining that it’s too easy to make manual interventions, judgment calls, and even mistakes when you’re using spreadsheets, making it difficult to trust the data and even more difficult to surface insights about the business. “When you keep everything in Excel and split your data by year, it can make trailing twelve-month analysis difficult and it’s less likely that you’ll discover actionable insights and trends,” says Robertson. “With Baker Tilly Digital’s SaaS Intelligence, we can do that kind of analysis easily.” Baker Tilly Digital’s SaaS Intelligence is SaaS business intelligence software that automatically identifies different SaaS metrics scenarios to provide an accurate representation of client subscription activity and the impact on ARR or CMRR. The application’s intelligent engine can distinguish between different factors driving changes in CMRR, removing the need for manual intervention or additional analysis of transactions, giving finance teams a single source of the truth. Surfacing insights, as well as process and data gaps According to Robertson, SaaS Intelligence has become a check on previous policies to make sure that KPIs are being calculated properly. “We found ourselves often saying ‘What does the spreadsheet say?’ and then ‘But what does SaaS Intelligence say?’ and that process has taught us a lot about our assumptions and our policies around SaaS metrics,” says Robertson. “It gives you the flexibility to look at things differently, to challenge your assumptions and to look at true KPIs. It spurs conversations we didn’t use to have around things like Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV).”  Transforming finance and accounting into a strategic asset Robertson is having these conversations at the executive team level and SaaS Intelligence is helping him communicate these key metrics. “Going in front of the Executive Team to present these metrics is spurring conversations about where to focus our efforts,” says Robertson. “Having these insights that are actionable and strategic come out of the finance department is really cool,” he adds.","image":{"dimensions":{"width":1920,"height":1080},"alt":"SaaS business intelligence software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=0,339,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Insurance health data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d1596836-9b51-4fd2-be19-3042bf2ec011_Insurance+health+data.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2022-01-21T06:00:00+0000","dateTimestamp":1642744800,"description":"","category":"Case Study","objectID":"insight-technology-company-discovers-actionable-insights-and-trends-with-saas-intelligence","_highlightResult":{"_tags":[{"value":"SAAS INTELLIGENCE","matchLevel":"none","matchedWords":[]},{"value":"BAKER TILLY DIGITAL","matchLevel":"none","matchedWords":[]},{"value":"SAAS","matchLevel":"none","matchedWords":[]}],"title":{"value":"Technology company discovers actionable insights with SaaS business intelligence software","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background Quest Analytics is a technology company dedicated to improving healthcare provider network management and in turn, helping people across America receive the information and care they deserve. Their Provider Network Management platform brings trust, transparency and confidence in the process of measuring, managing and monitoring provider networks. Quest Analytics partners with both providers and healthcare organizations to address two significant issues facing the healthcare industry today: accessible networks and accurate provider directories.\nThe business challenge As the company moved more of its products and services to the cloud, it became clear that Quest Analytics should be measuring itself against and evaluating its business as a Software-as-a-Service company. Upgrading their financials from QuickBooks and spreadsheets was a major step in that direction and the company chose Sage Intacct over NetSuite. Sage Intacct’s subscription billing and contract management capabilities and its native integration with Salesforce made it the best solution for the organization.  Quest Analytics originally looked at Sage Intacct’s Digital Board Book application as a SaaS and subscription metrics tracking solution but ultimately selected SaaS Intelligence to provide those KPIs. Baker Tilly Digital's SaaS Intelligence is built on the Sage Intacct development platform, so it sits natively inside Sage Intacct, and it automatically categorizes transactions in real-time using a sophisticated intelligence engine, providing metrics that are automatic, reliable and insightful.  We spoke with Sam Robertson, corporate controller at Quest Analytics, about the shift the company has made recently and how Baker Tilly Digital has been able to play a part in that transformation. “The company has been in business since 2003 and had historically been a desktop software provider,” says Robertson. “As we moved more of our solutions to the cloud, we knew we needed to think in terms of more complex multiyear, multi-element contracts, and that managing those contracts with QuickBooks and spreadsheets wasn’t going to work long term.” Robertson knew they needed an ERP system, Sage Intacct, that could manage their increasingly complex billing and revenue recognition requirements, while also automating the tracking of crucial SaaS KPIs for the organization – for this, he turned to SaaS Intelligence. According to Robertson, the implementation of SaaS Intelligence was straightforward. The product team, led by Baker Tilly' Digital's head of SaaS Vertical, Chris Price, helped Robertson understand exactly how the metrics were being calculated. “The Baker Tilly Digital team was super responsive and always provided me with a lot of detail whenever I had questions,” says Robertson. “The product works exactly as it was sold to us.”\nStrategy and solution “Spreadsheets aren’t systems,” he says, explaining that it’s too easy to make manual interventions, judgment calls, and even mistakes when you’re using spreadsheets, making it difficult to trust the data and even more difficult to surface insights about the business. “When you keep everything in Excel and split your data by year, it can make trailing twelve-month analysis difficult and it’s less likely that you’ll discover actionable insights and trends,” says Robertson. “With Baker Tilly Digital’s SaaS Intelligence, we can do that kind of analysis easily.” Baker Tilly Digital’s SaaS Intelligence is SaaS business intelligence software that automatically identifies different SaaS metrics scenarios to provide an accurate representation of client subscription activity and the impact on ARR or CMRR. The application’s intelligent engine can distinguish between different factors driving changes in CMRR, removing the need for manual intervention or additional analysis of transactions, giving finance teams a single source of the truth. Surfacing insights, as well as process and data gaps According to Robertson, SaaS Intelligence has become a check on previous policies to make sure that KPIs are being calculated properly. “We found ourselves often saying ‘What does the spreadsheet say?’ and then ‘But what does SaaS Intelligence say?’ and that process has taught us a lot about our assumptions and our policies around SaaS metrics,” says Robertson. “It gives you the flexibility to look at things differently, to challenge your assumptions and to look at true KPIs. It spurs conversations we didn’t use to have around things like Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV).”  Transforming finance and accounting into a strategic asset Robertson is having these conversations at the executive team level and SaaS Intelligence is helping him communicate these key metrics. “Going in front of the Executive Team to present these metrics is spurring conversations about where to focus our efforts,” says Robertson. “Having these insights that are actionable and strategic come out of the finance department is really cool,” he adds.","matchLevel":"none","matchedWords":[]},"description":{"value":"","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIeU","uid":"baker-tilly-digital-gives-church-ability-to-create-flexible-reports-by-dimensions","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Baker Tilly Digital gives multisite church the ability to create flexible reports by dimensions","co_authors":[""],"body":"Client background Founded in 1986 under the vision of \"doing ministry in the shadow of the [Chicago] skyline,” today Park Community Church’s vision is to reach one percent of the city of Chicago with the message of the gospel. 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Their brokers serve the New England luxury markets from the Connecticut coast to the Adirondacks to Mount Desert. Their Management and Consulting division supports private landowners in managing 100,000’s of timberland in the Northeast and California. LandVest’s Timber Marketing group provides brokerage services for both private and public land owners for the disposition and purchase of timberlands for investment. They partner with their consulting team to provide valuation, subdivision and conservation planning, as well as planning for acquisition and disposition of complex real estate assets. Fiduciaries, institutions and private clients retain LandVest because of their discretion, global reach and exceptional market knowledge of special properties. They understand a fiduciary level of service. They can help clients make informed decisions about real estate across New England and around the world. As an affiliate of Christie’s International Real Estate, they have been bringing great New England and Adirondack properties to the global marketplace since 1968. Timberland land owners retain LandVest’s Management and Consulting group because their team of certified foresters provide the best in class in forest management. The business challenge LandVest has four different divisions with over 33 small offices in the United States. Each division was running independently with their own set of unique processes and procedures. In addition, their small offices had 70 checking accounts with bookkeepers running QuickBooks, making it challenging to access cash reports. LandVest needed to: Reduce the number of duplicate vendors and customers Streamline accounting processes Set-up dashboards and reports Consolidate accounting functions\nStrategy and solution LandVest chose Baker Tilly Digital to help guide them on how to best implement Sage Intacct, standardize companywide processes and accounting procedures and set-up project accounting with time and expense. This enables them to have accounting under one roof and more comprehensive reporting capabilities. Before, LandVest had each division running as if they were independent; they now have one unified system that enables LandVest to: Manage their finances more efficiently Simplify and streamline key accounting processes Create detailed reports and dashboards that allows for a real-time overview of the business finances Have one source of financial information By the end of the year, LandVest will rollout project accounting across the entire company. 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Each division was running independently with their own set of unique processes and procedures. In addition, their small offices had 70 checking accounts with bookkeepers running QuickBooks, making it challenging to access cash reports. LandVest needed to: Reduce the number of duplicate vendors and customers Streamline accounting processes Set-up dashboards and reports Consolidate accounting functions\nStrategy and solution LandVest chose Baker Tilly Digital to help guide them on how to best implement Sage Intacct, standardize companywide processes and accounting procedures and set-up project accounting with time and expense. This enables them to have accounting under one roof and more comprehensive reporting capabilities. Before, LandVest had each division running as if they were independent; they now have one unified system that enables LandVest to: Manage their finances more efficiently Simplify and streamline key accounting processes Create detailed reports and dashboards that allows for a real-time overview of the business finances Have one source of financial information By the end of the year, LandVest will rollout project accounting across the entire company. They have made huge strides and continue to have big goals with Baker Tilly Digital at their side that will allow their business to flourish.","matchLevel":"none","matchedWords":[]},"description":{"value":"Baker Tilly Digital helps LandVest manage their finances more efficiently with Sage Intacct. ","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIbu","uid":"baker-tilly-digital-implements-accounting-solution-for-biopharmaceutical-company","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Healthcare \u0026 Life Sciences","uid":"healthcare-and-life-sciences"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[{"title":"Life Sciences","uid":"life-sciences"}],"generic_pages":[],"products":[],"title":"Baker Tilly Digital implements effective and robust accounting solution for biopharmaceutical company","co_authors":[""],"body":"Client background Marinus Pharmaceuticals, Inc. is a publicly traded, clinical stage, biopharmaceutical company dedicated to improving the lives of patients suffering from drug-resistant seizures and neuropsychiatric disorders. With more than $20 million in annual development expenses, the increasing demands of a public company and the expectation for continued growth, Marinus needed to put in place a more robust accounting solution.\nThe business challenge Like so many companies, Marinus chose to use QuickBooks at the outset. But as Marinus expanded operations, it found that QuickBooks did not meet its needs for internal controls, management reporting and external reporting: Journal entries could easily be overridden The chart of account structure required to track their expenses by department and project was cumbersome The financial reporting and budgeting capabilities were very limited and led to time-consuming, manual manipulation outside the application Marinus needed an accounting solution that would tackle these concerns and also provide controlled access to real-time information to internal and external stakeholders alike. Strategy and solution Baker Tilly Digital's specialists solved all the issues above and delivered a user-friendly interface that everyone in the organization, even those outside the accounting function, found easy and intuitive. Just as importantly, their new solution provided a secure environment with automated workflow that delivered better control over transaction processing and approvals, in a way that is easily audited. Marinus has already experienced tangible benefits: Faster period closing More meaningful financial reports Better control and management of vendors (e.g., CROs) Higher satisfaction of internal users More efficient preparation of external reports As a pre-revenue biotech, while Marinus needed a solution to manage expenses more effectively and to provide robust reporting, it also wanted to implement an accounting solution that could scale to meet its evolving needs. Marinus has already benefitted by having Baker Tilly Digital implement employee expense management and integrating with a payroll solution from EmployeeMax. In the future, Marinus is considering implementing an Inventory module. Ultimately, once Marinus starts to sell its products, it will also use Sage Intacct for revenue and accounts receivable management. In the meantime, Marinus continues to use Baker Tilly Digital for ongoing support and consultation. 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With more than $20 million in annual development expenses, the increasing demands of a public company and the expectation for continued growth, Marinus needed to put in place a more robust accounting solution.\nThe business challenge Like so many companies, Marinus chose to use QuickBooks at the outset. But as Marinus expanded operations, it found that QuickBooks did not meet its needs for internal controls, management reporting and external reporting: Journal entries could easily be overridden The chart of account structure required to track their expenses by department and project was cumbersome The financial reporting and budgeting capabilities were very limited and led to time-consuming, manual manipulation outside the application Marinus needed an accounting solution that would tackle these concerns and also provide controlled access to real-time information to internal and external stakeholders alike. Strategy and solution Baker Tilly Digital's specialists solved all the issues above and delivered a user-friendly interface that everyone in the organization, even those outside the accounting function, found easy and intuitive. Just as importantly, their new solution provided a secure environment with automated workflow that delivered better control over transaction processing and approvals, in a way that is easily audited. Marinus has already experienced tangible benefits: Faster period closing More meaningful financial reports Better control and management of vendors (e.g., CROs) Higher satisfaction of internal users More efficient preparation of external reports As a pre-revenue biotech, while Marinus needed a solution to manage expenses more effectively and to provide robust reporting, it also wanted to implement an accounting solution that could scale to meet its evolving needs. Marinus has already benefitted by having Baker Tilly Digital implement employee expense management and integrating with a payroll solution from EmployeeMax. In the future, Marinus is considering implementing an Inventory module. Ultimately, once Marinus starts to sell its products, it will also use Sage Intacct for revenue and accounts receivable management. In the meantime, Marinus continues to use Baker Tilly Digital for ongoing support and consultation. 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At the same time, they are constantly under pressure from both internal customers (operations personnel, executives, owners, etc.) and external customers (actual customers and potential customers) to provide:  More data (significantly more data points tracked than 10 years ago) More timely data (gone are the days of invoices or data provided in weeks) More efficient data (without additional costs) Without a field operations management system like FieldFX, companies are forced to track data in separate flat file systems such as Microsoft Excel or Access. Meaningful reports must be created by hand, combining the MS Applications data with accounting system data making report creation time consuming, prone to error and difficult to repeat. After reviewing a number of solutions, they found that no accounting system on the market has an oil and gas friendly front end or a field ticketing and billing system that accommodates the point-in-time detailed data collection needed by most companies, especially oil and gas services companies. Oilfield services companies are no longer providing simple invoices like they were a decade ago and are expected to provide data that details what happened at every step of the process and track efficiency metrics, process exceptions and resolutions, etc.\nStrategy and solution The implementation of FieldFX, LiquidFrameworks’ mobile field operations management solution, coupled with Baker Tilly Digital's FieldFX integration has been the largest and most successful advancement for Silvertip in that vision. FieldFX allows Silvertip Completions to capture almost every imaginable piece of data recorded at a wellsite while eliminating almost all paper from their field personnel. The next key piece of the puzzle, Baker Tilly Digital's integration between FieldFX and Sage Intacct allows for seamless, efficient flow of data from operations in the field to the accounting system.  The implementation of the FieldFX Integration by Baker Tilly Digital has eliminated the need for one FTE at a time when resources are significantly constrained due to low oil prices. Now they are reviewing and evaluating data instead of manually entering data. Even when they get back to 100% utilization, they will most likely not have to add any additional FTEs to accommodate field tickets, billing, etc. Silvertip has also eliminated the need for their field engineers and supervisors to carry laptops, using Samsung tablets instead, cutting computing costs in about half. They now have near real-time data without an FTE manually updating Sage Intacct. They know what happened in the field, both good and bad, almost immediately. Now, average days-to-invoice has decreased by approximately two days. The company is currently using the data to develop unit-level costing to better track profitability by unit and activity (as customers love to change products and processes on the fly).","image":{"dimensions":{"width":1920,"height":1080},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=0,143,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Oil pump drilling at sunrise","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/572a3c2c-f5e0-464f-8d0c-f5b83f14f1fe_EU-header_oil-gas.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2022-01-07T06:00:00+0000","dateTimestamp":1641535200,"description":"Learn how Silvertip Completions cut computing costs almost in half and eliminated manual processes with FieldFX integration by Baker Tilly Digital.","category":"Case Study","objectID":"insight-oilfield-services-provider-cuts-computing-costs-and-eliminates-manual-processes","_highlightResult":{"title":{"value":"Oilfield services provider cuts computing costs and eliminates manual processes with FieldFX","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background Silvertip Completions is a Midland, Texas-based oilfield services provider, focusing exclusively on providing wireline and pump-down solutions to companies in the Permian Basin, and translating that attention into the safest, fastest, most error-free completion services possible.\nThe business challenge Silvertip Completions needed to automate manual processes that are generally accepted as standard, full-time employee (FTE) driven activities by most oil and gas companies. At the same time, they are constantly under pressure from both internal customers (operations personnel, executives, owners, etc.) and external customers (actual customers and potential customers) to provide:  More data (significantly more data points tracked than 10 years ago) More timely data (gone are the days of invoices or data provided in weeks) More efficient data (without additional costs) Without a field operations management system like FieldFX, companies are forced to track data in separate flat file systems such as Microsoft Excel or Access. Meaningful reports must be created by hand, combining the MS Applications data with accounting system data making report creation time consuming, prone to error and difficult to repeat. After reviewing a number of solutions, they found that no accounting system on the market has an oil and gas friendly front end or a field ticketing and billing system that accommodates the point-in-time detailed data collection needed by most companies, especially oil and gas services companies. Oilfield services companies are no longer providing simple invoices like they were a decade ago and are expected to provide data that details what happened at every step of the process and track efficiency metrics, process exceptions and resolutions, etc.\nStrategy and solution The implementation of FieldFX, LiquidFrameworks’ mobile field operations management solution, coupled with Baker Tilly Digital's FieldFX integration has been the largest and most successful advancement for Silvertip in that vision. FieldFX allows Silvertip Completions to capture almost every imaginable piece of data recorded at a wellsite while eliminating almost all paper from their field personnel. The next key piece of the puzzle, Baker Tilly Digital's integration between FieldFX and Sage Intacct allows for seamless, efficient flow of data from operations in the field to the accounting system.  The implementation of the FieldFX Integration by Baker Tilly Digital has eliminated the need for one FTE at a time when resources are significantly constrained due to low oil prices. Now they are reviewing and evaluating data instead of manually entering data. Even when they get back to 100% utilization, they will most likely not have to add any additional FTEs to accommodate field tickets, billing, etc. Silvertip has also eliminated the need for their field engineers and supervisors to carry laptops, using Samsung tablets instead, cutting computing costs in about half. They now have near real-time data without an FTE manually updating Sage Intacct. They know what happened in the field, both good and bad, almost immediately. Now, average days-to-invoice has decreased by approximately two days. The company is currently using the data to develop unit-level costing to better track profitability by unit and activity (as customers love to change products and processes on the fly).","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn how Silvertip Completions cut computing costs almost in half and eliminated manual processes with FieldFX integration by Baker Tilly Digital.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"Ydh3yhAAAIAW-UFq","uid":"creating-your-companys-digital-transformation-road","tags":[],"type":"insight","lastPublicationDate":"2023-01-06T19:00:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1673031601,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"},{"title":"Consulting","uid":"consulting"}],"specialities":[{"title":"Digital Strategy","uid":"digital-transformation"},{"title":"EMR Implementation \u0026 Optimization","uid":"emr-implementation-optimization"},{"title":"Healthcare IT Solutions","uid":"healthcare-it-solutions"},{"title":"Interoperability \u0026 System Implementation for Providers","uid":"interoperability-system-implementation"},{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Creating your company's digital transformation road map","author":"Ryan Pickering","co_authors":["Ruth Railey",""],"body":"Ryan Pickering and Ruth Railey, experience managers at Baker Tilly Digital, opened their presentation at the 2021 Sage Transform conference with a startling statistic: 70% of all digital transformation projects fail to meet stated goals. The reasons for failure range from lack of executive support and misunderstandings about the scope of the project to active resistance from employees tasked with doing extra work.  And yet, digital transformation, which allows companies to make decisions based on data rather than on opinion, is critical in today’s highly competitive business world. Developing a “road map” to keep digital transformations on track is essential for success.  The road map reflects the goals of the transformation, the timeline of the project and who is expected to complete the various steps. The approach helps prevent misunderstandings and has proven very successful as the team has completed more than 900 implementations, transforming client organizations into digital powerhouses. Building a road map while avoiding the potholes While the speakers cautioned that putting together a road map will not be enough to solve all the challenges that come up during a digital implementation, a road map helps major stakeholders understand the objectives, outline how available resources are allocated and coach employees about how to complete their “day jobs” while fulfilling additional transformation duties. Each road map will look different, depending on the scope and difficulty of the transformational project. As a first step, Railey suggested transformation teams consider how to avoid the “most common” technology transformation pitfalls that arise:  1. Lack of strategic alignment between partners and clients: This occurs when stakeholders have different visions of “what success looks like,” Railey said. Careful documentation of project goals brings to light the mismatches between the vision and reality.  2. An “all or nothing” mentality: If the client expects to see improvements and return-on-investment as soon as the new technology goes live, disappointment is almost guaranteed. Make sure the road map gives clients a realistic view of when to expect notable gains. 3. Designing in a silo: “Design with the end in mind,” Railey advised. Then tell everyone involved what the long-term goals, objectives and future phases might be. When the entire team understands how day-to-day and small decisions feed into the larger project, then rework, delays and budget over-runs decrease. 4. Organizational and project team burnout: As the project proceeds, team members and sponsors may lose interest as other priorities take over. Perhaps they feel overwhelmed by the additional work, or can’t see the finish line, or can’t answer “what’s in it for me?” Regular team meetings and progress reviews against the road map, along with praise from executive sponsors, can help quench burnout, Railey said.  Why build a road map? Pickering then laid out the four major reasons for representing a transformational project in an easy-to-visualize road map, created with information gathered with Sage Intacct financial software. 1. Assists investment planning: Proving the adage “a picture is worth a thousand words,” a road map offers a visual representation of planned investments and helps executives evaluate them against other organizational initiatives. The road map also helps finance leaders articulate their vision and helps everyone understand why the accounting function is so important. The road map guides leaders as they manage external factors, like the COVID-19 pandemic.  Having a tool in place that allows leaders to visualize options allows them to have “more effective conversations,” Pickering said. 2. Aligns leadership: Company and IT leaders will use the road map to pick key initiatives and priorities, then evaluate the impact on strategic objectives, team prioritization and resource capacity. The road map will also be used to inform everyone on the team of changes in direction when the document is updated and re-socialized.  3. Provides clear objectives: The road map provides staff and project teams visibility into the long-term vision of the organization and helps articulate the importance of their work. Road maps help reduce what Pickering called “reactional transformation,” when seemingly endless projects are passed down from management, causing team members to “burn out” and lose interest. And it reminds employees about assignments outside their usual roles in the company. 4. Improves project execution: The road map fosters alignment between the partner and client, and therefore reduces “slippage” in project scope and schedule. It also allows project managers and team members to better manage individual “phases” of the road map.  What should project leaders include in their road map?  Because each client has different needs and objectives, each road map will be different, the speakers pointed out. But, a robust road map likely will include these common elements: 1. Comprehensive timeline: In building a project timeline, project leaders should consider any existing initiatives within the company that may be dependent on the transformational project and weave those into the timeline.  2. Key dates: Leaders should also consider blackout periods and month-end accounting activities, such as payroll preparation and subscription renewals, that could affect the project.  3. Phasing: Project managers should think through whether the organization’s requirements would best be met by a phased implementation or by a so-called “big bang” where new technology goes live all at once. The approach should be represented on the road map.  4. Metrics and key performance indicators: Leaders should get agreement from executives about which metrics best assess the success of the digital transformation. Include them on the road map along with the tools and processes the team will use to measure progress.  5. Resources: Finally, the road map should spell out the skills and experience team members should have to make the transformation a success and any staffing limitations that exist.  Road map examples  Railey offered examples of road maps constructed for three situations: a phased implementation of new technology, a project aimed at fostering organizational growth and one intended to optimize systems.  Phased implementation The first example represents a phased implementation at a hospitality service company with many entities and a lot of resistance to change, Railey said. The leaders built a business calendar across the top with key business dates and holidays to orient the viewers in time. Many things changed during this phased implementation, Railey recalled, and the road map helped the team revisit old decisions during changing business circumstances. Pickering pointed out that on this road map the contributions of third-party vendors, considered critical to the success of the project, were also noted. Organizational growth This client, Railey said, was experiencing dramatic and rapid growth, from $30 million to $300 million. The company suffered from a lack of accounting knowledge, but enjoyed strong executive sponsorship. Given only six weeks to go live without fulltime support, the team found the road map helped them negotiate resources and choose technology that would support long-term growth. Pickering added that the team was able to use the road map to tell executives when to expect major costs, especially important in the beginning of the project when available cash was tight.  System optimization The final road map example came from a virtual reality startup, whose leaders wanted to visualize how they could optimize their new system during the next few years. The team used this road map to get client buy-in about how the consultants would address future needs after the initial implementation. “It’s amazing how something visual, even though it’s simple, brings together many elements in technology transformation for the client,” Railey said. Pickering added that the road maps document how far the project has come over time and the transformational milestones met, great subjects for review with clients during regular update meetings. To learn how to build a road map for your organization, contact one of our experienced Baker Tilly professionals today.","image":{"dimensions":{"width":3200,"height":2125},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,208,3200,1707\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,160,3200,1920\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,125,3200,1873\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,125,3200,1873\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,64,3200,2005\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,657,3200,809\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,210,3200,1707\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,213,3200,1707\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,640,3200,800\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,125,3200,1873\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"long road in green environment","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F2923e35a-d643-4f6b-bf41-96884fe24603_strategy.jpg?auto=compress,format\u0026rect=0,160,3200,1760\u0026w=20\u0026h=11"}},"date":"2022-01-07T06:00:00+0000","dateTimestamp":1641535200,"category":"Article","objectID":"insight-creating-your-companys-digital-transformation-road","_highlightResult":{"title":{"value":"Creating your company's digital transformation road map","matchLevel":"none","matchedWords":[]},"author":{"value":"Ryan Pickering","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"Ruth Railey","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Ryan Pickering and Ruth Railey, experience managers at Baker Tilly Digital, opened their presentation at the 2021 Sage Transform conference with a startling statistic: 70% of all digital transformation projects fail to meet stated goals. The reasons for failure range from lack of executive support and misunderstandings about the scope of the project to active resistance from employees tasked with doing extra work.  And yet, digital transformation, which allows companies to make decisions based on data rather than on opinion, is critical in today’s highly competitive business world. Developing a “road map” to keep digital transformations on track is essential for success.  The road map reflects the goals of the transformation, the timeline of the project and who is expected to complete the various steps. The approach helps prevent misunderstandings and has proven very successful as the team has completed more than 900 implementations, transforming client organizations into digital powerhouses. Building a road map while avoiding the potholes While the speakers cautioned that putting together a road map will not be enough to solve all the challenges that come up during a digital implementation, a road map helps major stakeholders understand the objectives, outline how available resources are allocated and coach employees about how to complete their “day jobs” while fulfilling additional transformation duties. Each road map will look different, depending on the scope and difficulty of the transformational project. As a first step, Railey suggested transformation teams consider how to avoid the “most common” technology transformation pitfalls that arise:  1. Lack of strategic alignment between partners and clients: This occurs when stakeholders have different visions of “what success looks like,” Railey said. Careful documentation of project goals brings to light the mismatches between the vision and reality.  2. An “all or nothing” mentality: If the client expects to see improvements and return-on-investment as soon as the new technology goes live, disappointment is almost guaranteed. Make sure the road map gives clients a realistic view of when to expect notable gains. 3. Designing in a silo: “Design with the end in mind,” Railey advised. Then tell everyone involved what the long-term goals, objectives and future phases might be. When the entire team understands how day-to-day and small decisions feed into the larger project, then rework, delays and budget over-runs decrease. 4. Organizational and project team burnout: As the project proceeds, team members and sponsors may lose interest as other priorities take over. Perhaps they feel overwhelmed by the additional work, or can’t see the finish line, or can’t answer “what’s in it for me?” Regular team meetings and progress reviews against the road map, along with praise from executive sponsors, can help quench burnout, Railey said.  Why build a road map? Pickering then laid out the four major reasons for representing a transformational project in an easy-to-visualize road map, created with information gathered with Sage Intacct financial software. 1. Assists investment planning: Proving the adage “a picture is worth a thousand words,” a road map offers a visual representation of planned investments and helps executives evaluate them against other organizational initiatives. The road map also helps finance leaders articulate their vision and helps everyone understand why the accounting function is so important. The road map guides leaders as they manage external factors, like the COVID-19 pandemic.  Having a tool in place that allows leaders to visualize options allows them to have “more effective conversations,” Pickering said. 2. Aligns leadership: Company and IT leaders will use the road map to pick key initiatives and priorities, then evaluate the impact on strategic objectives, team prioritization and resource capacity. The road map will also be used to inform everyone on the team of changes in direction when the document is updated and re-socialized.  3. Provides clear objectives: The road map provides staff and project teams visibility into the long-term vision of the organization and helps articulate the importance of their work. Road maps help reduce what Pickering called “reactional transformation,” when seemingly endless projects are passed down from management, causing team members to “burn out” and lose interest. And it reminds employees about assignments outside their usual roles in the company. 4. Improves project execution: The road map fosters alignment between the partner and client, and therefore reduces “slippage” in project scope and schedule. It also allows project managers and team members to better manage individual “phases” of the road map.  What should project leaders include in their road map?  Because each client has different needs and objectives, each road map will be different, the speakers pointed out. But, a robust road map likely will include these common elements: 1. Comprehensive timeline: In building a project timeline, project leaders should consider any existing initiatives within the company that may be dependent on the transformational project and weave those into the timeline.  2. Key dates: Leaders should also consider blackout periods and month-end accounting activities, such as payroll preparation and subscription renewals, that could affect the project.  3. Phasing: Project managers should think through whether the organization’s requirements would best be met by a phased implementation or by a so-called “big bang” where new technology goes live all at once. The approach should be represented on the road map.  4. Metrics and key performance indicators: Leaders should get agreement from executives about which metrics best assess the success of the digital transformation. Include them on the road map along with the tools and processes the team will use to measure progress.  5. Resources: Finally, the road map should spell out the skills and experience team members should have to make the transformation a success and any staffing limitations that exist.  Road map examples  Railey offered examples of road maps constructed for three situations: a phased implementation of new technology, a project aimed at fostering organizational growth and one intended to optimize systems.  Phased implementation The first example represents a phased implementation at a hospitality service company with many entities and a lot of resistance to change, Railey said. The leaders built a business calendar across the top with key business dates and holidays to orient the viewers in time. Many things changed during this phased implementation, Railey recalled, and the road map helped the team revisit old decisions during changing business circumstances. Pickering pointed out that on this road map the contributions of third-party vendors, considered critical to the success of the project, were also noted. Organizational growth This client, Railey said, was experiencing dramatic and rapid growth, from $30 million to $300 million. The company suffered from a lack of accounting knowledge, but enjoyed strong executive sponsorship. Given only six weeks to go live without fulltime support, the team found the road map helped them negotiate resources and choose technology that would support long-term growth. Pickering added that the team was able to use the road map to tell executives when to expect major costs, especially important in the beginning of the project when available cash was tight.  System optimization The final road map example came from a virtual reality startup, whose leaders wanted to visualize how they could optimize their new system during the next few years. The team used this road map to get client buy-in about how the consultants would address future needs after the initial implementation. “It’s amazing how something visual, even though it’s simple, brings together many elements in technology transformation for the client,” Railey said. Pickering added that the road maps document how far the project has come over time and the transformational milestones met, great subjects for review with clients during regular update meetings. To learn how to build a road map for your organization, contact one of our experienced Baker Tilly professionals today.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIaU","uid":"professional-employer-organization-streamlines-processes-and-improves-reporting","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Law Firm \u0026 Professional Services","uid":"professional-services"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Professional employer organization streamlines processes and improves reporting with Sage Intacct","co_authors":[""],"body":"Client background Nextep is an industry-leading, IRS-certified, professional employer organization (PEO) dedicated to helping small and medium-sized businesses nationwide with human resources, benefits, risk and compliance and payroll services. The company's employees are dedicated to elevating the employment experience and enriching people’s lives.  Ronda Rogers, Nextep’s controller, shared, “As we anticipated even more growth, we knew it would be crucial to bring our accounting software into the 21st century. We decided to make a change and went in search of a cloud-based, multi-entity financial solution with robust reporting and dashboard capabilities. After comparing Baker Tilly Digital with Microsoft Dynamics GP, Baker Tilly Digital was clearly the better fit for our needs.” Baker Tilly Digital implemented the system in just seven weeks and Nextep instantly saw improvements.\nThe business challenge Nextep struggled to manage complex accounting processes Duplicate journal entries created confusion and errors The company was unable to see financial data across specific projects, regions, customers, employees or vendors for deeper reporting and analysis The finance team had trouble managing consolidations and reporting in Excel\nStrategy and solution Nextep gained strategic insight into regional profitability The company was able to scale easily with 23% growth Nextep saw improved productivity by 25% Software paid for itself in less than four months Baker Tilly Digital now provides full insight into Nextep’s financials across a variety of operational dimensions that allow them to slice and dice data across specific projects, regions, customers, employees or vendors for deeper reporting and analysis. This both simplifies the company’s chart of accounts and adds context to its date, which makes it easy to get fast answers to a wide range of business questions. Nextep pushes invoice data from its PrismHR system into Sage Intacct for region-level profit and loss (P\u0026L) statements, and also integrated Sage Intacct with Adaptive Insights to simplify forecast-to-actuals comparisons. “With Baker Tilly Digital, we can finally report down to the region level and see our costs vs. income, as well as total headcount and clients in each region,” noted Rogers. “We track important metrics like our gross profit per worksite employee and ratio of worksite employees to internal corporate employees. This insight is critical, because it helps us determine how productive a particular region is from one month to the next, make decisions about whether the business should stay in that region, and look at our future to forecast where we want to be.” Personalized dashboards for Nextep’s managers and sales team show relevant data points, like the current worksite employee count, department P\u0026Ls with actuals vs. forecast, and profitability of key service lines, such as benefits, medical insurance, etc. In addition, they enjoy real-time access to all core financial reports—now that they are prepared in Sage Intacct rather than Excel—which saves a tremendous amount of time while greatly increasing reporting consistency, accuracy and visibility. Nextep’s leadership team has a monthly financial highlights dashboard in Sage Intacct that shows the company’s working forecast, balance sheet summary and quarterly P\u0026Ls. It includes key performance indicators, which highlight whether overall gross profits, operating expenses by category, certain margins and revenue are trending up or down month-over-month, year-over-year or as compared to the forecast. As a result, they always have a clear picture of the health of the business, can address problems proactively, and capture market opportunities more quickly. “Baker Tilly Digital also makes it easier to meet quarterly reporting requirements for our various PEO certifications, like the IRS, ESAC, NAPEO and SPEA,” said Rogers. “All of the data we need to provide them is included on a quarterly dashboard, and we can create professional financial\nreports to meet those external requirements without any spreadsheet manipulation.” Baker Tilly Digital brought impressive efficiency benefits to Nextep’s daily financial processes as well. Rather than spending two hours every day on manual, duplicated journal entries across entities, the finance team can just enter data once and rely on Sage Intacct to automatically create all subsequent inter-company entries. The system’s multi-entity structure even streamlined Nextep’s vendor relationships by enabling a single vendor list and combined payments across entities. Prior to Baker Tilly Digital, accounting spent a lot of time passing around hard copy invoices, matching them with backup documentation, hand coding general ledger accounts, physically signing checks and scanning everything in to a third-party A/P system. Now, the team can view all outstanding invoices on a dashboard in Sage Intacct, and the system tracks online approvals from assigned department managers and accounting before each item goes out for final payment.","image":{"dimensions":{"width":3200,"height":2100},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,197,3200,1707\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,160,3200,1920\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,113,3200,1873\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,117,3200,1873\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,43,3200,2005\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,599,3200,809\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,196,3200,1707\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,192,3200,1707\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,640,3200,800\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,114,3200,1873\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Two women discuss data on a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2F1b9a3bae-b4e2-4229-a53f-ca9d29d44d73_women_computer_conversation_human_resources.jpg?auto=compress,format\u0026rect=0,160,3200,1760\u0026w=20\u0026h=11"}},"date":"2021-12-31T06:00:00+0000","dateTimestamp":1640930400,"description":"Learn why Nextep trusted Baker Tilly Digital to streamline processes and improve reporting by implementing Sage Intacct.","category":"Case Study","objectID":"insight-professional-employer-organization-streamlines-processes-and-improves-reporting","_highlightResult":{"title":{"value":"Professional employer organization streamlines processes and improves reporting with Sage Intacct","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background Nextep is an industry-leading, IRS-certified, professional employer organization (PEO) dedicated to helping small and medium-sized businesses nationwide with human resources, benefits, risk and compliance and payroll services. The company's employees are dedicated to elevating the employment experience and enriching people’s lives.  Ronda Rogers, Nextep’s controller, shared, “As we anticipated even more growth, we knew it would be crucial to bring our accounting software into the 21st century. We decided to make a change and went in search of a cloud-based, multi-entity financial solution with robust reporting and dashboard capabilities. After comparing Baker Tilly Digital with Microsoft Dynamics GP, Baker Tilly Digital was clearly the better fit for our needs.” Baker Tilly Digital implemented the system in just seven weeks and Nextep instantly saw improvements.\nThe business challenge Nextep struggled to manage complex accounting processes Duplicate journal entries created confusion and errors The company was unable to see financial data across specific projects, regions, customers, employees or vendors for deeper reporting and analysis The finance team had trouble managing consolidations and reporting in Excel\nStrategy and solution Nextep gained strategic insight into regional profitability The company was able to scale easily with 23% growth Nextep saw improved productivity by 25% Software paid for itself in less than four months Baker Tilly Digital now provides full insight into Nextep’s financials across a variety of operational dimensions that allow them to slice and dice data across specific projects, regions, customers, employees or vendors for deeper reporting and analysis. This both simplifies the company’s chart of accounts and adds context to its date, which makes it easy to get fast answers to a wide range of business questions. Nextep pushes invoice data from its PrismHR system into Sage Intacct for region-level profit and loss (P\u0026L) statements, and also integrated Sage Intacct with Adaptive Insights to simplify forecast-to-actuals comparisons. “With Baker Tilly Digital, we can finally report down to the region level and see our costs vs. income, as well as total headcount and clients in each region,” noted Rogers. “We track important metrics like our gross profit per worksite employee and ratio of worksite employees to internal corporate employees. This insight is critical, because it helps us determine how productive a particular region is from one month to the next, make decisions about whether the business should stay in that region, and look at our future to forecast where we want to be.” Personalized dashboards for Nextep’s managers and sales team show relevant data points, like the current worksite employee count, department P\u0026Ls with actuals vs. forecast, and profitability of key service lines, such as benefits, medical insurance, etc. In addition, they enjoy real-time access to all core financial reports—now that they are prepared in Sage Intacct rather than Excel—which saves a tremendous amount of time while greatly increasing reporting consistency, accuracy and visibility. Nextep’s leadership team has a monthly financial highlights dashboard in Sage Intacct that shows the company’s working forecast, balance sheet summary and quarterly P\u0026Ls. It includes key performance indicators, which highlight whether overall gross profits, operating expenses by category, certain margins and revenue are trending up or down month-over-month, year-over-year or as compared to the forecast. As a result, they always have a clear picture of the health of the business, can address problems proactively, and capture market opportunities more quickly. “Baker Tilly Digital also makes it easier to meet quarterly reporting requirements for our various PEO certifications, like the IRS, ESAC, NAPEO and SPEA,” said Rogers. “All of the data we need to provide them is included on a quarterly dashboard, and we can create professional financial\nreports to meet those external requirements without any spreadsheet manipulation.” Baker Tilly Digital brought impressive efficiency benefits to Nextep’s daily financial processes as well. Rather than spending two hours every day on manual, duplicated journal entries across entities, the finance team can just enter data once and rely on Sage Intacct to automatically create all subsequent inter-company entries. The system’s multi-entity structure even streamlined Nextep’s vendor relationships by enabling a single vendor list and combined payments across entities. Prior to Baker Tilly Digital, accounting spent a lot of time passing around hard copy invoices, matching them with backup documentation, hand coding general ledger accounts, physically signing checks and scanning everything in to a third-party A/P system. Now, the team can view all outstanding invoices on a dashboard in Sage Intacct, and the system tracks online approvals from assigned department managers and accounting before each item goes out for final payment.","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn why Nextep trusted Baker Tilly Digital to streamline processes and improve reporting by implementing Sage Intacct.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIcA","uid":"work-life-engagement-platform-saves-time-automating-processes","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Work-life engagement platform saves time by automating processes and using managed accounting services","co_authors":[""],"body":"Client background BetterSpaces is a digital and in-person workplace well-being solution. As the way people work evolves, BetterSpaces provides the next generation of tenant amenities for landlords and enterprises through curated programming, community engagement and thoughtful, well designed spaces. All interactions and decisions are powered by the company’s award-winning technology and robust data. BetterSpaces' co-founders, Stephen Rizzo and Keith Angell, founded BetterSpaces to rethink the workplace of the future. Stephen owns sustainability consulting company that does engineering and sustainability work for 500 of the largest commercial office buildings in New York City. \"We thought: 'What if we use the scale of these large office buildings to let employees at smaller companies have access to great curated programs and experiences, similar to what Google does but at a fraction of the cost?'\" said Keith Angell, BetterSpaces’ co-founder and CFO. They knew the workplace was being disrupted by WeWork (and similar establishments) and that landlords needed to provide amenities like these in their buildings to retain their corporate tenants. That’s how the idea for BetterSpaces was born. \nThe business challenge Reporting wasn't robust Tedious to sign checks by hand Lack of controls When BetterSpaces launched, they were using infrastructure from another startup venture, which included QuickBooks. \"I was going to stick with QuickBooks because it had our company history and there was no extra work to just stay put. However, it had a lot of downfalls. We paid bills by signing checks so one of us always had to be available to sign the checks. The reports out of QuickBooks were pretty stale – the system didn't let us report by location. There was no way for me to slice and dice my P\u0026L. There was no good structure and not enough control features. We tried to get month-end reporting done within three weeks after end of the month, but it was super challenging,\" said Angell.\nStrategy and solution A solution that can scale with the company's growth Best-in-Class suite of software and accounting platform Stronger controls and real-time robust financials Time savings and automation With Baker Tilly Digital's managed accounting services, BetterSpaces doesn't need a full-time controller. They just need somebody that understands where things go and can make it all efficient. \"We do a 30-minute call once a week with my Baker Tilly Digital controller. That's all I need. When I need more, she's there for me. That resource is incredibly valuable to me. As a founder and CFO, I need to raise money, close deals, find great talent and build a business. There's so much to do. If I can get it down to such a low cost of time, it’s incredibly valuable to me. Baker Tilly Digital saves me my time and that is more valuable than anything,\" said Angell. BetterSpaces started closing P\u0026L within seven days of month-end. Baker Tilly Digital also helped them automate processes and payments. \"It’s so nice knowing what the best products are – you’ve already curated what that experience should be like, so that a CFO or founder like me can focus on higher-level tasks. It’s so nice to not do the analysis on expense management systems, like Nexonia. I don't care which one I use. I just want it to work well and be reliable,\" said Angell. \"What ends up happening to a lot of founders is that they are working a full-time job and then have the idea to start a second company. Most of the work is done on the side, at night and on the weekends because they're working hard and because they're committed, but they're not sure if it's going to work. They try to reduce their costs by doing everything themselves. But they’re not thinking of their own time as their most valuable asset. 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As the way people work evolves, BetterSpaces provides the next generation of tenant amenities for landlords and enterprises through curated programming, community engagement and thoughtful, well designed spaces. All interactions and decisions are powered by the company’s award-winning technology and robust data. BetterSpaces' co-founders, Stephen Rizzo and Keith Angell, founded BetterSpaces to rethink the workplace of the future. Stephen owns sustainability consulting company that does engineering and sustainability work for 500 of the largest commercial office buildings in New York City. \"We thought: 'What if we use the scale of these large office buildings to let employees at smaller companies have access to great curated programs and experiences, similar to what Google does but at a fraction of the cost?'\" said Keith Angell, BetterSpaces’ co-founder and CFO. They knew the workplace was being disrupted by WeWork (and similar establishments) and that landlords needed to provide amenities like these in their buildings to retain their corporate tenants. That’s how the idea for BetterSpaces was born. \nThe business challenge Reporting wasn't robust Tedious to sign checks by hand Lack of controls When BetterSpaces launched, they were using infrastructure from another startup venture, which included QuickBooks. \"I was going to stick with QuickBooks because it had our company history and there was no extra work to just stay put. However, it had a lot of downfalls. We paid bills by signing checks so one of us always had to be available to sign the checks. The reports out of QuickBooks were pretty stale – the system didn't let us report by location. There was no way for me to slice and dice my P\u0026L. There was no good structure and not enough control features. We tried to get month-end reporting done within three weeks after end of the month, but it was super challenging,\" said Angell.\nStrategy and solution A solution that can scale with the company's growth Best-in-Class suite of software and accounting platform Stronger controls and real-time robust financials Time savings and automation With Baker Tilly Digital's managed accounting services, BetterSpaces doesn't need a full-time controller. They just need somebody that understands where things go and can make it all efficient. \"We do a 30-minute call once a week with my Baker Tilly Digital controller. That's all I need. When I need more, she's there for me. That resource is incredibly valuable to me. As a founder and CFO, I need to raise money, close deals, find great talent and build a business. There's so much to do. If I can get it down to such a low cost of time, it’s incredibly valuable to me. Baker Tilly Digital saves me my time and that is more valuable than anything,\" said Angell. BetterSpaces started closing P\u0026L within seven days of month-end. Baker Tilly Digital also helped them automate processes and payments. \"It’s so nice knowing what the best products are – you’ve already curated what that experience should be like, so that a CFO or founder like me can focus on higher-level tasks. It’s so nice to not do the analysis on expense management systems, like Nexonia. I don't care which one I use. I just want it to work well and be reliable,\" said Angell. \"What ends up happening to a lot of founders is that they are working a full-time job and then have the idea to start a second company. Most of the work is done on the side, at night and on the weekends because they're working hard and because they're committed, but they're not sure if it's going to work. They try to reduce their costs by doing everything themselves. But they’re not thinking of their own time as their most valuable asset. 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Our last article explored how growth creates the need for smarter, more scalable software and why choosing solutions that integrate matters most.   In this post, we want to highlight two solutions that integrate seamlessly (thanks to a bridge built by Baker Tilly Digital) and illustrate what that means for users. As readers will see, putting the right solutions in place is the prerequisite for everything else.  ServiceTitan + Sage Intacct at the forefront of field service Providing all-in-one functionality on a mobile, cloud-based platform, ServiceTitan brings home services into the digital era. Features handle scheduling, inventory, reporting, dispatch, marketing, and much more so that providers have a tool for everything, all integrated and available from anywhere. More than 7,500 companies and 100,000 technicians rely on ServiceTitan to streamline and synthesize operations like never before - to the great delight of customers. Offering enterprise resource planning (ERP) with a strong emphasis on accounting and finance, Sage Intacct surpasses intro solutions like QuickBooks and others. This best-in-class service software offers dimensional accounting capabilities that are ideal for home services providers that need to track financial performance across different locations, services, crews or endless other variables. Growing companies benefit from an accounting solution like Sage Intacct that makes complex, cumbersome, and consequential accounting requirements simple to manage at scale. Powerful independently, ServiceTitan and Sage Intacct truly excel through integration. There are countless places where accounting, finance, and service delivery intersect. With integration, data and workflows move smoothly through those touch-points. If home services software has two key software components – one for back office (Sage Intacct) the other for front office (ServiceTitan) – the logical move is to integrate them so that the entire company operates as one. The advantages of integration  Exciting things happen once a home services provider has integrated software in place and seamless operations from end to end: Cloud orientation – Operating with a pair of cloud-based platforms makes data and tools available from anywhere, including in the field or from a home office.   Process automation – Integration eliminates the need to manually move data from one system to the other. Data sharing happens automatically, saving massive amounts of time and protecting against errors.   Added value – When service delivery and accounting work it concert it upgrades both, leading to more insightful and efficient accounting along with smarter, more cost-conscious service delivery.   Extended visibility – Breaking down silos between data gives decision makers a full view of customers, vendors, and financial performance everywhere. Insight and understanding start with seeing everything in one place.   Enhanced usability – Leaders on the service or accounting sides of the equation have access to more data without needing to request it or have specialized expertise to understand it.   Room to grow – Companies have the means to scale, quickly and abundantly, once integrated software platforms provide the necessary room to grow along with the insights to keep growth on track.   ServiceTitan and Baker Tilly Digital collaborated on this integration, ensuring a robust link between both. Implementing each solution is the first priority. Optimizing the integration is the second. Baker Tilly Digital knows this integration better than anyone – we even created custom modules (for deposits, refunds, invoice credits and more) to make the integration more impactful. Contact us to learn more about those modules, and explore what they can do in action.","image":{"dimensions":{"width":1920,"height":1080},"alt":"service management software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=0,298,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Construction worker marking measurements on a piece of wood","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/352d3050-e8f5-4dde-8cba-e6dab33fc721_CON-header_coronavirus-page.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-12-20T08:00:00+0000","dateTimestamp":1639987200,"description":"In this post, we want to highlight two solutions that integrate seamlessly (thanks to a bridge built by Baker Tilly Digital) and illustrate what that means for users.","category":"Article","objectID":"insight-home-service-management-software-life-after-tech","_highlightResult":{"_tags":[{"value":"BAKER TILLY DIGITAL","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]}],"title":{"value":"Home service management software: life after tech","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"Baran Sonmez","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"This is the third post in our blog series about issues that matter to the home services CFO (and the investors who rely on them). Our last article explored how growth creates the need for smarter, more scalable software and why choosing solutions that integrate matters most.   In this post, we want to highlight two solutions that integrate seamlessly (thanks to a bridge built by Baker Tilly Digital) and illustrate what that means for users. As readers will see, putting the right solutions in place is the prerequisite for everything else.  ServiceTitan + Sage Intacct at the forefront of field service Providing all-in-one functionality on a mobile, cloud-based platform, ServiceTitan brings home services into the digital era. Features handle scheduling, inventory, reporting, dispatch, marketing, and much more so that providers have a tool for everything, all integrated and available from anywhere. More than 7,500 companies and 100,000 technicians rely on ServiceTitan to streamline and synthesize operations like never before - to the great delight of customers. Offering enterprise resource planning (ERP) with a strong emphasis on accounting and finance, Sage Intacct surpasses intro solutions like QuickBooks and others. This best-in-class service software offers dimensional accounting capabilities that are ideal for home services providers that need to track financial performance across different locations, services, crews or endless other variables. Growing companies benefit from an accounting solution like Sage Intacct that makes complex, cumbersome, and consequential accounting requirements simple to manage at scale. Powerful independently, ServiceTitan and Sage Intacct truly excel through integration. There are countless places where accounting, finance, and service delivery intersect. With integration, data and workflows move smoothly through those touch-points. If home services software has two key software components – one for back office (Sage Intacct) the other for front office (ServiceTitan) – the logical move is to integrate them so that the entire company operates as one. The advantages of integration  Exciting things happen once a home services provider has integrated software in place and seamless operations from end to end: Cloud orientation – Operating with a pair of cloud-based platforms makes data and tools available from anywhere, including in the field or from a home office.   Process automation – Integration eliminates the need to manually move data from one system to the other. Data sharing happens automatically, saving massive amounts of time and protecting against errors.   Added value – When service delivery and accounting work it concert it upgrades both, leading to more insightful and efficient accounting along with smarter, more cost-conscious service delivery.   Extended visibility – Breaking down silos between data gives decision makers a full view of customers, vendors, and financial performance everywhere. Insight and understanding start with seeing everything in one place.   Enhanced usability – Leaders on the service or accounting sides of the equation have access to more data without needing to request it or have specialized expertise to understand it.   Room to grow – Companies have the means to scale, quickly and abundantly, once integrated software platforms provide the necessary room to grow along with the insights to keep growth on track.   ServiceTitan and Baker Tilly Digital collaborated on this integration, ensuring a robust link between both. Implementing each solution is the first priority. Optimizing the integration is the second. Baker Tilly Digital knows this integration better than anyone – we even created custom modules (for deposits, refunds, invoice credits and more) to make the integration more impactful. 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Ritter \u0026 Company, parent to Ritter Communications and Ritter Agribusiness, was founded in Marked Tree, Arkansas in 1886. Ritter Communications, headquartered in Jonesboro, began providing local phone service in 1906. Today, Ritter serves 59 communities and more than 45,000 customers in northeast and north central Arkansas and west Tennessee with advanced voice and data services typically found only in major metropolitan areas. Ritter invests heavily in the communities it serves by deploying proven, best in class infrastructure and technology while coupling it with a world-class customer-focused experience. Ritter Agribusiness, located in Marked Tree, is one of the most respected and diverse agricultural businesses in east Arkansas, offering farm management, grain services and cotton ginning/warehousing to area farmers. After a rigorous software evaluation, Ritter chose Sage Intacct over other cloud-based and on-premise solutions as the best fit for the business. The business challenge Multiple, independent financial systems across divisions drove inconsistencies and inefficiencies in processes and reporting Ritter needed a highly integratable accounting solution to complement the company-wide “best-of-breed” systems upgrade initiative Legacy systems provided the company with limited real-time visibility to consolidated results\nStrategy and solution The ability to drill down through any piece of data in any module has increased the efficiency of the accounting department and other functional managers New dimensional reporting structure enables financial reporting not only by location and department, but also by product lines and customer types, allowing Ritter’s finance team to deliver greater insight into financial operations Baker Tilly Digital's implementation has provided Ritter with a scalable system that is cloud-based and easily integrates with other systems Baker Tilly Digital's focused specialization in accounting systems, compared to 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Ritter \u0026 Company, parent to Ritter Communications and Ritter Agribusiness, was founded in Marked Tree, Arkansas in 1886. Ritter Communications, headquartered in Jonesboro, began providing local phone service in 1906. Today, Ritter serves 59 communities and more than 45,000 customers in northeast and north central Arkansas and west Tennessee with advanced voice and data services typically found only in major metropolitan areas. Ritter invests heavily in the communities it serves by deploying proven, best in class infrastructure and technology while coupling it with a world-class customer-focused experience. Ritter Agribusiness, located in Marked Tree, is one of the most respected and diverse agricultural businesses in east Arkansas, offering farm management, grain services and cotton ginning/warehousing to area farmers. After a rigorous software evaluation, Ritter chose Sage Intacct over other cloud-based and on-premise solutions as the best fit for the business. The business challenge Multiple, independent financial systems across divisions drove inconsistencies and inefficiencies in processes and reporting Ritter needed a highly integratable accounting solution to complement the company-wide “best-of-breed” systems upgrade initiative Legacy systems provided the company with limited real-time visibility to consolidated results\nStrategy and solution The ability to drill down through any piece of data in any module has increased the efficiency of the accounting department and other functional managers New dimensional reporting structure enables financial reporting not only by location and department, but also by product lines and customer types, allowing Ritter’s finance team to deliver greater insight into financial operations Baker Tilly Digital's implementation has provided Ritter with a scalable system that is cloud-based and easily integrates with other systems Baker Tilly Digital's focused specialization in accounting systems, compared to broadly focused ERP systems, was a better fit with Ritter’s desired best-of-breed systems strategy They now have greater dimensional support and more robust out-of-the-box multi-entity capability than previous solutions","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn how Baker Tilly Digital's implementation has provided Ritter with a scalable system that is cloud-based and easily integrates with other systems.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YbzOMREAACIAgpZG","uid":"baker-tilly-named-sage-intacct-2021-partner-of-the-year","tags":[],"type":"news","lastPublicationDate":"2021-12-20T19:22:21+0000","__typename":"Meta"},"__typename":"News","contentType":"News","lastPublicationDate":1640028141,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"title":"Baker Tilly Named Sage Intacct 2021 Partner of the Year","co_authors":[],"body":"CHICAGO (December 15, 2021) – Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly), announces it has been named Sage Intacct 2021 Partner of the Year. Baker Tilly has been recognized for excellent consulting, development and technical services practices supporting the Sage Intacct development platform and business ecosystem. In 2021, Baker Tilly acquired AcctTwo, a seven-time Partner of the Year of Sage Intacct, to create a trifecta of best-in-class software and business process transformation, specialized implementation services, and finance and accounting outsourcing.  “We’re honored to be named Sage Intacct 2021 Partner of the Year for the eighth consecutive year. Our trusted relationship allows Baker Tilly to focus on helping clients adapt to change by ensuring that they’re getting the most from their Sage Intacct products,” said Marcus Wagner, Baker Tilly partner.  To learn more about how Baker Tilly helps organizations accelerate digital transformation with Sage Intacct, the first-and-only preferred financial-management system of the AICPA, visit bakertilly.com/specialties/sage-intacct.\nAbout Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 36,000 professionals and a combined worldwide revenue of $4.0 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter. ","image":{"dimensions":{"width":1920,"height":1080},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x1":{"dimensions":{"width":820,"height":480},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=0,88,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=0,89,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Aerial view of New York at sunset","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e23f1e24-c94c-4c1d-9b6d-2d5ea22f4dd0_gen-header_new-york-skyline.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-12-17T06:00:00+0000","dateTimestamp":1639720800,"description":"Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly), announces it has been named Sage Intacct 2021 Partner of the Year.","category":"Press Release","objectID":"news-baker-tilly-named-sage-intacct-2021-partner-of-the-year","_highlightResult":{"title":{"value":"Baker Tilly Named Sage Intacct 2021 Partner of the Year","matchLevel":"none","matchedWords":[]},"body":{"value":"CHICAGO (December 15, 2021) – Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly), announces it has been named Sage Intacct 2021 Partner of the Year. Baker Tilly has been recognized for excellent consulting, development and technical services practices supporting the Sage Intacct development platform and business ecosystem. In 2021, Baker Tilly acquired AcctTwo, a seven-time Partner of the Year of Sage Intacct, to create a trifecta of best-in-class software and business process transformation, specialized implementation services, and finance and accounting outsourcing.  “We’re honored to be named Sage Intacct 2021 Partner of the Year for the eighth consecutive year. Our trusted relationship allows Baker Tilly to focus on helping clients adapt to change by ensuring that they’re getting the most from their Sage Intacct products,” said Marcus Wagner, Baker Tilly partner.  To learn more about how Baker Tilly helps organizations accelerate digital transformation with Sage Intacct, the first-and-only preferred financial-management system of the AICPA, visit bakertilly.com/specialties/sage-intacct.\nAbout Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 36,000 professionals and a combined worldwide revenue of $4.0 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter. ","matchLevel":"none","matchedWords":[]},"description":{"value":"Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly), announces it has been named Sage Intacct 2021 Partner of the Year.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIbs","uid":"saas-based-company-graduates-to-the-cloud-with-help-from-baker-tilly-digital","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Software \u0026 Technology","uid":"software-and-technology"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"SaaS Intelligence","uid":"saas-intelligence"}],"title":"SaaS-based company graduates to the cloud with help from Baker Tilly Digital","co_authors":[""],"body":"Client background ApartmentData.com provides market research and marketing solutions on and for apartment communities. The SaaS-based company offers services designed for on-site property managers and staff, property management company supervisors and asset managers, brokers/investors/owners, vendors and apartment locators. Their proprietary platform provides continuously updated property information necessary to accurately understand the competition and to properly position marketing programs to achieve optimal rent and occupancy levels. Along with the apartment data research tools, the company's on-site dashboard contains e-brochure templates for sending to prospects or posting to social media sites.\nThe business challenge ApartmentData.com was founded by a software engineer in 1986. \"Being a software engineer, our founder and CTO basically designed and built every system we had,\" says Rudy Mui, CEO of ApartmentData.com. \"He developed the payroll system, the accounting system, among other systems.\" The company has grown to provide services to more than 2,000 customers in 12 major metropolitan areas across the U.S., while managing to keep its headcount to around just 50 employees. After Mui came on board in 2014, he and the company decided to decouple the business from these proprietary non-core systems, especially in accounting. They decided to migrate the company's financials to QuickBooks, but that turned out to be just one step in the right direction. After moving to QuickBooks, \"... we decided in 2016, that there were many features, if we were to grow as a company, that QuickBooks would not be able to support,\" remembers Mui. Chief among those limitations was an inability to do electronic invoicing and simple electronic payments that could properly support the nature of their business. \"It was all very manual,\" continues Mui. \"At that point we were generating about 1,000 invoices per month, hand-folding 1,000 letters every month and mailing them out, and then collecting payments by check and then dropping checks off at the bank once a week.\" Mui desperately wanted to find modern tools that would help support automating that effort. That's where Sage Intacct and Baker Tilly Digital came in. Financials were managed in an unsupported homegrown accounting system Manual invoicing and payments Need for more in-depth real-time management reporting Wanted to grow the business without increasing their finance staff\nStrategy and solution A solution that can scale with the company's growth True cloud Four releases each year Stronger controls and more robust financials Time savings in invoicing and collections processes Real-time sales and earnings reports by dimension Mui points to a strong relationship with Baker Tilly Digital's ERP implementation and support teams as part of the reason ApartmentData.com's move  has been a success. \"The two people we worked with [on the implementation] were fabulous,\" says Mui \"They understood and learned our business very well. They were very communicative and also very structured in their approach.\" According to Mui, Baker Tilly Digital's support \"is phenomenal in terms of responsiveness.\" Baker Tilly Digital has allowed ApartmentData.com to realize its goals of scaling without adding headcount on the finance team.  \"As we've grown, we've essentially kept the staff that we had,\" says Mui. \"And we've doubled the number of invoices since we started.\" He has seen significant savings in the time needed to generate invoices. \"The staff can't even imagine what it was like to print 1,000 invoices every month, and now we're twice that number and it takes a couple of hours to take care of all the invoices and get them out.\" Moving from a homegrown system to QuickBooks meant Mui no longer had to rely on the CTO to generate financial reports, but moving to Sage Intacct has only improved the reporting available to stakeholders. Modern ERP solutions like the Intacct  platform provides stronger controls, better audit review capabilities and has allowed for increased fiduciary responsibility. \"From a managerial accounting point of view, we now know what sales have come in on a daily basis by category. We can look at the report a couple times a day. We now have a real picture of what our financials are going to be for the month as the month progresses. It gives everyone comfort that we're doing what we say we're doing and we're at where we say we're at.\" ","image":{"dimensions":{"width":1920,"height":1080},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=0,134,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Exterior of an apartment complex","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ac6d3aac-ca83-417c-a676-a1c84680538b_RET-header_apartment-complex.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-12-10T06:00:00+0000","dateTimestamp":1639116000,"description":"Read this case study to see how ApartmentData.com benefited from cloud migration.","category":"Case Study","objectID":"insight-saas-based-company-graduates-to-the-cloud-with-help-from-baker-tilly-digital","_highlightResult":{"title":{"value":"SaaS-based company graduates to the cloud with help from Baker Tilly Digital","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background ApartmentData.com provides market research and marketing solutions on and for apartment communities. The SaaS-based company offers services designed for on-site property managers and staff, property management company supervisors and asset managers, brokers/investors/owners, vendors and apartment locators. Their proprietary platform provides continuously updated property information necessary to accurately understand the competition and to properly position marketing programs to achieve optimal rent and occupancy levels. Along with the apartment data research tools, the company's on-site dashboard contains e-brochure templates for sending to prospects or posting to social media sites.\nThe business challenge ApartmentData.com was founded by a software engineer in 1986. \"Being a software engineer, our founder and CTO basically designed and built every system we had,\" says Rudy Mui, CEO of ApartmentData.com. \"He developed the payroll system, the accounting system, among other systems.\" The company has grown to provide services to more than 2,000 customers in 12 major metropolitan areas across the U.S., while managing to keep its headcount to around just 50 employees. After Mui came on board in 2014, he and the company decided to decouple the business from these proprietary non-core systems, especially in accounting. They decided to migrate the company's financials to QuickBooks, but that turned out to be just one step in the right direction. After moving to QuickBooks, \"... we decided in 2016, that there were many features, if we were to grow as a company, that QuickBooks would not be able to support,\" remembers Mui. Chief among those limitations was an inability to do electronic invoicing and simple electronic payments that could properly support the nature of their business. \"It was all very manual,\" continues Mui. \"At that point we were generating about 1,000 invoices per month, hand-folding 1,000 letters every month and mailing them out, and then collecting payments by check and then dropping checks off at the bank once a week.\" Mui desperately wanted to find modern tools that would help support automating that effort. That's where Sage Intacct and Baker Tilly Digital came in. Financials were managed in an unsupported homegrown accounting system Manual invoicing and payments Need for more in-depth real-time management reporting Wanted to grow the business without increasing their finance staff\nStrategy and solution A solution that can scale with the company's growth True cloud Four releases each year Stronger controls and more robust financials Time savings in invoicing and collections processes Real-time sales and earnings reports by dimension Mui points to a strong relationship with Baker Tilly Digital's ERP implementation and support teams as part of the reason ApartmentData.com's move  has been a success. \"The two people we worked with [on the implementation] were fabulous,\" says Mui \"They understood and learned our business very well. They were very communicative and also very structured in their approach.\" According to Mui, Baker Tilly Digital's support \"is phenomenal in terms of responsiveness.\" Baker Tilly Digital has allowed ApartmentData.com to realize its goals of scaling without adding headcount on the finance team.  \"As we've grown, we've essentially kept the staff that we had,\" says Mui. \"And we've doubled the number of invoices since we started.\" He has seen significant savings in the time needed to generate invoices. \"The staff can't even imagine what it was like to print 1,000 invoices every month, and now we're twice that number and it takes a couple of hours to take care of all the invoices and get them out.\" Moving from a homegrown system to QuickBooks meant Mui no longer had to rely on the CTO to generate financial reports, but moving to Sage Intacct has only improved the reporting available to stakeholders. Modern ERP solutions like the Intacct  platform provides stronger controls, better audit review capabilities and has allowed for increased fiduciary responsibility. \"From a managerial accounting point of view, we now know what sales have come in on a daily basis by category. We can look at the report a couple times a day. We now have a real picture of what our financials are going to be for the month as the month progresses. It gives everyone comfort that we're doing what we say we're doing and we're at where we say we're at.\" ","matchLevel":"none","matchedWords":[]},"description":{"value":"Read this case study to see how ApartmentData.com benefited from cloud migration.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIca","uid":"church-benefits-from-migration-to-the-cloud","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Multi-entity church benefits from migration to the cloud ","co_authors":[""],"body":"Client background Established in 1954, Bethel Church of Redding is a nondenominational charismatic megachurch with three physical campuses, as well as an online campus, based in Redding, California. The church has a congregation of roughly 11,000. The finance team at Bethel Church manages six different entities, including the church, a music label and publishing company, a media provider, a conservatory and a technical school - all of which are run on Baker Tilly' Digital's church accounting software. The organization has been on the Baker Tilly Digital church financial platform for more than a year, having migrated from Shelby v.5, an accounting system the church used for roughly 20 years.\nThe business challenge The church finance team found budgeting to be cumbersome and began to feel that the system was antiquated. Mac users had to log into a separate server to use the accounting system. \"It made for a really clunky process,\" says John Raftery, CFO at Bethel Church. \"In order to perform one task, it could take up to three steps.\"  As the church expanded its operations, the structure changed - what were once different departments became separate legal entities. Managing those entities with their existing system was a very manual process. Financials for each entity had to be run separately and then consolidated in Excel, with no ability to drill down to the transaction level. Because of these challenges and the lack of anywhere, anytime web access, the church began to look for something more accessible and browser-based. Capabilities needed in a new system identified by the finance team included automated multi-entity consolidations and a cloud- or web-based user interface. They had also grown frustrated with the processes around maintenance releases and the amount of time it would take for the system to be fully operable after a release. The church wanted to move to a more modern, innovative solution.\nStrategy and solution With Shelby's announced end to maintenance for their v.5 product in March of 2020, the obvious path for Bethel Church seemed to be ShelbyNEXT, a web-based version of the Shelby product. The team's mindset was more that they needed to upgrade, rather than needing to do a software evaluation and consider moving to a new platform. Another church recommended they look at Baker Tilly Digital and that changed their perspective. \"It was a real 'wow' moment when we saw Sage Intacct,\" says Raftery. \"Baker Tilly Digital expanded our thinking. They gave us insight into our potential and once we realized what was available, it didn't take long to realize Baker Tilly Digital would add so many capabilities for us.\" Bethel Church is a large organization with many moving parts. That made implementing an entirely new accounting system a challenge. Teaming up with Baker Tilly Digital's implementation team helped make that processes smoother.  Baker Tilly Digital has a team of former church finance leaders who have implemented Sage Intacct for more than 200 churches.  With Baker Tilly Digital, Bethel Church has taken advantage of a number of innovations unavailable to them with their former system. Raftery highlighted a few: The ability to reclassify or change the posting information for transactions within an open period without making a journal entry The ability to duplicate journal entries The ability to upload journal entries into Sage Intacct via templates The ability to scan from any printer The ability to drag and drop PDF files and attachments The ability to integrate seamlessly with other business systems, like Asset Edge fixed assets, FloQast close automation software, Martus budgeting and Nexonia's time and expense management for credit card purchases Raftery and his team emphasized Sage Intacct's reporting many times during our conversation. Bethel Church manages a large number of events and the finance team generates reports on those events on a weekly or bi-monthly basis. The ability to \"memorize\" or clone those reports and schedule them to go out has been a life changer. \"That feature alone has saved my team untold hours,\" says Raftery. Drill-down capability - running a General Ledger report and drilling down to AP to see where the transaction came from and look at the back-up documentation - is another feature Raftery and his team emphasized. \"Previously, we had to go to a separate module and navigate a confusing back-up system. This has saved us hours of work and probably our sanity.\" In addition to Sage Intacct's accounting and ERP functionality, the system's platform development capabilities have become part of the conversation as well. The organization needed a new artist and writer's commission system and worked with Baker Tilly Digital's development team to build that as a module on the Sage Intacct platform.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,298,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-12-03T06:00:00+0000","dateTimestamp":1638511200,"description":"Read more to learn how Bethel Church of Redding benefited from migration to Baker Tilly Digital's church accounting software.","category":"Case Study","objectID":"insight-church-benefits-from-migration-to-the-cloud","_highlightResult":{"title":{"value":"Multi-entity church benefits from migration to the cloud ","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background Established in 1954, Bethel Church of Redding is a nondenominational charismatic megachurch with three physical campuses, as well as an online campus, based in Redding, California. The church has a congregation of roughly 11,000. The finance team at Bethel Church manages six different entities, including the church, a music label and publishing company, a media provider, a conservatory and a technical school - all of which are run on Baker Tilly' Digital's church accounting software. The organization has been on the Baker Tilly Digital church financial platform for more than a year, having migrated from Shelby v.5, an accounting system the church used for roughly 20 years.\nThe business challenge The church finance team found budgeting to be cumbersome and began to feel that the system was antiquated. Mac users had to log into a separate server to use the accounting system. \"It made for a really clunky process,\" says John Raftery, CFO at Bethel Church. \"In order to perform one task, it could take up to three steps.\"  As the church expanded its operations, the structure changed - what were once different departments became separate legal entities. Managing those entities with their existing system was a very manual process. Financials for each entity had to be run separately and then consolidated in Excel, with no ability to drill down to the transaction level. Because of these challenges and the lack of anywhere, anytime web access, the church began to look for something more accessible and browser-based. Capabilities needed in a new system identified by the finance team included automated multi-entity consolidations and a cloud- or web-based user interface. They had also grown frustrated with the processes around maintenance releases and the amount of time it would take for the system to be fully operable after a release. The church wanted to move to a more modern, innovative solution.\nStrategy and solution With Shelby's announced end to maintenance for their v.5 product in March of 2020, the obvious path for Bethel Church seemed to be ShelbyNEXT, a web-based version of the Shelby product. The team's mindset was more that they needed to upgrade, rather than needing to do a software evaluation and consider moving to a new platform. Another church recommended they look at Baker Tilly Digital and that changed their perspective. \"It was a real 'wow' moment when we saw Sage Intacct,\" says Raftery. \"Baker Tilly Digital expanded our thinking. They gave us insight into our potential and once we realized what was available, it didn't take long to realize Baker Tilly Digital would add so many capabilities for us.\" Bethel Church is a large organization with many moving parts. That made implementing an entirely new accounting system a challenge. Teaming up with Baker Tilly Digital's implementation team helped make that processes smoother.  Baker Tilly Digital has a team of former church finance leaders who have implemented Sage Intacct for more than 200 churches.  With Baker Tilly Digital, Bethel Church has taken advantage of a number of innovations unavailable to them with their former system. Raftery highlighted a few: The ability to reclassify or change the posting information for transactions within an open period without making a journal entry The ability to duplicate journal entries The ability to upload journal entries into Sage Intacct via templates The ability to scan from any printer The ability to drag and drop PDF files and attachments The ability to integrate seamlessly with other business systems, like Asset Edge fixed assets, FloQast close automation software, Martus budgeting and Nexonia's time and expense management for credit card purchases Raftery and his team emphasized Sage Intacct's reporting many times during our conversation. Bethel Church manages a large number of events and the finance team generates reports on those events on a weekly or bi-monthly basis. The ability to \"memorize\" or clone those reports and schedule them to go out has been a life changer. \"That feature alone has saved my team untold hours,\" says Raftery. Drill-down capability - running a General Ledger report and drilling down to AP to see where the transaction came from and look at the back-up documentation - is another feature Raftery and his team emphasized. \"Previously, we had to go to a separate module and navigate a confusing back-up system. This has saved us hours of work and probably our sanity.\" In addition to Sage Intacct's accounting and ERP functionality, the system's platform development capabilities have become part of the conversation as well. The organization needed a new artist and writer's commission system and worked with Baker Tilly Digital's development team to build that as a module on the Sage Intacct platform.","matchLevel":"none","matchedWords":[]},"description":{"value":"Read more to learn how Bethel Church of Redding benefited from migration to Baker Tilly Digital's church accounting software.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIZw","uid":"how-ai-will-transform-not-for-profit-financial-management","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"How AI will transform not-for-profit financial management","author":"Allison Webb","co_authors":[""],"body":"Frequently changing societal and financial trends are causing not-for-profit organizations to constantly adjust their priorities and goals. Organizations working with lean staffing and small budgets rarely have the resources to truly innovate through technology. Artificial intelligence (AI) has the potential to enhance not-for-profit operations, such as financial management. Computing has become more cost-effective and efficient recently, and technology solutions like AI-powered, not-for-profit financial management are no longer constrained by power or computing capacity.  According to the Brookings Institute, not-for-profits are becoming increasingly interested in the capabilities of machine learning, AI and data analytics. In terms of financial management, these technologies analyze massive data sets in real-time, provide the power to audit every transaction, and meet processing requirements during periods of uneven demand. This is no longer just about process automation; AI can revolutionize not-for-profit finance. AI can eliminate the close, continuously monitor performance and security, and detect anomalies or irregular transactions in real-time. Learn more about how AI is helping speed time to revenue and actionable insights. Digital AI assistants Working with a digital AI assistant is different from using an AI chat bot. Digital assistants help provide continuous assistance and monitoring to humans and chat bots are typically used as an interface to exchange basic information. For example, digital assistants take notes and provide meeting reminders. In financial management software, digital assistants can apply trend lines to your financial data to drive forecasts.  Sage Intacct’s digital assistant provides a conversational interface and acts as an extension of the not-for-profit finance team. It works in the background to monitor performance, watch for unusual activity or unauthorized access, and detect irregular transactions. The digital assistant notifies the appropriate user via alert message when it finds something abnormal so the item can be reviewed. The digital assistant can also be used in corporate communication tools to assist employees who do not work directly in Sage Intacct to speed up processes like expense report submissions and purchase order approvals.  If revenue is recorded in an unusual way, a digital assistant can alert you to take a closer look. In some cases, the assistant may also provide you with a list of recommended action. Eliminate the financial close  Financial management and accounting vendors have the goal of eliminating the financial close for several years. To do this, financial management software must be able to capture transactions continuously in real-time, reconcile what’s captured in accounting versus external sources, and make adjustments or apply accounting treatments to transactions as information changes.  Less delay to actionable insights Automating data entry is one way to minimize delays in financial processes. AI helps ensure the quick and easy capture of physical documents, like bills and receipts, needed for Accounts Payable and Account Receivable to take action. AI extracts the relevant data from a picture, scan, or PDF file then categorizes, posts, and reconciles the information in the accounting software. Speed up time to revenue by leveraging AI  Good time capture is vital to invoicing customers in an accurate and timely manner. Poor time capture has the potential to negatively affect customer satisfaction, cash flow, and overall revenue. AI technology like Sage Intelligent Time allows you to automatically create timesheets for employees as they work. The AI looks at your calendar and uses productivity applications then groups work into blocks of time. AI can also automatically allocate time blocks to specific projects, specific tasks, or clients. Alternatively, employees can manage their own time by manually dragging and dropping blocks of time to the appropriate allocations.  Remote employees can use any device to record time and submit timesheets in one click to the accounting system for billing. AI provides suggestions for time allocation, reducing the need for manual data entry, and encourages employees to review the entries for accuracy before submitting a final timesheet.  AI enables continuous accounting by ensuring all types of transactions are captured continuously . Your books will always be up-to-date with real-time adjustments, reconciliation, and transaction recording. Along the way, potential issues are flagged for action and correction. The system provides a way to analyze and monitor performance throughout the financial period - rather than finding out the truth at the end of the period. To summarize  AI can help your not-for-profit reduce the amount of time spent looking over the past and spend more time on strategic activities like forecasting. Financial management systems enabled with AI empowers not-for-profits to perform continuous accounting, including quick capture of time and transactions, and store all the details necessary for accurate time tracking. AI is ready to power the future of financial leadership with its ability to drive continuous accounting, assurance, and deeper insights.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=0,160,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Close up of woman with data surrounding her","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/85307490-5fc6-4081-ac81-9427618935e6_Artificial+intelligence+woman+close+up.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-11-29T06:00:00+0000","dateTimestamp":1638165600,"description":"Learn more about how Baker Tilly Digital can use AI to help speed time to revenue and actionable insights.","category":"Article","objectID":"insight-how-ai-will-transform-not-for-profit-financial-management","_highlightResult":{"title":{"value":"How AI will transform not-for-profit financial management","matchLevel":"none","matchedWords":[]},"author":{"value":"Allison Webb","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Frequently changing societal and financial trends are causing not-for-profit organizations to constantly adjust their priorities and goals. Organizations working with lean staffing and small budgets rarely have the resources to truly innovate through technology. Artificial intelligence (AI) has the potential to enhance not-for-profit operations, such as financial management. Computing has become more cost-effective and efficient recently, and technology solutions like AI-powered, not-for-profit financial management are no longer constrained by power or computing capacity.  According to the Brookings Institute, not-for-profits are becoming increasingly interested in the capabilities of machine learning, AI and data analytics. In terms of financial management, these technologies analyze massive data sets in real-time, provide the power to audit every transaction, and meet processing requirements during periods of uneven demand. This is no longer just about process automation; AI can revolutionize not-for-profit finance. AI can eliminate the close, continuously monitor performance and security, and detect anomalies or irregular transactions in real-time. Learn more about how AI is helping speed time to revenue and actionable insights. Digital AI assistants Working with a digital AI assistant is different from using an AI chat bot. Digital assistants help provide continuous assistance and monitoring to humans and chat bots are typically used as an interface to exchange basic information. For example, digital assistants take notes and provide meeting reminders. In financial management software, digital assistants can apply trend lines to your financial data to drive forecasts.  Sage Intacct’s digital assistant provides a conversational interface and acts as an extension of the not-for-profit finance team. It works in the background to monitor performance, watch for unusual activity or unauthorized access, and detect irregular transactions. The digital assistant notifies the appropriate user via alert message when it finds something abnormal so the item can be reviewed. The digital assistant can also be used in corporate communication tools to assist employees who do not work directly in Sage Intacct to speed up processes like expense report submissions and purchase order approvals.  If revenue is recorded in an unusual way, a digital assistant can alert you to take a closer look. In some cases, the assistant may also provide you with a list of recommended action. Eliminate the financial close  Financial management and accounting vendors have the goal of eliminating the financial close for several years. To do this, financial management software must be able to capture transactions continuously in real-time, reconcile what’s captured in accounting versus external sources, and make adjustments or apply accounting treatments to transactions as information changes.  Less delay to actionable insights Automating data entry is one way to minimize delays in financial processes. AI helps ensure the quick and easy capture of physical documents, like bills and receipts, needed for Accounts Payable and Account Receivable to take action. AI extracts the relevant data from a picture, scan, or PDF file then categorizes, posts, and reconciles the information in the accounting software. Speed up time to revenue by leveraging AI  Good time capture is vital to invoicing customers in an accurate and timely manner. Poor time capture has the potential to negatively affect customer satisfaction, cash flow, and overall revenue. AI technology like Sage Intelligent Time allows you to automatically create timesheets for employees as they work. The AI looks at your calendar and uses productivity applications then groups work into blocks of time. AI can also automatically allocate time blocks to specific projects, specific tasks, or clients. Alternatively, employees can manage their own time by manually dragging and dropping blocks of time to the appropriate allocations.  Remote employees can use any device to record time and submit timesheets in one click to the accounting system for billing. AI provides suggestions for time allocation, reducing the need for manual data entry, and encourages employees to review the entries for accuracy before submitting a final timesheet.  AI enables continuous accounting by ensuring all types of transactions are captured continuously . Your books will always be up-to-date with real-time adjustments, reconciliation, and transaction recording. Along the way, potential issues are flagged for action and correction. The system provides a way to analyze and monitor performance throughout the financial period - rather than finding out the truth at the end of the period. To summarize  AI can help your not-for-profit reduce the amount of time spent looking over the past and spend more time on strategic activities like forecasting. Financial management systems enabled with AI empowers not-for-profits to perform continuous accounting, including quick capture of time and transactions, and store all the details necessary for accurate time tracking. 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As a result, reporting is less about tracking down data and more about putting it to best use. 2. Put the end user in the driver seat  Reporting tools are frequently too complicated for anyone except seasoned accountants or too technical for anyone except IT experts. That leads to unavoidable inefficiencies because of work that is duplicated, delayed, or deficient. Rather than making reporting possible for only a select few, put the tools in the hands of stakeholders throughout departments and management levels. When it's possible for more users to organize and analyze financial data, more decisions have a positive impact on the bottom line. 3. Create a central portal for information Effective reporting depends on having access to complete, accurate, and up-to-date information. Without that, reporting is dubious at best and wildly misinformed at worst. Having a central cloud financials portal through which all users access all information creates a single source of truth. There is never any uncertainty that the information going into reports is as authoritative as possible. Reporting is more instructive and insightful as a result, and also a lot easier to manage. 4. Start focusing on the future Too often the reporting process is focused on the past. Decision makers learn what happened but still have to make guesses and predictions about what will happen. Effective reporting includes both elements – a comprehensive analysis of the past that leads to informed and empirical forecasts about the future. Reporting is a significant strategic asset, but only when decision makers treat it as such. That means having tools to locate deeper insights from deeper sets of data. Remember that improving reporting is about achieving two objectives. The first is making reporting faster and easier, especially as speeds and scales climb upwards. The second is turning reporting into an advantage rather than an obligation. 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After a rigorous software evaluation, Mission of Hope Haiti chose Baker Tilly Digital to guide them to an automated solution as the best fit to meet the needs of the organization.\nThe business challenge Streamlined management reports were necessary as the organization continued to grow and expand its boundaries The organization's processes were not scalable for the growth of its operations Managing cash flow and projections based on separate funds and initiatives was and is vital Cash reports previously done in Excel left room for error Team leads overseas needed insight into their expenses and overall financial status Flexibility in financial reporting was imperative to manage the mission The lack of automation and integration between the various systems resulted in a number of manual process, which were inefficient and error prone Strategy and solution Enabled leaders to focus more on the mission of the organization instead of being buried in transactional documentation Automated report distribution with key metrics on user-specific dashboards Simplified budgeting process from creation to accountability Created critical visibility for Mission of Hope Haiti's management team. 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To accomplish that mission, its ministries go beyond the weekend experience to programs that impact the church, local communities and the world. As a growing multisite church, Seacoast Church needed a more modern church accounting solution. After nearly 20 years on Shelby for their legacy church management and accounting software, Seacoast decided to upgrade to a modern cloud-based solution that could better handle the needs of an expanding multicampus church.\n The business challenge Glenn Wood, the pastor of church administration at Seacoast, shared, “Our chart of accounts got very complex and as we added more locations, we faced a number of data management challenges with our old system.” He continued, “We did an extensive evaluation of our options and had a lot of conversations with other churches. Although we considered Blackbaud, the name Baker Tilly Digital kept surfacing again and again. 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This delivers major efficiency gains, for example, the finance team produces 50-60 income and expense statements every month for different campuses and ministries. It’s now easier to support the church’s finances and report them effectively, giving Seacoast’s donors and auditors confidence that the organization is managing its finances well.  “Because of the way it was designed, our old system couldn’t create a financial report that had all of the data we needed in one place, so we ended up having to build a number of reports manually,” said Wood. “Now with Sage Intacct, we can generate a single report with a one-page recap of our financials, a second page for campus-level consolidations, and then additional pages for individual campus or ministry reports. 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To accomplish that mission, its ministries go beyond the weekend experience to programs that impact the church, local communities and the world. As a growing multisite church, Seacoast Church needed a more modern church accounting solution. After nearly 20 years on Shelby for their legacy church management and accounting software, Seacoast decided to upgrade to a modern cloud-based solution that could better handle the needs of an expanding multicampus church.\n The business challenge Glenn Wood, the pastor of church administration at Seacoast, shared, “Our chart of accounts got very complex and as we added more locations, we faced a number of data management challenges with our old system.” He continued, “We did an extensive evaluation of our options and had a lot of conversations with other churches. Although we considered Blackbaud, the name Baker Tilly Digital kept surfacing again and again. 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After a rigorous software evaluation, A\u0026F chose Baker Tilly Digital's platform on which to build their unique trading application.\nThe business challenge A\u0026F's legacy system forced the company to manage complex trades in manual spreadsheets and documents The company found it difficult to manage all aspects of a trade, including a complete picture of trade costs Providing traders with accurate commission calculations was labor intensive and required error-prone manual processes The legacy system could not provide adequate reporting on trade information and did not support dimensional reporting based on products, offices and trades\nStrategy and solution A\u0026F Exports and its traders needed a system where they could manage all aspects of their trade from a single location, and view all components of a trade summarized together on a clear dashboard Building the new trading system entirely on the Sage Intacct platform provides the accounting department with seamless access to trading information Baker Tilly Digital's superior reporting experience allows the company to create powerful reports and analytics on both financial and nonfinancial data Thanks to Baker Tilly Digital's development experience on the Sage Intacct platform, a development environment that allows customers to extend their ERP by creating custom fields, objects and applications, Baker Tilly Digital was able to build a complete custom trading application to meet A\u0026F's specifications and business needs.","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn how Baker Tilly Digital built a unique trading application on Sage Intacct to provide A\u0026F Exports with a competitive edge.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIbq","uid":"consulting-firm-improves-data-visibility-with-sage-intacct","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[],"services":[{"title":"Consulting","uid":"consulting"},{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Consulting firm improves data visibility with Sage Intacct","co_authors":[""],"body":"Client background EMSI is a field services and professional consulting firm helping industrial companies stay in compliance with air pollution regulations. EMSI was founded upon the core principles of environmental consciousness, customer service, accountability, perseverance and teamwork; offering customers a partnership that will change the way they think about environmental compliance. EMSI replaces faith with full-service compliance you can trust.\nThe business challenge EMSI works with companies across the US, tracking emissions, helping with reporting to agencies and helping them stay in compliance with their permits. Because they are spread out geographically and work with expensive gas analyzing equipment, they needed to be able to track their equipment, projects and people. \"That was the big thing when we sat down with Baker Tilly Digital to talk about implementing Sage Intacct,\" says Israel Askew, CFO at EMSI. \"How do we track our projects well and make sure we don't have leakage of billing and time?\" Sage Intacct's Project Costing and Billing capabilities were the answer to EMSI's needs. \"Since then,\" says Askew, \"we've added modules to get the most out of the system.\" Getting access to good data across functional areas was key for Askew and his team. \"We needed the ability to push good data back to managers about their performance relative to other sites. A lot of times they might think that this is just the way things are. But we come to find out that another site's not having those issues. If you don't have good data, it's all just anecdotal.\"\nStrategy and solution After implementing Sage Intacct's Fixed Assets, Askew and his team decided to take the system even further. They wanted to schedule their equipment, know where each piece is going, and know when it needs to be replaced. They also wanted to track the repairs of their equipment more quickly so they can make better decisions. EMSI was using an equipment tracking system that had recently come out with some new releases and functionality, and Askew saw some opportunity for leveraging that system more. But after comparing those capabilities and the cost of upgrading that system with what Sage Intacct could do, even with the cost of having Baker Tilly Digital build it as a custom application, it was still cheaper to keep the tracking functionality inside the Sage Intacct platform. \"It made every bit of sense to have it integrated with the rest of our ERP and accounting data,\" says Askew. \"There's a huge upside to having it integrate with all of our projects, with purchasing, with the system that everyone was already using.\" Additionally, Askew and his team was able to design the system to work exactly how they wanted it to. Getting buy-in and participation from area managers, operations personnel and the system's users was crucial to the success of the project. And the process wasn't overly complicated. After collecting requirements from his team, Askew shared them with Baker Tilly Digital's development and technical services team, who documented the requirements, finalizing them after a couple of iterations. Baker Tilly Digital then built a proof of concept version of the new system and then incorporated feedback from EMSI on some tweaks and additions they felt were necessary. Now that the system has been live for some time, Askew and his team are seeing the benefits of the custom application Baker Tilly Digital built for them. \"We've been able to attack problems more quickly because we see the data more clearly,\" says Askew. And those responsible for managing equipment repairs have been able to drastically reduce the amount of paperwork and the number of emails required for each repair. Askew sees Sage Intacct's configurability in the three ways. First, the original implementation is a fairly quick process since Sage Intacct is configured with clicks, not code. Entities can be added with a click of a button and the system can be adjusted based on changes to the business without requiring a team of developers and months of work. Additionally, Sage Intacct has the flexibility to add processes that the system might not have been designed for specifically. EMSI uses Sage Intacct to track the travel requests of their employees alongside their projects. That's a change that Askew was able to figure out on his own by adding some custom fields and setting up some approvals. And finally, Sage Intacct's powerful APIs and development platform allow companies like EMSI to collaborate with an experienced development team, like Baker Tilly Digital, to modify the application, build in workflow automation and even build custom applications, like EMSI's equipment tracking system. These additions and modifications all integrate natively with Sage Intacct's core and add-on modules. Baker Tilly Digital also built a custom integration between Sage Intacct and EHS Insight, the safety and compliance software EMSI uses. ","image":{"dimensions":{"width":1920,"height":1080},"alt":"Oil refinery at night","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=0,298,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/e1b86c1b-b522-4a0f-a358-d5a99d806de3_EU-header_oil-refinery.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-11-04T05:00:00+0000","dateTimestamp":1636002000,"description":"Learn more about how EMSI leveraged Baker Tilly Digital's technical services to extend Sage Intacct.","category":"Case Study","objectID":"insight-consulting-firm-improves-data-visibility-with-sage-intacct","_highlightResult":{"title":{"value":"Consulting firm improves data visibility with Sage Intacct","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background EMSI is a field services and professional consulting firm helping industrial companies stay in compliance with air pollution regulations. EMSI was founded upon the core principles of environmental consciousness, customer service, accountability, perseverance and teamwork; offering customers a partnership that will change the way they think about environmental compliance. EMSI replaces faith with full-service compliance you can trust.\nThe business challenge EMSI works with companies across the US, tracking emissions, helping with reporting to agencies and helping them stay in compliance with their permits. Because they are spread out geographically and work with expensive gas analyzing equipment, they needed to be able to track their equipment, projects and people. \"That was the big thing when we sat down with Baker Tilly Digital to talk about implementing Sage Intacct,\" says Israel Askew, CFO at EMSI. \"How do we track our projects well and make sure we don't have leakage of billing and time?\" Sage Intacct's Project Costing and Billing capabilities were the answer to EMSI's needs. \"Since then,\" says Askew, \"we've added modules to get the most out of the system.\" Getting access to good data across functional areas was key for Askew and his team. \"We needed the ability to push good data back to managers about their performance relative to other sites. A lot of times they might think that this is just the way things are. But we come to find out that another site's not having those issues. If you don't have good data, it's all just anecdotal.\"\nStrategy and solution After implementing Sage Intacct's Fixed Assets, Askew and his team decided to take the system even further. They wanted to schedule their equipment, know where each piece is going, and know when it needs to be replaced. They also wanted to track the repairs of their equipment more quickly so they can make better decisions. EMSI was using an equipment tracking system that had recently come out with some new releases and functionality, and Askew saw some opportunity for leveraging that system more. But after comparing those capabilities and the cost of upgrading that system with what Sage Intacct could do, even with the cost of having Baker Tilly Digital build it as a custom application, it was still cheaper to keep the tracking functionality inside the Sage Intacct platform. \"It made every bit of sense to have it integrated with the rest of our ERP and accounting data,\" says Askew. \"There's a huge upside to having it integrate with all of our projects, with purchasing, with the system that everyone was already using.\" Additionally, Askew and his team was able to design the system to work exactly how they wanted it to. Getting buy-in and participation from area managers, operations personnel and the system's users was crucial to the success of the project. And the process wasn't overly complicated. After collecting requirements from his team, Askew shared them with Baker Tilly Digital's development and technical services team, who documented the requirements, finalizing them after a couple of iterations. Baker Tilly Digital then built a proof of concept version of the new system and then incorporated feedback from EMSI on some tweaks and additions they felt were necessary. Now that the system has been live for some time, Askew and his team are seeing the benefits of the custom application Baker Tilly Digital built for them. \"We've been able to attack problems more quickly because we see the data more clearly,\" says Askew. And those responsible for managing equipment repairs have been able to drastically reduce the amount of paperwork and the number of emails required for each repair. Askew sees Sage Intacct's configurability in the three ways. First, the original implementation is a fairly quick process since Sage Intacct is configured with clicks, not code. Entities can be added with a click of a button and the system can be adjusted based on changes to the business without requiring a team of developers and months of work. Additionally, Sage Intacct has the flexibility to add processes that the system might not have been designed for specifically. EMSI uses Sage Intacct to track the travel requests of their employees alongside their projects. That's a change that Askew was able to figure out on his own by adding some custom fields and setting up some approvals. And finally, Sage Intacct's powerful APIs and development platform allow companies like EMSI to collaborate with an experienced development team, like Baker Tilly Digital, to modify the application, build in workflow automation and even build custom applications, like EMSI's equipment tracking system. These additions and modifications all integrate natively with Sage Intacct's core and add-on modules. Baker Tilly Digital also built a custom integration between Sage Intacct and EHS Insight, the safety and compliance software EMSI uses. ","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn more about how EMSI leveraged Baker Tilly Digital's technical services to extend Sage Intacct.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIbw","uid":"subscription-based-software-company-automates-global-consolidations","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Software \u0026 Technology","uid":"software-and-technology"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Subscription-based software company automates tedious global consolidations","co_authors":[""],"body":"Client background Agworld, a subscription-based software company, is the world’s first Collaborative Farming Solution that enables growers, crop consultants, farm staff, precision specialists and operation managers to truly work as one. Founded in 2008 and based in Australia, Agworld has offices in Perth, Australia; Windsor, Colorado, and Sacramento, California. With Agworld, growers can create a stronger, future-ready farm business through improving their workflow communication and production efficiency. Retailers and consultants create lifelong grower engagement through improving their verification requirements and working in unison with clients from anywhere. The business challenge Agworld was outgrowing Saasu, a small cloud-based accounting software solution, and looking at alternate options as their needs grew. In particular, they were growing internationally with the expansion to the United States and needed a cloud-based accounting solution that could address: Board and business unit reporting A complex chart of account structure to enable departmental reporting Owner’s equity to cash flow reporting Multiple locations in Australia and the United States Revenue recognition schedules\nStrategy and solution Agworld chose Baker Tilly Digital to implement Sage Intacct, a cloud-based accounting software solution. They utilized Sage Intacct’s accounts payable and receivable, general ledger, order entry, purchasing, global consolidations, multi-currency and revenue management applications. This enabled them to have more comprehensive reporting and a scalable solution that addresses global expansion.  Since Agworld’s implementation they have: Implemented dashboard reporting Managed their tax reporting/end-of-year financials Simplified and streamlined key accounting processes Implemented global consolidations Integrated Expensify Agworld has big plans with Baker Tilly Digital. They are planning on expanding their offices to Canada and either in Ireland, Netherlands, or Germany. Baker Tilly Digital enables Agworld to grow their business without worry that they’ll outgrow their accounting solution.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=0,128,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Tractor in a wheat field","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/add418a9-98d4-4f60-9728-9a9aabb664ae_tractor-wheat-field.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-11-03T05:00:00+0000","dateTimestamp":1635915600,"description":"Read more to learn how Baker Tilly Digital helped Agworld automate their reporting processes.","category":"Case Study","objectID":"insight-subscription-based-software-company-automates-global-consolidations","_highlightResult":{"title":{"value":"Subscription-based software company automates tedious global consolidations","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background Agworld, a subscription-based software company, is the world’s first Collaborative Farming Solution that enables growers, crop consultants, farm staff, precision specialists and operation managers to truly work as one. Founded in 2008 and based in Australia, Agworld has offices in Perth, Australia; Windsor, Colorado, and Sacramento, California. With Agworld, growers can create a stronger, future-ready farm business through improving their workflow communication and production efficiency. Retailers and consultants create lifelong grower engagement through improving their verification requirements and working in unison with clients from anywhere. The business challenge Agworld was outgrowing Saasu, a small cloud-based accounting software solution, and looking at alternate options as their needs grew. In particular, they were growing internationally with the expansion to the United States and needed a cloud-based accounting solution that could address: Board and business unit reporting A complex chart of account structure to enable departmental reporting Owner’s equity to cash flow reporting Multiple locations in Australia and the United States Revenue recognition schedules\nStrategy and solution Agworld chose Baker Tilly Digital to implement Sage Intacct, a cloud-based accounting software solution. They utilized Sage Intacct’s accounts payable and receivable, general ledger, order entry, purchasing, global consolidations, multi-currency and revenue management applications. This enabled them to have more comprehensive reporting and a scalable solution that addresses global expansion.  Since Agworld’s implementation they have: Implemented dashboard reporting Managed their tax reporting/end-of-year financials Simplified and streamlined key accounting processes Implemented global consolidations Integrated Expensify Agworld has big plans with Baker Tilly Digital. They are planning on expanding their offices to Canada and either in Ireland, Netherlands, or Germany. Baker Tilly Digital enables Agworld to grow their business without worry that they’ll outgrow their accounting solution.","matchLevel":"none","matchedWords":[]},"description":{"value":"Read more to learn how Baker Tilly Digital helped Agworld automate their reporting processes.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YYGa9REAACEAjadp","uid":"pa-chambers-small-business-solutions-series","tags":[],"type":"insight","lastPublicationDate":"2022-03-11T20:56:43+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1647032203,"_tags":[],"industries":[{"title":"Small Business","uid":"small-business"},{"title":"Manufacturing \u0026 Distribution","uid":"manufacturing-and-distribution"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"},{"title":"Enterprise Solutions ","uid":"enterprise-solutions"}],"solutions":[],"sectors":[],"title":"PA chamber’s small business solutions series","author":"Jeffrey J. 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The SaaS model has become omnipresent. Even with incredible market growth, many SaaS and subscription startups fail for operational and financial reasons or due to market fit. Others are unable to secure the proper funding while they find their way to sustainable growth. Keep reading to find out how an automated SaaS dashboard that visualizes and calculates the leading indicators of business health has helped startups, Series A and even Series B companies succeed. Why so many businesses fail to thrive The global SaaS market size is projected to reach $307.3 billion by 2026, according to market research firm Valuates. The SaaS market continues to grow despite the pandemic, or perhaps because of it, kick-started by the global shift to a more geographically dispersed workforce. A McKinsey Global Survey of around 900 C-level executives indicated that the pandemic has expedited the adoption of digitized products and services by six years. Even with these advancements, SaaS and subscription startups face disheartening odds. According to Deloitte, a vast majority of startups fail and even fewer “scale up” – only .05%, or about one in 200 businesses grow to more than $10 million in revenue by their fifth year. Culture, leadership and organizational structure may play a role. There are also financial and operational reasons SaaS and subscription businesses fail: undercapitalization, unprofitable unit economics, poor product-market fit, lack of cash runway visibility, leaky-bucket of recurring revenue, inability to pivot or lack of awareness that they should pivot – issues that the right operational and financial insights could help them overcome.  Plenty of challenges faced by SaaS and subscription businesses can be addressed with automated, real-time access to the right metrics. Using these tools, businesses can identify issues, course correct, take advantage of more opportunities and compete for investors’ dollars. How the right metrics drive business growth   SaaS and subscription businesses need real-time, reliable intelligence about their operational and financial health in order to succeed and grow. Unfortunately, this can be hard to achieve; critical information lives in different systems and is difficult to gather. Businesses must identify what SaaS KPIs are important to them, pull the relevant data then compile, calculate and analyze it. This time-consuming process often results in delayed and error-prone information. The rapid growth trajectory and dynamic nature of SaaS subscription businesses complicates the matter even further: metrics that are important to an early-stage startup may differ from their priorities in later stages. By using the right automated tools that can integrate their financial software with other third-party systems, SaaS and subscription businesses can get real-time access to a broad range of key SaaS metrics and granular insights specifically tailored to their needs without manual effort. These metrics illuminate performance trends and the drivers behind them, indicate financial and operational health and inform more proactive decision making. On top of that, these metrics are essential to attracting the investors needed to help scale and report out to existing investors. Do you know which metrics early, Series A and Series B startups should track on their SaaS metrics dashboard? ","image":{"dimensions":{"width":1920,"height":1080},"alt":"SaaS dashboard","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"saas dashboard","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=0,152,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"People analyzing graphs","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a82b2f5e-949c-48e3-ae9c-a79b491cd84c_Office+meeting+charts+analysis.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-10-28T07:00:00+0000","dateTimestamp":1635404400,"description":"Find out how an automated SaaS dashboard that visualizes and calculates the leading indicators of business health has helped software companies succeed.","category":"Article","objectID":"insight-how-to-spur-growth-and-attract-investors-with-an-automated-saas-dashboard","_highlightResult":{"_tags":[{"value":"BAKER TILLY DIGITAL","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]},{"value":"SAAS INTELLIGENCE","matchLevel":"none","matchedWords":[]}],"title":{"value":"How to spur growth and attract investors with an automated SaaS dashboard","matchLevel":"none","matchedWords":[]},"author":{"value":"Chris Price","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"During the last 20 years since Salesforce first launched their CRM, they have grown to be one of the largest software-as-a-service (SaaS) companies in the world. The SaaS model has become omnipresent. Even with incredible market growth, many SaaS and subscription startups fail for operational and financial reasons or due to market fit. Others are unable to secure the proper funding while they find their way to sustainable growth. Keep reading to find out how an automated SaaS dashboard that visualizes and calculates the leading indicators of business health has helped startups, Series A and even Series B companies succeed. Why so many businesses fail to thrive The global SaaS market size is projected to reach $307.3 billion by 2026, according to market research firm Valuates. The SaaS market continues to grow despite the pandemic, or perhaps because of it, kick-started by the global shift to a more geographically dispersed workforce. A McKinsey Global Survey of around 900 C-level executives indicated that the pandemic has expedited the adoption of digitized products and services by six years. Even with these advancements, SaaS and subscription startups face disheartening odds. According to Deloitte, a vast majority of startups fail and even fewer “scale up” – only .05%, or about one in 200 businesses grow to more than $10 million in revenue by their fifth year. Culture, leadership and organizational structure may play a role. There are also financial and operational reasons SaaS and subscription businesses fail: undercapitalization, unprofitable unit economics, poor product-market fit, lack of cash runway visibility, leaky-bucket of recurring revenue, inability to pivot or lack of awareness that they should pivot – issues that the right operational and financial insights could help them overcome.  Plenty of challenges faced by SaaS and subscription businesses can be addressed with automated, real-time access to the right metrics. Using these tools, businesses can identify issues, course correct, take advantage of more opportunities and compete for investors’ dollars. 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","matchLevel":"none","matchedWords":[]},"description":{"value":"Find out how an automated SaaS dashboard that visualizes and calculates the leading indicators of business health has helped software companies succeed.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIeQ","uid":"regtech-company-sees-roi-and-six-month-payback-with-financial-erp-solution","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"RegTech company sees 100% ROI and six-month payback with financial ERP solution","co_authors":[""],"body":"Client background Continuity, through its RegAdvisorPro solution, helps financial institutions of all sizes maintain compliance with constantly changing regulations. By combining regulatory expertise and cloud technology, Continuity provides a proven way to reduce regulatory burden and mitigate compliance risk. And the demand for Continuity’s solution is high. Today, Continuity serves hundreds of institutions across 40 states and in 2015 was recognized for being the fastest growing technology company in Connecticut. The business challenge Continuity’s rapid growth put pressure on the finance organization to keep up. Like so many companies, Continuity originally chose to use QuickBooks and was forced to rely on spreadsheets to maintain complicated revenue recognition schedules for multi-entity arrangements and to deliver management and investors typical SaaS metrics like CMRR, CAC and churn. When Alan Hurwitz joined Continuity, he recognized the importance of putting in place the accounting infrastructure to support the company’s growth and at the same time offer a compelling value proposition (i.e., measurable ROI.) His auditing firm, Fiondella, Milone \u0026 LaSaracina, recommended that he talk to Baker Tilly. After Alan reviewed all his options, he decided that Baker Tilly Digital was the best fit – from both a functionality and cost standpoint.\nStrategy and solution Continuity moved forward with Baker Tilly Digital to implement Sage Intacct’s Core Financials and Advanced Revenue Management modules. Now, Continuity no longer relies on Excel spreadsheets to track revenue recognition schedules and no longer is required to perform time-consuming, manual journal entries all while giving real-time access to critical information. The result: Baker Tilly Digital's financial ERP solution delivered a 100% ROI and six-month payback. The next step will be to integrate Sage Intacct with Salesforce, ADP and Expensify. 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By combining regulatory expertise and cloud technology, Continuity provides a proven way to reduce regulatory burden and mitigate compliance risk. And the demand for Continuity’s solution is high. Today, Continuity serves hundreds of institutions across 40 states and in 2015 was recognized for being the fastest growing technology company in Connecticut. The business challenge Continuity’s rapid growth put pressure on the finance organization to keep up. Like so many companies, Continuity originally chose to use QuickBooks and was forced to rely on spreadsheets to maintain complicated revenue recognition schedules for multi-entity arrangements and to deliver management and investors typical SaaS metrics like CMRR, CAC and churn. When Alan Hurwitz joined Continuity, he recognized the importance of putting in place the accounting infrastructure to support the company’s growth and at the same time offer a compelling value proposition (i.e., measurable ROI.) His auditing firm, Fiondella, Milone \u0026 LaSaracina, recommended that he talk to Baker Tilly. After Alan reviewed all his options, he decided that Baker Tilly Digital was the best fit – from both a functionality and cost standpoint.\nStrategy and solution Continuity moved forward with Baker Tilly Digital to implement Sage Intacct’s Core Financials and Advanced Revenue Management modules. Now, Continuity no longer relies on Excel spreadsheets to track revenue recognition schedules and no longer is required to perform time-consuming, manual journal entries all while giving real-time access to critical information. The result: Baker Tilly Digital's financial ERP solution delivered a 100% ROI and six-month payback. The next step will be to integrate Sage Intacct with Salesforce, ADP and Expensify. 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After identifying what KPIs to track, and how to track them, not-for-profit dashboards offer a means to put those metrics to work on behalf of the mission, but the trick is knowing which not-for-profit dashboard indicator to display. Two ways to think about success Not-for-profits are successful two ways: by carrying out the mission and by funding it. The work they do needs to have a meaningful, measurable impact. Simultaneously, their fundraising and financial management needs to sustain the mission. Equally important, a not-for-profit can’t be called successful unless it excels on both these fronts: Program outcomes These metrics track if programs are working to carry out the mission of the not-for-profit. Some examples include: The number of meals served by a not-for-profit that fights hunger. The amount of debt reduced by a church that teaches personal finance. The number of books distributed by an organization that advocates literacy. The growth in attendance at a camp for under-served kids. The increase in new projects launched by any not-for-profit. The key is to focus on metrics that relate directly to the mission - both its immediate goals and overarching objectives. Identify the work that matters most, then find out if it’s working. Financial outcomes These metrics track if a not-for-profit has the financial resources to sustain itself into the foreseeable future. Get a critical perspective on financial performance with metrics like these: Program Efficiency = Total program services expenses / total expenses Revenue Per Member = Member revenue / member count Fundraising Efficiency = Unrestricted fundraising expenses / total unrestricted contributions raised Working Capital Ratio = Working Capital / Average Total Expenses Liabilities to Assets Ratio = Total Liabilities / Total Assets Start thinking about which program and financial metrics speak the loudest about your own success.  A reminder about donor trust A study from the Journal of Accounting, Audit, and Finance showed that not-for-profits with a seal of transparency from Guidestar, a charity evaluator, increased their donations by 53%. People are enthusiastic to support causes they believe in, but first they need to believe in the not-for-profit too. That’s where not-for-profit dashboards come in. With the right dashboards, not-for-profits can monitor outcome metrics to understand their own performance, then make targeted changes or improvements as necessary. In that way, dashboards help deliver the positive results that funders, volunteers, staff, and program participants all hope for. Another advantage of a not-for-profit dashboard, when properly implemented, is the ability to highlight outcomes in an instant. When someone wants to know how program participation is trending, for example, that information is available on demand – an example of the kind of transparency expected of not-for-profits. Finally, when a not-for-profit has dashboards that incorporate the right financial and operational metrics at its disposal, it has other advanced ways of utilizing data and leveraging outcome metrics. Financial reports for not-for-profit boards, for instance, are simple to produce when all the data already lives on the same platform. The same goes for program performance audits or disclosures about financial management. If data can feed into a dashboard, it can serve any purpose, including the most important of all: running a not-for-profit that people trust. Making success the message As not-for-profits gain a better understanding of their performance – informed by the right KPIs for not-for-profits and outcome-focused dashboards – they can make success a bigger part of their message. Instead of emphasizing who they serve and how, they can shift the focus to the results they achieve and why. Whether your not-for-profit wants to make outcome metrics the centerpiece of your fundraising strategy or just a component, it takes data – fully integrated, automatically updated, intuitively organized, and carefully analyzed. Without it, and without the not-for-profit dashboards to provide insights, a not-for-profit is basically flying blind.","image":{"dimensions":{"width":478,"height":319},"alt":"not-for-profit dashboard indicator","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/NGY4MTViNDYtNDU3Ni00OGFlLThiNmItMjhjODRlZGU3OTAz_t20project..jpegwidth479ampnameunposed20group20of20creative20business20people20in20an20open20concept20office20brainstorming20their20next20project..jpeg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Leadership Succession 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donor trust.","category":"Whitepaper","objectID":"insight-demonstrating-impact-with-the-right-not-for-profit-dashboard-indicator","_highlightResult":{"_tags":[{"value":"BAKER TILLY DIGITAL","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]},{"value":"NOT-FOR-PROFIT ACCOUNTING","matchLevel":"none","matchedWords":[]}],"title":{"value":"Demonstrating impact with the right not-for-profit dashboard indicator","matchLevel":"none","matchedWords":[]},"author":{"value":"Allison Webb","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Not-for-profit dashboards are the final component of any effort to track outcomes. After identifying what KPIs to track, and how to track them, not-for-profit dashboards offer a means to put those metrics to work on behalf of the mission, but the trick is knowing which not-for-profit dashboard indicator to display. Two ways to think about success Not-for-profits are successful two ways: by carrying out the mission and by funding it. The work they do needs to have a meaningful, measurable impact. Simultaneously, their fundraising and financial management needs to sustain the mission. Equally important, a not-for-profit can’t be called successful unless it excels on both these fronts: Program outcomes These metrics track if programs are working to carry out the mission of the not-for-profit. Some examples include: The number of meals served by a not-for-profit that fights hunger. The amount of debt reduced by a church that teaches personal finance. The number of books distributed by an organization that advocates literacy. The growth in attendance at a camp for under-served kids. The increase in new projects launched by any not-for-profit. The key is to focus on metrics that relate directly to the mission - both its immediate goals and overarching objectives. Identify the work that matters most, then find out if it’s working. Financial outcomes These metrics track if a not-for-profit has the financial resources to sustain itself into the foreseeable future. Get a critical perspective on financial performance with metrics like these: Program Efficiency = Total program services expenses / total expenses Revenue Per Member = Member revenue / member count Fundraising Efficiency = Unrestricted fundraising expenses / total unrestricted contributions raised Working Capital Ratio = Working Capital / Average Total Expenses Liabilities to Assets Ratio = Total Liabilities / Total Assets Start thinking about which program and financial metrics speak the loudest about your own success.  A reminder about donor trust A study from the Journal of Accounting, Audit, and Finance showed that not-for-profits with a seal of transparency from Guidestar, a charity evaluator, increased their donations by 53%. People are enthusiastic to support causes they believe in, but first they need to believe in the not-for-profit too. That’s where not-for-profit dashboards come in. With the right dashboards, not-for-profits can monitor outcome metrics to understand their own performance, then make targeted changes or improvements as necessary. In that way, dashboards help deliver the positive results that funders, volunteers, staff, and program participants all hope for. Another advantage of a not-for-profit dashboard, when properly implemented, is the ability to highlight outcomes in an instant. When someone wants to know how program participation is trending, for example, that information is available on demand – an example of the kind of transparency expected of not-for-profits. Finally, when a not-for-profit has dashboards that incorporate the right financial and operational metrics at its disposal, it has other advanced ways of utilizing data and leveraging outcome metrics. Financial reports for not-for-profit boards, for instance, are simple to produce when all the data already lives on the same platform. The same goes for program performance audits or disclosures about financial management. If data can feed into a dashboard, it can serve any purpose, including the most important of all: running a not-for-profit that people trust. Making success the message As not-for-profits gain a better understanding of their performance – informed by the right KPIs for not-for-profits and outcome-focused dashboards – they can make success a bigger part of their message. Instead of emphasizing who they serve and how, they can shift the focus to the results they achieve and why. Whether your not-for-profit wants to make outcome metrics the centerpiece of your fundraising strategy or just a component, it takes data – fully integrated, automatically updated, intuitively organized, and carefully analyzed. 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After a rigorous software evaluation, Gateway chose Baker Tilly Digital to guide them through the maze of on-premises and cloud solutions to find the best fit to create positive church impact with its ongoing expansion.\nThe business challenge Tracking data and generating reports with their legacy accounting system required a great deal of manual work in Excel The finance team had to calculate average giving by location manually in Excel Data was not available in real-time Analytics and budgeting were difficult and error-prone since they were based in Excel Lack of accessibility for key leaders was a detriment to making mission-critical decisions\nStrategy and solution Sage Intacct will provide Gateway Church with a cloud-based system with easy access anytime anywhere With multiple ministries and locations, Sage Intacct's multi-dimensional architecture will greatly simplify Gateway's chart of accounts Sage Intacct will provide Gateway with real-time, automated reporting and dashboards Sage Intacct's ability to integrate with other applications will allow Gateway to include statistical and operational data in the financial reports","matchLevel":"none","matchedWords":[]},"description":{"value":"Fast-growing, multisite church in Dallas/Ft. 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Hiring more technicians and buying additional equipment are the obvious steps. Less obvious but equally important is scaling the accounting function, including the technology it relies on. Small degrees of growth can translate into drastically larger, faster and more complex accounting obligations. And if a home services CFO and their team can’t meet those obligations, it creates countless liabilities that make success less sustainable and financial disaster more likely.  The home services sector saw a record-breaking 23% increase in median revenue in 2020. Projections suggest the industry will grow at a brisk 18% pace for years to come, driven by the evolution of the home into a tech-driven space that enables so much of our lives. These impressive growth figures are good news for anyone involved with home services. But they’re also cause for alarm.   How accounting becomes inadequate  When home services companies begin offering new services, expanding into fresh markets, or serving more customers, it affects the accounting function in two ways:  It puts pressure on the existing accounting system. If that system was designed for small companies, basic accounting requirements, or introductory users, it probably isn’t equipped to handle greater speed, scale, or sophistication. The result: errors, delays, inefficiency and incapability that may cause basic accounting functions to break down – putting a company in financial jeopardy when it’s otherwise on an upward trajectory.   If the software for service delivery and accounting are not integrated, the disconnect only grows with the company. Data from the service delivery side of the equation must be manually entered into the accounting software, which is inefficient and error prone. And even when data moves accurately from one system into the other, there will always be gaps in visibility and understanding when the side of the business that generates revenue operates separately from the side that manages revenue.   Both these issues relate to the accounting software in place. Whether it’s QuickBooks or a similar option that was built for simplicity rather than scale, growing pains are inevitable ... until they become untenable. At some point, all growing companies will need to reconsider their accounting software and possibly their service delivery software too if they’re serious about maintaining momentum. Seizing the moment with software With demand for home services set to shoot through the roof, there's a high risk that rapid growth will exceed what accounting can accommodate, especially as companies evolve and expand simultaneously. Competitive companies will need to be efficient, agile and innovative. Software can help or hurt all those efforts.  We will discuss the specific software home services companies need in our next post. but it comes down to this: A comprehensive platform for field service planning and delivery plus a mature financial management solution. Most important of all, both tools should work in sync, sharing data and automating processes so that home services CFOs (and other executives or investors) maintain financial fitness and focus throughout growth spurts. Now is the time for companies to reconsider their software, before the home services industry transforms any further. 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But they’re also cause for alarm.   How accounting becomes inadequate  When home services companies begin offering new services, expanding into fresh markets, or serving more customers, it affects the accounting function in two ways:  It puts pressure on the existing accounting system. If that system was designed for small companies, basic accounting requirements, or introductory users, it probably isn’t equipped to handle greater speed, scale, or sophistication. The result: errors, delays, inefficiency and incapability that may cause basic accounting functions to break down – putting a company in financial jeopardy when it’s otherwise on an upward trajectory.   If the software for service delivery and accounting are not integrated, the disconnect only grows with the company. Data from the service delivery side of the equation must be manually entered into the accounting software, which is inefficient and error prone. And even when data moves accurately from one system into the other, there will always be gaps in visibility and understanding when the side of the business that generates revenue operates separately from the side that manages revenue.   Both these issues relate to the accounting software in place. Whether it’s QuickBooks or a similar option that was built for simplicity rather than scale, growing pains are inevitable ... until they become untenable. At some point, all growing companies will need to reconsider their accounting software and possibly their service delivery software too if they’re serious about maintaining momentum. Seizing the moment with software With demand for home services set to shoot through the roof, there's a high risk that rapid growth will exceed what accounting can accommodate, especially as companies evolve and expand simultaneously. Competitive companies will need to be efficient, agile and innovative. Software can help or hurt all those efforts.  We will discuss the specific software home services companies need in our next post. but it comes down to this: A comprehensive platform for field service planning and delivery plus a mature financial management solution. Most important of all, both tools should work in sync, sharing data and automating processes so that home services CFOs (and other executives or investors) maintain financial fitness and focus throughout growth spurts. Now is the time for companies to reconsider their software, before the home services industry transforms any further. ","matchLevel":"none","matchedWords":[]},"description":{"value":"Home Services CFOs can become victims of their own success if they’re not prepared to scale important processes and home service software to match growth.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIZK","uid":"tame-your-wild-not-for-profit-chart-of-accounts-with-dimensions","tags":["accounting","software"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["ACCOUNTING","SOFTWARE"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Tame your wild not-for-profit chart of accounts with dimensions","author":"Allison Webb","co_authors":[""],"body":"Without the right accounting software, your not-for-profit chart of accounts (COA) can become unwieldy. Many not-for-profits find it difficult to sift through ever-multiplying COAs with thousands of unique account numbers to create reports or fix errors during close. Most traditional financial management solutions force you to set up a separate expense account for each segment. For example, to track 15 projects, from six locations, with five departments each, you would need 450 account code combinations. What would happen if you needed to filter transactions by multiple factors? Having a bloated COA makes it time-consuming and difficult to quickly get the information your not-for-profit needs. Thankfully, there is a better way to organize financial information to make not-for-profit accounting faster and more efficient: Dimensions. Modern cloud financial management solutions, like Sage Intacct, help not-for-profits keep their COA tamed and simple using table-driven architecture to structure data around logic-based dimensions. Read on to find out how a dimensional chart of accounts provides better visibility an reduces complexity, simplifying your COA. Using dimensions to tame your COA  Traditional accounting systems for not-for-profits have complicated and wieldy chart of accounts and are unable to track all the granular data organizations need. Sage Intacct’s multidimensional chart of accounts provides a flexible foundation to maintain greater stewardship, gain deeper financial visibility with greater context, and make more informed decisions with real time analytics. In Sage Intacct, you can define the key attributes you want to use in accounting and reporting, such as grant, project, class, department, program, location, and more. You can also rename or repurpose a standard dimension to fit your needs – for example, you can rename class to fund to track revenue and expenses against different funds. Not-for-profit organizations can keep their COA simple by eliminating the need to create so many account numbers with multidimensional accounting. You can do this by simply “tag” transactions with dimensions to add financial and operational context to your data. Tags make it easy to sort and search for data for reporting with meaningful context. Find the meaning behind transactions in minutes  Not-for-profits are forced to export data into Excel spreadsheets at the end of each period with traditional accounting systems. After they data is exported, they can begin the long process of filtering data to get to the meaning behind the transactions. Having a dimensional chart of accounts means not-for-profits can access metrics in just minutes and perform a more meaningful analysis of performance. You can track results of fundraising efforts or project expenses with ease. You can also see which fundraising efforts or programs have the most traction. It is important for your organization to understand where your donations are coming from, which programs are making the biggest impact, and what is costing you the most money. Let’s say your not-for-profit is starting a new marketing campaign and donor initiative. Your board has requested a weekly review of the financial impact of this new campaign. Using Sage Intacct, your team can provide this weekly update of up-to-the-minute financials to provide a complete picture of performance. You can even filter the results of your campaign by location to show development where to get the biggest return on investment. Close your books faster and with less errors  There is another advantage to taming your not-for-profit COA with dimensions. A lean COA can help you close your books faster and leaves you with fewer errors to correct. A dimensional not-for-profit chart of accounts emboldens your financial team to close in record time and deliver key financial reports to the executive team quickly.  How do dimensions make such a profound and positive impact? Dimensions help you set up your chart of accounts easily. Instead of setting up separate expense accounts for each department, you can set up a single expense account, then use the department dimension to filter by individual departments in reports. Dimensions enable real-time reporting that creates not-for-profit financial transparency by pulling information from various aspects of your organization. You can look at revenue for a specific donor or fundraising activity. Dimensions allow you to analyze not-for-profit performance in ways that are not possible with a traditional chart of accounts. You can break down your data for more focused analysis with the ability to independently tag transactions. By tagging multiple dimensions as you enter transactions, you capture more granular financial and operational data tailored to your not-for-profit. For example, if your not-for-profit revolves around programs, you can tag specific programs in your transactions to analyze performance between them. To summarize There are many advantages to a dimensional not-for-profit chart of accounts, including deeper visibility with greater context, reduced complexity, up-to-the-minute report creation, and more informed decision making. Not-for-profit organizations should leverage the power of multidimensional accounting with a modern cloud financial management system to gain the insights needed to show donors how your organization is making an impact. The increasing demand for transparency and accountability from donors is compelling today’s not-for-profits to seek ways to both produce and demonstrate successful outcomes. Many not-for-profits struggle with heightened expectations and growing scrutiny from several sources — including increasingly savvy funders looking for financial management techniques and controls employed commonly by for-profit businesses. This whitepaper describes how not-for-profits like yours can effectively leverage outcome metrics to boost success and attract donors. Read it now.","image":{"dimensions":{"width":1920,"height":1080},"alt":"tame your wild nonprofit chart of accounts with dimensions","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=0,101,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=0,72,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"woman visualizing data on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/362e03fd-ccb5-4270-8dea-8c1bea25a8b8_gen-header_computer-software-development.png?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-10-14T05:00:00+0000","dateTimestamp":1634187600,"description":"Without the right accounting software, your not-for-profit chart of accounts (COA) can become unwieldy. 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Find the meaning behind transactions in minutes  Not-for-profits are forced to export data into Excel spreadsheets at the end of each period with traditional accounting systems. After they data is exported, they can begin the long process of filtering data to get to the meaning behind the transactions. Having a dimensional chart of accounts means not-for-profits can access metrics in just minutes and perform a more meaningful analysis of performance. You can track results of fundraising efforts or project expenses with ease. You can also see which fundraising efforts or programs have the most traction. It is important for your organization to understand where your donations are coming from, which programs are making the biggest impact, and what is costing you the most money. Let’s say your not-for-profit is starting a new marketing campaign and donor initiative. Your board has requested a weekly review of the financial impact of this new campaign. Using Sage Intacct, your team can provide this weekly update of up-to-the-minute financials to provide a complete picture of performance. You can even filter the results of your campaign by location to show development where to get the biggest return on investment. Close your books faster and with less errors  There is another advantage to taming your not-for-profit COA with dimensions. A lean COA can help you close your books faster and leaves you with fewer errors to correct. A dimensional not-for-profit chart of accounts emboldens your financial team to close in record time and deliver key financial reports to the executive team quickly.  How do dimensions make such a profound and positive impact? Dimensions help you set up your chart of accounts easily. Instead of setting up separate expense accounts for each department, you can set up a single expense account, then use the department dimension to filter by individual departments in reports. Dimensions enable real-time reporting that creates not-for-profit financial transparency by pulling information from various aspects of your organization. You can look at revenue for a specific donor or fundraising activity. Dimensions allow you to analyze not-for-profit performance in ways that are not possible with a traditional chart of accounts. You can break down your data for more focused analysis with the ability to independently tag transactions. By tagging multiple dimensions as you enter transactions, you capture more granular financial and operational data tailored to your not-for-profit. For example, if your not-for-profit revolves around programs, you can tag specific programs in your transactions to analyze performance between them. To summarize There are many advantages to a dimensional not-for-profit chart of accounts, including deeper visibility with greater context, reduced complexity, up-to-the-minute report creation, and more informed decision making. 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Bombora was founded in 2014 and has experienced tremendous growth. Today, the company works with some of the world’s most renowned brands including: IBM, Forbes, Salesforce, Oracle and Microsoft. The business challenge The company outgrew its original accounting solution, QuickBooks, which couldn’t keep pace with the increasing demands of Bombora’s rapid growth, and its requirements for greater automation and control. 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Baker Tilly Digital provided the most comprehensive solution to address the company’s accounting needs enabling Bombora to: Gain visibility across its finances and operations to monitor its business in real time Conduct flexible, transparent financial reporting and analysis using Sage Intacct’s Dimensions feature, which enables the company to segment finances by departments Now, Bombora can easily measure key metrics (e.g., profitability, customer acquisition costs and budget variances), develop accurate trend reports and forecasts, and identify potential roadblocks and opportunities Automate key expense and revenue entries to simplify and streamline accounting processes Establish controls through segregation of duties and other administrative features","image":{"dimensions":{"width":1920,"height":1080},"alt":"Consultant uses data analytics to address strategic 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Bombora was founded in 2014 and has experienced tremendous growth. Today, the company works with some of the world’s most renowned brands including: IBM, Forbes, Salesforce, Oracle and Microsoft. The business challenge The company outgrew its original accounting solution, QuickBooks, which couldn’t keep pace with the increasing demands of Bombora’s rapid growth, and its requirements for greater automation and control. 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It provides capital to sponsored and nonsponsored companies, either as a sole lender or in conjunction with banks and other lenders. Typically, financings are in excess of $10 million. They provide a consistent source of capital throughout a business’ life cycle, as well as in varying economic conditions.\nThe business challenge Crystal Financial utilized QuickBooks for its accounting and general ledger functions. Working in QuickBooks became cumbersome and involved long and drawn-out manual processes. In addition, with an acquisition in 2012, Crystal Financial’s statements began to be incorporated into public filings. 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The company specializes in designing solutions for the aerospace and defense industries, with additional experience in the medical devices, telephony and banking industries as well. After a rigorous software evaluation, PSW chose Baker Tilly Digital over NetSuite and Microsoft Dynamics GP. The business challenge Performance Software was divided into 18 cost centers which meant they needed to track them separately and generate a P\u0026L report for each Sage 50 was not providing the stable reporting they need Management felt that they were losing money and jobs due to their inability to properly bid, report and estimate jobs The company was expecting significant growth over the next three to five years, and needs a system that can scale\nStrategy and solution Performance Software now has a scalable system that is cloud-based, easily integrates with other systems and has strong project accounting functionality The company saved significant costs in the areas of reporting, job costing and job tracking The Baker Tilly Digital system will help them grow year over year without adding additional headcount","matchLevel":"none","matchedWords":[]},"description":{"value":"Baker Tilly Digital helps Performance Software Corporation prepare for growth by implementing new cloud-based system.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIdg","uid":"modernize-your-companys-financial-management-solution","tags":["financial management software"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["FINANCIAL MANAGEMENT SOFTWARE"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"It's time to modernize your company's financial management solution","co_authors":["Alyssa Nunez",""],"body":"In disruptive times, it is more important than ever to have a strong financial management solution in place. The COVID-19 pandemic solidified what financial decision-makers have known for a long time: Clunky, outdated financial software can drag down a business. Businesses need fast, accurate, and comprehensive information and reporting. March 2020 when the pandemic struck,  most SMBs found themselves unable to cope with uncertainty, ill-equipped for the financial impact, and poorly positioned to recover. The situation was dire for those that were still in business in July. According to the SMB Group’s July 2020 SMBs: Navigating a Path Forward survey: SMBs cited dealing with ongoing uncertainty as their top post-COVID business challenge.  Among SMBs 78% said that COVID-19 negatively impacted their business.  More than half had to close temporarily.  One-quarter of SMBs said they had less than two months of cash reserves available to sustain their businesses, and 30% said they had three to five months of cash reserves.  On top of that, the U.S. Census Bureau reported that 38.1% of small businesses had not received their Paycheck Protection Program (PPP) assistance. In hindsight, many things could have helped SMBs fare better. A key example of this is in financial management, where SMBs were stuck with spreadsheets and low-end or disconnected financial solutions for far too long.  When the pandemic hit, they lacked insights that could have helped them avoid unnecessary risks and the agility to respond to new realities. Because of this, 19% of SMBs are seeking to modernize their financial and accounting systems to help establish a stronger business foundation for the future. Does your current financial management solution support your business? The backbone of every organization is finance and accounting. You can make better decisions when you have access to accurate, comprehensive, and timely financial information. Many older, legacy financial applications don’t offer real time visibility into financial information. This makes it tough to make operational decisions day-to-day, such as whether to hire more people or buy new equipment. Forecasting, budgeting, and planning turn into arduous and time-consuming tasks. Too much time is spent on moving data back and forth between applications and spreadsheets, leaving more room for manual errors with each new version. Reports generated through this process are static spreadsheets, becoming outdated as soon as they are created – driving the need to create more updates. This leaves little time to actually  analyze  and  use  the  data. Here are some common problems associated with  older financial applications: There is no “single version” of the truth. Planning, budgeting, forecasting, and reporting are all collaborative activities. Different people can work from erroneous or conflicting information,  creating confusion, increasing the chance for errors, and slowing down the process. People might also argue over whose version of the truth is “correct.”  Executives don’t have access to the information they need, when they need it. It’s tough to make confident decisions without an accurate, real-time view of the business, capabilities to drill down into specifics, and analytics tools to model and assess the pros and cons of different decisions.  The financial system gets in the way of growth. Your financial DNA needs to accommodate taking your business in a new direction and growing. You’ll have to adhere to new regulatory and reporting requirements if you’re adding new subscription-based services. If you want to expand internationally, it will also need to support multiple languages, regulations, taxes and currencies.  The key to business resiliency and growth A brittle and outdated financial approach is a huge disadvantage to SMBs, a fact that the pandemic has driven home. On the flip side, cloud solutions ensure real-time and trustworthy information. As a result, cloud solutions are becoming a must-have for SMBs across most application categories. Especially during these trying times, cloud computing has more than proven its worth. They allow SMBs to meet new operational, employee, and customer requirements more easily: 83% of survey respondents said cloud-based business applications had been valuable in sustaining their business through the pandemic – and 37% said that the pandemic has made them more likely to pick a cloud solution for new application investments. Most modern financial solutions, such as Sage Intacct, are born in the cloud. Data in the cloud is up-to-date and trustworthy because it flows into the cloud solutions in real-time. Instead of spending time aggregating data, finance teams can focus on analyzing and communicating insights. There are also vendors that offer integrated planning and budgeting modules to help teams dig deeper to evaluate potential outcomes from different courses of action. There are also security advantages to moving to a single, secure financial solution. Juggling spreadsheets makes it all too easy for people to share sensitive company and customer data - potentially putting it into the wrong hands. Moving this information out of spreadsheets and into a unified cloud solution limits data with user-level security rules and permissions. Cloud vendors are also embedding artificial intelligence (AI) and machine learning (ML) capabilities into their solutions. This brings a new level of intelligence to categorizing expenses, flagging policy violations, providing alerts, spotting trends and anomalies, and making recommendations for you. Best of all, cloud financials solutions provide friction-free access to these capabilities via the application and interface you’re already using, so you don’t have to figure out how to bolt these capabilities on. Providing  some perspective If there is one lesson we can take from the pandemic, it is that business conditions can change on a dime. SMBs now know this, and many are making major changes to ensure business viability – such as creating additional sales channels, developing new virtual services, and adding no-touch payment and transaction options for customers. It is easier to make these shifts with modern, flexible financial and planning tools. Relying on older, disjointed solutions can slow down your business and impair decision-making. Businesses need to tap into new opportunities and avoid unnecessary risks for long-term viability. SMBs should closely examine how they can digitize financial processes and harness data more effectively to understand, predict and respond to new employee, market and operational requirements.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=0,121,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=0,137,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Woman works on a tablet in her office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ab99500f-0d91-4685-b9db-b34e709b4881_gen-header_women-working-tablet-professional.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-09-30T05:00:00+0000","dateTimestamp":1632978000,"description":"The pandemic solidified what strategic financial leaders have known for a while: A clunky, outdated financial management solution can drag down a business.","category":"Article","objectID":"insight-modernize-your-companys-financial-management-solution","_highlightResult":{"_tags":[{"value":"FINANCIAL MANAGEMENT SOFTWARE","matchLevel":"none","matchedWords":[]}],"title":{"value":"It's time to modernize your company's financial management solution","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"Alyssa Nunez","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"In disruptive times, it is more important than ever to have a strong financial management solution in place. The COVID-19 pandemic solidified what financial decision-makers have known for a long time: Clunky, outdated financial software can drag down a business. Businesses need fast, accurate, and comprehensive information and reporting. March 2020 when the pandemic struck,  most SMBs found themselves unable to cope with uncertainty, ill-equipped for the financial impact, and poorly positioned to recover. The situation was dire for those that were still in business in July. According to the SMB Group’s July 2020 SMBs: Navigating a Path Forward survey: SMBs cited dealing with ongoing uncertainty as their top post-COVID business challenge.  Among SMBs 78% said that COVID-19 negatively impacted their business.  More than half had to close temporarily.  One-quarter of SMBs said they had less than two months of cash reserves available to sustain their businesses, and 30% said they had three to five months of cash reserves.  On top of that, the U.S. Census Bureau reported that 38.1% of small businesses had not received their Paycheck Protection Program (PPP) assistance. In hindsight, many things could have helped SMBs fare better. A key example of this is in financial management, where SMBs were stuck with spreadsheets and low-end or disconnected financial solutions for far too long.  When the pandemic hit, they lacked insights that could have helped them avoid unnecessary risks and the agility to respond to new realities. Because of this, 19% of SMBs are seeking to modernize their financial and accounting systems to help establish a stronger business foundation for the future. Does your current financial management solution support your business? The backbone of every organization is finance and accounting. You can make better decisions when you have access to accurate, comprehensive, and timely financial information. Many older, legacy financial applications don’t offer real time visibility into financial information. This makes it tough to make operational decisions day-to-day, such as whether to hire more people or buy new equipment. Forecasting, budgeting, and planning turn into arduous and time-consuming tasks. Too much time is spent on moving data back and forth between applications and spreadsheets, leaving more room for manual errors with each new version. Reports generated through this process are static spreadsheets, becoming outdated as soon as they are created – driving the need to create more updates. This leaves little time to actually  analyze  and  use  the  data. Here are some common problems associated with  older financial applications: There is no “single version” of the truth. Planning, budgeting, forecasting, and reporting are all collaborative activities. Different people can work from erroneous or conflicting information,  creating confusion, increasing the chance for errors, and slowing down the process. People might also argue over whose version of the truth is “correct.”  Executives don’t have access to the information they need, when they need it. It’s tough to make confident decisions without an accurate, real-time view of the business, capabilities to drill down into specifics, and analytics tools to model and assess the pros and cons of different decisions.  The financial system gets in the way of growth. Your financial DNA needs to accommodate taking your business in a new direction and growing. You’ll have to adhere to new regulatory and reporting requirements if you’re adding new subscription-based services. If you want to expand internationally, it will also need to support multiple languages, regulations, taxes and currencies.  The key to business resiliency and growth A brittle and outdated financial approach is a huge disadvantage to SMBs, a fact that the pandemic has driven home. On the flip side, cloud solutions ensure real-time and trustworthy information. As a result, cloud solutions are becoming a must-have for SMBs across most application categories. Especially during these trying times, cloud computing has more than proven its worth. They allow SMBs to meet new operational, employee, and customer requirements more easily: 83% of survey respondents said cloud-based business applications had been valuable in sustaining their business through the pandemic – and 37% said that the pandemic has made them more likely to pick a cloud solution for new application investments. Most modern financial solutions, such as Sage Intacct, are born in the cloud. Data in the cloud is up-to-date and trustworthy because it flows into the cloud solutions in real-time. Instead of spending time aggregating data, finance teams can focus on analyzing and communicating insights. There are also vendors that offer integrated planning and budgeting modules to help teams dig deeper to evaluate potential outcomes from different courses of action. There are also security advantages to moving to a single, secure financial solution. Juggling spreadsheets makes it all too easy for people to share sensitive company and customer data - potentially putting it into the wrong hands. Moving this information out of spreadsheets and into a unified cloud solution limits data with user-level security rules and permissions. Cloud vendors are also embedding artificial intelligence (AI) and machine learning (ML) capabilities into their solutions. This brings a new level of intelligence to categorizing expenses, flagging policy violations, providing alerts, spotting trends and anomalies, and making recommendations for you. Best of all, cloud financials solutions provide friction-free access to these capabilities via the application and interface you’re already using, so you don’t have to figure out how to bolt these capabilities on. Providing  some perspective If there is one lesson we can take from the pandemic, it is that business conditions can change on a dime. SMBs now know this, and many are making major changes to ensure business viability – such as creating additional sales channels, developing new virtual services, and adding no-touch payment and transaction options for customers. It is easier to make these shifts with modern, flexible financial and planning tools. Relying on older, disjointed solutions can slow down your business and impair decision-making. Businesses need to tap into new opportunities and avoid unnecessary risks for long-term viability. 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Slice is uniting and empowering local pizzerias with tech, data and marketing to take charge of their industry, to bring their business into the digital world, and to provide handcrafted, quality pizza with the utmost convenience. Unlike other online ordering services that drive down a pizzeria’s quality and value by charging high order fees, Slice builds a true alliance for a fair cost. After a rigorous evaluation, Slice chose Baker Tilly Digital over other cloud and on-premises solutions as the best fit to meet the needs of the organization.\nThe business challenge Slice's legacy accounting system was no longer able to handle the requirements of a growing software and technology company. The company needed a best-in-class system that can handle most of their financial management needs without add-ons, but can still connect with other systems, including their proprietary software, via APIs Slice wanted to enhance their reporting capabilities on both financial and non-financial data without the need for spreadsheets or third party reporting add-ons As a visionary technology company, Slice saw the need for collaboration tools within the financial management system, something unavailable in their legacy accounting software The company wanted a modern solution that relies on configuration rather than customization, where the finance team is empowered to make changes to the system as their needs change without having to rely on IT or outside consultants\nStrategy and solution Baker Tilly Digital provides Slice with powerful integration capabilities, the ability to report on both financial and non-financial information in one system of record and the revenue recognition 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Time and time again, we’ve seen churches and other not-for-profit organizations strengthen stewardship and demonstrate their outcomes with church metrics. Find out how the visibility, flexibility, efficiency, automation and integration you need to succeed is a reality with  Baker Tilly Digital and cloud church accounting. Streamline grant and donor accounting With extensive experience helping not-for-profits of all types including congregations and faith ministries, Baker Tilly Digital streamlines grant, fund, program, and donor accounting, while delivering real-time visibility into the metrics that matter. Our modern, cloud-based solution, the only one endorsed by the AICPA, gives faith-based organizations the visibility, and efficiency they need to do more with less. At Baker Tilly Digital, we have helped hundreds of congregations and faith ministries strengthen stewardship, build influence, grow funding, and achieve mission success. Gain real-time operational and financial visibility The days of flying blind without real-time reporting and visibility are over. Sage Intacct includes a dynamic, multidimensional, multiledger system that enables you to easily capture granular financial and operational data in exactly the same way that you manage your organization. Gain real-time visibility into the overall health of your faith-based organization’s finances; whether you’re interested in which funds were used for each program, the performance of your organization by entity, campus or department, the expense tied to each volunteer or employee, or any other aspect unique to your organization. Sage Intacct’s role-based dashboards and rich reporting and analytics make it easy to keep a pulse on the financial health of your organization, as well as the health of individual programs, and to accurately budget for the months ahead. Sage Intacct automatically keeps your sub-ledgers and your general ledger synchronized in real-time, so you always have instant access to summaries and balances as well as transaction details. Manage multi-entity, multilocation and multicurrency needs Your congregation or faith ministry is complex, but your system doesn’t have to be. Whether you’re a Catholic diocese that manages a chancery, parishes, schools, and cemeteries, a megachurch that manages a dozen campuses, or a global faith-based relief organization with subsidiaries and satellite offices in multiple countries, Baker Tilly Digital automates multi-entity, multisite, multicurrency, and multicountry operations. Streamline inter-entity transactions, allocations, eliminations, and financial consolidation, reporting, and analysis with extensive built-in automation and one-click consolidations. Take advantage of deep support for global organizations with automatic multicurrency transactions and reporting. Plus, you can store, manage, and report any data in multiple currencies. Simplify grant, fund and donor accounting Running reports tailored to each funder’s requirements shouldn’t be hard. No two funding sources are alike, creating extraordinary complexity in congregation and faith ministry accounting. From revenue recognition to reporting, Sage Intacct makes it easy to measure the effectiveness of your organization’s programs and demonstrate your financial responsibility to your congregation, donors, grantors, volunteers, and others. Baker Tilly Digital provides your team with a platform that features robust fund, grant, and donor accounting, flexible budgeting and planning, real-time reporting, and role-based dashboards. Empower the modern church team Your teams become more effective and efficient from day one. With Sage Intacct, you can create tailored dashboards and reports—on the spot—that are relevant to your faith-based organization’s specific mission and operational measures. Engage both employees and volunteers in your financial processes with built-in expense management, time and billing, and purchasing applications—saving hundreds of hours of staff time every year. You’ll also save hours every month and eliminate errors by getting rid of spreadsheets to calculate allocations. Plus you can do your job from any browser and any device with confidence. This also allows you to easily provide views to non-finance personnel including the executive team, finance committee, and other key stakeholders within your organization that require insight for decision making, including full drill-down capability to source documents. You can also empower non-finance personnel to initiate finance department interactions such as expense requests, check requests, purchase requisitions, budget to actual, and more with flexible electronic workflows, easy-coding rules, and anywhere access. Replacing and updating your old accounting solution with a modern, best-in-class cloud solution built for not-for-profits and faith-based organizations can cost less than you think—while saving you time and resources. We can help you prepare an ROI analysis for your key stakeholders and discover how you can lead your organization to better stewardship and greater impact. 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Time and time again, we’ve seen churches and other not-for-profit organizations strengthen stewardship and demonstrate their outcomes with church metrics. Find out how the visibility, flexibility, efficiency, automation and integration you need to succeed is a reality with  Baker Tilly Digital and cloud church accounting. Streamline grant and donor accounting With extensive experience helping not-for-profits of all types including congregations and faith ministries, Baker Tilly Digital streamlines grant, fund, program, and donor accounting, while delivering real-time visibility into the metrics that matter. Our modern, cloud-based solution, the only one endorsed by the AICPA, gives faith-based organizations the visibility, and efficiency they need to do more with less. At Baker Tilly Digital, we have helped hundreds of congregations and faith ministries strengthen stewardship, build influence, grow funding, and achieve mission success. Gain real-time operational and financial visibility The days of flying blind without real-time reporting and visibility are over. Sage Intacct includes a dynamic, multidimensional, multiledger system that enables you to easily capture granular financial and operational data in exactly the same way that you manage your organization. Gain real-time visibility into the overall health of your faith-based organization’s finances; whether you’re interested in which funds were used for each program, the performance of your organization by entity, campus or department, the expense tied to each volunteer or employee, or any other aspect unique to your organization. Sage Intacct’s role-based dashboards and rich reporting and analytics make it easy to keep a pulse on the financial health of your organization, as well as the health of individual programs, and to accurately budget for the months ahead. Sage Intacct automatically keeps your sub-ledgers and your general ledger synchronized in real-time, so you always have instant access to summaries and balances as well as transaction details. Manage multi-entity, multilocation and multicurrency needs Your congregation or faith ministry is complex, but your system doesn’t have to be. Whether you’re a Catholic diocese that manages a chancery, parishes, schools, and cemeteries, a megachurch that manages a dozen campuses, or a global faith-based relief organization with subsidiaries and satellite offices in multiple countries, Baker Tilly Digital automates multi-entity, multisite, multicurrency, and multicountry operations. Streamline inter-entity transactions, allocations, eliminations, and financial consolidation, reporting, and analysis with extensive built-in automation and one-click consolidations. Take advantage of deep support for global organizations with automatic multicurrency transactions and reporting. Plus, you can store, manage, and report any data in multiple currencies. Simplify grant, fund and donor accounting Running reports tailored to each funder’s requirements shouldn’t be hard. No two funding sources are alike, creating extraordinary complexity in congregation and faith ministry accounting. From revenue recognition to reporting, Sage Intacct makes it easy to measure the effectiveness of your organization’s programs and demonstrate your financial responsibility to your congregation, donors, grantors, volunteers, and others. Baker Tilly Digital provides your team with a platform that features robust fund, grant, and donor accounting, flexible budgeting and planning, real-time reporting, and role-based dashboards. Empower the modern church team Your teams become more effective and efficient from day one. With Sage Intacct, you can create tailored dashboards and reports—on the spot—that are relevant to your faith-based organization’s specific mission and operational measures. Engage both employees and volunteers in your financial processes with built-in expense management, time and billing, and purchasing applications—saving hundreds of hours of staff time every year. You’ll also save hours every month and eliminate errors by getting rid of spreadsheets to calculate allocations. Plus you can do your job from any browser and any device with confidence. This also allows you to easily provide views to non-finance personnel including the executive team, finance committee, and other key stakeholders within your organization that require insight for decision making, including full drill-down capability to source documents. You can also empower non-finance personnel to initiate finance department interactions such as expense requests, check requests, purchase requisitions, budget to actual, and more with flexible electronic workflows, easy-coding rules, and anywhere access. Replacing and updating your old accounting solution with a modern, best-in-class cloud solution built for not-for-profits and faith-based organizations can cost less than you think—while saving you time and resources. We can help you prepare an ROI analysis for your key stakeholders and discover how you can lead your organization to better stewardship and greater impact. 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It is a movement for all people to know God, find freedom, discover calling and make a difference. Since 2011 it has grown from 200 weekly parishioners to over 3,000. The Bridge has a long-term goal of growing to be ten campuses in the greater Nashville, Tennessee area.  When the organization decided to transition towards greater focus on growing the church versus the day-to-day operations of its accounting, outsourcing made sense. “Before God called me to The Bridge, I was an attorney practicing law. It’s through The Bridge, and with God’s direction, that I’ve found my calling of strategic organizational leadership. Under the advisement of our CPA firm, CapinCrouse, we started to explore outsourcing our accounting.” Trent Linville, director of finance at The Bridge. After an internal controls review, CapinCrouse recommended a new accounting software platform and suggested the idea of outsourcing their day-to-day financial transactions. “At the time we were using ACS church accounting management software, and nothing integrated with it. We had to manually enter in expenses, it handled restricted income poorly, reporting was terrible and worst of all, it could not handle multilocational organizations.” \nThe business challenge With the backing of their CPA firm, The Bridge started the search for a new accounting software platform and outsourced accounting alliance. They researched several platforms and interviewed similar multilocation churches. Half of the organizations they interviewed were using Sage Intacct. Baker Tilly Digital came highly recommended as a vertical leader in the faith-based world. In addition to providing Sage Intacct, Baker Tilly Digital provides outsourced accounting services through its Managed Accounting Services. The Baker Tilly Digital not-for-profit managed accounting services team has over 30 years of Christian-focused financial experience and has implemented over 140 churches, missions and Christian camps on Sage Intacct. “After meeting with the team at Baker Tilly Digital and seeing Sage Intacct, we saw the value that outsourcing our accounting on a best-in-class financial environment would bring to our organization. It was an easy conversation with our board, we would get an experienced full-time controller on software that was proven to work for our organizational structure and set us up to scale as we grow. Baker Tilly Digital and Sage Intacct checked all the right boxes.” Trent Linville, director of finance at The Bridge.\nStrategy and solution After implementing Sage Intacct and onboarding Baker Tilly Digital’s Managed Accounting Services, The Bridge saw an immediate improvement on how they were reporting its financials. Baker Tilly Digital accounting specialists and Sage Intacct streamlined accounting procedures, improved days to close by roughly 50%, and integrated with Expensify and Bill.com. The Bridge Results: Improved days to close from 12-27 days to 12-15 days, roughly a 50% reduction Improved overall efficiencies and simplified and streamlined key accounting processes Directors can access their budget anywhere and anytime Created reports and dashboards tailored church attendance Eliminated manual reporting of expenses In addition, the Director of Finance was able to transform into a more strategic role, focused on growing The Bridge. “I’m spending less time preparing the financials and more time analyzing them. By outsourcing our accounting to Baker Tilly Digital, I’m able to be more of a CFO and spend less of my time being consumed with day-to-day operations of running an organization. Now when a new challenge or project comes up, I’m able to put all my energy into solving it instead of focusing on the minutia.” Trent Linville, Director of Finance at The Bridge. 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It is a movement for all people to know God, find freedom, discover calling and make a difference. Since 2011 it has grown from 200 weekly parishioners to over 3,000. The Bridge has a long-term goal of growing to be ten campuses in the greater Nashville, Tennessee area.  When the organization decided to transition towards greater focus on growing the church versus the day-to-day operations of its accounting, outsourcing made sense. “Before God called me to The Bridge, I was an attorney practicing law. It’s through The Bridge, and with God’s direction, that I’ve found my calling of strategic organizational leadership. Under the advisement of our CPA firm, CapinCrouse, we started to explore outsourcing our accounting.” Trent Linville, director of finance at The Bridge. After an internal controls review, CapinCrouse recommended a new accounting software platform and suggested the idea of outsourcing their day-to-day financial transactions. “At the time we were using ACS church accounting management software, and nothing integrated with it. We had to manually enter in expenses, it handled restricted income poorly, reporting was terrible and worst of all, it could not handle multilocational organizations.” \nThe business challenge With the backing of their CPA firm, The Bridge started the search for a new accounting software platform and outsourced accounting alliance. They researched several platforms and interviewed similar multilocation churches. Half of the organizations they interviewed were using Sage Intacct. Baker Tilly Digital came highly recommended as a vertical leader in the faith-based world. In addition to providing Sage Intacct, Baker Tilly Digital provides outsourced accounting services through its Managed Accounting Services. The Baker Tilly Digital not-for-profit managed accounting services team has over 30 years of Christian-focused financial experience and has implemented over 140 churches, missions and Christian camps on Sage Intacct. “After meeting with the team at Baker Tilly Digital and seeing Sage Intacct, we saw the value that outsourcing our accounting on a best-in-class financial environment would bring to our organization. It was an easy conversation with our board, we would get an experienced full-time controller on software that was proven to work for our organizational structure and set us up to scale as we grow. Baker Tilly Digital and Sage Intacct checked all the right boxes.” Trent Linville, director of finance at The Bridge.\nStrategy and solution After implementing Sage Intacct and onboarding Baker Tilly Digital’s Managed Accounting Services, The Bridge saw an immediate improvement on how they were reporting its financials. Baker Tilly Digital accounting specialists and Sage Intacct streamlined accounting procedures, improved days to close by roughly 50%, and integrated with Expensify and Bill.com. The Bridge Results: Improved days to close from 12-27 days to 12-15 days, roughly a 50% reduction Improved overall efficiencies and simplified and streamlined key accounting processes Directors can access their budget anywhere and anytime Created reports and dashboards tailored church attendance Eliminated manual reporting of expenses In addition, the Director of Finance was able to transform into a more strategic role, focused on growing The Bridge. “I’m spending less time preparing the financials and more time analyzing them. By outsourcing our accounting to Baker Tilly Digital, I’m able to be more of a CFO and spend less of my time being consumed with day-to-day operations of running an organization. Now when a new challenge or project comes up, I’m able to put all my energy into solving it instead of focusing on the minutia.” Trent Linville, Director of Finance at The Bridge. 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While the climate and unbeatable activities draw many here, the experiences and relationships formed make the greatest impact. The programs are loaded with more than just fun: each is carefully tailored to inspire and transform lives towards a deeper relationship with Christ. Glorieta is part of the Camp Eagle Family of Camps, which was started by Camp Eagle in Texas and has recently expanded to include Black Diamond Camp in Washington. After a rigorous software evaluation, Glorieta chose Baker Tilly Digital over other on-premises and cloud solutions as the best not-for-profit accounting software to meet the unique needs presented by the organization's ongoing expansion.\nThe business challenge Glorieta's financial reports were time-consuming to prepare and could only be presented in static formats Managing fixed assets was a manual process that had to be done outside the accounting system Management did not have enough access to relevant data or the ability to do comparative analysis As the camp adds locations and entities, their legacy accounting system would not be able to scale to match that growth\nStrategy and solution Glorieta staff enjoy real-time access to their financial information, from anywhere with internet access With electronic workflows and approvals, they've streamlined manually driven processes which save them time They now have the ability to consolidate and report across multiple entities in 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HOUSTON (Sept. 1, 2021) – Baker Tilly US, LLP (Baker Tilly) announces the acquisition of AcctTwo Shared Services, LLC (AcctTwo). The move amplifies Baker Tilly’s robust product development capabilities and extensive digital practice. The acquisition will be effective Oct. 1.  AcctTwo is a seven-time Partner of the Year of Sage Intacct, the first-and-only preferred financial-management system of the AICPA. AcctTwo is both a Value-Added Reseller (VAR) of Sage Intacct and a managed services provider with proprietary solutions for the powerful cloud-based platform. \n“We are investing heavily in the digital space to help our clients drive sustainable growth and stay ahead of the technology revolution,” said Angela MacPhee, Baker Tilly consulting managing partner. “Together with AcctTwo, Baker Tilly’s end-to-end solutions can meet the needs of businesses in any stage of their life cycle.” “This is a powerful combination where our vision and strategy align,” said AcctTwo founder and CEO Marcus Wagner. “Being deep in the technology sphere, we wanted a partner with advisory CPA expertise and the same commitment to clients and future growth.”  Baker Tilly brings AcctTwo clients significantly more resources and capabilities coast-to-coast and internationally in tax, assurance and consulting. These now include best-in-class software and business process transformation, to outsourcing a client’s entire finance and accounting function. \n“This is a great outcome for our joint customers,” said Taylor Macdonald, senior vice president of channels for Sage Intacct. “This acquisition brings together our seven-time Partner of the Year and one of the most modern advisory CPA firms with global reach and an impressive breadth and depth of expertise.” Headquartered in Houston, AcctTwo helps further ingrain Baker Tilly’s presence in the largest city in Texas and fourth largest in the country. This business metropolis increasingly is a hot bed for technology companies and talent. AcctTwo’s 100-person team located in Houston, Dallas and remote locations will join Baker Tilly Digital.\nAbout Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 36,000 professionals and a combined worldwide revenue of $4.0 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.  About AcctTwo Shared Services, LLC (accttwo.com) AcctTwo Shared Services, LLC (AcctTwo) provides the people, processes, and technology to transform finance and accounting into a strategic asset. 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","category":"Press Release","objectID":"news-baker-tilly-acquires-accttwo-the-leading-sage-intacct-partner","_highlightResult":{"title":{"value":"Baker Tilly Acquires AcctTwo, the Leading Sage Intacct Partner","matchLevel":"none","matchedWords":[]},"body":{"value":"Acquisition of Houston-based technology and services company creates a trifecta of best-in-class technology, implementation and outsourcing.  HOUSTON (Sept. 1, 2021) – Baker Tilly US, LLP (Baker Tilly) announces the acquisition of AcctTwo Shared Services, LLC (AcctTwo). The move amplifies Baker Tilly’s robust product development capabilities and extensive digital practice. The acquisition will be effective Oct. 1.  AcctTwo is a seven-time Partner of the Year of Sage Intacct, the first-and-only preferred financial-management system of the AICPA. AcctTwo is both a Value-Added Reseller (VAR) of Sage Intacct and a managed services provider with proprietary solutions for the powerful cloud-based platform. \n“We are investing heavily in the digital space to help our clients drive sustainable growth and stay ahead of the technology revolution,” said Angela MacPhee, Baker Tilly consulting managing partner. “Together with AcctTwo, Baker Tilly’s end-to-end solutions can meet the needs of businesses in any stage of their life cycle.” “This is a powerful combination where our vision and strategy align,” said AcctTwo founder and CEO Marcus Wagner. “Being deep in the technology sphere, we wanted a partner with advisory CPA expertise and the same commitment to clients and future growth.”  Baker Tilly brings AcctTwo clients significantly more resources and capabilities coast-to-coast and internationally in tax, assurance and consulting. These now include best-in-class software and business process transformation, to outsourcing a client’s entire finance and accounting function. \n“This is a great outcome for our joint customers,” said Taylor Macdonald, senior vice president of channels for Sage Intacct. “This acquisition brings together our seven-time Partner of the Year and one of the most modern advisory CPA firms with global reach and an impressive breadth and depth of expertise.” Headquartered in Houston, AcctTwo helps further ingrain Baker Tilly’s presence in the largest city in Texas and fourth largest in the country. This business metropolis increasingly is a hot bed for technology companies and talent. AcctTwo’s 100-person team located in Houston, Dallas and remote locations will join Baker Tilly Digital.\nAbout Baker Tilly US, LLP (bakertilly.com) Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 148 territories, with 36,000 professionals and a combined worldwide revenue of $4.0 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.  About AcctTwo Shared Services, LLC (accttwo.com) AcctTwo Shared Services, LLC (AcctTwo) provides the people, processes, and technology to transform finance and accounting into a strategic asset. 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They accomplish their mission through three main ministries: CampLife, Legacy Academies and Tree of Life. 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the orphaned and vulnerable children of Zambia to proclaim the gospel, transform lives and rescue orphans. They accomplish their mission through three main ministries: CampLife, Legacy Academies and Tree of Life. After a rigorous evaluation, Family Legacy chose Baker Tilly Digital over other on-premises and cloud solutions as the best fit to meet the needs of the organization.\nThe business challenge Due to the limitations of their legacy accounting software, Family Legacy did not have the capacity to report on all levels of their organization Without visibility right down to the lowest level of the program initiatives within the financial platform, the finance team dealt with unnecessary reconciliation and research Without the ability to provide leadership with detailed reporting - measuring trends and relationships over time - they had difficulty making good decisions for future growth\nStrategy and solution Family Legacy now has access to their financial information from anywhere with internet access, whether it be in Texas or in Zambia Their new not-for-profit accounting software provides the organization with electronic workflows and approvals in every area needed, and will provide their team with real-time visibility into the data through easy-to-read dashboard reports Going forward, it will be simple to work with other systems, pulling in operational data automatically into a single source of truth to inform their decision making","matchLevel":"none","matchedWords":[]},"description":{"value":"Baker Tilly Digital implements not-for-profit accounting solutions for Family Legacy, a Texas-based missionary with operations in Zambia.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIes","uid":"digital-transformation-examples-how-cfos-can-improve-performance","tags":["Digital Transformation","cfo","automation"],"type":"insight","lastPublicationDate":"2022-09-02T18:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1662141600,"_tags":["DIGITAL TRANSFORMATION","CFO","AUTOMATION"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Digital transformation examples: how CFOs can improve performance","co_authors":["Alyssa Nunez",""],"body":"It’s been estimated that 75 percent of small and medium business (SMB) decision-makers understand that using digital technology effectively is key to business success, especially in today’s digital era. Finding the right solutions can help a company overcome new challenges, course correct, and better prepare for unexpected changes in business and market conditions. Here are some digital transformation examples to help you see how to empower your people and prepare for the future. It has become more evident over the past year that investing in digital transformation pays off. SMBs in the process of digital transformation initiatives were much more likely to report year-over-year revenue increases than SMBs still in the planning stage, or those with no plans. Those who are already executing digital transformation are also more likely to see revenues rise faster than their peers. Some SMBs find it difficult to develop and execute a digital transformation strategy. They might see the “digital transformation” as confusing and over-hyped. Does it mean completely overhauling the technology environment, or moving everything to the cloud? Or does it mean doing what we do today but faster? Is it just about moving from paper to digital processes? Most SMBs confront many other challenges, even if they have a good understanding of the term. At the top of the list are concerns about integration, security, and just figuring out what works best. Resistance to change and the recurring “lack of” issues – lack of time, money, skills, prioritization, and staff – also get in the way. How can CFOs overcome these hurdles and help their organizations forge a successful path forward? Defining digital transformation There is more to digital transformation than just swapping out different technology solutions. It requires a shift in how you think about, operate, and manage your business to make it more relevant and valuable – and ultimately, to improve performance. SMB Group defines digital transformation as “how businesses use digital technologies to create new or modify existing business processes, practices, models, culture, and customer experiences to meet changing business and market requirements.” To put it simply, digital transformation is a catalyst for businesses to rethink the structure, purpose, and culture of the business. We often focus on the business models and business processes first, but it is important to keep in mind that people are the driving force to overcoming digital transformation challenges. The top three drivers to invest in digital solutions for SMBs are keeping up with changing customer expectations, improving employee productivity, and improving external collaboration with suppliers, customers, and partners. This means that digital transformation initiatives must support improvements for people, not just the process. You can cultivate creativity and growth by helping your employees work smarter not harder, ultimately giving you a competitive edge. Focusing on making work more intuitive and efficient means that employees can spend less time on repetitive and monotonous tasks. They gain more time to better serve customers, think more strategically, and focus on revenue-generating work. Digital transformation will always be a work in progress – not an endpoint. Businesses and technology strategies must adjust accordingly as conditions change. The COVID-19 pandemic made this fact more evident. When the pandemic hit home in March of 2020, businesses had to address three main challenges very quickly: how to create safe physical workplaces, how to adjust millions of workers to be productive in remote settings, and how to serve customers virtually instead of physically. There were also unanticipated supply chain disruptions, furloughs, and layoffs to deal with. As time goes on, companies must deal with even more new issues, including hiring difficulties, creating long-term hybrid work environments, and figuring out how, and when customers will return to pre-pandemic behaviors. Work begins with the CFO The goal of digital transformation is to improve business results, which almost always involves the CFO. Financial professionals must go beyond keeping up with the latest management practices and mastering financial basics to provide effective guidance. They need to serve as strategic advisors to help decision-makers evaluate options and to better understand implications. Successful digital transformation initiatives start by taking a fresh look at what’s going on in the business, and with employees, customers, and competitors. Perhaps it’s more difficult to recruit and retain employees, or revenues and profits are dipping. Maybe you will miss out on a great opportunity to enter a new market because there are too many workarounds. Or maybe a competitor has introduced a new business model that is disrupting your business. Discovering and zeroing in on specific problem areas can help you set goals to grow and sustain the business. It is crucial to be able to communicate effectively and work collaboratively across the organization and engage people at all levels. While leaders must be on board to move ahead, employees must buy in to implement new business practices. Partners, suppliers, and customers can also provide valuable input into what’s working, what’s not working, and what changes need to be made. Providing a strong foundation for digital transformation Client-server software and spreadsheets can help you analyze what has already happened in the business but are often clunky and brittle. On top of that, decision-makers need more than a look in the rearview mirror. CFOs need real-time information and analytics capabilities to steer their business forward. It helps inform overall strategy, and identify, interpret, and execute in response to new trends and opportunities. Modern, cloud-based financial systems, such as Sage Intacct cloud-based financial management software, are designed to deliver these capabilities. Data only needs to be entered into the system once, ensuring that all users have access to the same, up-to-date information. These solutions are built with open, flexible technology, making it easy for customers to integrate solutions and new capabilities into the core financials program. The framework facilitates vendor innovation as well, allowing them to embed new technologies into their solutions. For example, vendors can augment their solutions with A.I. (Artificial Intelligence) and Machine Learning to create and enhance predictive analytics and business modeling capabilities. Using an extensible and flexible platform is key, as it enables you to prioritize changes and add new solutions in an integrated and cohesive manner. Here are some examples that illustrate practical ways to get started and build momentum for a digital transformation: Reinvent tedious spreadsheet tasks with digital workflows Problem: Companies have clunky workflows for time sheets, expenses, approvals for purchase orders, and other processes. Spreadsheets are notorious for creating errors and issues. Emails get lost and information needs to be re-entered into your financial system. Solution: Switch from spreadsheets to cloud-based solutions to create automated, paperless workflows. With Sage Intacct, you can create a purchase order process that has automated rules, messages, and triggers. Approvers can authorize or deny from anywhere, on any device, and this information feeds directly back to the financial system. Results: The platform helps enforce policies and rules that your company sets up for different processes and eases the process through to completion in an accurate, secure, and collaborative manner. Employees spend less time fixing issues, data entry, and manual processes, which gives them more time for creative work and problem solving. Automate data entry with smart digital processes Problem: Some employees will procrastinate entering information into timesheets, or enter the wrong information, which needs to be corrected. This leads to wasted time, missing information, inaccurate numbers, and a blurry view of the project’s true costs. If just one employee fails to track up to one hour of billable time per week, it could add up to thousands worth of billable hours lost each year. Solution: Time entry solutions powered by A.I., such as Sage Intelligent Time, can track time for employees by suggesting entries to them. Employees can check, accept, or change the time as needed, or they can enter the time themselves via a streamlined user interface. Results: Employees can spend less time on tracking hours and more time doing productive work, and approvers can put less effort into reviewing and authorizing. Finance gets more accurate numbers for reporting and project forecasting, and the business stops losing billable hours. Evolve to digital business models Problem: No one likes being blindsided by change. Many SMBs lack the tools needed to pull data and aggregate insights that are necessary to make decisions on how to change course. They rely on spreadsheets to guide them that are prone to errors, broken links, hidden formulas, and other issues. These problems can lead to unnecessary confusion, mistrust in the data, and disagreements about strategy – all of which cost the company time, money, and aggravation. Solution: Being able to assess the situation, model possible scenarios and outcomes, and act is critical for business agility. Sage Intacct Budgeting and Planning complements Sage Intacct financials to give finance teams the ability to model calculations alongside many variables, such as projected cash flow, sales, revenue recognition options, or headcount expenses, and the tools to evaluate multiple scenarios. Sage’s new Outlier Detection for General Ledger product uses A.I. to help find errors and anomalies that typically take humans hours or weeks to detect—if they ever do. Results: It is invaluable to be able to quickly switch gears as conditions change. For example, during COVID-19, some medical practices had to figure out how to retain and increase patients using its services. Using Sage Intacct forecasting tools, clinics could successfully switch from in-person visits to telehealth, increasing the number of appointments. Conclusion Digital transformation is really about business transformation. It is powered by technology, but the right business strategy is at the core of any digital transformation initiative. Accounting and finance are the system of record for most businesses, pushing executives to increasingly rely on financial teams and CFOs for insights and guidance. CFOs with more comprehensive, accurate and timely financial information are better equipped to understand, predict, and respond to new marketing, employee, and operational requirements. These CFOs are more adept at helping their companies successfully navigate through change. The modern CFO needs to look for a “whole product” solution - curated, stress-tested, and optimized by a solution provider with deep industry experience that can close the gap in the critical last-mile functionality and get you the insights that CFOs need to transform finance and accounting into a strategic business asset that uses data to challenge the status quo. This whole product solution should be available as-a-service, whether that be software subscriptions, outsourced finance operations, or even technology implementations, consulting, and development. If you'd like to go more in depth, our eBook, How Can You Transform Finance \u0026 Accounting into a Strategic Business Asset? is available for instant download. Find out everything we’ve learned from supporting our incredible customers for more than a decade (most of whom are still with us) and a guide for finance and accounting leaders at all organizations to establish what they should expect in the future.","image":{"dimensions":{"width":300,"height":180},"alt":"Digital transformation examples: How CFOs can improve performance","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZDJhZmJmMGYtYWU4Zi00YzdkLTlhNmQtNGJhMWM0MzQwZjZj_tebook20computer20with20future20technology20media20symbols.jpegwidth300ampnamemodern20notebook20computer20with20future20technology20media20symbols.jpeg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Modern notebook computer with future technology media 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Finding the right solutions can help a company overcome new challenges, course correct, and better prepare for unexpected changes in business and market conditions. Here are some digital transformation examples to help you see how to empower your people and prepare for the future. It has become more evident over the past year that investing in digital transformation pays off. SMBs in the process of digital transformation initiatives were much more likely to report year-over-year revenue increases than SMBs still in the planning stage, or those with no plans. Those who are already executing digital transformation are also more likely to see revenues rise faster than their peers. Some SMBs find it difficult to develop and execute a digital transformation strategy. They might see the “digital transformation” as confusing and over-hyped. Does it mean completely overhauling the technology environment, or moving everything to the cloud? Or does it mean doing what we do today but faster? Is it just about moving from paper to digital processes? Most SMBs confront many other challenges, even if they have a good understanding of the term. At the top of the list are concerns about integration, security, and just figuring out what works best. Resistance to change and the recurring “lack of” issues – lack of time, money, skills, prioritization, and staff – also get in the way. How can CFOs overcome these hurdles and help their organizations forge a successful path forward? Defining digital transformation There is more to digital transformation than just swapping out different technology solutions. It requires a shift in how you think about, operate, and manage your business to make it more relevant and valuable – and ultimately, to improve performance. SMB Group defines digital transformation as “how businesses use digital technologies to create new or modify existing business processes, practices, models, culture, and customer experiences to meet changing business and market requirements.” To put it simply, digital transformation is a catalyst for businesses to rethink the structure, purpose, and culture of the business. We often focus on the business models and business processes first, but it is important to keep in mind that people are the driving force to overcoming digital transformation challenges. The top three drivers to invest in digital solutions for SMBs are keeping up with changing customer expectations, improving employee productivity, and improving external collaboration with suppliers, customers, and partners. This means that digital transformation initiatives must support improvements for people, not just the process. You can cultivate creativity and growth by helping your employees work smarter not harder, ultimately giving you a competitive edge. Focusing on making work more intuitive and efficient means that employees can spend less time on repetitive and monotonous tasks. They gain more time to better serve customers, think more strategically, and focus on revenue-generating work. Digital transformation will always be a work in progress – not an endpoint. Businesses and technology strategies must adjust accordingly as conditions change. The COVID-19 pandemic made this fact more evident. When the pandemic hit home in March of 2020, businesses had to address three main challenges very quickly: how to create safe physical workplaces, how to adjust millions of workers to be productive in remote settings, and how to serve customers virtually instead of physically. There were also unanticipated supply chain disruptions, furloughs, and layoffs to deal with. As time goes on, companies must deal with even more new issues, including hiring difficulties, creating long-term hybrid work environments, and figuring out how, and when customers will return to pre-pandemic behaviors. Work begins with the CFO The goal of digital transformation is to improve business results, which almost always involves the CFO. Financial professionals must go beyond keeping up with the latest management practices and mastering financial basics to provide effective guidance. They need to serve as strategic advisors to help decision-makers evaluate options and to better understand implications. Successful digital transformation initiatives start by taking a fresh look at what’s going on in the business, and with employees, customers, and competitors. Perhaps it’s more difficult to recruit and retain employees, or revenues and profits are dipping. Maybe you will miss out on a great opportunity to enter a new market because there are too many workarounds. Or maybe a competitor has introduced a new business model that is disrupting your business. Discovering and zeroing in on specific problem areas can help you set goals to grow and sustain the business. It is crucial to be able to communicate effectively and work collaboratively across the organization and engage people at all levels. While leaders must be on board to move ahead, employees must buy in to implement new business practices. Partners, suppliers, and customers can also provide valuable input into what’s working, what’s not working, and what changes need to be made. Providing a strong foundation for digital transformation Client-server software and spreadsheets can help you analyze what has already happened in the business but are often clunky and brittle. On top of that, decision-makers need more than a look in the rearview mirror. CFOs need real-time information and analytics capabilities to steer their business forward. It helps inform overall strategy, and identify, interpret, and execute in response to new trends and opportunities. Modern, cloud-based financial systems, such as Sage Intacct cloud-based financial management software, are designed to deliver these capabilities. Data only needs to be entered into the system once, ensuring that all users have access to the same, up-to-date information. These solutions are built with open, flexible technology, making it easy for customers to integrate solutions and new capabilities into the core financials program. The framework facilitates vendor innovation as well, allowing them to embed new technologies into their solutions. For example, vendors can augment their solutions with A.I. (Artificial Intelligence) and Machine Learning to create and enhance predictive analytics and business modeling capabilities. Using an extensible and flexible platform is key, as it enables you to prioritize changes and add new solutions in an integrated and cohesive manner. Here are some examples that illustrate practical ways to get started and build momentum for a digital transformation: Reinvent tedious spreadsheet tasks with digital workflows Problem: Companies have clunky workflows for time sheets, expenses, approvals for purchase orders, and other processes. Spreadsheets are notorious for creating errors and issues. Emails get lost and information needs to be re-entered into your financial system. Solution: Switch from spreadsheets to cloud-based solutions to create automated, paperless workflows. With Sage Intacct, you can create a purchase order process that has automated rules, messages, and triggers. Approvers can authorize or deny from anywhere, on any device, and this information feeds directly back to the financial system. Results: The platform helps enforce policies and rules that your company sets up for different processes and eases the process through to completion in an accurate, secure, and collaborative manner. Employees spend less time fixing issues, data entry, and manual processes, which gives them more time for creative work and problem solving. Automate data entry with smart digital processes Problem: Some employees will procrastinate entering information into timesheets, or enter the wrong information, which needs to be corrected. This leads to wasted time, missing information, inaccurate numbers, and a blurry view of the project’s true costs. If just one employee fails to track up to one hour of billable time per week, it could add up to thousands worth of billable hours lost each year. Solution: Time entry solutions powered by A.I., such as Sage Intelligent Time, can track time for employees by suggesting entries to them. Employees can check, accept, or change the time as needed, or they can enter the time themselves via a streamlined user interface. Results: Employees can spend less time on tracking hours and more time doing productive work, and approvers can put less effort into reviewing and authorizing. Finance gets more accurate numbers for reporting and project forecasting, and the business stops losing billable hours. Evolve to digital business models Problem: No one likes being blindsided by change. Many SMBs lack the tools needed to pull data and aggregate insights that are necessary to make decisions on how to change course. They rely on spreadsheets to guide them that are prone to errors, broken links, hidden formulas, and other issues. These problems can lead to unnecessary confusion, mistrust in the data, and disagreements about strategy – all of which cost the company time, money, and aggravation. Solution: Being able to assess the situation, model possible scenarios and outcomes, and act is critical for business agility. Sage Intacct Budgeting and Planning complements Sage Intacct financials to give finance teams the ability to model calculations alongside many variables, such as projected cash flow, sales, revenue recognition options, or headcount expenses, and the tools to evaluate multiple scenarios. Sage’s new Outlier Detection for General Ledger product uses A.I. to help find errors and anomalies that typically take humans hours or weeks to detect—if they ever do. Results: It is invaluable to be able to quickly switch gears as conditions change. For example, during COVID-19, some medical practices had to figure out how to retain and increase patients using its services. Using Sage Intacct forecasting tools, clinics could successfully switch from in-person visits to telehealth, increasing the number of appointments. Conclusion Digital transformation is really about business transformation. It is powered by technology, but the right business strategy is at the core of any digital transformation initiative. Accounting and finance are the system of record for most businesses, pushing executives to increasingly rely on financial teams and CFOs for insights and guidance. CFOs with more comprehensive, accurate and timely financial information are better equipped to understand, predict, and respond to new marketing, employee, and operational requirements. These CFOs are more adept at helping their companies successfully navigate through change. The modern CFO needs to look for a “whole product” solution - curated, stress-tested, and optimized by a solution provider with deep industry experience that can close the gap in the critical last-mile functionality and get you the insights that CFOs need to transform finance and accounting into a strategic business asset that uses data to challenge the status quo. This whole product solution should be available as-a-service, whether that be software subscriptions, outsourced finance operations, or even technology implementations, consulting, and development. If you'd like to go more in depth, our eBook, How Can You Transform Finance \u0026 Accounting into a Strategic Business Asset? is available for instant download. Find out everything we’ve learned from supporting our incredible customers for more than a decade (most of whom are still with us) and a guide for finance and accounting leaders at all organizations to establish what they should expect in the future.","matchLevel":"none","matchedWords":[]},"description":{"value":"Technology has begun to completely change the strategic role of today’s CFO by automating or eliminating much of the work being done by humans.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIdu","uid":"baker-tilly-enables-technology-company-to-see-subscription-revenue-metrics","tags":["saas intelligence","saas"],"type":"insight","lastPublicationDate":"2022-09-29T14:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1664460000,"_tags":["SAAS INTELLIGENCE","SAAS"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"SaaS Intelligence","uid":"saas-intelligence"}],"title":"Baker Tilly enables technology company to see subscription revenue metrics","author":"Marcus Wagner","co_authors":[""],"body":"Baker Tilly, the accounting and finance specialists, made a new case study available today featuring their successful implementation with Quest Analytics of automated subscription revenue metrics tracking software, Baker Tilly SaaS Intelligence. The finance leaders, executives, and department heads at Quest Analytics now have instant access to actionable insights and trends that will enable them to grow the business. Quest Analytics strives to help people across America receive the information and care they deserve. A technology company dedicated to improving healthcare provider network management, Quest Analytics’ Provider Network Management platform brings transparency, trust and confidence in the process of monitoring, measuring and managing provider networks. Quest Analytics partners with both healthcare organizations and providers to address two significant issues facing the healthcare industry today: accurate provider directories and accessible networks. While moving more of its products and services to the cloud, it became clear to Quest Analytics should be measuring itself against subscription business model metrics and evaluating its business as a software-as-a-service (SaaS) company. The first major step in that direction was upgrading their financials from their legacy software and spreadsheets. The best solution for the organization was Sage Intacct’s contract management capabilities, subscription billing and its native integration with Salesforce. “The company has been in business since 2003 and had historically been a desktop software provider,” Robertson says. “As we moved more of our solutions to the cloud, we knew we needed to think in terms of more complex multi-year, multi-element contracts, and that managing those contracts with spreadsheets wasn’t going to work long term.” Robertson knew they needed an ERP system, Sage Intacct, that could manage their revenue recognition requirements and increasingly complex billing, while also automating the tracking of crucial SaaS KPIs for the organization – for this, he turned to SaaS Intelligence. The implementation of their SaaS KPI dashboard was straightforward according to Robertson. Chris Price, and the product team, helped Robertson understand exactly how the metrics were being calculated. “The Baker Tilly team was super responsive and always provided me with a lot of detail whenever I had questions,” Robertson says. “The product works exactly as it was sold to us.” “Spreadsheets aren’t systems,” he says, explaining that it’s too easy to make mistakes, judgment calls and manual interventions when you are using spreadsheets, making it difficult to trust the data and even more difficult to surface insights about your business. “When you keep everything in Excel and split your data by year, it can make trailing twelve-month analysis difficult and it’s less likely that you’ll discover actionable insights and trends,” says Robertson. “With Baker Tilly’s SaaS Intelligence, we can do that kind of analysis easily.” “Baker Tilly’s SaaS Intelligence provides a powerful and accurate representation of customer subscription activity and the impact on ARR or CMRR by automatically identifying different SaaS metric scenarios. The intelligent engine of the application can tell the difference between factors driving changes in CMRR, removing the need for additional analysis of transactions or manual intervention, giving the finance teams a single source of truth,” said Chris Price. According to Robertson, SaaS Intelligence became a check on previous policies to make sure KPIs are being calculated properly. “We found ourselves often saying ‘What does the spreadsheet say?’ and then ‘But what does SaaS Intelligence say?’ and that process has taught us a lot about our assumptions and our policies around SaaS metrics,” says Robertson. “It gives you the flexibility to look at things differently, to challenge your assumptions and to look at true KPIs. It spurs conversations we didn’t use to have around things like Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV).” SaaS Intelligence is helping Robertson communicate key SaaS metrics and have these conversations at the executive team level. “Going in front of the Executive Team to present these metrics is spurring conversations about where to focus our efforts,” says Robertson. “Having these insights that are actionable and strategic come out of the finance department is really cool,” he adds.","image":{"dimensions":{"width":7400,"height":4826},"alt":"Baker Tilly's SaaS KPI dashboard enables technology company to see subscription revenue metrics ","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,443,7400,3947\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,369,7400,4440\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,243,7400,4332\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,252,7400,4332\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,99,7400,4637\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,1480,7400,1870\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,435,7400,3947\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,443,7400,3947\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,1480,7400,1850\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,246,7400,4332\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Baker Tilly enables technology company to see subscription revenue metrics","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/f496af13-b1f7-479f-9c07-cd1a39b3f99a_software+solutions_technology.jpg?auto=compress,format\u0026rect=0,369,7400,4070\u0026w=20\u0026h=11"}},"date":"2021-08-23T05:00:00+0000","dateTimestamp":1629694800,"description":"With an automated SaaS KPI dashboard, Quest Analytics can now have data-driven conversations about their subscription finance metrics.","category":"Article","objectID":"insight-baker-tilly-enables-technology-company-to-see-subscription-revenue-metrics","_highlightResult":{"_tags":[{"value":"SAAS INTELLIGENCE","matchLevel":"none","matchedWords":[]},{"value":"SAAS","matchLevel":"none","matchedWords":[]}],"title":{"value":"Baker Tilly enables technology company to see subscription revenue metrics","matchLevel":"none","matchedWords":[]},"author":{"value":"Marcus Wagner","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Baker Tilly, the accounting and finance specialists, made a new case study available today featuring their successful implementation with Quest Analytics of automated subscription revenue metrics tracking software, Baker Tilly SaaS Intelligence. The finance leaders, executives, and department heads at Quest Analytics now have instant access to actionable insights and trends that will enable them to grow the business. Quest Analytics strives to help people across America receive the information and care they deserve. A technology company dedicated to improving healthcare provider network management, Quest Analytics’ Provider Network Management platform brings transparency, trust and confidence in the process of monitoring, measuring and managing provider networks. Quest Analytics partners with both healthcare organizations and providers to address two significant issues facing the healthcare industry today: accurate provider directories and accessible networks. While moving more of its products and services to the cloud, it became clear to Quest Analytics should be measuring itself against subscription business model metrics and evaluating its business as a software-as-a-service (SaaS) company. The first major step in that direction was upgrading their financials from their legacy software and spreadsheets. The best solution for the organization was Sage Intacct’s contract management capabilities, subscription billing and its native integration with Salesforce. “The company has been in business since 2003 and had historically been a desktop software provider,” Robertson says. “As we moved more of our solutions to the cloud, we knew we needed to think in terms of more complex multi-year, multi-element contracts, and that managing those contracts with spreadsheets wasn’t going to work long term.” Robertson knew they needed an ERP system, Sage Intacct, that could manage their revenue recognition requirements and increasingly complex billing, while also automating the tracking of crucial SaaS KPIs for the organization – for this, he turned to SaaS Intelligence. The implementation of their SaaS KPI dashboard was straightforward according to Robertson. Chris Price, and the product team, helped Robertson understand exactly how the metrics were being calculated. “The Baker Tilly team was super responsive and always provided me with a lot of detail whenever I had questions,” Robertson says. “The product works exactly as it was sold to us.” “Spreadsheets aren’t systems,” he says, explaining that it’s too easy to make mistakes, judgment calls and manual interventions when you are using spreadsheets, making it difficult to trust the data and even more difficult to surface insights about your business. “When you keep everything in Excel and split your data by year, it can make trailing twelve-month analysis difficult and it’s less likely that you’ll discover actionable insights and trends,” says Robertson. “With Baker Tilly’s SaaS Intelligence, we can do that kind of analysis easily.” “Baker Tilly’s SaaS Intelligence provides a powerful and accurate representation of customer subscription activity and the impact on ARR or CMRR by automatically identifying different SaaS metric scenarios. The intelligent engine of the application can tell the difference between factors driving changes in CMRR, removing the need for additional analysis of transactions or manual intervention, giving the finance teams a single source of truth,” said Chris Price. According to Robertson, SaaS Intelligence became a check on previous policies to make sure KPIs are being calculated properly. “We found ourselves often saying ‘What does the spreadsheet say?’ and then ‘But what does SaaS Intelligence say?’ and that process has taught us a lot about our assumptions and our policies around SaaS metrics,” says Robertson. “It gives you the flexibility to look at things differently, to challenge your assumptions and to look at true KPIs. It spurs conversations we didn’t use to have around things like Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV).” SaaS Intelligence is helping Robertson communicate key SaaS metrics and have these conversations at the executive team level. “Going in front of the Executive Team to present these metrics is spurring conversations about where to focus our efforts,” says Robertson. “Having these insights that are actionable and strategic come out of the finance department is really cool,” he adds.","matchLevel":"none","matchedWords":[]},"description":{"value":"With an automated SaaS KPI dashboard, Quest Analytics can now have data-driven conversations about their subscription finance metrics.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIdo","uid":"church-streamlines-electronic-workflows-and-eliminates-manually-driven-processes","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Multisite church streamlines electronic workflows and eliminates manually driven processes","co_authors":[""],"body":"Client background Fairhaven Church is a multi-site church for all age groups with a passion for living a journey of faith and telling the story of God’s redeeming love. Fairhaven's worship is vibrant, their preaching is practical and their ministries help you to grow closer to Jesus. The church has three locations in the Dayton, Ohio area, with plans for additional campuses in the next couple of years. Fairhaven manages multiple ministries as well as several strategic local and global mission partnerships. After a rigorous evaluation, the church chose Baker Tilly Digital over other on-premises and cloud solutions providers as the best team to meet the needs of the organization.\nThe business challenge Keeping data current and accurate was virtually impossible using their legacy accounting system (Shelby church software)  With three campuses, managing fixed assets between locations was a challenge Budgets had to be built in Excel, which was a time consuming process for both staff and leadership Manual payment approval processes were distracting staff from mission-critical tasks\nStrategy and solution Fairhaven's leaders will have access to data in real-time via easy-to-read dashboards and from anywhere they have internet Electronic workflows and approvals have streamlined manually driven processes and saved the church finance team time Baker Tilly Digital's open API platform makes it easy to work with other systems, either through a live connection or the integration of an import file automation Baker Tilly Digital connected multiple credit card management platforms, opening the door to better time management when dealing with employee credit card expenses","image":{"dimensions":{"width":1920,"height":1080},"alt":"Hand raised at a church service","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d6a45391-de67-4256-b0d0-4e5ea9d0b82b_Hand+raised+at+church+service.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Hand raised at a church service","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d6a45391-de67-4256-b0d0-4e5ea9d0b82b_Hand+raised+at+church+service.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Hand raised at a church 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Fairhaven's worship is vibrant, their preaching is practical and their ministries help you to grow closer to Jesus. The church has three locations in the Dayton, Ohio area, with plans for additional campuses in the next couple of years. Fairhaven manages multiple ministries as well as several strategic local and global mission partnerships. After a rigorous evaluation, the church chose Baker Tilly Digital over other on-premises and cloud solutions providers as the best team to meet the needs of the organization.\nThe business challenge Keeping data current and accurate was virtually impossible using their legacy accounting system (Shelby church software)  With three campuses, managing fixed assets between locations was a challenge Budgets had to be built in Excel, which was a time consuming process for both staff and leadership Manual payment approval processes were distracting staff from mission-critical tasks\nStrategy and solution Fairhaven's leaders will have access to data in real-time via easy-to-read dashboards and from anywhere they have internet Electronic workflows and approvals have streamlined manually driven processes and saved the church finance team time Baker Tilly Digital's open API platform makes it easy to work with other systems, either through a live connection or the integration of an import file automation Baker Tilly Digital connected multiple credit card management platforms, opening the door to better time management when dealing with employee credit card expenses","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn why Fairhaven Church chose Baker Tilly Digital to move to church not-for-profit software.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIas","uid":"connected-finance-empowers-todays-modern-cfo","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Connected finance empowers today's modern CFO","co_authors":[""],"body":"At Baker Tilly Digital, we believe that the finance and accounting function and the CFO should be a strategic business partner to their organizations, and they have a unique opportunity to help build the future of those organizations. A recent article in the International Business Times titled, \"The Future of Finance Is Connected Finance\" does a wonderful job of illustrating that perspective. The article focuses on the concept of \"connected finance\" and its importance to this vision of the role of the modern CFO and finance teams. Connected Finance Is Necessary Now Connected finance, according to the author, Abhinav Tiwari, is necessary for the strategic role of today's CFO who needs real-time data – a key element for them to make faster, smarter decisions. CEOs that need to make these decisions are relying more and more on their CFOs for the insights they need. CFOs are no longer just providing GAAP financial statements days or weeks (if they're lucky) after month-end close. Many CFOs are still stuck with this dated information. According to Tiwari, \"This makes seeing around corners challenging.\" The move to the cloud and the adoption of API-connected systems has obviously improved this situation, but Tiwari points out that that's not the end of the story. Even if you move most or all your systems to the cloud, they aren't necessarily connected or connected enough to overcome the challenges. The systems are often still siloed and poorly connected. Spreadsheets are still heavily used to manage exported and consolidated data. Data pulled into a spreadsheet is by nature not real-time, not trustworthy, not connected, and not truly unified.  Tiwari mentions companies that have tried to integrate their data using tools like Tableau that pull in and allow analysis of data from multiple systems, including spreadsheets. But he points out that, \"these systems have their own problems. These systems are not systems of record. They can display data from many sources, but they cannot add data that immediately impacts the analysis.\"  He goes on to write, \"Modern CFOs with their finger on the technological pulse have noticed this problem. They have started asking, why do we need data exported from a cloud to a spreadsheet to analyze it? Why can't we be plugged into the original flow? Why are we disconnected both from our systems and reality?\"  Automation is the Solution While Tiwari does a great job of stating the problem faced by the modern CFO, he leaves the solution open-ended. We believe that we have curated that solution for our customers and the industries we serve. We believe that the system of record should be the accounting system (or ERP or Financial Management System, depending on preferred language). We believe that system needs the ability to pull in nonfinancial data from other systems so that metrics and KPIs can be calculated and displayed. The pulling in of data should be through API integrations that allow for that data to be updated in real time. One of the best examples of a solution like this is Baker Tilly Digital’s SaaS Intelligence product built on top of the Sage Intacct development platform. Sage Intacct natively allows for statistical or operational data to be pulled into the accounting system and stored in statistical accounts. Sage Intacct also has a powerful native integration with Salesforce that enables the system to manage subscription billing, revenue recognition, and advanced contracts– all must-haves for today’s booming SaaS and subscription businesses. SaaS Intelligence adds an intelligent engine that automatically analyzes and categorizes SaaS and subscription transactions to deliver a host of metrics and KPIs, including more than a dozen types of Committed monthly Recurring Revenue (CMRR) as well as other KPIs such as Customer Acquisition Cost (CAC), Customer Lifetime Value (CLTV), Gross and Net Dollar Retention Rate, Days Sales Outstanding (DSO, and many more. This is a “connected finance.” Data from multiple business systems are available in real time in the accounting system of record, automatically providing industry-relevant metrics and KPIs that allow CFOs an CEOs to make informed business decisions.  Please contact us to learn more or to start a conversation about how you can turn your finance and accounting function into a connected finance and accounting function and therefore a strategic business asset.","image":{"dimensions":{"width":1959,"height":1306},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,131,1959,1045\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,98,1959,1175\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,79,1959,1147\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,81,1959,1147\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,39,1959,1228\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,240,1959,495\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,131,1959,1045\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,131,1959,1045\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,392,1959,490\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,80,1959,1147\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,98,1959,1077\u0026w=20\u0026h=11"}},"date":"2021-08-19T05:00:00+0000","dateTimestamp":1629349200,"description":"Learn why Baker Tilly Digital believes that finance, accounting and the CFO should be strategic business partners to their organizations.","category":"Article","objectID":"insight-connected-finance-empowers-todays-modern-cfo","_highlightResult":{"title":{"value":"Connected finance empowers today's modern CFO","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"At Baker Tilly Digital, we believe that the finance and accounting function and the CFO should be a strategic business partner to their organizations, and they have a unique opportunity to help build the future of those organizations. A recent article in the International Business Times titled, \"The Future of Finance Is Connected Finance\" does a wonderful job of illustrating that perspective. The article focuses on the concept of \"connected finance\" and its importance to this vision of the role of the modern CFO and finance teams. Connected Finance Is Necessary Now Connected finance, according to the author, Abhinav Tiwari, is necessary for the strategic role of today's CFO who needs real-time data – a key element for them to make faster, smarter decisions. CEOs that need to make these decisions are relying more and more on their CFOs for the insights they need. CFOs are no longer just providing GAAP financial statements days or weeks (if they're lucky) after month-end close. Many CFOs are still stuck with this dated information. According to Tiwari, \"This makes seeing around corners challenging.\" The move to the cloud and the adoption of API-connected systems has obviously improved this situation, but Tiwari points out that that's not the end of the story. Even if you move most or all your systems to the cloud, they aren't necessarily connected or connected enough to overcome the challenges. The systems are often still siloed and poorly connected. Spreadsheets are still heavily used to manage exported and consolidated data. Data pulled into a spreadsheet is by nature not real-time, not trustworthy, not connected, and not truly unified.  Tiwari mentions companies that have tried to integrate their data using tools like Tableau that pull in and allow analysis of data from multiple systems, including spreadsheets. But he points out that, \"these systems have their own problems. These systems are not systems of record. They can display data from many sources, but they cannot add data that immediately impacts the analysis.\"  He goes on to write, \"Modern CFOs with their finger on the technological pulse have noticed this problem. They have started asking, why do we need data exported from a cloud to a spreadsheet to analyze it? Why can't we be plugged into the original flow? Why are we disconnected both from our systems and reality?\"  Automation is the Solution While Tiwari does a great job of stating the problem faced by the modern CFO, he leaves the solution open-ended. We believe that we have curated that solution for our customers and the industries we serve. We believe that the system of record should be the accounting system (or ERP or Financial Management System, depending on preferred language). We believe that system needs the ability to pull in nonfinancial data from other systems so that metrics and KPIs can be calculated and displayed. The pulling in of data should be through API integrations that allow for that data to be updated in real time. One of the best examples of a solution like this is Baker Tilly Digital’s SaaS Intelligence product built on top of the Sage Intacct development platform. Sage Intacct natively allows for statistical or operational data to be pulled into the accounting system and stored in statistical accounts. Sage Intacct also has a powerful native integration with Salesforce that enables the system to manage subscription billing, revenue recognition, and advanced contracts– all must-haves for today’s booming SaaS and subscription businesses. SaaS Intelligence adds an intelligent engine that automatically analyzes and categorizes SaaS and subscription transactions to deliver a host of metrics and KPIs, including more than a dozen types of Committed monthly Recurring Revenue (CMRR) as well as other KPIs such as Customer Acquisition Cost (CAC), Customer Lifetime Value (CLTV), Gross and Net Dollar Retention Rate, Days Sales Outstanding (DSO, and many more. This is a “connected finance.” Data from multiple business systems are available in real time in the accounting system of record, automatically providing industry-relevant metrics and KPIs that allow CFOs an CEOs to make informed business decisions.  Please contact us to learn more or to start a conversation about how you can turn your finance and accounting function into a connected finance and accounting function and therefore a strategic business asset.","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn why Baker Tilly Digital believes that finance, accounting and the CFO should be strategic business partners to their organizations.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YRquNBAAAFAQVwSd","uid":"leaving-your-growing-pains-behind","tags":[],"type":"insight","lastPublicationDate":"2022-02-23T17:46:32+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1645638392,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"},{"title":"Consulting","uid":"consulting"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"},{"title":"Cloud Services","uid":"cloud-infrastructure"},{"title":"Enterprise Solutions ","uid":"enterprise-solutions"}],"solutions":[],"sectors":[],"title":"Leaving your growing pains behind ","author":"Ryan Pickering","co_authors":[""],"body":"All businesses struggle with growth – initially, how to achieve it; then, how to deal with those pain points that are the inevitable outcome of that growth. Whether it's building new lines of business, hiring more people or investing in new technology, all those issues create inflection points in your company.  Those growing pains are particularly pronounced at small and medium-sized companies reaching for the next rung of expansion, where you need to invest to get to that next level. To achieve that growth – and make way for future growth – companies are looking beyond their current legacy, on-premise accounting solutions and thinking about migrating their financial management systems to the Cloud.    Make way for the future  As your business grows, you need to have the technology and capability at your fingertips to make decisions. Many times, however, smaller companies stick with entry-level accounting software packages, such as QuickBooks, that has brought them to their current level of growth.  The problem is that while it may be working for now, will it give them the robustness they need over the next three years to reach their growth goals?   Investing in a core accounting finance service that can accurately report and create financials and systematically integrate financial data across all platforms is essential – whether you’re seeking to grow from a $1 million to a $5 million company or from $25 million to $75 million. It’s also, arguably, the single most important investment you will ever make: It will help you make better, quicker and more informed decisions, which will give you competitive advantage, get you into new markets and provide the intelligence that you need to developing products. It will enable the finance function to play a strategic role in decision-making, allowing you to manipulate data by location, department or entity and to create comprehensive reports and dashboards. By investing in cloud accounting technology, you'll be able to set up dashboards and visualizations to help you run your business better and grow – and use data to derive insight into managing capital and finances, report and articulate the value of the company and keep investors. Sage Intacct is an industry-agnostic ‘Best in Class’ solution that is particularly adapted to nonprofit, healthcare, hospitality, wholesale distribution, software and technology, financial services, and  construction and real estate companies. Customizable dashboards allow role-based and process-based metrics, reports, and charts to be created for quick insight and data-driven decisions. It helps firms streamline their business by allowing them to create more reports in less time. And it provides them with the means to do in-depth look-up and analysis of transactional data for making comparisons and finding trends.  Moving from surviving to thriving Beginning in early 2000 with the arrival of Covid-19, companies have been in survival mode. But with the US economy emerging from the pandemic and growth surging, according to The Conference Board, now is the time for organizations to be thinking critically about the investments that they need to make – not just to get back to previous operating levels, but how to get a competitive advantage over their opponents and achieve the next level of growth.  Sage Intacct provides the finance function with robust analytical, reporting and dashboard capabilities to make informed forward-looking decisions versus limping along with the status quo. As a cloud-based solution that is available anytime, anywhere, it allows you to get quicker, faster, better, and smarter information on your data to help you accelerate the growth of your business and create value.","image":{"dimensions":{"width":1920,"height":1080},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=0,298,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"team reviewing data software","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bb4478c-8d6f-462d-9e9c-8771cc9495c6_gen-header_team-data-software-analyze.png?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-08-16T05:00:00+0000","dateTimestamp":1629090000,"description":"To achieve growth, companies are looking beyond their current legacy, on-premise accounting solutions and thinking about migrating their financial management systems to the cloud. Read this article to learn how investing in a cloud-based solution can help you get faster, better, and smarter information on your data to help you accelerate the growth of your business and create value.  ","category":"Article","objectID":"insight-leaving-your-growing-pains-behind","_highlightResult":{"title":{"value":"Leaving your growing pains behind ","matchLevel":"none","matchedWords":[]},"author":{"value":"Ryan Pickering","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"All businesses struggle with growth – initially, how to achieve it; then, how to deal with those pain points that are the inevitable outcome of that growth. Whether it's building new lines of business, hiring more people or investing in new technology, all those issues create inflection points in your company.  Those growing pains are particularly pronounced at small and medium-sized companies reaching for the next rung of expansion, where you need to invest to get to that next level. To achieve that growth – and make way for future growth – companies are looking beyond their current legacy, on-premise accounting solutions and thinking about migrating their financial management systems to the Cloud.    Make way for the future  As your business grows, you need to have the technology and capability at your fingertips to make decisions. Many times, however, smaller companies stick with entry-level accounting software packages, such as QuickBooks, that has brought them to their current level of growth.  The problem is that while it may be working for now, will it give them the robustness they need over the next three years to reach their growth goals?   Investing in a core accounting finance service that can accurately report and create financials and systematically integrate financial data across all platforms is essential – whether you’re seeking to grow from a $1 million to a $5 million company or from $25 million to $75 million. It’s also, arguably, the single most important investment you will ever make: It will help you make better, quicker and more informed decisions, which will give you competitive advantage, get you into new markets and provide the intelligence that you need to developing products. It will enable the finance function to play a strategic role in decision-making, allowing you to manipulate data by location, department or entity and to create comprehensive reports and dashboards. By investing in cloud accounting technology, you'll be able to set up dashboards and visualizations to help you run your business better and grow – and use data to derive insight into managing capital and finances, report and articulate the value of the company and keep investors. Sage Intacct is an industry-agnostic ‘Best in Class’ solution that is particularly adapted to nonprofit, healthcare, hospitality, wholesale distribution, software and technology, financial services, and  construction and real estate companies. Customizable dashboards allow role-based and process-based metrics, reports, and charts to be created for quick insight and data-driven decisions. It helps firms streamline their business by allowing them to create more reports in less time. And it provides them with the means to do in-depth look-up and analysis of transactional data for making comparisons and finding trends.  Moving from surviving to thriving Beginning in early 2000 with the arrival of Covid-19, companies have been in survival mode. But with the US economy emerging from the pandemic and growth surging, according to The Conference Board, now is the time for organizations to be thinking critically about the investments that they need to make – not just to get back to previous operating levels, but how to get a competitive advantage over their opponents and achieve the next level of growth.  Sage Intacct provides the finance function with robust analytical, reporting and dashboard capabilities to make informed forward-looking decisions versus limping along with the status quo. As a cloud-based solution that is available anytime, anywhere, it allows you to get quicker, faster, better, and smarter information on your data to help you accelerate the growth of your business and create value.","matchLevel":"none","matchedWords":[]},"description":{"value":"To achieve growth, companies are looking beyond their current legacy, on-premise accounting solutions and thinking about migrating their financial management systems to the cloud. Read this article to learn how investing in a cloud-based solution can help you get faster, better, and smarter information on your data to help you accelerate the growth of your business and create value.  ","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIdA","uid":"not-for-profit-adds-efficiency-to-finance-function-by-implementing-accounting-system","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Not-for-profit adds efficiency to finance function by implementing accounting system","co_authors":[""],"body":"Client background VisitDallas is an independent, not-for-profit organization that promotes Dallas as the ideal visitor and convention destination in Texas. Dallas is the leading business and financial center in the Southwest, offering travelers an unparalleled array of amenities and a central location with two major airports with more domestic nonstop flights than any other U.S. city. As the ninth-largest U.S. city, and part of the fourth-largest metropolitan area in the nation, Dallas is the top visitor destination in Texas.  Jill Larsen joined VisitDallas as CFO in August of 2019 with more than 30 years of experience in finance and accounting. Prior to joining the organization, she had a 15-year career with the Baptist General Convention of Texas (BGCT), where in 2008, she was named Treasurer and CFO. During her tenure there, she oversaw a collection of more than 250 endowment accounts of more than $130 million and facilitated the BGCT headquarter relocation efforts.\nThe business challenge When Larsen took over the finance function at VisitDallas, the organization was running an older implementation of Microsoft Great Plains. “It was hard to navigate; hard to get information; hard to do research,” said Larsen. In addition to outdated technology, she also saw opportunities to improve the organization’s processes and internal controls. “I was anxious to make the finance function more efficient,” adds Larsen. Her team was spending a great deal of time reworking reports and exporting data to Excel to massage it. Not only was this process time consuming, it also presented version control and data integrity challenges. Great Plains also struggled to reflect the true structure of the organization. Multiple entities weren’t reflected properly, and it was difficult to manage the organization’s chart of accounts. As a result, the team didn’t use the project dimension as they wanted to, were reusing projects or using summary projects because of how difficult it was to administer them. This contributed to the system’s reporting issues. They knew they needed to make a change. Larsen and others on her team had a lot of experience with Blackbaud at previous positions but decided against that solution because of limitations with the tool’s reporting function. An evaluation of NetSuite showed that solution to be too expensive for the organization. They chose Baker Tilly Digital to implement integrated not-for-profit financial software that includes Sage Intacct and Nexonia. Strategy and solution Baker Tilly Digital has helped VisitDallas add efficiency to the finance function by implementing a best-in-class accounting system that allows invoices to be connected to vendor payments, allowing for simple, efficient research into transactions. Larsen and her team can drill from reports and dashboards all the way down into the supporting documentation and invoice images. Along with the implementation of Sage Intacct, Baker Tilly Digital helped VisitDallas migrate from Concur to Nexonia to improve the end user experience for the finance team. As the staff received training on the new systems, they were excited about the change – something that in Larsen’s experience is unusual with this kind of system migration. “The transition was seamless,” said Larsen. “The end users loved it from day one. They had to learn new coding for transactions, but it was easy to access, visually easy to see and understand, and easy to track. I was surprised at how seamless it was to get department staff and end users trained. We have people doing their own invoices now that never would have before.” The dimensionality of Sage Intacct, which Baker Tilly Digital implemented and configured for the organization, enables Larsen and her team to slice and dice data across departments, projects and funding sources. The latter was a dimension missing from their Great Plains implementation.  When asked if there are specific metrics she can point to that show improvements since finishing the project, Larsen highlights an improved AP process. Baker Tilly Digital customized their system so that the team at VisitDallas can easily see what funding source is associated with a bill so that the appropriate bank account can be selected for payment. “We were spending a big chunk of two difficult days per week sorting this out,” said Larsen. “Now we can do it in less than half a day.” Asked whether she feels the team and the systems are now ready to scale with the future growth of the organization, Larsen responded confidently, “Without a doubt. 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Dallas is the leading business and financial center in the Southwest, offering travelers an unparalleled array of amenities and a central location with two major airports with more domestic nonstop flights than any other U.S. city. As the ninth-largest U.S. city, and part of the fourth-largest metropolitan area in the nation, Dallas is the top visitor destination in Texas.  Jill Larsen joined VisitDallas as CFO in August of 2019 with more than 30 years of experience in finance and accounting. Prior to joining the organization, she had a 15-year career with the Baptist General Convention of Texas (BGCT), where in 2008, she was named Treasurer and CFO. During her tenure there, she oversaw a collection of more than 250 endowment accounts of more than $130 million and facilitated the BGCT headquarter relocation efforts.\nThe business challenge When Larsen took over the finance function at VisitDallas, the organization was running an older implementation of Microsoft Great Plains. “It was hard to navigate; hard to get information; hard to do research,” said Larsen. In addition to outdated technology, she also saw opportunities to improve the organization’s processes and internal controls. “I was anxious to make the finance function more efficient,” adds Larsen. Her team was spending a great deal of time reworking reports and exporting data to Excel to massage it. Not only was this process time consuming, it also presented version control and data integrity challenges. Great Plains also struggled to reflect the true structure of the organization. Multiple entities weren’t reflected properly, and it was difficult to manage the organization’s chart of accounts. As a result, the team didn’t use the project dimension as they wanted to, were reusing projects or using summary projects because of how difficult it was to administer them. This contributed to the system’s reporting issues. They knew they needed to make a change. Larsen and others on her team had a lot of experience with Blackbaud at previous positions but decided against that solution because of limitations with the tool’s reporting function. An evaluation of NetSuite showed that solution to be too expensive for the organization. They chose Baker Tilly Digital to implement integrated not-for-profit financial software that includes Sage Intacct and Nexonia. Strategy and solution Baker Tilly Digital has helped VisitDallas add efficiency to the finance function by implementing a best-in-class accounting system that allows invoices to be connected to vendor payments, allowing for simple, efficient research into transactions. Larsen and her team can drill from reports and dashboards all the way down into the supporting documentation and invoice images. Along with the implementation of Sage Intacct, Baker Tilly Digital helped VisitDallas migrate from Concur to Nexonia to improve the end user experience for the finance team. As the staff received training on the new systems, they were excited about the change – something that in Larsen’s experience is unusual with this kind of system migration. “The transition was seamless,” said Larsen. “The end users loved it from day one. They had to learn new coding for transactions, but it was easy to access, visually easy to see and understand, and easy to track. 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The word steward refers to a person who manages — but does not own — a household. In ancient times, a good steward was trustworthy and accountable for everything from a household’s finances and property to its reputation. Today, we see it as taking good care of the things that God entrusts to us. Often, there is a church finances committee, council or board of trustees. To fully engage all these stakeholders and religious donors, faith-based not-for-profit organizations are under increasing pressure to demonstrate the impact of tithes, offerings, bequests and endowments on the dual missions of helping people and supporting the congregation. Precise accounting and complete, transparent reporting of church finance are the hallmarks of stewardship. How faith-based organizations can demonstrate good stewardship Religious donors understand stewardship and value it. The church should never waste money, but instead strive to grow financial assets in order to give more abundantly and fulfill its mission. Transparency, accountability and financial reporting are prerequisites for maintaining trust with donors. Best-in-class cloud-based financial solutions afford religious organizations the tools to demonstrate good stewardship among the committees, staff and fiduciaries entrusted with management over church assets. These solutions help organizations to engage religious donors with reports about nonprofit impact and outcomes that reinforce what they observe during their own volunteer experiences.    Eight church finance technology tips  It is important for religious organizations to choose the right financial management solution. It should be easy enough to be used by an assortment of stakeholders with varying degrees of technical and accounting proficiency. It should also be powerful enough to provide full accountability over the resources needed to support missions and Ministry. For a growing number of congregations, cloud-based financial management solutions offer the perfect way to facilitate good stewardship. Here are eight tips to keep in mind as you consider your ideal solution: Select user-friendly accounting software: In religious organizations, much work is carried out by volunteers, many of whom may not have a lot of experience with budgeting and accounting. Choose a cloud solution: Spare your church the hassle and expense of dedicating IT resources such as people and a server. Cloud-based financial solutions can be accessed securely anywhere in the world at any time. The vendor will maintain and support the system and install updates. Look for established not-for-profit experience: Choose a vendor that has worked with many not-for-profit organizations. Businesses operate for a profit motive. Churches operate very differently—and with a higher calling. Establish good internal controls: Because many of the people running programs in your church are not accountants, you will want to have a good system of internal controls and budget/expense approvals to safeguard your financial management. Insist on fund accounting functionality: Most churches earmark certain funds for particular purposes, such as a building fund, a directed bequest, or a fund for missionaries. If that is the case with your congregation, you will have an easier time managing these funds with a flexible and configurable solution that easily allows for restrictions and automated release of restrictions. This lets you assign incoming revenue and outgoing expenses to these individual areas. Consider the need for multi-entity and multi-location accounting: Smaller congregations may keep just one set of books. But when churches grow, you may want to keep track of the finances of each church separately, while still being able to roll financials up for an executive view. Congregations also may want to keep separate books for separate entities outside of the main church property, such as bookstore, childcare or school, food pantry, foundation and other ministries. Automate reporting for different roles and stakeholders: Look for a solution that makes reporting very easy for non-accountant, non-technical people. You want to be able to set up automated report packages and even visual dashboards that can be run at any time with up-to-date information. Measure and demonstrate outcomes and impact: Choose a financial management solution that helps you engage donors with information about the good that’s accomplished through tithes and offerings. By selecting a system that can also track operational statistics about outcomes and impact, you will be able to tell the congregations about how many meals they’ve served, books they’ve distributed, or how many visitors they’ve welcomed. Making the modern not-for-profit organization Baker Tilly is here to help engineer your evolution to a modern church finance machine. We offer a complete solution to not-for-profit organizations. That solution includes learning how to leverage not-for-profit outcome metrics and KPI dashboards – but it extends to adapting the organization in whatever ways the people, processes, and technology call for. 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Often, there is a church finances committee, council or board of trustees. To fully engage all these stakeholders and religious donors, faith-based not-for-profit organizations are under increasing pressure to demonstrate the impact of tithes, offerings, bequests and endowments on the dual missions of helping people and supporting the congregation. Precise accounting and complete, transparent reporting of church finance are the hallmarks of stewardship. How faith-based organizations can demonstrate good stewardship Religious donors understand stewardship and value it. The church should never waste money, but instead strive to grow financial assets in order to give more abundantly and fulfill its mission. Transparency, accountability and financial reporting are prerequisites for maintaining trust with donors. Best-in-class cloud-based financial solutions afford religious organizations the tools to demonstrate good stewardship among the committees, staff and fiduciaries entrusted with management over church assets. These solutions help organizations to engage religious donors with reports about nonprofit impact and outcomes that reinforce what they observe during their own volunteer experiences.    Eight church finance technology tips  It is important for religious organizations to choose the right financial management solution. It should be easy enough to be used by an assortment of stakeholders with varying degrees of technical and accounting proficiency. It should also be powerful enough to provide full accountability over the resources needed to support missions and Ministry. For a growing number of congregations, cloud-based financial management solutions offer the perfect way to facilitate good stewardship. Here are eight tips to keep in mind as you consider your ideal solution: Select user-friendly accounting software: In religious organizations, much work is carried out by volunteers, many of whom may not have a lot of experience with budgeting and accounting. Choose a cloud solution: Spare your church the hassle and expense of dedicating IT resources such as people and a server. Cloud-based financial solutions can be accessed securely anywhere in the world at any time. The vendor will maintain and support the system and install updates. Look for established not-for-profit experience: Choose a vendor that has worked with many not-for-profit organizations. Businesses operate for a profit motive. Churches operate very differently—and with a higher calling. Establish good internal controls: Because many of the people running programs in your church are not accountants, you will want to have a good system of internal controls and budget/expense approvals to safeguard your financial management. Insist on fund accounting functionality: Most churches earmark certain funds for particular purposes, such as a building fund, a directed bequest, or a fund for missionaries. If that is the case with your congregation, you will have an easier time managing these funds with a flexible and configurable solution that easily allows for restrictions and automated release of restrictions. This lets you assign incoming revenue and outgoing expenses to these individual areas. Consider the need for multi-entity and multi-location accounting: Smaller congregations may keep just one set of books. But when churches grow, you may want to keep track of the finances of each church separately, while still being able to roll financials up for an executive view. Congregations also may want to keep separate books for separate entities outside of the main church property, such as bookstore, childcare or school, food pantry, foundation and other ministries. Automate reporting for different roles and stakeholders: Look for a solution that makes reporting very easy for non-accountant, non-technical people. You want to be able to set up automated report packages and even visual dashboards that can be run at any time with up-to-date information. Measure and demonstrate outcomes and impact: Choose a financial management solution that helps you engage donors with information about the good that’s accomplished through tithes and offerings. By selecting a system that can also track operational statistics about outcomes and impact, you will be able to tell the congregations about how many meals they’ve served, books they’ve distributed, or how many visitors they’ve welcomed. Making the modern not-for-profit organization Baker Tilly is here to help engineer your evolution to a modern church finance machine. We offer a complete solution to not-for-profit organizations. That solution includes learning how to leverage not-for-profit outcome metrics and KPI dashboards – but it extends to adapting the organization in whatever ways the people, processes, and technology call for. Our experience applies to nonprofits across the spectrum, helping everyone from churches to community organizations use best-in-class financial management software to propel (and prove) their success towards the mission.","matchLevel":"none","matchedWords":[]},"description":{"value":"People of faith believe in the importance of stewardship. 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Building trust with funders — donors, granters, members etc. — depends on being a transparent and accountable organization that turns investment into impact. Tracking outcome metrics takes data from all parts of the not-for-profit integrated together and analyzed to understand how inputs (money, time, staff) translate into outputs (meals served, classes offered, members gained etc.). To boil this down into a single takeaway: Not-for-profits will need exceptional data management skills to keep attracting funding. Where does that leave your not-for-profit? Seeking a partner in success For not-for-profits with a small staff and lean resources, the idea of becoming a “data-driven” organization can seem daunting. Even large not-for-profits struggle to turn their data into meaningful insights about performance. Does that mean not-for-profits are doomed to a future of declining donor trust, where their real-world impact is always in question? Not necessarily. Not-for-profits that successfully leverage outcome metrics have two things working in their favor. First, a data-driven platform that spans all aspects of accounting and finance and extends into operations to track how programs perform. Collecting all the relevant data in one place makes outcomes explicit. It also expedites how not-for-profits assess their outcomes thanks to the help of automation and analytics. Technology plays a major role in how (and how well) not-for-profits begin tracking outcomes metrics. The system in place now probably isn’t adequate. Which leads into the second asset a not-for-profit needs: the right partner. Selecting an appropriate platform for tracking outcome metrics (not to mention handling the entirety of accounting) takes careful consideration of the options. That’s followed by an implementation and a reorienting of the organization around the new platform in place. Having the right partner to guide this process at each point couldn’t be more important — especially for not-for-profits preparing to leverage data like they never have before. Baker Tilly Digital – making the modern not-for-profit  As we said in our first post, this is an inflection point for not-for-profits. They must accommodate rising expectations and rely on technology to meet them. Even if the mission and programming stay the same, the back-end of the organization must fundamentally change. Baker Tilly Digital is here to help engineer that evolution. We offer a complete solution to not-for-profits. That solution includes learning how to leverage not-for-profit outcome metrics and KPI dashboards — but it extends to adapting the organization in whatever ways the people, processes, and technology call for.  Our expertise applies to not-for-profits across the spectrum, helping everyone from churches to community organizations use best-in-class financial management software to propel (and prove) their success towards the mission. 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Building trust with funders — donors, granters, members etc. — depends on being a transparent and accountable organization that turns investment into impact. Tracking outcome metrics takes data from all parts of the not-for-profit integrated together and analyzed to understand how inputs (money, time, staff) translate into outputs (meals served, classes offered, members gained etc.). To boil this down into a single takeaway: Not-for-profits will need exceptional data management skills to keep attracting funding. Where does that leave your not-for-profit? Seeking a partner in success For not-for-profits with a small staff and lean resources, the idea of becoming a “data-driven” organization can seem daunting. Even large not-for-profits struggle to turn their data into meaningful insights about performance. Does that mean not-for-profits are doomed to a future of declining donor trust, where their real-world impact is always in question? Not necessarily. Not-for-profits that successfully leverage outcome metrics have two things working in their favor. First, a data-driven platform that spans all aspects of accounting and finance and extends into operations to track how programs perform. Collecting all the relevant data in one place makes outcomes explicit. It also expedites how not-for-profits assess their outcomes thanks to the help of automation and analytics. Technology plays a major role in how (and how well) not-for-profits begin tracking outcomes metrics. The system in place now probably isn’t adequate. Which leads into the second asset a not-for-profit needs: the right partner. Selecting an appropriate platform for tracking outcome metrics (not to mention handling the entirety of accounting) takes careful consideration of the options. That’s followed by an implementation and a reorienting of the organization around the new platform in place. Having the right partner to guide this process at each point couldn’t be more important — especially for not-for-profits preparing to leverage data like they never have before. Baker Tilly Digital – making the modern not-for-profit  As we said in our first post, this is an inflection point for not-for-profits. They must accommodate rising expectations and rely on technology to meet them. Even if the mission and programming stay the same, the back-end of the organization must fundamentally change. Baker Tilly Digital is here to help engineer that evolution. We offer a complete solution to not-for-profits. That solution includes learning how to leverage not-for-profit outcome metrics and KPI dashboards — but it extends to adapting the organization in whatever ways the people, processes, and technology call for.  Our expertise applies to not-for-profits across the spectrum, helping everyone from churches to community organizations use best-in-class financial management software to propel (and prove) their success towards the mission. ","matchLevel":"none","matchedWords":[]},"description":{"value":"Do you have what you need to start using outcome metrics to measure not-for-profit impact and continue attracting funding?","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIZI","uid":"key-saas-metrics-you-need-all-your-saas-growth-stages","tags":["SaaS","saas intelligence"],"type":"insight","lastPublicationDate":"2022-09-29T14:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1664460000,"_tags":["SAAS","SAAS INTELLIGENCE"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"SaaS Intelligence","uid":"saas-intelligence"}],"title":"The key SaaS growth metrics you need for all your SaaS business stages ","author":"Chris Price","co_authors":["",""],"body":"One of the primary challenges many SaaS and subscription businesses face is determining what metrics to track. While all B2B SaaS and subscription businesses are different, there are a handful of key metrics that most can benefit from to optimize performance, propel growth, and attract investors. We’ve outlined the SaaS growth metrics investors are looking at during each of the SaaS growth stages to see if you’re on track and to help you prepare for what’s ahead. Attracting investors: key SaaS metrics for early stage and Series A funding SaaS and subscription businesses in the early stage are often still trying to find their footing: they may still be determining product-market fit and may not have gained robust market traction. In addition, their financial tracking may not be fully mature. At this stage, investors are asking broader questions, including: Is there a market for this product? Can the company grow or is it beginning to grow? They may look to metrics like CARR and CMRR growth as an indicator of market fit and to determine if that growth is steady and predictable (or at least has the potential to be.) Cash flow is a critical metric at every stage, but early-stage companies face particular challenges as they seek to cover startup and operating expenses at a time when they have very few customers. Investors may pay close attention to operational issues that drain cash flow and whether the company can cost-effectively attract enough customers to help sustain it. While these early metrics remain important as SaaS and subscription businesses move into Series A, investors begin to dig deeper in a broader set of metrics. They may look at CAC to better understand the cost of acquiring new customers, what types of activities are driving that spend, and how high-touch those activities are (as high-touch activities like personal interaction can be more costly or challenging at scale.) They may look closely at churn to determine how long customers are staying, if customer lifetime is long enough to cover CAC payback, whether they are renewing, and what the potential impact of their behavior is on cash flow. They may also begin to look at gross margin to understand whether the business model has potential for levels of profitably that meet their expectations.  Attracting investors: key SaaS metrics for Series B funding When SaaS and subscription businesses begin to grow and are well into Series B, they have validated product-market fit and investor dollars are focused on growing revenue engines. At this stage, investors begin to ask additional, more detailed questions that tell them more about the viability of those revenue engines, they are looking for early indicators for when they will become profitable, and just how profitable they might be, for instance: Is the company growing, and if so, how quickly? Can it scale in a rapid and predictable way? And also, why is the company growing? What are the primary drivers and can levers be adjusted to accelerate growth? At this stage, some of the more telling metrics include gross margin; CLTV-to-CAC ratio; customer, gross and net revenue churn; as well as gross and net dollar retention. Gross margins are increasingly important at this stage, and investors may want to know what gross margins are achievable. For more mature businesses, they may also look to whether gross margins have improved over time: improving margins may indicate increasing operational efficiencies and economies of scale that translate to increased revenue per customer. Digging deeper, they may want to understand the drivers behind gross margins to determine its overall health: for instance, subscriptions may drive greater gross margins than related professional services. The CLTV-to-CAC ratio is another important metric at this stage, as the business has matured enough to start producing consistent trends that can be used to predict future behavior. Investors will want to understand not just how much it costs to acquire a customer, but also whether a business is spending too much relative to the CLTV, and whether those costs can be brought into alignment in the short or long term. If the business has an extremely high CLTV-to-CAC, they may want to explore further investing in sales and marketing to accelerate growth and leverage first-mover or fast-mover advantages. Churn becomes ever more important at this stage. Investors will want to dig deeper into the financial impact of churn, possibly expecting to explore logo, net, and gross churn by customer or product cohort. Investors at this stage will also have a keen eye on net churn as an indicator of the organization’s ability to plug the leaky bucket. Simplifying the complexities Investors are more likely to be attracted to businesses that have a deep understanding of their financial growth metrics and can present them in a confident, concise way. If your spreadsheets and manual processes aren’t getting you what you need, it’s time to consider automating your SaaS dashboards and key SaaS metrics with Baker Tilly  SaaS Intelligence. Please download our whitepaper, How the Right B2B SaaS \u0026 Subscription Metrics Tools Accelerate Growth \u0026 Attract Investors to find out the roadmap to achieve automated SaaS metrics. Please contact Baker Tilly  with questions or for guidance about how Baker Tilly  can help propel the growth of your SaaS or subscription business. 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Price","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"One of the primary challenges many SaaS and subscription businesses face is determining what metrics to track. While all B2B SaaS and subscription businesses are different, there are a handful of key metrics that most can benefit from to optimize performance, propel growth, and attract investors. We’ve outlined the SaaS growth metrics investors are looking at during each of the SaaS growth stages to see if you’re on track and to help you prepare for what’s ahead. Attracting investors: key SaaS metrics for early stage and Series A funding SaaS and subscription businesses in the early stage are often still trying to find their footing: they may still be determining product-market fit and may not have gained robust market traction. In addition, their financial tracking may not be fully mature. At this stage, investors are asking broader questions, including: Is there a market for this product? Can the company grow or is it beginning to grow? They may look to metrics like CARR and CMRR growth as an indicator of market fit and to determine if that growth is steady and predictable (or at least has the potential to be.) Cash flow is a critical metric at every stage, but early-stage companies face particular challenges as they seek to cover startup and operating expenses at a time when they have very few customers. Investors may pay close attention to operational issues that drain cash flow and whether the company can cost-effectively attract enough customers to help sustain it. While these early metrics remain important as SaaS and subscription businesses move into Series A, investors begin to dig deeper in a broader set of metrics. They may look at CAC to better understand the cost of acquiring new customers, what types of activities are driving that spend, and how high-touch those activities are (as high-touch activities like personal interaction can be more costly or challenging at scale.) They may look closely at churn to determine how long customers are staying, if customer lifetime is long enough to cover CAC payback, whether they are renewing, and what the potential impact of their behavior is on cash flow. They may also begin to look at gross margin to understand whether the business model has potential for levels of profitably that meet their expectations.  Attracting investors: key SaaS metrics for Series B funding When SaaS and subscription businesses begin to grow and are well into Series B, they have validated product-market fit and investor dollars are focused on growing revenue engines. At this stage, investors begin to ask additional, more detailed questions that tell them more about the viability of those revenue engines, they are looking for early indicators for when they will become profitable, and just how profitable they might be, for instance: Is the company growing, and if so, how quickly? Can it scale in a rapid and predictable way? And also, why is the company growing? What are the primary drivers and can levers be adjusted to accelerate growth? At this stage, some of the more telling metrics include gross margin; CLTV-to-CAC ratio; customer, gross and net revenue churn; as well as gross and net dollar retention. Gross margins are increasingly important at this stage, and investors may want to know what gross margins are achievable. For more mature businesses, they may also look to whether gross margins have improved over time: improving margins may indicate increasing operational efficiencies and economies of scale that translate to increased revenue per customer. Digging deeper, they may want to understand the drivers behind gross margins to determine its overall health: for instance, subscriptions may drive greater gross margins than related professional services. The CLTV-to-CAC ratio is another important metric at this stage, as the business has matured enough to start producing consistent trends that can be used to predict future behavior. Investors will want to understand not just how much it costs to acquire a customer, but also whether a business is spending too much relative to the CLTV, and whether those costs can be brought into alignment in the short or long term. If the business has an extremely high CLTV-to-CAC, they may want to explore further investing in sales and marketing to accelerate growth and leverage first-mover or fast-mover advantages. Churn becomes ever more important at this stage. Investors will want to dig deeper into the financial impact of churn, possibly expecting to explore logo, net, and gross churn by customer or product cohort. Investors at this stage will also have a keen eye on net churn as an indicator of the organization’s ability to plug the leaky bucket. Simplifying the complexities Investors are more likely to be attracted to businesses that have a deep understanding of their financial growth metrics and can present them in a confident, concise way. If your spreadsheets and manual processes aren’t getting you what you need, it’s time to consider automating your SaaS dashboards and key SaaS metrics with Baker Tilly  SaaS Intelligence. Please download our whitepaper, How the Right B2B SaaS \u0026 Subscription Metrics Tools Accelerate Growth \u0026 Attract Investors to find out the roadmap to achieve automated SaaS metrics. Please contact Baker Tilly  with questions or for guidance about how Baker Tilly  can help propel the growth of your SaaS or subscription business. If you're ready to leave Excel behind and clearly see your CMRR growth drivers, use this button to find a time to talk to us about getting started.","matchLevel":"none","matchedWords":[]},"description":{"value":"We’ve outlined the SaaS growth metrics investors are looking at during each of the growth stages to see if you’re on track and help you prepare for what’s ahead.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIcO","uid":"outcome-metrics-action-not-for-profit-dashboards","tags":["metrics","dashboards"],"type":"insight","lastPublicationDate":"2022-09-02T16:00:03+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1662134403,"_tags":["METRICS","DASHBOARDS"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Putting outcome metrics into action with not-for-profit dashboards","co_authors":["Alyssa Nunez",""],"body":"Not-for-profit outcomes. That’s the subject of this ongoing blog series highlighting why (and how) organizations must prove their mission is working to keep funding streams flowing. Not-for-profit dashboards are the final component of any effort to track outcomes. After identifying what KPIs to track, and how, not-for-profit dashboards offer a means to put those outcome metrics to work on behalf of the mission; where the rubber meets the road. Our last blog article introduced the concept of a not-for-profit KPI dashboard: A tracker that collects the most important outcome metrics in one place and updates them automatically based on changes to the underlying data, financial and operational. Like the dashboard of a car, it makes the performance of the not-for-profit clear in a glance. A reminder about donor trust A study from the Journal of Accounting, Audit, and Finance   showed that not-for-profits with a seal of transparency from Guidestar, a charity evaluator, increased their donations by 53%. People are enthusiastic to support causes they believe in, but first they need to believe in the not-for-profit too. That’s where not-for-profit dashboards come in.  With the right dashboards, not-for-profits can monitor outcome metrics to understand their own performance, then make targeted changes or improvements as necessary. In that way, dashboards help deliver the positive results that funders, volunteers, staff, and program participants all hope for.  Another advantage of not-for-profit dashboard, when properly implemented, is the ability to highlight outcomes in an instant. When someone wants to know how program participation is trending, for example, that information is available on demand – an example of the kind of transparency expected of not-for-profits. Finally, when a not-for-profit has dashboards that incorporate the right financial and operational metrics at its disposal, it has other advanced ways of utilizing data and leveraging outcome metrics. Financial reports for not-for-profit boards, for instance, are simple to produce when all the data already lives on the same platform. The same goes for program performance audits or disclosures about financial management. If data can feed into a dashboard, it can serve any purpose, including the most important of all: running a not-for-profit that people trust. Making success the message As not-for-profits gain a better understanding of their performance – informed by the right not-for-profit dashboards and focused on outputs and outcomes – they can make success a bigger part of their message. Instead of emphasizing who they serve and how, they can shift the conversation to the results they achieve and why. Whether your not-for-profit wants to make outcome metrics the centerpiece of your fundraising strategy or just a component, it takes data – fully-integrated, automatically-updated, intuitively organized, and carefully analyzed. Without it, and without the not-for-profit dashboards to reference it, a not-for-profit is basically flying blind. In our next and final post, we outline the easy way to add not-for-profit dashboards to your toolkit and optimize the insights within. Think of it as a shortcut between where you are and where you want to be. To learn more now, download the e-book.","image":{"dimensions":{"width":1920,"height":1080},"alt":"putting outcome metrics into action with not-for-profit dashboards","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=0,298,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Woman works on business strategy at a computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7631a3ce-6bb8-4bcb-8b8c-ba01359da0d7_woman-looking-at-data-dashboards-on-computer.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2021-07-01T05:00:00+0000","dateTimestamp":1625115600,"description":"Not-for-profit dashboards offer a means to put your outcome metrics to work on behalf of the mission; where the rubber meets the road.","category":"Article","objectID":"insight-outcome-metrics-action-not-for-profit-dashboards","_highlightResult":{"_tags":[{"value":"METRICS","matchLevel":"none","matchedWords":[]},{"value":"DASHBOARDS","matchLevel":"none","matchedWords":[]}],"title":{"value":"Putting outcome metrics into action with not-for-profit dashboards","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"Alyssa Nunez","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Not-for-profit outcomes. That’s the subject of this ongoing blog series highlighting why (and how) organizations must prove their mission is working to keep funding streams flowing. Not-for-profit dashboards are the final component of any effort to track outcomes. After identifying what KPIs to track, and how, not-for-profit dashboards offer a means to put those outcome metrics to work on behalf of the mission; where the rubber meets the road. Our last blog article introduced the concept of a not-for-profit KPI dashboard: A tracker that collects the most important outcome metrics in one place and updates them automatically based on changes to the underlying data, financial and operational. Like the dashboard of a car, it makes the performance of the not-for-profit clear in a glance. A reminder about donor trust A study from the Journal of Accounting, Audit, and Finance   showed that not-for-profits with a seal of transparency from Guidestar, a charity evaluator, increased their donations by 53%. People are enthusiastic to support causes they believe in, but first they need to believe in the not-for-profit too. That’s where not-for-profit dashboards come in.  With the right dashboards, not-for-profits can monitor outcome metrics to understand their own performance, then make targeted changes or improvements as necessary. In that way, dashboards help deliver the positive results that funders, volunteers, staff, and program participants all hope for.  Another advantage of not-for-profit dashboard, when properly implemented, is the ability to highlight outcomes in an instant. When someone wants to know how program participation is trending, for example, that information is available on demand – an example of the kind of transparency expected of not-for-profits. Finally, when a not-for-profit has dashboards that incorporate the right financial and operational metrics at its disposal, it has other advanced ways of utilizing data and leveraging outcome metrics. Financial reports for not-for-profit boards, for instance, are simple to produce when all the data already lives on the same platform. The same goes for program performance audits or disclosures about financial management. If data can feed into a dashboard, it can serve any purpose, including the most important of all: running a not-for-profit that people trust. Making success the message As not-for-profits gain a better understanding of their performance – informed by the right not-for-profit dashboards and focused on outputs and outcomes – they can make success a bigger part of their message. Instead of emphasizing who they serve and how, they can shift the conversation to the results they achieve and why. Whether your not-for-profit wants to make outcome metrics the centerpiece of your fundraising strategy or just a component, it takes data – fully-integrated, automatically-updated, intuitively organized, and carefully analyzed. Without it, and without the not-for-profit dashboards to reference it, a not-for-profit is basically flying blind. In our next and final post, we outline the easy way to add not-for-profit dashboards to your toolkit and optimize the insights within. Think of it as a shortcut between where you are and where you want to be. To learn more now, download the e-book.","matchLevel":"none","matchedWords":[]},"description":{"value":"Not-for-profit dashboards offer a means to put your outcome metrics to work on behalf of the mission; where the rubber meets the road.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIeG","uid":"strategic-accounting-services-your-guide-through-the-endless-options","tags":["Baker Tilly Digital","Sage Intacct"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["BAKER TILLY DIGITAL","SAGE INTACCT"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Strategic accounting services: your guide through the endless options","author":"Marcus Wagner","co_authors":[""],"body":"If you’re like many finance leaders these days, you’re feeling a greater sense of urgency brought on by the pandemic. And you may be realizing that today’s choices of technology are seemingly endless, with literally hundreds of “best-of-breed” technology providers out there focusing on specialized areas such as accounts payable (AP) automation, digital payments, expense management and month-end close. And they’re multiplying every day. How do you know which providers to choose? Which ones are best for your industry, your company and your specific needs? And how do they all work together? Can you integrate them? This is where a provider that supplies strategic accounting services can be a lifesaver. We’ve walked this road before and guided hundreds of companies successfully through the journey ahead of you. Options are overwhelming in a best-of-breed world You may have seen Scott Brinker of HubSpot’s famous MarTech slide that has shown us the marketing technology landscape each year since 2014. The number of best-of-breed SaaS solutions for marketers has ballooned to the point that their logos are now an unreadable mosaic. Because we haven’t found a “FinTech” version of this image, we started to create our own, but we only focused on finance and accounting technologies that would help CFOs and finance leaders run their businesses – we excluded a huge number of technologies that support the banking and financial services industries. What we came up with, even in this relatively small slice of these software vendors, is starting to look a lot like the MarTech images of years’ past. And it will only continue to grow. Not only do these technology categories show the level of focus and specialization that these vendors apply to their research and development efforts, but the sheer number of vendor logos on the page shows how overwhelming it can be to choose the technology that is right for any specific organization. And the landscape is constantly changing and evolving. Keeping track of this landscape could be a full-time job for a finance leader. Most cloud software today Isn’t industry specific One of the things to keep in mind when it comes to this ever-growing technology landscape is that the focus of most of the R\u0026D to date for these solutions has been along horizontal, functional areas, such as digital payments or month-end close and not on industry-specific functionality. But for most industries, “piecing-together” and integrating multiple software applications still leaves gaps where the last 10 percent to 20 percent of the return-on-investment can’t be unlocked due to limitations. The modern finance function requires a \"whole product\" solution The modern finance function requires a “whole product” solution - curated, stress-tested and optimized by a solution provider with deep industry experience that can provide the last mile functionality and the insights that CFOs need to transform finance and accounting into a strategic business asset and to use data to challenge the status quo. This whole product solution should be available as-a-service, whether that be software subscriptions, outsourced finance operations, or even technology implementations, consulting and development.","image":{"dimensions":{"width":1959,"height":1306},"alt":"strategic accounting services your guide through the endless options","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,131,1959,1045\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,98,1959,1175\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,79,1959,1147\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,81,1959,1147\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,39,1959,1228\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,406,1959,495\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,131,1959,1045\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,131,1959,1045\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,392,1959,490\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,80,1959,1147\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"meeting looking at charts and data","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/33da1215-a5db-48c5-ae33-0b876935762f_accounting-finance-data.jpeg?auto=compress,format\u0026rect=0,98,1959,1077\u0026w=20\u0026h=11"}},"date":"2021-06-24T05:00:00+0000","dateTimestamp":1624510800,"description":"A strategic accounting services provider can be a lifesaver when you're facing endless choices on your way to be a strategic CFO.","category":"Resource","objectID":"insight-strategic-accounting-services-your-guide-through-the-endless-options","_highlightResult":{"_tags":[{"value":"BAKER TILLY DIGITAL","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]}],"title":{"value":"Strategic accounting services: your guide through the endless options","matchLevel":"none","matchedWords":[]},"author":{"value":"Marcus Wagner","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"If you’re like many finance leaders these days, you’re feeling a greater sense of urgency brought on by the pandemic. And you may be realizing that today’s choices of technology are seemingly endless, with literally hundreds of “best-of-breed” technology providers out there focusing on specialized areas such as accounts payable (AP) automation, digital payments, expense management and month-end close. And they’re multiplying every day. How do you know which providers to choose? Which ones are best for your industry, your company and your specific needs? And how do they all work together? Can you integrate them? This is where a provider that supplies strategic accounting services can be a lifesaver. We’ve walked this road before and guided hundreds of companies successfully through the journey ahead of you. Options are overwhelming in a best-of-breed world You may have seen Scott Brinker of HubSpot’s famous MarTech slide that has shown us the marketing technology landscape each year since 2014. The number of best-of-breed SaaS solutions for marketers has ballooned to the point that their logos are now an unreadable mosaic. Because we haven’t found a “FinTech” version of this image, we started to create our own, but we only focused on finance and accounting technologies that would help CFOs and finance leaders run their businesses – we excluded a huge number of technologies that support the banking and financial services industries. What we came up with, even in this relatively small slice of these software vendors, is starting to look a lot like the MarTech images of years’ past. And it will only continue to grow. Not only do these technology categories show the level of focus and specialization that these vendors apply to their research and development efforts, but the sheer number of vendor logos on the page shows how overwhelming it can be to choose the technology that is right for any specific organization. And the landscape is constantly changing and evolving. Keeping track of this landscape could be a full-time job for a finance leader. Most cloud software today Isn’t industry specific One of the things to keep in mind when it comes to this ever-growing technology landscape is that the focus of most of the R\u0026D to date for these solutions has been along horizontal, functional areas, such as digital payments or month-end close and not on industry-specific functionality. But for most industries, “piecing-together” and integrating multiple software applications still leaves gaps where the last 10 percent to 20 percent of the return-on-investment can’t be unlocked due to limitations. The modern finance function requires a \"whole product\" solution The modern finance function requires a “whole product” solution - curated, stress-tested and optimized by a solution provider with deep industry experience that can provide the last mile functionality and the insights that CFOs need to transform finance and accounting into a strategic business asset and to use data to challenge the status quo. This whole product solution should be available as-a-service, whether that be software subscriptions, outsourced finance operations, or even technology implementations, consulting and development.","matchLevel":"none","matchedWords":[]},"description":{"value":"A strategic accounting services provider can be a lifesaver when you're facing endless choices on your way to be a strategic CFO.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIco","uid":"use-not-for-profit-kpi-dashboard-measure-success","tags":[],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":[],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"How to use a not-for-profit KPI dashboard to measure your success","author":"Allison Webb","co_authors":[""],"body":"Halfway through our six-part blog series on not-for-profit outcomes, we have explored why outcomes are so important (funders insist on seeing results) and why they’re so obscure (lack of good data). In this article, we’ll address the most important subject of all: The metrics for your not-for-profit KPI dashboard you can use to measure your own success in terms of outputs and outcomes. The good news is that these metrics exist, and when tracked correctly, they put success in the clear, quantifiable terms that funders insist upon. The bad news is that defining success isn’t simple, and tracking it isn’t either. Think of your own organization: Are you certain you’re fulfilling the core mission and values, and if so, to what extent? Success: the most elusive metric of all Answering those questions takes a systematic process. Not-for-profits need to first identify which metrics define success rather than just appear impressive – e.g. program impact versus program attendance. Second, they need to devise a way to evaluate effectiveness, which often means collecting new data in new ways. The end result, the definition of success, will look different for every organization. Two ways to think about success Not-for-profits are successful two ways: by carrying out the mission and by funding it. The work they do needs to have a meaningful, measurable impact. Simultaneously, their fundraising and financial management needs to sustain the mission. Equally important, a not-for-profit can’t be called successful unless it excels on both these fronts:  Program outcomes These metrics track if programs are working to carry out the mission of the not-for-profit. Some examples include: The number of meals served by a not-for-profit that fights hunger The amount of debt reduced by a church that teaches personal finance The number of books distributed by an organization that advocates literacy The growth in attendance at a camp for under-served kids The increase in new projects launched by any not-for-profit The key is to focus on metrics that relate directly to the mission - both its immediate goals and overarching objectives. Identify the work that matters most, then find out if it’s working. Financial outcomes These metrics track if a not-for-profit has the financial resources to sustain itself into the foreseeable future. Get a critical perspective on financial performance with metrics like these: Program efficiency = Total program services expenses ÷ total expenses Revenue per member= Member revenue ÷ member count Fundraising efficiency= Unrestricted fundraising expenses ÷ total unrestricted contributions raised Working capital ratio= Working capital ÷ average total expenses Liabilities to assets ratio= Total liabilities ÷ total assets Start thinking about which program and financial metrics speak the loudest about your own success. In our next post, we will show you how to track those metrics and what to do with the information.  Time for an honest assessment It’s time to replace assumptions about not-for-profit performance with hard data. Only once a not-for-profit knows what its impact really looks like can it set about expanding and improving on things. Baker Tilly Digital can help you make that assessment. ","image":{"dimensions":{"width":2606,"height":1727},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,169,2606,1390\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,130,2606,1564\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,102,2606,1525\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,102,2606,1525\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,43,2606,1633\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,400,2606,659\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,168,2606,1390\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,165,2606,1390\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,521,2606,652\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,102,2606,1525\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"looking at dashboards on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/0bbf2eca-4449-4d94-b59e-e16b4d0b5b51_Looking+at+dashboard.jpg?auto=compress,format\u0026rect=0,130,2606,1433\u0026w=20\u0026h=11"}},"date":"2021-06-17T05:00:00+0000","dateTimestamp":1623906000,"description":"Learn how the metrics for your not-for-profit KPI dashboard can measure your success in terms of outputs and outcomes.","category":"Article","objectID":"insight-use-not-for-profit-kpi-dashboard-measure-success","_highlightResult":{"title":{"value":"How to use a not-for-profit KPI dashboard to measure your success","matchLevel":"none","matchedWords":[]},"author":{"value":"Allison Webb","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Halfway through our six-part blog series on not-for-profit outcomes, we have explored why outcomes are so important (funders insist on seeing results) and why they’re so obscure (lack of good data). In this article, we’ll address the most important subject of all: The metrics for your not-for-profit KPI dashboard you can use to measure your own success in terms of outputs and outcomes. The good news is that these metrics exist, and when tracked correctly, they put success in the clear, quantifiable terms that funders insist upon. The bad news is that defining success isn’t simple, and tracking it isn’t either. Think of your own organization: Are you certain you’re fulfilling the core mission and values, and if so, to what extent? Success: the most elusive metric of all Answering those questions takes a systematic process. Not-for-profits need to first identify which metrics define success rather than just appear impressive – e.g. program impact versus program attendance. Second, they need to devise a way to evaluate effectiveness, which often means collecting new data in new ways. The end result, the definition of success, will look different for every organization. Two ways to think about success Not-for-profits are successful two ways: by carrying out the mission and by funding it. The work they do needs to have a meaningful, measurable impact. Simultaneously, their fundraising and financial management needs to sustain the mission. Equally important, a not-for-profit can’t be called successful unless it excels on both these fronts:  Program outcomes These metrics track if programs are working to carry out the mission of the not-for-profit. Some examples include: The number of meals served by a not-for-profit that fights hunger The amount of debt reduced by a church that teaches personal finance The number of books distributed by an organization that advocates literacy The growth in attendance at a camp for under-served kids The increase in new projects launched by any not-for-profit The key is to focus on metrics that relate directly to the mission - both its immediate goals and overarching objectives. Identify the work that matters most, then find out if it’s working. Financial outcomes These metrics track if a not-for-profit has the financial resources to sustain itself into the foreseeable future. Get a critical perspective on financial performance with metrics like these: Program efficiency = Total program services expenses ÷ total expenses Revenue per member= Member revenue ÷ member count Fundraising efficiency= Unrestricted fundraising expenses ÷ total unrestricted contributions raised Working capital ratio= Working capital ÷ average total expenses Liabilities to assets ratio= Total liabilities ÷ total assets Start thinking about which program and financial metrics speak the loudest about your own success. In our next post, we will show you how to track those metrics and what to do with the information.  Time for an honest assessment It’s time to replace assumptions about not-for-profit performance with hard data. Only once a not-for-profit knows what its impact really looks like can it set about expanding and improving on things. Baker Tilly Digital can help you make that assessment. ","matchLevel":"none","matchedWords":[]},"description":{"value":"Learn how the metrics for your not-for-profit KPI dashboard can measure your success in terms of outputs and outcomes.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIcU","uid":"key-saas-metrics-show-path-long-term-growth","tags":["kpi","saas","cloud computing","saas intelligence"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["KPI","SAAS","CLOUD COMPUTING","SAAS INTELLIGENCE"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"SaaS Intelligence","uid":"saas-intelligence"}],"title":"Key SaaS metrics show you the path to long-term growth","co_authors":["Alyssa Nunez",""],"body":"The annual and monthly recurring revenue is the driving force behind B2B (or B2B2C) SaaS and subscription-based businesses, but presents a unique set of challenges, particularly in the early and growth stages. While recurring revenue is integral to long-term financial health, early- and growth-stage businesses must establish cash flow and recapture startup and operational costs at a time when they may still be determining product-market fit. Measuring key SaaS metrics can provide critical insights into organizational health, help businesses optimize their sales and marketing, and ultimately position them for long-term growth. Simplifying the complexities Simply put, it’s crucial to understand the total cost of acquiring new customers, what it takes to keep them, and the impact of losing them. There are, of course, financial metrics that can help, and many businesses rightly focus a fair amount of time manually capturing and parsing these metrics. It is a necessary process, and one that, with the right SaaS reporting tools and dashboards, can be greatly simplified when the manual processes overwhelm your team’s ability to deliver timely and accurate data and reporting. Further, investors are more likely to be attracted to businesses that have a deep understanding of their financial growth metrics and can present them in a clear, concise way. Even if the numbers are not wholly positive, by illuminating the drivers behind them, challenges become more actionable, businesses can pivot, and the transparency helps build the confidence of, and trust with, potential investors. Let’s take a closer look at the key SaaS metrics you should be tracking and how to calculate them: What SaaS and subscription companies need to succeed In order to succeed, what SaaS and subscription businesses need most is real-time, reliable intelligence about their financial and operational health. Unfortunately, that can be hard to achieve — this critical information often lives in different systems, and it is not easy to aggregate. Using the right automated tools that integrate with their financial software stack and other third-party systems, SaaS and subscription businesses can get real-time access to a broad range of objective, accurate key metrics and granular insights tailored to their specific stage and needs — without the manual effort. These metrics indicate financial and operational health, illuminate performance trends and the drivers behind them, and inform proactive decision making. Further, the metrics are essential to attracting the investors needed to extend the financial runway, help scale, and report out to existing investors. We outline the importance of and how to achieve automated metrics and deep, granular insights in our new whitepaper, How the Right B2B SaaS \u0026 Subscription Metrics Tools Accelerate Growth \u0026 Attract Investors. Please contact Baker Tilly Digital with questions or for guidance about how Baker Tilly Digital SaaS Intelligence can help propel the growth of your SaaS or subscription business. 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While recurring revenue is integral to long-term financial health, early- and growth-stage businesses must establish cash flow and recapture startup and operational costs at a time when they may still be determining product-market fit. Measuring key SaaS metrics can provide critical insights into organizational health, help businesses optimize their sales and marketing, and ultimately position them for long-term growth. Simplifying the complexities Simply put, it’s crucial to understand the total cost of acquiring new customers, what it takes to keep them, and the impact of losing them. There are, of course, financial metrics that can help, and many businesses rightly focus a fair amount of time manually capturing and parsing these metrics. It is a necessary process, and one that, with the right SaaS reporting tools and dashboards, can be greatly simplified when the manual processes overwhelm your team’s ability to deliver timely and accurate data and reporting. Further, investors are more likely to be attracted to businesses that have a deep understanding of their financial growth metrics and can present them in a clear, concise way. Even if the numbers are not wholly positive, by illuminating the drivers behind them, challenges become more actionable, businesses can pivot, and the transparency helps build the confidence of, and trust with, potential investors. Let’s take a closer look at the key SaaS metrics you should be tracking and how to calculate them: What SaaS and subscription companies need to succeed In order to succeed, what SaaS and subscription businesses need most is real-time, reliable intelligence about their financial and operational health. Unfortunately, that can be hard to achieve — this critical information often lives in different systems, and it is not easy to aggregate. Using the right automated tools that integrate with their financial software stack and other third-party systems, SaaS and subscription businesses can get real-time access to a broad range of objective, accurate key metrics and granular insights tailored to their specific stage and needs — without the manual effort. These metrics indicate financial and operational health, illuminate performance trends and the drivers behind them, and inform proactive decision making. Further, the metrics are essential to attracting the investors needed to extend the financial runway, help scale, and report out to existing investors. We outline the importance of and how to achieve automated metrics and deep, granular insights in our new whitepaper, How the Right B2B SaaS \u0026 Subscription Metrics Tools Accelerate Growth \u0026 Attract Investors. Please contact Baker Tilly Digital with questions or for guidance about how Baker Tilly Digital SaaS Intelligence can help propel the growth of your SaaS or subscription business. If you're ready to leave Excel behind and clearly see your CMRR growth drivers, use this button to find a time to talk to us about getting started.","matchLevel":"none","matchedWords":[]},"description":{"value":"Measuring key SaaS metrics can provide critical insights that help businesses position and leverage opportunities for long-term growth","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIc8","uid":"are-you-overlooking-under-performance-in-your-kpis-for-not-for-profits","tags":["Baker Tilly Digital","sage intacct"],"type":"insight","lastPublicationDate":"2022-09-02T16:00:03+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1662134403,"_tags":["BAKER TILLY DIGITAL","SAGE INTACCT"],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"Ministry Intelligence","uid":"ministry-intelligence"}],"title":"Are you overlooking under-performance in your KPIs for not-for-profits?","author":"Allison Webb","co_authors":[""],"body":"This is the second blog in our series exploring outcome KPIs for not-for-profits. In our previous article, we wrote about how today’s not-for-profits need to track the outputs and outcomes of their efforts – the actual impact of their mission in action. Why? To build and maintain the confidence of funding sources that expect transparency and accountability like never before. Before we address how to measure and track not-for-profit outcomes in later posts, we need to debunk a common myth: That most not-for-profits understand their performance already. Rather, most organizations make some attempt to understand it but come up shorter than they realize. The wrong KPIs for not-for-profits can mask under performance Take a church, for example. It seems natural to measure performance based on the weekly attendance or the level of donations. But churches don’t just aspire to fill seats or raise money – they have loftier ambitions to change lives in deep, meaningful ways. Just because a church packs the pews on a Sunday doesn’t mean it reaches everyone in the audience. Most other not-for-profits have this same problem: where the appearance of success obscures the actual performance. Why does this happen? Blame the way we analyze information. We claim to interpret the facts objectively and consistently, but human bias still creeps in – especially when it comes to identifying and quantifying our own successes ... or lack thereof. How we reach the wrong conclusion When not-for-profits overestimate their success or overlook their shortcomings, it’s usually because of three common causes. Do these look familiar? Obsessing over increases – When the numbers go up that means things are improving, right? Not necessarily. Donations might be increasing, but is the impact of the not-for-profit increasing proportionally? If not, it’s cause for concern because it means money is getting wasted somewhere. It’s easy to get excited about increases while misunderstanding what they mean for the organization. Getting the full picture takes better information about outputs and outcomes. Confusing \"progress\" with \"success\" – Staying busy isn’t the same thing as advancing the mission. Not-for-profits often have plenty of metrics tracking what they’ve done and far fewer tracking whether those projects had the intended results. It’s easier to measure progress than success, but only the latter really matters. Raising the alarm over anomalies – When something in the data deviates from the norm, there’s a natural instinct to interpret it as a problem. But it might be a positive indicator or a chance for innovation that gets ignored or misunderstood. Differentiating between an outlier and an opportunity depends on having a good understanding of not-for-profit outcomes. That way it’s clear how cause relates to effect. Time for an honest assessment It’s time to replace assumptions about not-for-profit performance with hard data. Only once a not-for-profit knows what its impact really looks like can it set about expanding and improving on things. Baker Tilly can help you make that assessment.","image":{"dimensions":{"width":1080,"height":608},"alt":"KPIs for not-for-profits","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=0,16,1080,576\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=51,0,1013,608\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=20,0,1039,608\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=20,0,1039,608\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=55,0,970,608\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"KPIs for not-for-profits","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=0,42,1080,273\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=0,16,1080,576\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=0,14,1080,576\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=0,162,1080,270\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=20,0,1039,608\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Executives complete the deal by signing transaction contract","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/500ef197-095d-4f02-a839-c2b0c27a00a3_Meeting_report_audit_finance.jpg?auto=compress,format\u0026rect=0,0,1080,594\u0026w=20\u0026h=11"}},"date":"2021-06-10T07:00:00+0000","dateTimestamp":1623308400,"description":"Do you have the data you need to measure the outcomes in the KPIs for your not-for-profits?","category":"Article","objectID":"insight-are-you-overlooking-under-performance-in-your-kpis-for-not-for-profits","_highlightResult":{"_tags":[{"value":"BAKER TILLY DIGITAL","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]}],"title":{"value":"Are you overlooking under-performance in your KPIs for not-for-profits?","matchLevel":"none","matchedWords":[]},"author":{"value":"Allison Webb","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"This is the second blog in our series exploring outcome KPIs for not-for-profits. In our previous article, we wrote about how today’s not-for-profits need to track the outputs and outcomes of their efforts – the actual impact of their mission in action. Why? To build and maintain the confidence of funding sources that expect transparency and accountability like never before. Before we address how to measure and track not-for-profit outcomes in later posts, we need to debunk a common myth: That most not-for-profits understand their performance already. Rather, most organizations make some attempt to understand it but come up shorter than they realize. The wrong KPIs for not-for-profits can mask under performance Take a church, for example. It seems natural to measure performance based on the weekly attendance or the level of donations. But churches don’t just aspire to fill seats or raise money – they have loftier ambitions to change lives in deep, meaningful ways. Just because a church packs the pews on a Sunday doesn’t mean it reaches everyone in the audience. Most other not-for-profits have this same problem: where the appearance of success obscures the actual performance. Why does this happen? Blame the way we analyze information. We claim to interpret the facts objectively and consistently, but human bias still creeps in – especially when it comes to identifying and quantifying our own successes ... or lack thereof. How we reach the wrong conclusion When not-for-profits overestimate their success or overlook their shortcomings, it’s usually because of three common causes. Do these look familiar? Obsessing over increases – When the numbers go up that means things are improving, right? Not necessarily. Donations might be increasing, but is the impact of the not-for-profit increasing proportionally? If not, it’s cause for concern because it means money is getting wasted somewhere. It’s easy to get excited about increases while misunderstanding what they mean for the organization. Getting the full picture takes better information about outputs and outcomes. Confusing \"progress\" with \"success\" – Staying busy isn’t the same thing as advancing the mission. Not-for-profits often have plenty of metrics tracking what they’ve done and far fewer tracking whether those projects had the intended results. It’s easier to measure progress than success, but only the latter really matters. Raising the alarm over anomalies – When something in the data deviates from the norm, there’s a natural instinct to interpret it as a problem. But it might be a positive indicator or a chance for innovation that gets ignored or misunderstood. Differentiating between an outlier and an opportunity depends on having a good understanding of not-for-profit outcomes. That way it’s clear how cause relates to effect. Time for an honest assessment It’s time to replace assumptions about not-for-profit performance with hard data. Only once a not-for-profit knows what its impact really looks like can it set about expanding and improving on things. 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Excitement for expanding the reach of the church to impact lives rallies support not only through generous giving but also through an increase in volunteering. But launching a satellite church is the easy part. This fast growth, church plants, and multiple locations and entities require new solutions to pastors' challenges. Once the reality of maintaining the day to day operations of different geographically located churches sets in, leaders are faced with added responsibilities and financial requirements. Effective multisite churches create a replica of the original campus in both vision and mission. So creating an extended mission environment in another location doesn't require any new thinking regarding the “how” to execute. The area that begins to feel the pain and increased demands from a multisite environment is the finance or business office. The back office shouldn't be back of mind Back office efficiency isn’t at the forefront of the leadership’s minds until it becomes a problem. When leadership has a lack of visibility into the financial health of the entire church, poor decisions are made. Without clearly defined internal controls and approval workflows, spending can quickly spin out of control. The finance team tries to do more with less. More transactions, more reconciliations, and more reporting requirements have to be processed without an increase in available man hours. Ministry is a moving target Ministry is a moving target and, in the best of times, needs extra attention to manage cash flows and forecasts. As a church grows and expands its reach, either through satellite church efforts or outreach ministry initiatives, the need to have a finger on the financial pulse increases. The risk factor rises when real time visibility into financials is unavailable. Without good, timely data, leaders are forced to make decisions blindly. Going out on faith is generally a good thing in church, but running church finances on a “wing and a prayer” is never ideal. Without good financial benchmarks and budget controls, cash can easily decrease while mission critical needs are increasing. The result is an escalating weekly cash burn rate that forces leadership to cut costs. Typically the first things to get cut are staff and then programs. Neither solution is beneficial to the growth of the church. Cutting programs for a church is like cutting an artery Even during the worst of times, churches are resilient. Those that dedicate their lives to serving the church sharpen their pencils and work more hours to get the job done. As we all know, this is not sustainable and sometimes weathering the storm turns into closing up shop. A satellite location with great potential is not given a fair chance due to poor planning and management. Cutting programs for a church is like cutting an artery. The church is all about reaching lost souls and changing lives. Programs are the platforms where teaching, serving, and growing happens. Life itself happens in church. Think smarter Financial stability may not be the heart-beat of the church but it should be considered the church's roots, feeding nutrients to the tree of life. It is critical that we protect the financial operations of the church. That doesn’t mean load it up with staff and systems. Actually it is quite the opposite. Creativity is vibrant in a growing church and applies to the business side as well. Doing things the way they have always been done will get you the same results. If a church starts expanding its walls, then the finance department must make renovations as well. Think smarter. Figure out how to streamline current processes by making them efficient and eliminating the need to hire more staff. With the right tools and well planned workflows, you will spend less time on the transactional side of finance, and more time on analyzing and forecasting. It is a great privilege for those in finance to serve the church with the gifts God has given them. Challenge the current processes. Create workflows and efficiencies that allow you to expand your reach in finance and provide up to date information for decision makers. 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Excitement for expanding the reach of the church to impact lives rallies support not only through generous giving but also through an increase in volunteering. But launching a satellite church is the easy part. This fast growth, church plants, and multiple locations and entities require new solutions to pastors' challenges. Once the reality of maintaining the day to day operations of different geographically located churches sets in, leaders are faced with added responsibilities and financial requirements. Effective multisite churches create a replica of the original campus in both vision and mission. So creating an extended mission environment in another location doesn't require any new thinking regarding the “how” to execute. The area that begins to feel the pain and increased demands from a multisite environment is the finance or business office. The back office shouldn't be back of mind Back office efficiency isn’t at the forefront of the leadership’s minds until it becomes a problem. When leadership has a lack of visibility into the financial health of the entire church, poor decisions are made. Without clearly defined internal controls and approval workflows, spending can quickly spin out of control. The finance team tries to do more with less. More transactions, more reconciliations, and more reporting requirements have to be processed without an increase in available man hours. Ministry is a moving target Ministry is a moving target and, in the best of times, needs extra attention to manage cash flows and forecasts. As a church grows and expands its reach, either through satellite church efforts or outreach ministry initiatives, the need to have a finger on the financial pulse increases. The risk factor rises when real time visibility into financials is unavailable. Without good, timely data, leaders are forced to make decisions blindly. Going out on faith is generally a good thing in church, but running church finances on a “wing and a prayer” is never ideal. Without good financial benchmarks and budget controls, cash can easily decrease while mission critical needs are increasing. The result is an escalating weekly cash burn rate that forces leadership to cut costs. Typically the first things to get cut are staff and then programs. Neither solution is beneficial to the growth of the church. Cutting programs for a church is like cutting an artery Even during the worst of times, churches are resilient. Those that dedicate their lives to serving the church sharpen their pencils and work more hours to get the job done. As we all know, this is not sustainable and sometimes weathering the storm turns into closing up shop. A satellite location with great potential is not given a fair chance due to poor planning and management. Cutting programs for a church is like cutting an artery. The church is all about reaching lost souls and changing lives. Programs are the platforms where teaching, serving, and growing happens. Life itself happens in church. Think smarter Financial stability may not be the heart-beat of the church but it should be considered the church's roots, feeding nutrients to the tree of life. It is critical that we protect the financial operations of the church. That doesn’t mean load it up with staff and systems. Actually it is quite the opposite. Creativity is vibrant in a growing church and applies to the business side as well. Doing things the way they have always been done will get you the same results. If a church starts expanding its walls, then the finance department must make renovations as well. Think smarter. Figure out how to streamline current processes by making them efficient and eliminating the need to hire more staff. 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I feel that it’s important to share what we’ve learned so that CEOs and CFOs can take advantage of these lessons and realize a better future for their employees, colleagues, and shareholders – a future where everything that can be automated is, where an ever-expanding technology landscape is made manageable, and where deep insights into their organizations are readily available so that the right decisions can be made at the right time. What we’ve learned over the past ten years is that technology is disrupting everything, including the finance function. We’ve seen enterprise software move from industry-centric, on-premises software to horizontal cloud suites to best-in-breed solutions with open APIs for integrations. This trend has accelerated as the COVID-19 pandemic has made digital transformation for businesses go from optional to urgent. 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With data visualization tools, you clearly understand insights at-a-glance. You don’t need special skills or IT to explore your data. And, you turn insights into action with visual storytelling and narration. So, you can transform your business strategy and make strategic, data-driven decisions. Interactive visual explorer overview Designed to provide new ways to discover business insights using visualizations Ability to add annotations and “narrate” within the visualization to capture insights and share with other (i.e., collaborative exploration) Built on the system of record (like ICRW) for real-time data review Currently there are over 50 reporting areas Comes with 200 pre-built visualizations out-of-the-box that Sage Intacct has configured for you The Interactive Visual Explorer is an add-on subscription from Sage Intacct Contact us and we'll walk you through a demo on the IVE Workspace and how to create different visualizations. 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The Baker Tilly approach: In collaboration with the client, Baker Tilly executed a three phased approach. First, we assessed their existing business processes and completed an optimization effort to ensure standardized and streamlined processes were in place and being utilized across the business. In the second phase, we collaborated with the client, leveraging our proven methodologies to design, build, test and deploy a new cloud-based financial management solution, Sage Intacct. We also helped the client select and deploy a ‘best in class’ inventory management system, to fully integrate with Sage Intacct. Furthermore, we identified the various sources of data and developed a process for combining those data sources into an integrated dashboard within Sage Intacct. This offered greater visibility into summarized financial data. In the last phase, we facilitated a transition with our reoccurring outsourced account resources, ensuring they were prepared to support their ongoing needs. 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Read this case study to see how Baker Tilly's three phase approach supported their ongoing needs.","category":"Case Study","objectID":"insight-craft-beverage-business-engages-baker-tilly-to-implement","_highlightResult":{"title":{"value":"Craft beverage business implements three phased approach to streamline operations","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background:  A family owned, multi-entity craft beverage business experiencing steady growth. The client desired an outsourced accounting and advisory services partner, as the level of accounting expertise required surpassed the knowledge of their internal staff. The business challenge: Given the steady growth of their business, the client needed a more robust accounting and financial management solution that could support their multiple entities. They needed an efficient means to complete consolidation activities and report on the health of their business across entities. Their existing paper-based, manual processes created inefficiencies and issues in delivering necessary financial reporting. The client wanted improved integration of data between systems as the current architecture was poorly integrated and redundant. Lastly, the client needed a new inventory management solution that could scale with their growing business and would integrate seamlessly with their financial management solution. The Baker Tilly approach: In collaboration with the client, Baker Tilly executed a three phased approach. First, we assessed their existing business processes and completed an optimization effort to ensure standardized and streamlined processes were in place and being utilized across the business. In the second phase, we collaborated with the client, leveraging our proven methodologies to design, build, test and deploy a new cloud-based financial management solution, Sage Intacct. We also helped the client select and deploy a ‘best in class’ inventory management system, to fully integrate with Sage Intacct. Furthermore, we identified the various sources of data and developed a process for combining those data sources into an integrated dashboard within Sage Intacct. This offered greater visibility into summarized financial data. In the last phase, we facilitated a transition with our reoccurring outsourced account resources, ensuring they were prepared to support their ongoing needs. The business impact:  As an outcome of our project, the client deployed an integrated set of solutions simultaneously, effectively addressing their accounting, accounts payable, expense management and payroll needs. The client also received timely, comprehensive and dynamic reporting capabilities and dashboards within Sage Intacct, which could be easily accessed and leveraged as needed. Finally, the client gained worry-free management of their accounting and payroll functions, and access to additional subject matter knowledge, allowing leadership to focus their time on other aspects of their business.   ","matchLevel":"none","matchedWords":[]},"description":{"value":"A family owned, multi-entity craft beverage business experiencing steady growth desired an outsourced accounting and advisory services partner. Read this case study to see how Baker Tilly's three phase approach supported their ongoing needs.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIeC","uid":"fundraising-metrics-for-not-for-profit-organizations","tags":["not-for-profit accounting"],"type":"insight","lastPublicationDate":"2022-08-01T11:00:08+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659351608,"_tags":["NOT-FOR-PROFIT ACCOUNTING"],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"title":"Adopting fundraising metrics for not-for-profit organizations","co_authors":["Brenda Jacinto",""],"body":"As donors and funders increase pressure on not-for-profit organizations to provide transparency and connect measures to outcomes, it can be hard to know where to start. If it's time for your organization to think about adopting fundraising metrics for not-for-profit organizations, it's important to identify supporting metrics that align with your strategic mission. When you focus on what and how to measure, you inform other aspects of your strategic planning, strengthening your stewardship and performance, and increasing your mission or ministry's impact. Seek a balanced approach The key is to balance financial- and performance-based outcome measures. Outcome metrics include all measures that reflect your organization's performance expressed as impact. These can include: Performance (e.g., program efficiency), Outcomes (e.g., meals served), Capacity (e.g., membership growth), Financial (e.g., budget to actual), or Sustainability (e.g., operating reliance). If you report only your financial-based metrics, your potential funders won’t know whether you have been successful in your mission and in meeting your goals. Consider: Your programs and activities can grow and be hugely successful, but without organizational capacity and sustainability, the programs—and their impact—will come to an end. Define key indicators across the spectrum to ensure that you are getting—and giving—a complete picture to key stakeholders, staff, and constituents. Your website is a great way to communicate that focus, and to ensure that both internal and external constituents have access to the information. Set up a plan It can be challenging to start. With your mission and a balanced approach firmly in mind—and with your leadership engaged—define the top three indicators that best reflect your progress and impact, and how you will measure and monitor them. Some of the metrics that many not-for-profit organizations have found helpful include: Program efficiency This metric may be the most important for many charity evaluators, board members, and donors because it shows how funds are used: For overhead, or for making progress. The basic formula… Program efficiency = Total program services expenses ÷ total expenses …clearly indicates program and mission priority. Revenue per member Many membership-based organizations rely heavily on membership dues and program fees. How much revenue are you generating from your membership? This metric tracks not only the changes in membership, but also the revenue trend per member. Revenue per member = Member revenue ÷ member count Fundraising efficiency How much do you spend to raise a dollar? This metric shows how efficiently your organization raises funds. Fundraising efficiency = Unrestricted fundraising expenses ÷ total unrestricted contributions raised Next steps Modern fund-accounting software can help you use outcomes to measure not-for-profit success. You can easily track and tag your expenses and revenue to automatically calculate and report on this key metric. For example, if your annual gala raises $1,500,000, and costs $350,000, your fundraising efficiency is $0.23. It cost you $.23 to raise $1.  Dashboards provide real-time visibility into data, enabling you to monitor and proactively manage outcomes. Program managers may look at metrics related to programs, locations, and budgets; grant managers may monitor grant renewals, new awards, and funding pipelines.  Next, identify supporting metrics that help ensure peak performance. Ensure each metric aligns with your strategic mission. Make those measures integral to your annual strategic plan. When you focus on what and how to measure, you inform other aspects of your strategic planning, strengthen your stewardship and performance, and increase your mission impact. The increasing demand for transparency and accountability from donors is compelling today’s not-for-profit organizations to seek ways to both produce and demonstrate successful outcomes. A recent survey showed that more than 25% of not-for-profit organizations struggle with heightened expectations and increasing scrutiny from several sources—including ever more savvy funders looking for financial management techniques and controls employed commonly by for-profit businesses. This white paper describes how not-for-profit organizations like yours can effectively leverage outcome metrics to boost success.","image":{"dimensions":{"width":1366,"height":768},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=0,21,1366,729\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=64,0,1280,768\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=27,0,1312,768\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=25,0,1312,768\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Adopting fundraising metrics for not-for-profit organizations","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=69,0,1226,768\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=0,127,1366,345\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=0,20,1366,729\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=0,18,1366,729\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=0,137,1366,342\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=26,0,1312,768\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Team high fiving","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/7c5635af-168e-42da-a912-b41dc44e9e54_GettyImages-1143297195.jpg?auto=compress,format\u0026rect=0,0,1366,751\u0026w=20\u0026h=11"}},"date":"2021-03-10T06:00:00+0000","dateTimestamp":1615356000,"description":"If it's time for your organization to think about adopting fundraising metrics for not-for-profit organizations, it's important to align them with your strategic mission.","category":"Article","objectID":"insight-fundraising-metrics-for-not-for-profit-organizations","_highlightResult":{"_tags":[{"value":"NOT-FOR-PROFIT ACCOUNTING","matchLevel":"none","matchedWords":[]}],"title":{"value":"Adopting fundraising metrics for not-for-profit organizations","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"Brenda Jacinto","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"As donors and funders increase pressure on not-for-profit organizations to provide transparency and connect measures to outcomes, it can be hard to know where to start. If it's time for your organization to think about adopting fundraising metrics for not-for-profit organizations, it's important to identify supporting metrics that align with your strategic mission. When you focus on what and how to measure, you inform other aspects of your strategic planning, strengthening your stewardship and performance, and increasing your mission or ministry's impact. Seek a balanced approach The key is to balance financial- and performance-based outcome measures. Outcome metrics include all measures that reflect your organization's performance expressed as impact. These can include: Performance (e.g., program efficiency), Outcomes (e.g., meals served), Capacity (e.g., membership growth), Financial (e.g., budget to actual), or Sustainability (e.g., operating reliance). If you report only your financial-based metrics, your potential funders won’t know whether you have been successful in your mission and in meeting your goals. Consider: Your programs and activities can grow and be hugely successful, but without organizational capacity and sustainability, the programs—and their impact—will come to an end. Define key indicators across the spectrum to ensure that you are getting—and giving—a complete picture to key stakeholders, staff, and constituents. Your website is a great way to communicate that focus, and to ensure that both internal and external constituents have access to the information. Set up a plan It can be challenging to start. With your mission and a balanced approach firmly in mind—and with your leadership engaged—define the top three indicators that best reflect your progress and impact, and how you will measure and monitor them. Some of the metrics that many not-for-profit organizations have found helpful include: Program efficiency This metric may be the most important for many charity evaluators, board members, and donors because it shows how funds are used: For overhead, or for making progress. The basic formula… Program efficiency = Total program services expenses ÷ total expenses …clearly indicates program and mission priority. Revenue per member Many membership-based organizations rely heavily on membership dues and program fees. How much revenue are you generating from your membership? This metric tracks not only the changes in membership, but also the revenue trend per member. Revenue per member = Member revenue ÷ member count Fundraising efficiency How much do you spend to raise a dollar? This metric shows how efficiently your organization raises funds. Fundraising efficiency = Unrestricted fundraising expenses ÷ total unrestricted contributions raised Next steps Modern fund-accounting software can help you use outcomes to measure not-for-profit success. You can easily track and tag your expenses and revenue to automatically calculate and report on this key metric. For example, if your annual gala raises $1,500,000, and costs $350,000, your fundraising efficiency is $0.23. It cost you $.23 to raise $1.  Dashboards provide real-time visibility into data, enabling you to monitor and proactively manage outcomes. Program managers may look at metrics related to programs, locations, and budgets; grant managers may monitor grant renewals, new awards, and funding pipelines.  Next, identify supporting metrics that help ensure peak performance. Ensure each metric aligns with your strategic mission. Make those measures integral to your annual strategic plan. When you focus on what and how to measure, you inform other aspects of your strategic planning, strengthen your stewardship and performance, and increase your mission impact. The increasing demand for transparency and accountability from donors is compelling today’s not-for-profit organizations to seek ways to both produce and demonstrate successful outcomes. A recent survey showed that more than 25% of not-for-profit organizations struggle with heightened expectations and increasing scrutiny from several sources—including ever more savvy funders looking for financial management techniques and controls employed commonly by for-profit businesses. This white paper describes how not-for-profit organizations like yours can effectively leverage outcome metrics to boost success.","matchLevel":"none","matchedWords":[]},"description":{"value":"If it's time for your organization to think about adopting fundraising metrics for not-for-profit organizations, it's important to align them with your strategic mission.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YEjy-REAACIAV4_G","uid":"cloud-financial-management-solutions-make-better-informed","tags":["nfp","nfp online journal"],"type":"insight","lastPublicationDate":"2022-02-23T18:00:20+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1645639220,"_tags":["NFP","NFP ONLINE JOURNAL"],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"},{"title":"Cloud Services","uid":"cloud-infrastructure"},{"title":"Enterprise Solutions ","uid":"enterprise-solutions"}],"solutions":[],"sectors":[],"title":"Cloud financial management solutions: make better-informed decisions at your not-for-profit ","author":"Ryan Pickering","co_authors":[""],"body":"According to the recent “2021 Nonprofit Technology Trends Report” published by Sage Intacct, of the more than 500 not-for-profit finance leaders surveyed, 58% indicated a decrease in revenue in 2020 for their organization. This is partially to be expected based on the current state of the economy and related events of this past year. Consequently, this landscape is also driving an increased demand for many not-for-profit services. While not a new sentiment, not-for-profit organizations are being asked to do more with less, in a time when those in need are counting on them most.  When every dollar matters, should organizations actually consider and prioritize investment in technologies such as a cloud financial management solution? They absolutely should. The opportunity cost of maintaining the status quo could be a significant hindrance on the ability to achieve more with less. For many not-for-profit organizations, QuickBooks – including QuickBooks Online – has been the status quo for years. It is well-known and user-friendly, and it supports the basic functionality needed to operate accounting and finance functions. The concerns arise when organizations are then expected to scale their back-office operations while leveraging the existing technology, oftentimes leading to: Time-consuming manual data entry and re-entry, increasing data quality concerns Significant reliance on spreadsheets to support accounting/finance processes Limited access to dashboards and reports to support decision-making Inadequate internal controls associated with the accounting and finance functions Challenges in evolving with new organizational requirements These concerns can create substantial inefficiencies and inhibit organizations from achieving their goal of scaling to do more with less. The reality is there are other options that are cost effective and can address the above concerns, while also affording organizations with much more functionality. The prevailing notion that these other solutions are too expensive and require too significant an investment from an organization is false. Cloud-based financial management software has created a means for not-for-profit organizations to gain access to modern financial management software at a reasonable cost.  Today, there are several cloud-based financial management software solutions available on the market – Sage Intacct, Oracle NetSuite, Microsoft Dynamics 365, to name a few – all of which have greater functionality than what is available with QuickBooks. Examples of this functionality include supporting multi-entity organizations, and automating consolidations and currency conversion. Furthermore, there are even more high-level functionalities available, which is particularly helpful for not-for-profit organizations, including:  Ability to automate revenue recognition for compliance Ability to allocate spend toward mission achievement Ability to achieve real-time visibility with dashboards and reporting Availability of pre-built dashboards to support transparency around disclosures  Availability of advanced internal controls for compliance and audit requirements While every not-for-profit organization has a unique set of needs based on their charter, it is within reason to assume that any organization still on QuickBooks has some efficiencies to be gained in exploring an alternative cloud-based financial management solution. It could be the investment that allows an organization to finally achieve more with less. For organizations stuck in the status quo and desiring to learn more about alternative solutions or how Baker Tilly can help, contact our team. \nAdditional resources The hidden cost of QuickBooks Life after QuickBooks","image":{"dimensions":{"width":2000,"height":1125},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=0,30,2000,1067\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=94,0,1875,1125\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=40,0,1922,1125\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=38,0,1922,1125\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=102,0,1795,1125\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=0,310,2000,505\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=0,29,2000,1067\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=0,27,2000,1067\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=0,300,2000,500\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=39,0,1922,1125\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"View of data in a cloud financial management solution","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/079d38a9-3ce5-4b33-a7cc-3b37feb0bd24_data-driven-agnostic.jpg?auto=compress,format\u0026rect=0,0,2000,1100\u0026w=20\u0026h=11"}},"date":"2021-03-10T06:00:00+0000","dateTimestamp":1615356000,"description":"Not-for-profits should consider and prioritize investment in technologies such as a cloud financial management solution in order to gain efficiencies and achieve more in support of their missions.","category":"Article","objectID":"insight-cloud-financial-management-solutions-make-better-informed","_highlightResult":{"_tags":[{"value":"NFP","matchLevel":"none","matchedWords":[]},{"value":"NFP ONLINE JOURNAL","matchLevel":"none","matchedWords":[]}],"title":{"value":"Cloud financial management solutions: make better-informed decisions at your not-for-profit ","matchLevel":"none","matchedWords":[]},"author":{"value":"Ryan Pickering","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"According to the recent “2021 Nonprofit Technology Trends Report” published by Sage Intacct, of the more than 500 not-for-profit finance leaders surveyed, 58% indicated a decrease in revenue in 2020 for their organization. This is partially to be expected based on the current state of the economy and related events of this past year. Consequently, this landscape is also driving an increased demand for many not-for-profit services. While not a new sentiment, not-for-profit organizations are being asked to do more with less, in a time when those in need are counting on them most.  When every dollar matters, should organizations actually consider and prioritize investment in technologies such as a cloud financial management solution? They absolutely should. The opportunity cost of maintaining the status quo could be a significant hindrance on the ability to achieve more with less. For many not-for-profit organizations, QuickBooks – including QuickBooks Online – has been the status quo for years. It is well-known and user-friendly, and it supports the basic functionality needed to operate accounting and finance functions. The concerns arise when organizations are then expected to scale their back-office operations while leveraging the existing technology, oftentimes leading to: Time-consuming manual data entry and re-entry, increasing data quality concerns Significant reliance on spreadsheets to support accounting/finance processes Limited access to dashboards and reports to support decision-making Inadequate internal controls associated with the accounting and finance functions Challenges in evolving with new organizational requirements These concerns can create substantial inefficiencies and inhibit organizations from achieving their goal of scaling to do more with less. The reality is there are other options that are cost effective and can address the above concerns, while also affording organizations with much more functionality. The prevailing notion that these other solutions are too expensive and require too significant an investment from an organization is false. Cloud-based financial management software has created a means for not-for-profit organizations to gain access to modern financial management software at a reasonable cost.  Today, there are several cloud-based financial management software solutions available on the market – Sage Intacct, Oracle NetSuite, Microsoft Dynamics 365, to name a few – all of which have greater functionality than what is available with QuickBooks. Examples of this functionality include supporting multi-entity organizations, and automating consolidations and currency conversion. Furthermore, there are even more high-level functionalities available, which is particularly helpful for not-for-profit organizations, including:  Ability to automate revenue recognition for compliance Ability to allocate spend toward mission achievement Ability to achieve real-time visibility with dashboards and reporting Availability of pre-built dashboards to support transparency around disclosures  Availability of advanced internal controls for compliance and audit requirements While every not-for-profit organization has a unique set of needs based on their charter, it is within reason to assume that any organization still on QuickBooks has some efficiencies to be gained in exploring an alternative cloud-based financial management solution. It could be the investment that allows an organization to finally achieve more with less. For organizations stuck in the status quo and desiring to learn more about alternative solutions or how Baker Tilly can help, contact our team. \nAdditional resources The hidden cost of QuickBooks Life after QuickBooks","matchLevel":"none","matchedWords":[]},"description":{"value":"Not-for-profits should consider and prioritize investment in technologies such as a cloud financial management solution in order to gain efficiencies and achieve more in support of their missions.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIcS","uid":"using-outcomes-measure-not-for-profit-success","tags":["not-for-profit accounting","faith-based accounting"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["NOT-FOR-PROFIT ACCOUNTING","FAITH-BASED ACCOUNTING"],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Using outcomes to measure not-for-profit success","author":"Allison Webb","co_authors":[""],"body":"With intense competition for donor dollars — and funders insisting on greater accountability and visibility — not-for-profits must show fiscal responsibility as well as program results. Agile not-for-profit organizations have learned that using outcomes to measure not-for-profit success facilitates the financial transparency that's in demand. Like them, you can use outcome metrics to easily measure and report on your organization's performance which enables not-for-profit financial transparency.  What should you monitor? The call for greater transparency and accountability is increasingly louder. Just like the way financial analysts and credit rating agencies scrutinize a corporation’s financial performance to make recommendations, charity evaluators are diving deeper into not-for-profit results — and they’re expanding their criteria to include the tracking and reporting of non-financial performance and outcome metrics. Charity Navigator, for example, has historically used highly specific, financial metrics when calculating its not-for-profit ratings, which can have a significant impact on not-for-profit funding. Now the organization has stated that financial metrics are not enough to see the whole financial health picture. Your efforts to track outcome metrics for your organization will encourage accountability among other organizations while building your credibility and reputation. You can expect your community to become more engaged and supportive. Ultimately, this results in a virtuous cycle of greater visibility, better transparency, strengthened credibility, and a more committed support network. Linking metrics to your mission Outcome metrics are valuable only if they are clearly linked to your core values and mission (otherwise, they are only a resource-draining distraction). So it’s better to start with a simple set of financial KPIs for not-for-profits that define what matters — your organization’s short- and long-term objectives — and the impact measures that effectively map back to them. Set goals and strategies that help ensure your activity measures support the overarching mission. These might include: Progress toward goals Program implementation; e.g., projects launched Sites protected Finally, drill down to define the supporting tactics and activities. These might be measured by memberships, funding, or fundraising growth. However you define your outcome metrics, keep it simple — and never lose focus of what truly matters to your organization. The increasing demand for transparency and accountability from donors is compelling today’s not-for-profits to seek ways to both produce and demonstrate successful outcomes. A recent survey showed that more than 25% of not-for-profits struggle with heightened expectations and increasing scrutiny from several sources — including ever more savvy funders looking for financial management techniques and controls employed commonly by for-profit businesses. 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Agile not-for-profit organizations have learned that using outcomes to measure not-for-profit success facilitates the financial transparency that's in demand. Like them, you can use outcome metrics to easily measure and report on your organization's performance which enables not-for-profit financial transparency.  What should you monitor? The call for greater transparency and accountability is increasingly louder. Just like the way financial analysts and credit rating agencies scrutinize a corporation’s financial performance to make recommendations, charity evaluators are diving deeper into not-for-profit results — and they’re expanding their criteria to include the tracking and reporting of non-financial performance and outcome metrics. Charity Navigator, for example, has historically used highly specific, financial metrics when calculating its not-for-profit ratings, which can have a significant impact on not-for-profit funding. Now the organization has stated that financial metrics are not enough to see the whole financial health picture. Your efforts to track outcome metrics for your organization will encourage accountability among other organizations while building your credibility and reputation. You can expect your community to become more engaged and supportive. Ultimately, this results in a virtuous cycle of greater visibility, better transparency, strengthened credibility, and a more committed support network. Linking metrics to your mission Outcome metrics are valuable only if they are clearly linked to your core values and mission (otherwise, they are only a resource-draining distraction). So it’s better to start with a simple set of financial KPIs for not-for-profits that define what matters — your organization’s short- and long-term objectives — and the impact measures that effectively map back to them. Set goals and strategies that help ensure your activity measures support the overarching mission. These might include: Progress toward goals Program implementation; e.g., projects launched Sites protected Finally, drill down to define the supporting tactics and activities. These might be measured by memberships, funding, or fundraising growth. However you define your outcome metrics, keep it simple — and never lose focus of what truly matters to your organization. The increasing demand for transparency and accountability from donors is compelling today’s not-for-profits to seek ways to both produce and demonstrate successful outcomes. A recent survey showed that more than 25% of not-for-profits struggle with heightened expectations and increasing scrutiny from several sources — including ever more savvy funders looking for financial management techniques and controls employed commonly by for-profit businesses. ","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YD6PhxEAACEAKiKo","uid":"technology-start-up-streamlines-business-processes","tags":[],"type":"insight","lastPublicationDate":"2022-02-23T18:01:58+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1645639318,"_tags":[],"industries":[{"title":"Software \u0026 Technology","uid":"software-and-technology"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"},{"title":"Enterprise Solutions ","uid":"enterprise-solutions"}],"solutions":[],"sectors":[],"title":"Technology start-up streamlines business processes with Baker Tilly","co_authors":[""],"body":"Client background: A technology start-up located in the Midwest has aggressive growth goals and a parent company with substantial accountability and oversight. The client desired a trusted organization with deep subject matter knowledge and a wealth of professional service experience to support outsourced accounting, payroll and human resources (HR). More specifically, an organization who could provide advisory services and scale their support based on the client’s business growth.  The business challenge: As a technology start-up, the client had yet to establish standardized business processes associated with their accounting, payroll and HR functions, which created inconsistencies and inefficiencies. They also required an accounts payable solution for a virtual office, which was not yet deployed. All of the above required time and attention from various stakeholders within their team, pulling them away from other responsibilities. Being in the early stages of the business, executives recognized the need for additional resources and knowledge on various functions and business processes.  The Baker Tilly approach: Once selected, Baker Tilly worked with the client to prioritize process definition and implementation of a new financial management solution, Sage Intacct, a forerunner in bringing cloud computing to finance and accounting for small and medium-sized businesses. Our initial focus was on defining standardized business processes across accounting, payroll and HR while providing the necessary requirements to successfully design, build, test and deploy the new solution.  The business impact: Throughout the implementation of Sage Intacct, Baker Tilly’s professionals brought proactive insights and solutions that allow the client’s business leaders to focus on more strategic tasks and initiatives to grow their business. We facilitated a seamless transition to our outsourced accounting and HR resources. The implementation efforts allowed the client to:  Effectively deploy an integrated accounting, accounts payable, expense management, payroll and HR support platform  Gain access to timely, comprehensive and dynamic reporting through tailored, real-time dashboards to inform decision making","image":{"dimensions":{"width":2323,"height":1291},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=0,27,2323,1239\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=108,0,2152,1291\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=59,0,2205,1291\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=59,0,2205,1291\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=130,0,2060,1291\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=0,352,2323,587\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=0,26,2323,1239\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=0,23,2323,1239\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=0,348,2323,581\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=59,0,2205,1291\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"People at computers","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/13c73675-7ae6-4bc1-9106-49d0abbc8a22_People+at+computers.jpg?auto=compress,format\u0026rect=0,0,2323,1278\u0026w=20\u0026h=11"}},"date":"2021-03-02T06:00:00+0000","dateTimestamp":1614664800,"description":"A technology start-up located in the Midwest desired a trusted partner who could provide advisory services and scale their support based on their business growth. Read more to see how Baker Tilly worked with the client to prioritize process definition and implementation of a new financial management solution, Sage Intacct.","category":"Case Study","objectID":"insight-technology-start-up-streamlines-business-processes","_highlightResult":{"title":{"value":"Technology start-up streamlines business processes with Baker Tilly","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Client background: A technology start-up located in the Midwest has aggressive growth goals and a parent company with substantial accountability and oversight. The client desired a trusted organization with deep subject matter knowledge and a wealth of professional service experience to support outsourced accounting, payroll and human resources (HR). More specifically, an organization who could provide advisory services and scale their support based on the client’s business growth.  The business challenge: As a technology start-up, the client had yet to establish standardized business processes associated with their accounting, payroll and HR functions, which created inconsistencies and inefficiencies. They also required an accounts payable solution for a virtual office, which was not yet deployed. All of the above required time and attention from various stakeholders within their team, pulling them away from other responsibilities. Being in the early stages of the business, executives recognized the need for additional resources and knowledge on various functions and business processes.  The Baker Tilly approach: Once selected, Baker Tilly worked with the client to prioritize process definition and implementation of a new financial management solution, Sage Intacct, a forerunner in bringing cloud computing to finance and accounting for small and medium-sized businesses. Our initial focus was on defining standardized business processes across accounting, payroll and HR while providing the necessary requirements to successfully design, build, test and deploy the new solution.  The business impact: Throughout the implementation of Sage Intacct, Baker Tilly’s professionals brought proactive insights and solutions that allow the client’s business leaders to focus on more strategic tasks and initiatives to grow their business. We facilitated a seamless transition to our outsourced accounting and HR resources. 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This migration process included monitoring user adoption of their new processes and technology solution. Additionally, Baker Tilly helped move the client’s existing reporting requirements from Microsoft Excel to Sage Intacct. Transferring our knowledge to the client allowed them to implement on-demand reporting with more accurate financial information, creating greater visibility and reliability in their data. The organizational impact: The Sage Intacct implementation and transition provided outsourced accounting services, allowing the client to confidently allocate their time and attention to other business objectives. In automating various processes and delivering a new technology solution with robust dashboards and reporting capabilities, business leaders were able to access data more readily, with accounts payable management becoming timely, paperless and on-demand within a user-friendly interface. 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","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIZi","uid":"taking-the-guesswork-out-of-decision-making-for-your-not-for-profit","tags":["Baker Tilly Digital","Sage Intacct"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["BAKER TILLY DIGITAL","SAGE INTACCT"],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"Ministry Intelligence","uid":"ministry-intelligence"}],"title":"Taking the guesswork out of decision making for your not-for-profit","author":"Allison Webb","co_authors":["",""],"body":"As a mission-based organization, your agenda is clear – doing good work around the world. Unfortunately, accomplishing that is more complex than ever, requiring leaders to rely on a lot more than just good intentions in order to achieve the positive outcomes they desire. As the scope of mission-based organizations has grown, decision-making has become a high-stakes process. At the same time, donors demand a level of transparency and accountability that raises the stakes of decision-making even further.  For many mission-based organizations, the decision-making process produces a lot more confusion than clarity. Luckily, the means to practice decision-making using high-quality, real-time, complete sets of data is both attainable and easy to implement. Sage Intacct Spend Management application Sage Intacct cloud ERP software is already a powerful tool for enhancing the decision-making process and eliminating the kinds of uncertainties that lead to poor choices. But this leading ERP solution  has recently become even better thanks to the integration of a dedicated spend-management tool. Users can rely on this tool to strictly keep spending within budget thresholds. By providing a top-down perspective to the spending process, along with the capabilities to set flexible but strict controls, decision-makers can ensure that every purchase is a prudent one. Sage Intacct’s Spend Management application is a unique asset to mission-based organizations because it delivers the confidence of centralized budget compliance, even when spending decisions are being made at points across the globe. The kinds of cash flow issues that compromise mission projects and damage the confidence of donors can be reliably eliminated without relying on a cumbersome or complicated process. Understanding Sage Intacct Spend Management in action The strength of this tool lies in its flexibility and broad applicability. But that can also make it difficult to imagine how a specific mission-based organization would use it in practice. Think of a decision-maker looking at a purchase order that has just landed on his desk. The amount of the order is not substantial, but it is large enough that it can’t be rubber stamped. Previously, it would require a deep dive into financial figures and a flurry of confusing cross-referencing to determine if that purchase was fiscally viable. With Sage Intacct Spend Management, the determination is made instantly-in real time. The decision-maker simply has to reference where that spending category stands against the budget. It does not even require simple arithmetic in order to confidently say yes or no. That introduces a welcome level of efficiency to the decision-making process while also ensuring that budgetary issues do not compromise the organization’s agenda. It also allows the organization to convincingly demonstrate a level of sound financial governance that sustaining donors require. 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But this leading ERP solution  has recently become even better thanks to the integration of a dedicated spend-management tool. Users can rely on this tool to strictly keep spending within budget thresholds. By providing a top-down perspective to the spending process, along with the capabilities to set flexible but strict controls, decision-makers can ensure that every purchase is a prudent one. Sage Intacct’s Spend Management application is a unique asset to mission-based organizations because it delivers the confidence of centralized budget compliance, even when spending decisions are being made at points across the globe. The kinds of cash flow issues that compromise mission projects and damage the confidence of donors can be reliably eliminated without relying on a cumbersome or complicated process. Understanding Sage Intacct Spend Management in action The strength of this tool lies in its flexibility and broad applicability. But that can also make it difficult to imagine how a specific mission-based organization would use it in practice. Think of a decision-maker looking at a purchase order that has just landed on his desk. The amount of the order is not substantial, but it is large enough that it can’t be rubber stamped. Previously, it would require a deep dive into financial figures and a flurry of confusing cross-referencing to determine if that purchase was fiscally viable. With Sage Intacct Spend Management, the determination is made instantly-in real time. The decision-maker simply has to reference where that spending category stands against the budget. It does not even require simple arithmetic in order to confidently say yes or no. That introduces a welcome level of efficiency to the decision-making process while also ensuring that budgetary issues do not compromise the organization’s agenda. It also allows the organization to convincingly demonstrate a level of sound financial governance that sustaining donors require. 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For companies that have been slow to adapt, these remote working environments have severely affected back-office efficiency, timeliness of reporting and ultimately the bottom line. By exploring current technology trends for your back office operations, businesses can streamline their reporting capabilities and better align their goals to propel their business into the future. \nAuthored by Ryan Onushco Misconceptions about modern cloud technology for the middle market Too expensive for small-to-mid-sized organizations When most people think of enterprise resource planning (ERP) systems, they may think of software like SAP and Workday, which can be a significant financial investment. However, over the past four to five  years, many of the leading software providers (Sage Intacct, Microsoft and Oracle) have developed strong ERP alternatives designed for the middle market. An ERP system is an integrated management application that automates business processes, and provides insights and internal controls. These solutions may not be as robust as some of the larger enterprise solutions, but they are substantial upgrades from other common accounting systems being utilized in this space (QuickBooks and Xero). For most organizations, the additional automation provided by these systems is well worth the price point.  Difficult to implement with limited internal resources Implementing new systems and changing longstanding processes can be daunting, especially when you are already operating with a lean accounting and finance team. However, with the recent surge of cloud technologies being developed and which are geared towards smaller enterprises, the word “implementation” does not necessarily mean the six to twelve month project it used to. Many of the market-leading cloud ERP packages for the middle market can be implemented and fully deployed in less than six months, with many implementations completed in less than 90 days! Additionally, there are many other complimentary technologies which automate processes like expense management (Webexpenses and Tallie) or accounts payable (Bill.com and Yooz) that can be implemented and deployed in less than a month. In most cases, it is still advised to engage an implementation partner when considering the implementation of a new ERP system.  The cloud is not as secure as on premise systems On premise systems can be secure if you have the right controls in place and have a strong internal IT team. However, this is not the case for many middle market companies. From a risk management standpoint, sharing data security responsibilities with one of the reputable cloud ERP providers is typically a great option. Most of these providers go through extensive third-party IT audits, which many middle market companies are not regularly performing. The short answer is that neither option is more or less secure. However, a less sophisticated internal IT team can put you and your company at risk in an on premise scenario, whereas the cloud provides the option to share some of that risk with external experts. That being said, any software provider being considered should be thoroughly vetted and have SOC I and II audits completed annually. We know we need to automate, but where do we begin? Assess your current state You have likely been operating this way for several months or years and your organization is still alive and kicking. Instead of jumping right into the selection process for a new system(s), take the time to conduct an objective assessment of the current accounting and finance infrastructure. Some questions you may want to consider and investigate further are: What are the roles and responsibilities of the individuals on the team? How much time are they spending entering data or operating in excel data files? If a key team member were to leave, do we have strong processes and procedures in place where it would be seamless to train a new employee? Which processes would be nice to automate and which are critical to automate? Are the current processes in place producing useful financial reports and KPIs? What business and accounting processes are essential to the operation of our organization? Are those processes a strength or weakness for us? Do any of our current systems integrate? If not, how much “dual entry” is occurring between systems? Do we struggle with having access to systems and information when the team is forced to work remotely? Conduct a selection process Now that you have done your due diligence and understand the current strengths and weaknesses of your infrastructure, it is time to conduct a selection process. If you are willing to make the investment for additional expertise, one option is to hire a consulting firm that can run a structured ERP selection process. If you feel as though you have a good understanding of what you are looking for after going through the assessment, you should be able to narrow your search to three or four solutions that may be a good fit. Once determined, you can easily identify an implementation partner for the respective solutions, which you can engage for additional discovery conversations and demos of the software. The implementation partner selected is just as important as the capabilities of the actual software, so be sure to vet them thoroughly. Request partner references, make sure they see eye-to-eye on your vision and consider if they fit into your company culture, as they will be an extension of your team for the next several months. Once you have selected the software and implementation partner that is right for you; it is time to confirm the scope of the engagement, costs associated with the implementation, on-going subscription services and determine a timeline for completion. Benefits of modern cloud technology for the middle market Data-driven decision-making Better systems and processes lead to more timely reporting and the ability to track metrics that may have not been reportable previously. Business leaders using data to their advantage will continue to get ahead of the competition. Ability to “do more” with current staff As you begin to automate manual tasks of your current staff members, you will find you are able to “do more with less.” This allows current staff members to re-focus their efforts on more value-added and strategic work. Ability to work and access information anytime, anywhere Today’s employees are seeking and sometimes even expecting more flexible work arrangements. Deploying cloud solutions allow for greater flexibility to work from home and offer a solution to keep business moving when unexpected events occur that do not allow employees to make it into the office. We often joke that with the mobile applications these solutions offer, executives can approve bills for payment on their phones while sitting on the beach somewhere instead of signing checks! More automation = less room for error The less data being manually entered or re-entered by staff, the less prone to errors reporting will be. Introducing technology to automate some of these steps leads to more accurate reporting. Flexibility and scalability Are your back-office systems and processes scalable if you decide to add a new line of business? How about if you identify a competitor that would be a prime acquisition candidate? The answer for most companies who have not adopted technology is most likely “no.” Implementing solutions now not only solves your problems of today, but also sets you up for what may be around the corner. Keeping your head in the clouds for future technology  Taking the step to fully embracing automation and cloud technology trends can be challenging. Our Baker Tilly Sage Intacct professionals are knowledgeable and prepared to assist your business in determining how to evaluate and implement new cloud technology processes for the future success of the business. 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For companies that have been slow to adapt, these remote working environments have severely affected back-office efficiency, timeliness of reporting and ultimately the bottom line. Read this article to learn how modern cloud technology can benefit the middle market. ","category":"Article","objectID":"insight-steps-middle-market-companies-can-implement-to-automate","_highlightResult":{"title":{"value":"Steps middle market companies can implement to automate their cloud technology","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Businesses have been hearing about the trend towards more technology and automation for years now.  However, the abrupt need to shift to remote working environments over the past year due to the coronavirus for many companies has escalated the need to move to the cloud and become more “tech-friendly”. For companies that have been slow to adapt, these remote working environments have severely affected back-office efficiency, timeliness of reporting and ultimately the bottom line. By exploring current technology trends for your back office operations, businesses can streamline their reporting capabilities and better align their goals to propel their business into the future. \nAuthored by Ryan Onushco Misconceptions about modern cloud technology for the middle market Too expensive for small-to-mid-sized organizations When most people think of enterprise resource planning (ERP) systems, they may think of software like SAP and Workday, which can be a significant financial investment. However, over the past four to five  years, many of the leading software providers (Sage Intacct, Microsoft and Oracle) have developed strong ERP alternatives designed for the middle market. An ERP system is an integrated management application that automates business processes, and provides insights and internal controls. These solutions may not be as robust as some of the larger enterprise solutions, but they are substantial upgrades from other common accounting systems being utilized in this space (QuickBooks and Xero). For most organizations, the additional automation provided by these systems is well worth the price point.  Difficult to implement with limited internal resources Implementing new systems and changing longstanding processes can be daunting, especially when you are already operating with a lean accounting and finance team. However, with the recent surge of cloud technologies being developed and which are geared towards smaller enterprises, the word “implementation” does not necessarily mean the six to twelve month project it used to. Many of the market-leading cloud ERP packages for the middle market can be implemented and fully deployed in less than six months, with many implementations completed in less than 90 days! Additionally, there are many other complimentary technologies which automate processes like expense management (Webexpenses and Tallie) or accounts payable (Bill.com and Yooz) that can be implemented and deployed in less than a month. In most cases, it is still advised to engage an implementation partner when considering the implementation of a new ERP system.  The cloud is not as secure as on premise systems On premise systems can be secure if you have the right controls in place and have a strong internal IT team. However, this is not the case for many middle market companies. From a risk management standpoint, sharing data security responsibilities with one of the reputable cloud ERP providers is typically a great option. Most of these providers go through extensive third-party IT audits, which many middle market companies are not regularly performing. The short answer is that neither option is more or less secure. However, a less sophisticated internal IT team can put you and your company at risk in an on premise scenario, whereas the cloud provides the option to share some of that risk with external experts. That being said, any software provider being considered should be thoroughly vetted and have SOC I and II audits completed annually. We know we need to automate, but where do we begin? Assess your current state You have likely been operating this way for several months or years and your organization is still alive and kicking. Instead of jumping right into the selection process for a new system(s), take the time to conduct an objective assessment of the current accounting and finance infrastructure. Some questions you may want to consider and investigate further are: What are the roles and responsibilities of the individuals on the team? How much time are they spending entering data or operating in excel data files? If a key team member were to leave, do we have strong processes and procedures in place where it would be seamless to train a new employee? Which processes would be nice to automate and which are critical to automate? Are the current processes in place producing useful financial reports and KPIs? What business and accounting processes are essential to the operation of our organization? Are those processes a strength or weakness for us? Do any of our current systems integrate? If not, how much “dual entry” is occurring between systems? Do we struggle with having access to systems and information when the team is forced to work remotely? Conduct a selection process Now that you have done your due diligence and understand the current strengths and weaknesses of your infrastructure, it is time to conduct a selection process. If you are willing to make the investment for additional expertise, one option is to hire a consulting firm that can run a structured ERP selection process. If you feel as though you have a good understanding of what you are looking for after going through the assessment, you should be able to narrow your search to three or four solutions that may be a good fit. Once determined, you can easily identify an implementation partner for the respective solutions, which you can engage for additional discovery conversations and demos of the software. The implementation partner selected is just as important as the capabilities of the actual software, so be sure to vet them thoroughly. Request partner references, make sure they see eye-to-eye on your vision and consider if they fit into your company culture, as they will be an extension of your team for the next several months. Once you have selected the software and implementation partner that is right for you; it is time to confirm the scope of the engagement, costs associated with the implementation, on-going subscription services and determine a timeline for completion. Benefits of modern cloud technology for the middle market Data-driven decision-making Better systems and processes lead to more timely reporting and the ability to track metrics that may have not been reportable previously. Business leaders using data to their advantage will continue to get ahead of the competition. Ability to “do more” with current staff As you begin to automate manual tasks of your current staff members, you will find you are able to “do more with less.” This allows current staff members to re-focus their efforts on more value-added and strategic work. Ability to work and access information anytime, anywhere Today’s employees are seeking and sometimes even expecting more flexible work arrangements. Deploying cloud solutions allow for greater flexibility to work from home and offer a solution to keep business moving when unexpected events occur that do not allow employees to make it into the office. We often joke that with the mobile applications these solutions offer, executives can approve bills for payment on their phones while sitting on the beach somewhere instead of signing checks! More automation = less room for error The less data being manually entered or re-entered by staff, the less prone to errors reporting will be. Introducing technology to automate some of these steps leads to more accurate reporting. Flexibility and scalability Are your back-office systems and processes scalable if you decide to add a new line of business? How about if you identify a competitor that would be a prime acquisition candidate? The answer for most companies who have not adopted technology is most likely “no.” Implementing solutions now not only solves your problems of today, but also sets you up for what may be around the corner. Keeping your head in the clouds for future technology  Taking the step to fully embracing automation and cloud technology trends can be challenging. Our Baker Tilly Sage Intacct professionals are knowledgeable and prepared to assist your business in determining how to evaluate and implement new cloud technology processes for the future success of the business. 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Outcome metrics not only show funders and constituents how the organization is performing; they also help pave the way for sustainable growth and greater efficiency.   Increased scrutiny is trending The increasing demand for transparency and accountability from donors is compelling today’s not-for-profits to seek ways to both produce and demonstrate successful outcomes. A recent survey showed that more than 25% of not-for-profits struggle with heightened expectations and increasing scrutiny from several sources — including ever more savvy funders looking for financial management techniques and controls employed commonly by for-profit businesses. What are outcome metrics?  Outcome metrics are powerful, essential measurements for demonstrating accountability and transparency. They measure financial and nonfinancial criteria that reflect your efficacy at the organization, program, or initiative level. They’re derived by carefully defining outcome indicators, data-collection methods, and analytical techniques that collectively tell a comprehensive story of organizational performance. These outcome metrics may go by many names and fit in countless categories. Many not-for-profits obtain their best results by measuring across multiple dimensions for blended scorecards that detail activities, capacities, and financial results. Ultimately, well-defined outcome measures help organizations to continuously adapt and improve. Why outcome metrics matter The importance of outcome metrics can be seen from a variety of perspectives and functions within the v organization, including: Funding — In an ever-increasingly competitive environment, the ability to measure, monitor, and report the metrics that demonstrate success can encourage new and additional funding from donors, foundations, and other benefactors. For example, demonstrating achievement of your key milestones can unlock subsequent rounds of multiyear grants. Accountability — Donors are increasingly tying their support to strict accountability. They want to see where their funds are going and the results that are achieved–whether it’s organizational growth and new locations or more not-for-profit partnerships and matching funds. Not-for-profits must provide increased transparency into the organization’s outcome metrics, controls, and reporting. Stewardship — From development and accounting to operations and programming, the ability to track and report outcome measures–showing where you are and where you want to go — will help ensure good not-for-profit financial stewardship. 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not-for-profit organizations have implemented outcome metrics to provide not-for-profit financial transparency, measure, and report on their performance. Outcome metrics not only show funders and constituents how the organization is performing; they also help pave the way for sustainable growth and greater efficiency.   Increased scrutiny is trending The increasing demand for transparency and accountability from donors is compelling today’s not-for-profits to seek ways to both produce and demonstrate successful outcomes. A recent survey showed that more than 25% of not-for-profits struggle with heightened expectations and increasing scrutiny from several sources — including ever more savvy funders looking for financial management techniques and controls employed commonly by for-profit businesses. What are outcome metrics?  Outcome metrics are powerful, essential measurements for demonstrating accountability and transparency. They measure financial and nonfinancial criteria that reflect your efficacy at the organization, program, or initiative level. They’re derived by carefully defining outcome indicators, data-collection methods, and analytical techniques that collectively tell a comprehensive story of organizational performance. These outcome metrics may go by many names and fit in countless categories. Many not-for-profits obtain their best results by measuring across multiple dimensions for blended scorecards that detail activities, capacities, and financial results. Ultimately, well-defined outcome measures help organizations to continuously adapt and improve. Why outcome metrics matter The importance of outcome metrics can be seen from a variety of perspectives and functions within the v organization, including: Funding — In an ever-increasingly competitive environment, the ability to measure, monitor, and report the metrics that demonstrate success can encourage new and additional funding from donors, foundations, and other benefactors. For example, demonstrating achievement of your key milestones can unlock subsequent rounds of multiyear grants. Accountability — Donors are increasingly tying their support to strict accountability. They want to see where their funds are going and the results that are achieved–whether it’s organizational growth and new locations or more not-for-profit partnerships and matching funds. Not-for-profits must provide increased transparency into the organization’s outcome metrics, controls, and reporting. Stewardship — From development and accounting to operations and programming, the ability to track and report outcome measures–showing where you are and where you want to go — will help ensure good not-for-profit financial stewardship. This, in turn, will boost donor confidence and strengthen your credibility — which supports your growth and your resources to pursue your mission.","matchLevel":"none","matchedWords":[]},"description":{"value":"The increasing demand for not-for-profit financial transparency is compelling not-for-profits to seek ways to easily produce and demonstrate successful outcomes.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIaI","uid":"not-for-profit-financial-management-software-save-time","tags":["not-for-profit accounting","sage intacct"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["NOT-FOR-PROFIT ACCOUNTING","SAGE INTACCT"],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Not-for-profit financial management software helps VisitDallas save time","author":"Allison Webb","co_authors":[""],"body":"The team at VisitDallas is enjoying benefits from their new implementation of not-for-profit financial management software. Their legacy system could not properly reflect the organization’s true structure and reporting, and was time-consuming and error-prone. Read about how the team worked with Baker Tilly Digital to automate their processes, bolster internal controls and actually start enjoying their integrated not-for-profit financial management software. Legacy system was struggling When Jill Larsen, CFO, took over the finance function at VisitDallas, the organization was running an older implementation of a legacy software. “It was hard to navigate; hard to get information; hard to do research,” said Larsen. In addition to outdated technology, she also saw opportunities to improve the organization’s processes and internal controls. Their legacy software also struggled to reflect the true structure of the organization. Multiple entities weren’t reflected properly, and it was difficult to manage the organization’s chart of accounts. As a result, the team didn’t use the project dimension as they wanted to, were reusing projects, or using summary projects because of how difficult it was to administer them. This contributed to the system’s reporting issues.  Challenges Needed to improve internal controls, both systems and processes Outdated system contributed to several inefficiencies System could not properly reflect the organization’s true structure and reporting was therefore time-consuming and error-prone They knew they needed to make a change. Larsen and others on her team had a lot of experience with other solutions at previous positions but decided against that solution because of limitations with the tool’s reporting function. A different evaluation showed that solution to be too expensive for the organization. They decided instead to collaborate with Baker Tilly Digital to implement integrated not-for-profit financial software that includes Sage Intacct and Nexonia. Baker Tilly Digital has helped VisitDallas add efficiency to the finance function by implementing a best-in-class accounting system that allows invoices to be connected to vendor payments, allowing for simple, efficient research into transactions. Larsen and her team can drill from reports and dashboards all the way down into the supporting documentation and invoice images. Along with the implementation of Sage Intacct, Baker Tilly Digital helped VisitDallas migrate from Concur to Nexonia to improve the end user experience for the finance team. As the staff received training on the new systems, they were excited about the change – something that in Larsen’s experience is unusual with this kind of system migration.  “The transition was seamless,” said Larsen. “The end users loved it from day one. They had to learn new coding for transactions, but it was easy to access, visually easy to see and understand, and easy to track. I was surprised at how seamless it was to get department staff and end users trained. We have people doing their own invoices now that never would have before.” The dimensionality of Sage Intacct not-for-profit accounting software, which Baker Tilly Digital implemented and configured for the organization, enables Larsen and her team to slice and dice data across departments, projects, and funding sources. The latter was a dimension missing from their legacy implementation.  When asked if there are specific metrics she can point to that show improvements since finishing the project, Larsen highlights an improved AP process. Baker Tilly Digital customized their system so that the team at VisitDallas can easily see what funding source is associated with a bill so that the appropriate bank account can be selected for payment. “We were spending a big chunk of two difficult days per week sorting this out,” said Larsen. “Now we can do it in less than half a day.” Asked whether she feels the team and the systems are now ready to scale with the future growth of the organization, Larsen responded confidently, “Without a doubt. The design, structure, and capabilities of the system have us set for years.” “I had a vision for what I wanted and plenty of experience to know how things should work,” said Larsen. “What Baker Tilly Digital was able to do was to take that and know exactly how to map it into the system.” According to Larsen, Baker Tilly Digital’s experience, the infrastructure they’ve built for their implementation team, and their project management process was crucial to the success of the project. “I’ve done five or six GL conversions in my career,” said Larsen. “This was by far the easiest and the one where I felt like I had the best understanding of the overall plan and where we were along the way.” Benefits Improved internal controls Better, dimensional reporting Happier end users Seamless transition More efficient AP and reporting processes Scalable system with plenty of headroom for future growth","image":{"dimensions":{"width":1920,"height":1080},"alt":"Skyline of Dallas, 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management software.","category":"Article","objectID":"insight-not-for-profit-financial-management-software-save-time","_highlightResult":{"_tags":[{"value":"NOT-FOR-PROFIT ACCOUNTING","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]}],"title":{"value":"Not-for-profit financial management software helps VisitDallas save time","matchLevel":"none","matchedWords":[]},"author":{"value":"Allison Webb","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"The team at VisitDallas is enjoying benefits from their new implementation of not-for-profit financial management software. Their legacy system could not properly reflect the organization’s true structure and reporting, and was time-consuming and error-prone. Read about how the team worked with Baker Tilly Digital to automate their processes, bolster internal controls and actually start enjoying their integrated not-for-profit financial management software. Legacy system was struggling When Jill Larsen, CFO, took over the finance function at VisitDallas, the organization was running an older implementation of a legacy software. “It was hard to navigate; hard to get information; hard to do research,” said Larsen. In addition to outdated technology, she also saw opportunities to improve the organization’s processes and internal controls. Their legacy software also struggled to reflect the true structure of the organization. Multiple entities weren’t reflected properly, and it was difficult to manage the organization’s chart of accounts. As a result, the team didn’t use the project dimension as they wanted to, were reusing projects, or using summary projects because of how difficult it was to administer them. This contributed to the system’s reporting issues.  Challenges Needed to improve internal controls, both systems and processes Outdated system contributed to several inefficiencies System could not properly reflect the organization’s true structure and reporting was therefore time-consuming and error-prone They knew they needed to make a change. Larsen and others on her team had a lot of experience with other solutions at previous positions but decided against that solution because of limitations with the tool’s reporting function. A different evaluation showed that solution to be too expensive for the organization. They decided instead to collaborate with Baker Tilly Digital to implement integrated not-for-profit financial software that includes Sage Intacct and Nexonia. Baker Tilly Digital has helped VisitDallas add efficiency to the finance function by implementing a best-in-class accounting system that allows invoices to be connected to vendor payments, allowing for simple, efficient research into transactions. Larsen and her team can drill from reports and dashboards all the way down into the supporting documentation and invoice images. Along with the implementation of Sage Intacct, Baker Tilly Digital helped VisitDallas migrate from Concur to Nexonia to improve the end user experience for the finance team. As the staff received training on the new systems, they were excited about the change – something that in Larsen’s experience is unusual with this kind of system migration.  “The transition was seamless,” said Larsen. “The end users loved it from day one. They had to learn new coding for transactions, but it was easy to access, visually easy to see and understand, and easy to track. I was surprised at how seamless it was to get department staff and end users trained. We have people doing their own invoices now that never would have before.” The dimensionality of Sage Intacct not-for-profit accounting software, which Baker Tilly Digital implemented and configured for the organization, enables Larsen and her team to slice and dice data across departments, projects, and funding sources. The latter was a dimension missing from their legacy implementation.  When asked if there are specific metrics she can point to that show improvements since finishing the project, Larsen highlights an improved AP process. Baker Tilly Digital customized their system so that the team at VisitDallas can easily see what funding source is associated with a bill so that the appropriate bank account can be selected for payment. “We were spending a big chunk of two difficult days per week sorting this out,” said Larsen. “Now we can do it in less than half a day.” Asked whether she feels the team and the systems are now ready to scale with the future growth of the organization, Larsen responded confidently, “Without a doubt. The design, structure, and capabilities of the system have us set for years.” “I had a vision for what I wanted and plenty of experience to know how things should work,” said Larsen. “What Baker Tilly Digital was able to do was to take that and know exactly how to map it into the system.” According to Larsen, Baker Tilly Digital’s experience, the infrastructure they’ve built for their implementation team, and their project management process was crucial to the success of the project. “I’ve done five or six GL conversions in my career,” said Larsen. “This was by far the easiest and the one where I felt like I had the best understanding of the overall plan and where we were along the way.” Benefits Improved internal controls Better, dimensional reporting Happier end users Seamless transition More efficient AP and reporting processes Scalable system with plenty of headroom for future growth","matchLevel":"none","matchedWords":[]},"description":{"value":"Baker Tilly Digital helps VisitDallas automate their processes, bolster internal controls, and actually enjoy their integrated nonprofit financial management software.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIeA","uid":"transitioning-to-recurring-revenue-business-models","tags":["Digital Transformation","financial services","pandemic recovery"],"type":"insight","lastPublicationDate":"2022-09-02T20:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1662148800,"_tags":["DIGITAL TRANSFORMATION","FINANCIAL SERVICES","PANDEMIC RECOVERY"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Transitioning to recurring revenue business models","author":"Ken West Jr.","co_authors":[""],"body":"In our last COVID related article, we encouraged businesses to re-examine their business model as they emerge from the pandemic - it may not be as sound or sustainable as it was before. But it might not be as lucrative as it could be either. The recurring revenue model has, in recent years, shown itself to be profitable and adaptable to a tremendous degree. Subscription-based businesses are nothing new, but companies like Netflix and Salesforce updated the concept for the digital age, and now a raft of others are following their lead: auto makers, software companies, and office space providers to name just a few. In one example of just how flexible this business model is, Otis Elevator Company now makes just 45% of its revenue from installing elevators. The remaining 55% comes from monitoring and maintenance, which Otis offers customers as a subscription service. As businesses search for stability and competitive advantages in the post-pandemic economy, expect the recurring revenue model to grow even more. Don’t miss this rare opportunity to expand your vision of what the business could be. The right time for recurring revenue Recurring revenue could give your business model new life. More urgently, it could be the boost necessary to get through the rocky recovery period. Collecting revenue from customers continually has benefits all the time, but especially during economic downturns: Revenues are much more predictable and go through fewer fluctuations Better revenue forecasts lead to stronger strategic planning Stable revenue sources can fund digital transformation in financial services Lifetime customer value goes up significantly Investors and funders have more confidence in performance Each of these will be an asset in the coming months and years when, in spite of the recovery, conditions will remain highly uncertain and disruptive. Companies with recurring revenue to rely on are more resilient to economic hardships, better prepared to evolve, and more attractive to partners who can help grow the business. Recurring revenue doesn’t guarantee success – but it does create the conditions that make success possible even when competitors are struggling to survive. Finding sources of recurring revenue Too many businesses assume their product, service, or business model isn’t suited to generating recurring revenue. Too many businesses assume their product, service, or business model isn’t suited to generating recurring revenue. Think again. When even the Olive Garden is selling subscriptions, it means almost any business can too. Keep this in mind as you review your business model and all the  assumptions it’s based on. Identify products/services that may be  appropriate for a recurring revenue model, and think outside the box –  this is no time to fall back on the status quo. But it doesn't help to  be unrealistic either. Consider what it will take to make recurring  revenue a reality – new technology, revised processes, different  accounting etc. Instead of writing off the recurring revenue model or rushing forward with the wrong strategy, take some time to explore what is and isn’t possible. 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Subscription-based businesses are nothing new, but companies like Netflix and Salesforce updated the concept for the digital age, and now a raft of others are following their lead: auto makers, software companies, and office space providers to name just a few. In one example of just how flexible this business model is, Otis Elevator Company now makes just 45% of its revenue from installing elevators. The remaining 55% comes from monitoring and maintenance, which Otis offers customers as a subscription service. As businesses search for stability and competitive advantages in the post-pandemic economy, expect the recurring revenue model to grow even more. Don’t miss this rare opportunity to expand your vision of what the business could be. The right time for recurring revenue Recurring revenue could give your business model new life. More urgently, it could be the boost necessary to get through the rocky recovery period. Collecting revenue from customers continually has benefits all the time, but especially during economic downturns: Revenues are much more predictable and go through fewer fluctuations Better revenue forecasts lead to stronger strategic planning Stable revenue sources can fund digital transformation in financial services Lifetime customer value goes up significantly Investors and funders have more confidence in performance Each of these will be an asset in the coming months and years when, in spite of the recovery, conditions will remain highly uncertain and disruptive. Companies with recurring revenue to rely on are more resilient to economic hardships, better prepared to evolve, and more attractive to partners who can help grow the business. Recurring revenue doesn’t guarantee success – but it does create the conditions that make success possible even when competitors are struggling to survive. Finding sources of recurring revenue Too many businesses assume their product, service, or business model isn’t suited to generating recurring revenue. Too many businesses assume their product, service, or business model isn’t suited to generating recurring revenue. Think again. When even the Olive Garden is selling subscriptions, it means almost any business can too. Keep this in mind as you review your business model and all the  assumptions it’s based on. Identify products/services that may be  appropriate for a recurring revenue model, and think outside the box –  this is no time to fall back on the status quo. But it doesn't help to  be unrealistic either. Consider what it will take to make recurring  revenue a reality – new technology, revised processes, different  accounting etc. Instead of writing off the recurring revenue model or rushing forward with the wrong strategy, take some time to explore what is and isn’t possible. 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Could your business adopt this model?","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIaM","uid":"saas-metrics-dashboard","tags":["saas intelligence","Sage Intacct","baker tilly digital"],"type":"insight","lastPublicationDate":"2022-09-29T14:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1664460000,"_tags":["SAAS INTELLIGENCE","SAGE INTACCT","BAKER TILLY DIGITAL"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"SaaS Intelligence","uid":"saas-intelligence"}],"title":"What you're missing without a SaaS Metrics dashboard","author":"Chris Price","co_authors":[""],"body":"If your revenue is recurring like subscription revenue, SaaS metrics are the lifeblood of your business. These metrics are the building blocks of your profitability and growth. GAAP Financials aren't telling you the whole story so that begs the question, what else are you missing out on without a SaaS metrics dashboard to visualize your financial and operational data into actionable insights? The importance of SaaS Metrics Most SaaS and subscription finance teams track basic SaaS metrics such as Expansion and Contraction as a way of understanding the overall health of the finances. Intuitively, they all know that “Expansion”, as a concept, is a short-hand for a variety of subscription activities that result in the increase of a customer’s subscription value. Just to name a few, they might include add-ons, Cross-Sells, Upgrades, Upsells, Price Uplift, and Foreign Exchange gains on multicurrency subscriptions. Similarly, “Contraction” obfuscates the events that led to a decrease in a customer’s subscription value such as: Downgrades, Downsells, Debooks, Price Markdowns, and cascading Foreign Exchange losses. To understand where and how to grow the business, you must be able to determine what’s working and what isn’t. You cannot do this with a broad-brush approach. At a minimum, you must be able to analyze your subscription activity by Customer cohort (e.g. by Acquisition Date, by Segment, by Industry Vertical) and by Product Line (e.g., Product Family) to identify actionable insights where you are experiencing successes or failures in order to determine where best to take actions to accelerate or remediate.     Going beyond metrics to actionable insights What you can't see in high-level SaaS reporting is the reason for trends in your customer behavior. For example, can you easily see who’s adding to their subscription, who’s downsizing their subscription, and who’s unsubscribing altogether? Can you see how much it costs you to acquire a customer, or which customers and product lines are the most and least profitable (and in which industries) so that you can adjust your sales and marketing strategies accordingly? In short, more complex metrics such as CMRR, ARR, CAC, LTV, Renewal Rates, and Churn are the language spoken by today’s SaaS organizational leaders and investors.  I can just calculate these metrics in Excel, can’t I?  As a start-up, maybe, but even then your metrics will only scratch the surface.  As a scale-up, the immense time that your Accounting and Finance teams are spending exporting and aggregating the necessary data out of your financial system, populating spreadsheets, creating and managing formulas, correcting formula errors, validating those calculations, and showing the metrics in a presentable format is draining them and elongating their day. It’s creating manual tasks and avoidable opportunity costs instead of freeing up your teams’ time to actually add value.   And what’s worse is, even after all that work, the metrics are already stale and far less informative than leaders require to truly analyze the business and make swift, data-driven decisions. There is no practical way to achieve \"real time\" access in Excel; it's all historical.  And as you grow in customers, product lines, and organizational size, Excel becomes cumbersome, inflexible, lacking-in-granularity, and more error-prone. It also sits apart from your financial system of record and fails to meet the real-time informational needs of the business.  What you're missing The missing piece of the picture is what engenders confidence in the reliability of the metrics you share with your Executives and Investors alike. With Baker Tilly Digital's SaaS Intelligence, you'll have the most with subscription details across modules, interweaving and interpreting your data to give you the full picture by:  Automatically analyzing and categorizing every transactional event and its related recurring revenue impact at an unmatched level of detail Seamlessly linking SaaS entries to the transactions that created them for easy drill-down research and auditability of the results Leveraging native Sage Intacct reporting features to generate your own custom KPIs, performance cards, reports, and graphs Allowing you to build your own dashboards and reports to integrate key financial reporting with the SaaS metrics delivered by SaaS Intelligence Baker Tilly Digital's SaaS Intelligence is built on Sage Intacct’s top-rated financial management solution (and the only ERP recommended by the AICPA) to add analytical depth to your SaaS metrics using your Sage Intacct dimensions, enabling you to slice and dice data by key business perspectives such as product and customer. You and your teams will have secured access to your ERP system of record for live financial and statistical information that provides real-time data for a variety of vital metrics including logo and revenue churn, customer acquisition costs, dollar retention rates, cash burn, and much more.  Postings include important data such as entity, customer and item for advanced cohort analysis reporting. It’s the only product that tracks your metrics across both the Sage Intacct Contracts and Order Entry Subledgers simultaneously. 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These metrics are the building blocks of your profitability and growth. GAAP Financials aren't telling you the whole story so that begs the question, what else are you missing out on without a SaaS metrics dashboard to visualize your financial and operational data into actionable insights? The importance of SaaS Metrics Most SaaS and subscription finance teams track basic SaaS metrics such as Expansion and Contraction as a way of understanding the overall health of the finances. Intuitively, they all know that “Expansion”, as a concept, is a short-hand for a variety of subscription activities that result in the increase of a customer’s subscription value. Just to name a few, they might include add-ons, Cross-Sells, Upgrades, Upsells, Price Uplift, and Foreign Exchange gains on multicurrency subscriptions. Similarly, “Contraction” obfuscates the events that led to a decrease in a customer’s subscription value such as: Downgrades, Downsells, Debooks, Price Markdowns, and cascading Foreign Exchange losses. To understand where and how to grow the business, you must be able to determine what’s working and what isn’t. You cannot do this with a broad-brush approach. At a minimum, you must be able to analyze your subscription activity by Customer cohort (e.g. by Acquisition Date, by Segment, by Industry Vertical) and by Product Line (e.g., Product Family) to identify actionable insights where you are experiencing successes or failures in order to determine where best to take actions to accelerate or remediate.     Going beyond metrics to actionable insights What you can't see in high-level SaaS reporting is the reason for trends in your customer behavior. For example, can you easily see who’s adding to their subscription, who’s downsizing their subscription, and who’s unsubscribing altogether? Can you see how much it costs you to acquire a customer, or which customers and product lines are the most and least profitable (and in which industries) so that you can adjust your sales and marketing strategies accordingly? In short, more complex metrics such as CMRR, ARR, CAC, LTV, Renewal Rates, and Churn are the language spoken by today’s SaaS organizational leaders and investors.  I can just calculate these metrics in Excel, can’t I?  As a start-up, maybe, but even then your metrics will only scratch the surface.  As a scale-up, the immense time that your Accounting and Finance teams are spending exporting and aggregating the necessary data out of your financial system, populating spreadsheets, creating and managing formulas, correcting formula errors, validating those calculations, and showing the metrics in a presentable format is draining them and elongating their day. It’s creating manual tasks and avoidable opportunity costs instead of freeing up your teams’ time to actually add value.   And what’s worse is, even after all that work, the metrics are already stale and far less informative than leaders require to truly analyze the business and make swift, data-driven decisions. There is no practical way to achieve \"real time\" access in Excel; it's all historical.  And as you grow in customers, product lines, and organizational size, Excel becomes cumbersome, inflexible, lacking-in-granularity, and more error-prone. It also sits apart from your financial system of record and fails to meet the real-time informational needs of the business.  What you're missing The missing piece of the picture is what engenders confidence in the reliability of the metrics you share with your Executives and Investors alike. With Baker Tilly Digital's SaaS Intelligence, you'll have the most with subscription details across modules, interweaving and interpreting your data to give you the full picture by:  Automatically analyzing and categorizing every transactional event and its related recurring revenue impact at an unmatched level of detail Seamlessly linking SaaS entries to the transactions that created them for easy drill-down research and auditability of the results Leveraging native Sage Intacct reporting features to generate your own custom KPIs, performance cards, reports, and graphs Allowing you to build your own dashboards and reports to integrate key financial reporting with the SaaS metrics delivered by SaaS Intelligence Baker Tilly Digital's SaaS Intelligence is built on Sage Intacct’s top-rated financial management solution (and the only ERP recommended by the AICPA) to add analytical depth to your SaaS metrics using your Sage Intacct dimensions, enabling you to slice and dice data by key business perspectives such as product and customer. You and your teams will have secured access to your ERP system of record for live financial and statistical information that provides real-time data for a variety of vital metrics including logo and revenue churn, customer acquisition costs, dollar retention rates, cash burn, and much more.  Postings include important data such as entity, customer and item for advanced cohort analysis reporting. It’s the only product that tracks your metrics across both the Sage Intacct Contracts and Order Entry Subledgers simultaneously. So it's no problem if you have transactions flowing through Sage Intacct's Contracts module, as well as through Order Entry from an external billing system or e-commerce site.  If you're ready to leave Excel behind and clearly see your CMRR growth drivers, use this button to find a time to talk to us about getting started.","matchLevel":"none","matchedWords":[]},"description":{"value":"What are you missing out on without a SaaS metrics dashboard to visualize your financial and operational data into actionable insights?","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIbo","uid":"automating-saas-kpis-is-critical-cmrr-growth","tags":["Baker Tilly Digital","Sage Intacct"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["BAKER TILLY DIGITAL","SAGE INTACCT"],"industries":[{"title":"Software \u0026 Technology","uid":"software-and-technology"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"SaaS Intelligence","uid":"saas-intelligence"}],"title":"Why automating your SaaS KPIs is critical to CMRR growth","author":"Chris Price","co_authors":[""],"body":"If you are like most SaaS and subscription business leaders, you’re ready to ditch those Excel-based models for tracking growth metrics, unit economics, and other key performance indicators (KPIs). Those models can lag weeks behind, are manual, error-prone, and lack the detail for a deep analysis of your growth levers. While Excel is no doubt a great tool – and admittedly an accountant’s best friend – it’s just not up to task to handle the complexity of tracking and analyzing the activity of a scaling company’s subscription base. That's why we developed Baker Tilly Digital SaaS Intelligence. For far too long SaaS and subscription companies have been operating in this precarious and treacherous existence of relying on Excel to manage the SaaS KPIs that inform business leaders and as the basis for strategic decision making. All the while, even if those Excel models didn’t fall victim to the typical spreadsheets errors (studies show that ~90% of all spreadsheets contain “significant” errors), they still lacked the ability to provide clarity and expose important trends. Many leaders still operate in the fog of concepts like generic “Expansion” and “Contraction” MRR/ARR tracking. Intuitively, they all know that “Expansion”, as a concept, is a short-hand for a variety of subscription activities that result in the increase of a customer’s subscription value such as: Add-ons, Cross-Sells, Upgrades, Upsells, Price Uplift, Foreign Exchange gains on multi-currency subscriptions. Similarly, “Contraction” obfuscates the events that led to a decrease in a customer’s subscription value such as: Downgrades, Downsells, Debooks, Price Markdowns, Foreign Exchange losses. This lack of insights into the underlying subscription activity that explains gains and losses in recurring revenue is only further exacerbated by leader’s inability to dissect and distinguish this activity by various cohorts. To understand where and how to grow the business, you must be able to determine what’s working and what isn’t. You cannot do this with a broad-brush approach. If we’ve learned anything in the age of data science, it’s that the details and their segmentation matter.  At a minimum, you must be able to analyze your subscription activity by Customer cohort (e.g. by Acquisition Date, by Segment, by Industry Vertical) and by Product Line (e.g. Product Family) to identify where you are experiencing successes or failures in order to determine where best to take actions to accelerate or remediate.     If you can’t immediately answer questions like “how much of our CMRR growth this month was a result of the success of our renewal price increases on our SMB customers using our Business Intelligence product line?” don’t worry, you’re definitely not alone. But then again, do you want to remain among the contingent of leaders that continue to operate in the darkness? At Baker Tilly Digital, we want to free you from this Excel curse, and the solution is SaaS Intelligence. SaaS Intelligence is a fully automated, powerful financial tracking and reporting engine for SaaS and subscription companies. Developed on the Sage Intacct platform, this product enables real-time visibility into SaaS KPIs at a level of granularity that goes  and  by other comparable systems. SaaS Intelligence enables you to answer the questions and discover the insights that lead to predictable growth. If you're ready to leave Excel behind and clearly see your CMRR growth drivers, use this button to find a time to talk to us about getting started.","image":{"dimensions":{"width":1920,"height":1080},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=0,0,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=0,265,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=0,0,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=0,0,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"workers on computer","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/83e7773e-c99c-43f5-98c0-97758e204bd6_gen-header_computer-team-business.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2020-10-19T05:00:00+0000","dateTimestamp":1603083600,"description":"Baker Tilly Digital's SaaS Intelligence is a SaaS KPIs engine for unmatched visibility into your company's CMRR growth drivers that's automatic, reliable and insightful.","category":"Whitepaper","objectID":"insight-automating-saas-kpis-is-critical-cmrr-growth","_highlightResult":{"_tags":[{"value":"BAKER TILLY DIGITAL","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]}],"title":{"value":"Why automating your SaaS KPIs is critical to CMRR growth","matchLevel":"none","matchedWords":[]},"author":{"value":"Chris Price","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"If you are like most SaaS and subscription business leaders, you’re ready to ditch those Excel-based models for tracking growth metrics, unit economics, and other key performance indicators (KPIs). Those models can lag weeks behind, are manual, error-prone, and lack the detail for a deep analysis of your growth levers. While Excel is no doubt a great tool – and admittedly an accountant’s best friend – it’s just not up to task to handle the complexity of tracking and analyzing the activity of a scaling company’s subscription base. That's why we developed Baker Tilly Digital SaaS Intelligence. For far too long SaaS and subscription companies have been operating in this precarious and treacherous existence of relying on Excel to manage the SaaS KPIs that inform business leaders and as the basis for strategic decision making. All the while, even if those Excel models didn’t fall victim to the typical spreadsheets errors (studies show that ~90% of all spreadsheets contain “significant” errors), they still lacked the ability to provide clarity and expose important trends. Many leaders still operate in the fog of concepts like generic “Expansion” and “Contraction” MRR/ARR tracking. Intuitively, they all know that “Expansion”, as a concept, is a short-hand for a variety of subscription activities that result in the increase of a customer’s subscription value such as: Add-ons, Cross-Sells, Upgrades, Upsells, Price Uplift, Foreign Exchange gains on multi-currency subscriptions. Similarly, “Contraction” obfuscates the events that led to a decrease in a customer’s subscription value such as: Downgrades, Downsells, Debooks, Price Markdowns, Foreign Exchange losses. This lack of insights into the underlying subscription activity that explains gains and losses in recurring revenue is only further exacerbated by leader’s inability to dissect and distinguish this activity by various cohorts. To understand where and how to grow the business, you must be able to determine what’s working and what isn’t. You cannot do this with a broad-brush approach. If we’ve learned anything in the age of data science, it’s that the details and their segmentation matter.  At a minimum, you must be able to analyze your subscription activity by Customer cohort (e.g. by Acquisition Date, by Segment, by Industry Vertical) and by Product Line (e.g. Product Family) to identify where you are experiencing successes or failures in order to determine where best to take actions to accelerate or remediate.     If you can’t immediately answer questions like “how much of our CMRR growth this month was a result of the success of our renewal price increases on our SMB customers using our Business Intelligence product line?” don’t worry, you’re definitely not alone. But then again, do you want to remain among the contingent of leaders that continue to operate in the darkness? At Baker Tilly Digital, we want to free you from this Excel curse, and the solution is SaaS Intelligence. SaaS Intelligence is a fully automated, powerful financial tracking and reporting engine for SaaS and subscription companies. Developed on the Sage Intacct platform, this product enables real-time visibility into SaaS KPIs at a level of granularity that goes  and  by other comparable systems. SaaS Intelligence enables you to answer the questions and discover the insights that lead to predictable growth. 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The implementation of FieldFX, LiquidFrameworks’ mobile field operations management solution, coupled with Baker Tilly’s FieldFX integration with Sage Intacct has been the largest and most successful advancement for Silvertip in that vision. Oilfield services companies feel the pressure Most companies, especially oilfield services companies, are constantly under pressure from both internal customers (operations personnel, executives, owners, etc.) and external customers (actual customers and potential customers) to provide more data (significantly more data points tracked than 10 years ago), more timely data (gone are the days of invoices or data provided in weeks) and more efficient data (without additional costs). No accounting system on the market has an oil and gas friendly front end or a field ticketing and billing system that accommodates the point-in-time detailed data collection needed by most companies, especially oil and gas services companies. Oilfield services companies are no longer providing simple invoices like we were a decade ago. We are expected to provide data that details what happened at every step of the process and track efficiency metrics, process exceptions and resolutions and more. Without a field operations management system like FieldFX, companies are forced to track data in separate flat file systems such as Microsoft Excel or Access. Meaningful reports must be created by hand, combining the MS Applications data with accounting system data making report creation time consuming, prone to error and difficult to repeat. FieldFX allows us to capture almost every imaginable piece of data recorded at a wellsite. We have eliminated almost all paper from our field personnel. The missing piece of the puzzle The next key piece of the puzzle, Baker Tilly’s integration between FieldFX and Sage Intacct allows for seamless, efficient flow of data from operations in the field to the accounting system. This implementation has eliminated the need for one FTE dedicated to this process at a time when resources are significantly constrained due to low oil prices. Now we are reviewing and evaluating data instead of manually entering data. Even when we get back to 100% utilization, we should not have to add any additional FTEs to accommodate field tickets, billing, etc. Computing costs cut by 50% We have also eliminated the need for our field engineers and supervisors to carry laptops, using Samsung tablets instead, cutting our computing cost in about half. We have near real-time data without an FTE manually updating Sage Intacct. We know what happened in the field, both good and bad, almost immediately. Our average days-to-invoice has decreased by approximately two days. We are currently using the data to develop unit level costing to better track profitability by unit and activity (as customers love to change products and processes on the fly). FieldFX and Sage Intacct are both simple, effective yet powerful systems that together have greatly increased our ability to measure our operations, both for ourselves and our customers. About the author Kyle Kirk has served in financial leadership roles at oilfield service companies focused on the Permian for most of his career. Before joining Silvertip, Kyle was Chief Financial Officer at Peak Completion Technologies from 2016 to 2017 and from 2012 to 2013, responsible for financial reporting at all levels of management including the Board of Directors. From 2013 to 2016, he was Permian Basin Region Controller at Basic Energy Services. He previously served as Chief Financial Officer at Performance Chemical Company from 2010 to 2012. Kyle holds both a B.B.A. and an M.B.A. from Angelo State University. About Silvertip Completions Silvertip Completions is a Midland, Texas-based oilfield services provider, focusing exclusively on providing wireline and pump-down solutions to companies in the Permian Basin, and translating that attention into the safest, fastest, most error-free completion services possible. 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The implementation of FieldFX, LiquidFrameworks’ mobile field operations management solution, coupled with Baker Tilly’s FieldFX integration with Sage Intacct has been the largest and most successful advancement for Silvertip in that vision. Oilfield services companies feel the pressure Most companies, especially oilfield services companies, are constantly under pressure from both internal customers (operations personnel, executives, owners, etc.) and external customers (actual customers and potential customers) to provide more data (significantly more data points tracked than 10 years ago), more timely data (gone are the days of invoices or data provided in weeks) and more efficient data (without additional costs). No accounting system on the market has an oil and gas friendly front end or a field ticketing and billing system that accommodates the point-in-time detailed data collection needed by most companies, especially oil and gas services companies. Oilfield services companies are no longer providing simple invoices like we were a decade ago. We are expected to provide data that details what happened at every step of the process and track efficiency metrics, process exceptions and resolutions and more. Without a field operations management system like FieldFX, companies are forced to track data in separate flat file systems such as Microsoft Excel or Access. Meaningful reports must be created by hand, combining the MS Applications data with accounting system data making report creation time consuming, prone to error and difficult to repeat. FieldFX allows us to capture almost every imaginable piece of data recorded at a wellsite. We have eliminated almost all paper from our field personnel. The missing piece of the puzzle The next key piece of the puzzle, Baker Tilly’s integration between FieldFX and Sage Intacct allows for seamless, efficient flow of data from operations in the field to the accounting system. This implementation has eliminated the need for one FTE dedicated to this process at a time when resources are significantly constrained due to low oil prices. Now we are reviewing and evaluating data instead of manually entering data. Even when we get back to 100% utilization, we should not have to add any additional FTEs to accommodate field tickets, billing, etc. Computing costs cut by 50% We have also eliminated the need for our field engineers and supervisors to carry laptops, using Samsung tablets instead, cutting our computing cost in about half. We have near real-time data without an FTE manually updating Sage Intacct. We know what happened in the field, both good and bad, almost immediately. Our average days-to-invoice has decreased by approximately two days. We are currently using the data to develop unit level costing to better track profitability by unit and activity (as customers love to change products and processes on the fly). FieldFX and Sage Intacct are both simple, effective yet powerful systems that together have greatly increased our ability to measure our operations, both for ourselves and our customers. About the author Kyle Kirk has served in financial leadership roles at oilfield service companies focused on the Permian for most of his career. Before joining Silvertip, Kyle was Chief Financial Officer at Peak Completion Technologies from 2016 to 2017 and from 2012 to 2013, responsible for financial reporting at all levels of management including the Board of Directors. From 2013 to 2016, he was Permian Basin Region Controller at Basic Energy Services. He previously served as Chief Financial Officer at Performance Chemical Company from 2010 to 2012. Kyle holds both a B.B.A. and an M.B.A. from Angelo State University. About Silvertip Completions Silvertip Completions is a Midland, Texas-based oilfield services provider, focusing exclusively on providing wireline and pump-down solutions to companies in the Permian Basin, and translating that attention into the safest, fastest, most error-free completion services possible. 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Who was in the room? How many executives were in it? Did that meeting go long, or turn into two or three meetings? Without question, every meeting needs a clear agenda. A lack of an agenda leads to disorganization, mass confusion and meetings that are far more likely to get off track or hijacked. A mismanaged meeting leads to a black hole of inefficiencies and wasted salaries. Makes sense, right? Well, a SaaS finance meeting run using Excel as the backbone of your financial platform leads to the exact same challenges. For example, to prepare for the monthly board meeting, Helena from Marketing forwards her budget to her leader, Ben, however it is the wrong version. The version she mistakenly sent has a bad formula. Ben doesn’t notice and sends it straight to Steve, the CFO, who realizes after a few hours that there is something wrong. Steve then sends it to Henry in accounting to play detective and he and Helena have numerous emails going back and forth looking for the right version. If they had used one platform for their budget and financial data, it would have been easy. With this simple mistake, it occupies four people and costly salary and hours are spent. In this example, we estimate that more than $1,000* was spent on this simple error. How many times a day, month, or year is your company experiencing situations just like this? Sadly, the example above isn’t an exaggeration of the truth. We heard it first-hand on our Virtual Launch in April when Don Erwin of SaaStr spoke to us about the $20,000 meetings that he’s sat in. I interviewed Don a couple of weeks ago to take a deeper dive into the topic.  What are some of the challenges you see in many executive and operations meetings? Don Erwin (SaaStr): “Quite honestly, everyone is still using Excel and not making the commitment to put money into a better infrastructure. I’ve been a part of Sales Ops meetings with CEOs, COOs and leadership teams where there were 17 Excel spreadsheets being looked at for the exact same information. The problem is that there is no version control and every department has their own version of the truth. In any given meeting, you need at least nine sources of truth to trust.” Chris Price (Baker Tilly): “That seems about right. I’ve collaborated in many meetings where version control was a serious issue. I read recently that 88% of spreadsheets have mistakes. Mistakes prolong meetings and hemorrhage money.” Why do you think everyone uses Excel? Don Erwin (SaaStr): “It’s simple. Excel has been around forever, and everyone knows how to use it. It’s comfortable and easy. Learning how to do something new, even if it is far superior, takes time.” What should Series A companies be doing right now? Don Erwin (SaaStr): “No one really talks about the hidden costs associated with mismanaged information. Series A companies need the right infrastructure from day one. They just see a price tag; they don’t see the long-term effects of not having the right financial platform in place. Sadly, the Finance Playbook is an afterthought.” Chris Price (Baker Tilly): “I second that, Don. I am continually surprised at the number of venture capital firm members that share stories of early stage companies that are worthy of investment on multiple levels and yet the back-office processes simply aren’t in place. While the alliances often move forward and yield promising returns, it doesn’t change the fact that there are sizable, painful costs associated with the lack of financial organization as the business scales. To your point – why not invest in the process now?” At Baker Tilly, we’ve talked recently about how important it is to have a financial playbook. What advice would you give to startups? Don Erwin (SaaStr): “Most founders that I’ve encountered in Silicon Valley don’t have a financial background. They are more product-focused or have an engineering background, thus the financial playbook tends to get overlooked. If you have a multi-layer revenue stream and you don’t have a software tool that helps you manage it, you will have to have at least four Excel documents to manage your financials. Get the infrastructure in place early. In the long run, you’ll spend too much time managing hard-to-track Excel documents and not enough time on what it takes to get things going.” *Salaries estimated on Salary.com for Houston.","image":{"dimensions":{"width":3200,"height":1688},"alt":"saas finance are you sitting in a 20000 meeting","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=16,0,3165,1688\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=141,0,2813,1688\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=158,0,2884,1688\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=155,0,2884,1688\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=251,0,2694,1688\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=0,439,3200,809\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=18,0,3165,1688\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=21,0,3165,1688\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=0,480,3200,800\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=157,0,2884,1688\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"team meeting in office","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/90bbcc35-425e-4dbb-a725-3cd170f71cc2_CRM+Meeting+Casual+Open+Office+Sales.jpg?auto=compress,format\u0026rect=0,0,3069,1688\u0026w=20\u0026h=11"}},"date":"2020-07-08T05:00:00+0000","dateTimestamp":1594184400,"description":"A SaaS finance meeting run using Excel as the backbone of your financial platform leads to inefficiencies and wasted salaries.","category":"Article","objectID":"insight-saas-finance-are-you-sitting-in-a-20000-meeting","_highlightResult":{"_tags":[{"value":"BAKER TILLY DIGITAL","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]}],"title":{"value":"SaaS finance: Are you sitting in a $20,000 meeting?","matchLevel":"none","matchedWords":[]},"author":{"value":"Chris Price","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Think about the last mismanaged meeting you attended. Who was in the room? How many executives were in it? Did that meeting go long, or turn into two or three meetings? Without question, every meeting needs a clear agenda. A lack of an agenda leads to disorganization, mass confusion and meetings that are far more likely to get off track or hijacked. A mismanaged meeting leads to a black hole of inefficiencies and wasted salaries. Makes sense, right? Well, a SaaS finance meeting run using Excel as the backbone of your financial platform leads to the exact same challenges. For example, to prepare for the monthly board meeting, Helena from Marketing forwards her budget to her leader, Ben, however it is the wrong version. The version she mistakenly sent has a bad formula. Ben doesn’t notice and sends it straight to Steve, the CFO, who realizes after a few hours that there is something wrong. Steve then sends it to Henry in accounting to play detective and he and Helena have numerous emails going back and forth looking for the right version. If they had used one platform for their budget and financial data, it would have been easy. With this simple mistake, it occupies four people and costly salary and hours are spent. In this example, we estimate that more than $1,000* was spent on this simple error. How many times a day, month, or year is your company experiencing situations just like this? Sadly, the example above isn’t an exaggeration of the truth. We heard it first-hand on our Virtual Launch in April when Don Erwin of SaaStr spoke to us about the $20,000 meetings that he’s sat in. I interviewed Don a couple of weeks ago to take a deeper dive into the topic.  What are some of the challenges you see in many executive and operations meetings? Don Erwin (SaaStr): “Quite honestly, everyone is still using Excel and not making the commitment to put money into a better infrastructure. I’ve been a part of Sales Ops meetings with CEOs, COOs and leadership teams where there were 17 Excel spreadsheets being looked at for the exact same information. The problem is that there is no version control and every department has their own version of the truth. In any given meeting, you need at least nine sources of truth to trust.” Chris Price (Baker Tilly): “That seems about right. I’ve collaborated in many meetings where version control was a serious issue. I read recently that 88% of spreadsheets have mistakes. Mistakes prolong meetings and hemorrhage money.” Why do you think everyone uses Excel? Don Erwin (SaaStr): “It’s simple. Excel has been around forever, and everyone knows how to use it. It’s comfortable and easy. Learning how to do something new, even if it is far superior, takes time.” What should Series A companies be doing right now? Don Erwin (SaaStr): “No one really talks about the hidden costs associated with mismanaged information. Series A companies need the right infrastructure from day one. They just see a price tag; they don’t see the long-term effects of not having the right financial platform in place. Sadly, the Finance Playbook is an afterthought.” Chris Price (Baker Tilly): “I second that, Don. I am continually surprised at the number of venture capital firm members that share stories of early stage companies that are worthy of investment on multiple levels and yet the back-office processes simply aren’t in place. While the alliances often move forward and yield promising returns, it doesn’t change the fact that there are sizable, painful costs associated with the lack of financial organization as the business scales. To your point – why not invest in the process now?” At Baker Tilly, we’ve talked recently about how important it is to have a financial playbook. What advice would you give to startups? Don Erwin (SaaStr): “Most founders that I’ve encountered in Silicon Valley don’t have a financial background. They are more product-focused or have an engineering background, thus the financial playbook tends to get overlooked. If you have a multi-layer revenue stream and you don’t have a software tool that helps you manage it, you will have to have at least four Excel documents to manage your financials. Get the infrastructure in place early. In the long run, you’ll spend too much time managing hard-to-track Excel documents and not enough time on what it takes to get things going.” *Salaries estimated on Salary.com for Houston.","matchLevel":"none","matchedWords":[]},"description":{"value":"A SaaS finance meeting run using Excel as the backbone of your financial platform leads to inefficiencies and wasted salaries.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIeE","uid":"top-four-solutions-pastors-challenges","tags":["financial services","digital transformation"],"type":"insight","lastPublicationDate":"2023-01-04T21:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1672866000,"_tags":["FINANCIAL SERVICES","DIGITAL TRANSFORMATION"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"Church Management Systems Integration","uid":"church-management-systems-integration"}],"title":"The top 4 solutions to pastors challenges","author":"Allison Webb","co_authors":[""],"body":"Within not-for-profit finance and accounting, church back offices have unique challenges to solve with church accounting software solutions. Thankfully, there are solutions to pastors challenges designed for and affordable for churches, these unique challenges have better results than ever before to help maximize stewardship.  At Baker Tilly, we've done more than 100 software implementations for churches across the country. I'd like to highlight some of the biggest challenges we see among our church customers, along with their solutions. No. 1 – Credit card management The problem Churches use credit cards...a lot. They have a lot of people that need to buy supplies and services for the church - pastors, administrators, ministry leaders, and even volunteers. Churches tend to use corporate cards for purchasing. They don't usually have a centralized buying or purchasing department. They have a lot, often dozens, of department heads and ministry leaders who all buy separately. Managing this fragmented purchasing process is complex and time-consuming. The solution One solution, if the church's accounting system has the capability (which many legacy systems don't), is to implement expense or purchase requisitions inside the accounting or ERP system. The end user would choose the appropriate department/ministry and, subject to any approvals the church wants to implement, the purchase would flow through Accounts Payable. While many legacy systems can't handle church purchasing with the necessary number of entry points, modern ERP systems like Sage Intacct can certainly handle this approach.  Another option, and the one we see most, is that the church uses an expense management solution, like Nexonia, that connects to their accounting software via API and pulls data from the credit card company. This allows users to code the expenses appropriately and get them approved. It allows the finance team to implement controls over how much they can spend on certain items, require receipts, and manage travel expenses. Then the data can be pulled directly into cash management in Sage Intacct for reconciliation, and all individual credit card transactions will be combined as one total to be paid via check or record transfer. Solutions like Nexonia also have easy-to-use mobile apps which make submitting expenses and attaching receipts simple. No. 2 – Budgeting The problem Typically, with legacy accounting and ERP software, the finance team has to pull financial data out of the system in to Excel or a spreadsheet application. They then organize it by department, location, ministry, etc. This then becomes the starting point for next year's budget. Next, that spreadsheet would need to be split into multiple spreadsheets to be shared with each department, ministry, or campus leader. These leaders would provide feedback, which would be incorporated back into the larger spreadsheet. That would then be redistributed for approval and another round of feedback. Any changes would need to be reincorporated and the process would happen again. This  process is time-consuming and error-prone. Making mistakes is common, and version control is a serious challenge. The solution With best-in-class. cloud based church accounting software, our customers can choose to utilize on-board budgeting and planning, or integrate via API to industry-specific apps like Martus. Either solution should enable churches to easily create an initial budget, aggregating data in Sage Intacct. Individuals can go into Sage Intacct or Martus to update the budget for their functional area, without the finance staff having to build and break apart complicated spreadsheets. Final budgets are easy to share with department and ministry leaders, as well as with church leaders and board members. Changes are easy to make, the process is fast, and errors are minimized. And you can create as many revisions as you need in order to plan for a number of scenarios or outlooks. No. 3 – The chart of accounts The problem In the world of legacy church accounting software - think QuickBooks, ACS, Abila, or Shelby - there's no structure that allows a church finance team to track and report by ministry without creating separate accounts for each of these segments. Segments can also include other key elements for churches, like locations, restricted and unrestricted funds, seasonal activities, ministries, bookstores, cafés, etc. Adding a separate account for each segment creates an unmanageable chart of accounts. We've seen churches with as many as 400 accounts all the way up to more than 2,000! When churches expand to new locations, the number of accounts starts to double and triple. When reporting out of legacy software systems, these segments generally can't be selected individually or in groups. You tend to get everything. This is where spreadsheets start getting heavy use. Church finance folks are some of the most talented Excel users you'll ever find because of the complexity of providing reports for all the ministry leaders they support.  The solution Modern accounting solutions, like Sage Intacct, are architected in such a way that you can create \"Dimensions\" for the various ministries, departments, locations, funds, grants, and other segments. Transactions can be tagged to a certain dimension. Controls can be put in place that limit the options for a given transaction or user, which helps maintain accurate data. As a result, reporting is a much simpler and more powerful process. Individual or multiple dimensions can be selected for reporting. Budgets and spending can be seen by ministry, or if a certain ministry leader is responsible for multiple ministries and even multiple locations, he or she can see the data that applies to him or her, and church leadership and members of the board can get a higher-level view of the financial data. Systems like Sage Intacct can also present operational data alongside the financial information, so churches can look at attendance by service time and location, as an example, or staff to attendance ratio. Operational data can be loaded into the system via a file upload, or Sage Intacct has powerful APIs that can connect the accounting system to other systems and bring in that data automatically. No. 4 – Fund management The problem Managing church funds in many legacy systems is often done using cash accounts, with a different bank account for each fund. Restricted funds have to be tracked manually outside of the accounting system, usually in Excel, including the tracking of temporarily restricted funds. Each year, the finance team then has to make adjustments to fund balances for what is no longer restricted.  They have to manually calculate what has been spent and then do a journal entry to release that amount. This is complicated, manual, and error-prone. The solution In modern accounting solutions like Sage Intacct, fund management is done in real-time, not through cash accounts. Sage Intacct tracks fund revenue through dimensions.  Funds can be tagged as temporarily restricted, permanently restricted, or unrestricted using Sage Intacct dimensions. Sage Intacct continually tracks expense details related to any fund. In real time, all those expenses with their dimension tags go into net assets. At any time, the finance team can report on what has been brought in for a given fund, what's been spent, and the balance of that fund. Times have changed Churches no longer have to settle for out-of-date or unsophisticated software to manage their complex process and reporting requirements. Best-in-class cloud software like Sage Intacct, and others are now available with no IT or development support required at surprisingly affordable and predictable costs. If you have any questions about accounting technology and best-practices for churches, faith-based organizations, and not-for-profits, feel free to contact us.","image":{"dimensions":{"width":1920,"height":1080},"alt":"top solutions pastors challenges","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,298,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Church building in the sky","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/d0b5e1ee-96c9-482d-a518-db8add7b7248_Church+building+and+sky.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2020-05-06T05:00:00+0000","dateTimestamp":1588741200,"description":"Here are the top four solutions to pastors challenges while managing church finances and the church accounting software solutions.","category":"Article","objectID":"insight-top-four-solutions-pastors-challenges","_highlightResult":{"_tags":[{"value":"FINANCIAL SERVICES","matchLevel":"none","matchedWords":[]},{"value":"DIGITAL TRANSFORMATION","matchLevel":"none","matchedWords":[]}],"title":{"value":"The top 4 solutions to pastors challenges","matchLevel":"none","matchedWords":[]},"author":{"value":"Allison Webb","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Within not-for-profit finance and accounting, church back offices have unique challenges to solve with church accounting software solutions. Thankfully, there are solutions to pastors challenges designed for and affordable for churches, these unique challenges have better results than ever before to help maximize stewardship.  At Baker Tilly, we've done more than 100 software implementations for churches across the country. I'd like to highlight some of the biggest challenges we see among our church customers, along with their solutions. No. 1 – Credit card management The problem Churches use credit cards...a lot. They have a lot of people that need to buy supplies and services for the church - pastors, administrators, ministry leaders, and even volunteers. Churches tend to use corporate cards for purchasing. They don't usually have a centralized buying or purchasing department. They have a lot, often dozens, of department heads and ministry leaders who all buy separately. Managing this fragmented purchasing process is complex and time-consuming. The solution One solution, if the church's accounting system has the capability (which many legacy systems don't), is to implement expense or purchase requisitions inside the accounting or ERP system. The end user would choose the appropriate department/ministry and, subject to any approvals the church wants to implement, the purchase would flow through Accounts Payable. While many legacy systems can't handle church purchasing with the necessary number of entry points, modern ERP systems like Sage Intacct can certainly handle this approach.  Another option, and the one we see most, is that the church uses an expense management solution, like Nexonia, that connects to their accounting software via API and pulls data from the credit card company. This allows users to code the expenses appropriately and get them approved. It allows the finance team to implement controls over how much they can spend on certain items, require receipts, and manage travel expenses. Then the data can be pulled directly into cash management in Sage Intacct for reconciliation, and all individual credit card transactions will be combined as one total to be paid via check or record transfer. Solutions like Nexonia also have easy-to-use mobile apps which make submitting expenses and attaching receipts simple. No. 2 – Budgeting The problem Typically, with legacy accounting and ERP software, the finance team has to pull financial data out of the system in to Excel or a spreadsheet application. They then organize it by department, location, ministry, etc. This then becomes the starting point for next year's budget. Next, that spreadsheet would need to be split into multiple spreadsheets to be shared with each department, ministry, or campus leader. These leaders would provide feedback, which would be incorporated back into the larger spreadsheet. That would then be redistributed for approval and another round of feedback. Any changes would need to be reincorporated and the process would happen again. This  process is time-consuming and error-prone. Making mistakes is common, and version control is a serious challenge. The solution With best-in-class. cloud based church accounting software, our customers can choose to utilize on-board budgeting and planning, or integrate via API to industry-specific apps like Martus. Either solution should enable churches to easily create an initial budget, aggregating data in Sage Intacct. Individuals can go into Sage Intacct or Martus to update the budget for their functional area, without the finance staff having to build and break apart complicated spreadsheets. Final budgets are easy to share with department and ministry leaders, as well as with church leaders and board members. Changes are easy to make, the process is fast, and errors are minimized. And you can create as many revisions as you need in order to plan for a number of scenarios or outlooks. No. 3 – The chart of accounts The problem In the world of legacy church accounting software - think QuickBooks, ACS, Abila, or Shelby - there's no structure that allows a church finance team to track and report by ministry without creating separate accounts for each of these segments. Segments can also include other key elements for churches, like locations, restricted and unrestricted funds, seasonal activities, ministries, bookstores, cafés, etc. Adding a separate account for each segment creates an unmanageable chart of accounts. We've seen churches with as many as 400 accounts all the way up to more than 2,000! When churches expand to new locations, the number of accounts starts to double and triple. When reporting out of legacy software systems, these segments generally can't be selected individually or in groups. You tend to get everything. This is where spreadsheets start getting heavy use. Church finance folks are some of the most talented Excel users you'll ever find because of the complexity of providing reports for all the ministry leaders they support.  The solution Modern accounting solutions, like Sage Intacct, are architected in such a way that you can create \"Dimensions\" for the various ministries, departments, locations, funds, grants, and other segments. Transactions can be tagged to a certain dimension. Controls can be put in place that limit the options for a given transaction or user, which helps maintain accurate data. As a result, reporting is a much simpler and more powerful process. Individual or multiple dimensions can be selected for reporting. Budgets and spending can be seen by ministry, or if a certain ministry leader is responsible for multiple ministries and even multiple locations, he or she can see the data that applies to him or her, and church leadership and members of the board can get a higher-level view of the financial data. Systems like Sage Intacct can also present operational data alongside the financial information, so churches can look at attendance by service time and location, as an example, or staff to attendance ratio. Operational data can be loaded into the system via a file upload, or Sage Intacct has powerful APIs that can connect the accounting system to other systems and bring in that data automatically. No. 4 – Fund management The problem Managing church funds in many legacy systems is often done using cash accounts, with a different bank account for each fund. Restricted funds have to be tracked manually outside of the accounting system, usually in Excel, including the tracking of temporarily restricted funds. Each year, the finance team then has to make adjustments to fund balances for what is no longer restricted.  They have to manually calculate what has been spent and then do a journal entry to release that amount. This is complicated, manual, and error-prone. The solution In modern accounting solutions like Sage Intacct, fund management is done in real-time, not through cash accounts. Sage Intacct tracks fund revenue through dimensions.  Funds can be tagged as temporarily restricted, permanently restricted, or unrestricted using Sage Intacct dimensions. Sage Intacct continually tracks expense details related to any fund. In real time, all those expenses with their dimension tags go into net assets. At any time, the finance team can report on what has been brought in for a given fund, what's been spent, and the balance of that fund. Times have changed Churches no longer have to settle for out-of-date or unsophisticated software to manage their complex process and reporting requirements. Best-in-class cloud software like Sage Intacct, and others are now available with no IT or development support required at surprisingly affordable and predictable costs. If you have any questions about accounting technology and best-practices for churches, faith-based organizations, and not-for-profits, feel free to contact us.","matchLevel":"none","matchedWords":[]},"description":{"value":"Here are the top four solutions to pastors challenges while managing church finances and the church accounting software solutions.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"Xm_2oxEAACMA-8Ks","uid":"outsourcing-your-accounting-function-making-data-driven-decisions-while-saving-time-and-money","tags":["Client Accounting Services","Cloud Accounting","Outsourced Accounting","Outsourced Accounting Provider","Outsourcing your accounting function"],"type":"insight","lastPublicationDate":"2022-09-06T18:35:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1662489300,"_tags":["CLIENT ACCOUNTING SERVICES","CLOUD ACCOUNTING","OUTSOURCED ACCOUNTING","OUTSOURCED ACCOUNTING PROVIDER","OUTSOURCING YOUR ACCOUNTING FUNCTION"],"industries":[{"title":"Real Estate","uid":"real-estate"},{"title":"Retail","uid":"retail"},{"title":"Small Business","uid":"small-business"}],"services":[{"title":"Baker Tilly Advantage","uid":"advantage"},{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Real Estate Client Accounting Services ","uid":"real-estate-client-accounting-services"},{"title":"Client Accounting Services","uid":"client-accounting-services"},{"title":"Outsourcing \u0026 Managed Services","uid":"outsourcing-and-managed-services"},{"title":"ADP","uid":"adp"},{"title":"Sage Intacct","uid":"sage-intacct"},{"title":"Enterprise Solutions ","uid":"enterprise-solutions"}],"solutions":[],"sectors":[{"title":"Dental Practices","uid":"dental-practices"},{"title":"Craft Beverage","uid":"craft-beverage"},{"title":"Restaurants \u0026 Franchises","uid":"restaurants-and-franchises"},{"title":"Grocery \u0026 Convenience Stores","uid":"grocery-and-convenience-stores"},{"title":"Oil \u0026 Gas","uid":"oil-and-gas"},{"title":"Lodging","uid":"lodging"}],"generic_pages":[],"products":[],"title":"Outsourcing your accounting function: making data-driven decisions while saving time and money","co_authors":[""],"body":"Market studies show that small to midsize business leaders are looking for more from their accounting function. 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Download our whitepaper to take a deeper dive into the benefits associated with outsourcing the accounting function and how it is allowing leaders to put their focus back on their core business.\nFor more information on this topic or to learn how Baker Tilly specialists can help, contact our team.","image":{"dimensions":{"width":7744,"height":5163},"alt":"Meeting between advisors","copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,0,7744,5163\u0026w=7744\u0026h=5163","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,516,7744,4130\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,0,7744,4646\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,312,7744,4533\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,302,7744,4533\u0026w=410\u0026h=240"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,576,7744,1957\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,516,7744,4130\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,516,7744,4130\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,1549,7744,1936\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,315,7744,4533\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www%2Fee552654-fc79-418c-9da9-1197a0cf2935_cl_gen_audit+group+meeting.jpg?auto=compress,format\u0026rect=0,387,7744,4259\u0026w=20\u0026h=11"}},"date":"2020-03-17T05:00:00+0000","dateTimestamp":1584421200,"description":"Outsourcing your accounting function can transform the way you manage financial data by automating standard accounting tasks, providing real-time information on KPIs, offering targeted insight on specific industry trends and granting access to top-level accounting talent when you need it.","category":"Whitepaper","objectID":"insight-outsourcing-your-accounting-function-making-data-driven-decisions-while-saving-time-and-money","_highlightResult":{"_tags":[{"value":"CLIENT ACCOUNTING SERVICES","matchLevel":"none","matchedWords":[]},{"value":"CLOUD ACCOUNTING","matchLevel":"none","matchedWords":[]},{"value":"OUTSOURCED ACCOUNTING","matchLevel":"none","matchedWords":[]},{"value":"OUTSOURCED ACCOUNTING PROVIDER","matchLevel":"none","matchedWords":[]},{"value":"OUTSOURCING YOUR ACCOUNTING FUNCTION","matchLevel":"none","matchedWords":[]}],"title":{"value":"Outsourcing your accounting function: making data-driven decisions while saving time and money","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Market studies show that small to midsize business leaders are looking for more from their accounting function. They desire data to help support business decisions, growth and strategic planning, rather than historical information. They want real-time access to their numbers and the ability to slice and dice information as needed. Given this, we are seeing more and more companies make the strategic decision to outsource their accounting function to an accountant or accounting firm. Doing this can transform the way you manage financial data by automating standard accounting tasks, providing real-time information on key performance indicators (KPIs), offering targeted insight on specific industry trends and granting access to top-level accounting talent when you need it.  Download our whitepaper to take a deeper dive into the benefits associated with outsourcing the accounting function and how it is allowing leaders to put their focus back on their core business.\nFor more information on this topic or to learn how Baker Tilly specialists can help, contact our team.","matchLevel":"none","matchedWords":[]},"description":{"value":"Outsourcing your accounting function can transform the way you manage financial data by automating standard accounting tasks, providing real-time information on KPIs, offering targeted insight on specific industry trends and granting access to top-level accounting talent when you need it.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"Xe6BdxEAAA3-8eg8","uid":"key-finance-and-accounting-performance-indicators-for","tags":["Advantage","craft beverage","food and beverage","Manufacturing \u0026 Distribution"],"type":"insight","lastPublicationDate":"2022-02-23T18:27:12+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1645640832,"_tags":["ADVANTAGE","CRAFT BEVERAGE","FOOD AND BEVERAGE","MANUFACTURING \u0026 DISTRIBUTION"],"industries":[],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Client Accounting Services","uid":"client-accounting-services"},{"title":"Sage Intacct","uid":"sage-intacct"},{"title":"Enterprise Solutions ","uid":"enterprise-solutions"}],"solutions":[],"sectors":[{"title":"Craft Beverage","uid":"craft-beverage"}],"title":"Key finance and accounting performance indicators for craft breweries","co_authors":["",""],"body":"   Reprinted courtesy of  Beverage Master.   Read  the  full  issue.  Do you have real-time visibility into your financial information?  If  so, are you confident you’re monitoring the right type of data to  achieve your business goals?  We plan to explore these questions and  more as we dive into the issues breweries often face when it comes to  financial reporting. We will also take a look at industry best practices  and technologies brewers are leveraging in order to spot opportunities,  identify risks, set goals, measure progress and adjust their strategy. Cash is King.  Every  business, large or small, depends on cash. However, for many breweries,  the focus tends to be more on sales growth than anything else. While  sales growth is fundamental to your business, it is equally as important  to monitor your cash flow. Cash flow is the movement and timing  of money into, through and out of your business. In other words, it  provides a clear picture of your company’s financial health. A cash flow  projection estimates the timing and amounts of cash inflows and  outflows over a specific period, usually one year. Let’s take a look at some high-level benefits of a cash flow projection:  The  first step to creating a cash flow projection is to define your  approach and assumptions. For example, you may want to evaluate the  financial impact of adding a new seasonal brew. Two key questions to  ask are: How much will I expect my revenue and expenses to increase? Will I need to tap into my line of credit or find additional financing as I start up? Next you will need to: Obtain historical revenues, expenses and cash flow for last two to three years Develop a template to forecast one year into the future Review historical growth and forecast growth based on discussions with management Prepare a formal report outlining the significant assumptions and the forecast results including: Key assumptions Increase operating revenue Increase operating expenses Capital additions: production or brewing equipment, delivery trucks Debt service / borrowings Cash reserves To make sure your projection stays accurate throughout the year, consider these variable expenses: Months with three payrolls Months when insurance premiums are due Increased estimated taxes due to increased sales A  good rule of thumb is to designate an amount equal to 10% of revenues  for “other expenses” under uses of cash — so you’ll have some cushion  when unforeseen costs arise. To keep your projections on track,  create a rolling 12-month plan that you update at the end of each month.  If you add a new month to the end every time a month is completed,  you’ll always have a long-term grasp of your business’s financial  health. However, don’t try to project more than 12 months into the  future or you’ll end up spending a lot of time trying to predict  something with too many variables (prime rate could shoot up, sales  could go down dramatically, etc.).  Cash flow projection example: After you define your assumptions and approaches and create your 12-month cash flow, you notice a net cash loss in the first half of the year as highlighted below (shown as 6 months).  You decide  the next step to minimizing your negative cash flow in the first half of  the year is to evaluate the impact of producing a new seasonal brew as  seen in the projection below:  Using cash flow  projections is a cyclical activity. As months pass, you can compare your  monthly cash flow statements to your projections for each month and the  numbers should be close. You can get away with a 5% variance but if you  start to see large differences from month to month, you should revisit  your key assumptions to check for flaws in your logic. Once you’ve  gotten into the habit of using a cash flow projection, it should give  you added control over your cash flow and a better understanding of your  brewery’s financial position. Beyond cash flow, it is important to understand and consider all of your financials when determining your strategy and planning for the future of your brewery. By  transforming your finance and accounting data into key performance  indicators (KPIs), you become equipped to make intelligent, informed  business decisions. Below are examples of relevant KPIs for craft  brewers along with items to take into consideration during analysis. 1. Revenue trends:   Monthly comparisons year over year and month over month, actual to  budget comparisons, revenue by category and/or style, revenue by package  type, etc. \nAre sales meeting expectations? Are any  seasonal brands selling well enough to go year round? Are there any year  round brands that could become seasonal? Are there brands that should  be discontinued? Are certain package types selling more than others?  2. Cost of Goods Sold (COGS)/gross margins:   Monthly comparisons in total, by brand, by category/style, by package  type, actual to budget, etc. – report both in dollars and as a  percentage of revenue.\nHow are margins trending to  expectations? Are there styles that are cost effective to produce with a  higher perceived value in the market? Are costs increasing/decreasing  due to raw material cost changes? Are there items that may need a price  increase? Are there potential efficiencies that can help reduce costs in  the brewing process? Should you brew larger batches for better yield?  Are your COGS fully loaded with labor, overhead allocations, excise  taxes, utilities, insurance, etc.? 3. Distributor/customer performance:  Revenue, gross margin, rebate/discount tracking month to month by distributor/customer, actuals vs projections, etc.\nHow  is each distributor performing compared to projections? Are their  margins sufficient to cover rebates, discounts, samples, shared  mark-downs, etc.? Are certain geographical regions performing better  than others? Where should your inside sales team focus their efforts?  Consider additional reporting options that provide visibility of  distributor sales to retailer including: on vs off premise sales, sell  through turns, etc. 4. Operating expenses:   Monthly comparisons year over year and month over month, actual to  budget comparisons, etc. - report both in dollars and as a percentage of  revenue\nInvestigate areas where expenses are increasing  (either in total or as a percentage of sales). Identify areas where  there are cost savings opportunities. Variable expenses should fluctuate  with sales levels, including staffing costs. 5. Tasting room and restaurant metrics:   Revenues and margins tracked by month year over year, food cost as a  percentage of food sales, staffing costs as a percentage of tasting room  revenue, daily sales trends, etc.\nEvaluate seasonality  trends to determine staffing needs and consider training time needed  when hiring new staff for busy season. Monitor food costs to determine  if menu price increases are needed. Assess daily sales trends for  potential promotions on slower days of the week in order to increase  business. 6. Capacity/efficiency:  Production volumes as a percentage of full capacity month over month, direct labor costs as a percentage of revenue, etc.\nAre  you at capacity and losing orders? Is it time to increase capacity? Are  you consistently under capacity? Possibly consider contract brewing or  other ways to fill capacity. Evaluate labor costs to ensure efficient  production staffing levels. So, now we know what type of data successful brewers are tracking but what technology is needed in order to access that data? Introducing  new technology to any business is commonly viewed as complicated,  timely and costly. However with the rapid expansion of cloud-based  technology, there are now a number of applications tailored to meet the  needs of small and midsized businesses in any industry. Most of us  are familiar with the phrase “moving to the cloud” but, what does that  really mean? In its most simple form, cloud computing is the use of a  shared resource on the internet to store, manage and process data.  Unlike the historical way of hosting a technology platform on your own  server, cloud-based technology allows unique users to access the same  software application from any device, anywhere, at any time. Information  is easily updated and shared between team members without the need to  manually input reports or be in the same physical location. Cloud  applications are also being built with an open-interface approach which  allows for more seamless integration amongst individual solutions. Business processes that are commonly handled in the cloud include: Accounting and general ledger management | Such as: Sage Intacct, QuickBooks Online Accounts payable | Such as: Bill.com Expense management | Such as: Expensify, Nexonia Inventory management | Such as: Ekos, OrchastratedBEER How leveraging those tools can provide data-driven insights while saving you time and money: Real-time data and reporting: Because  cloud-based technology can be accessed from anytime, anywhere, the data  really is “at your fingertips.” This accessibility is becoming  increasingly important as the competitive landscape continues to  intensify in the craft beverage space. The ability to integrate your  existing applications with multiple cloud solutions allows for a  comprehensive view of your data (i.e. sales, operations and finance) and  thus, enables you to make timely intelligent business decisions. Plus,  you can use these tools to create tailored management dashboards with  customized reporting capabilities – so you see what you want to see on a  regular basis. Taking it one step further, the ability for craft  brewers to access data in real time also makes that data more useful in  identifying trends, comparing results to industry benchmarks, monitoring  key performance indicators and, ultimately, being a better business  partner to your distributors and retailers. Automation and scalability: Most growing craft breweries tend to run lean and have limited personnel resources. In these cases, leveraging innovative technology to  streamline finance and accounting functions and reduce the need for manual processes can be very beneficial. For example, cloud-based  accounting software typically automates processes by importing  transaction data on a real-time basis. The cloud computing model empowers team members to collaborate and share information beyond  traditional communication methods - allowing multiple facilities and/or taprooms to co-manage production, raw materials, packaging levels and  distribution scheduling. Successful craft brewers are growing at an unprecedented rate and the ability to scale on an as-needed basis is  one of the biggest advantages of cloud technology. Accelerated business growth typically leads to growing pains and missed opportunities resulting from the mismanagement of more data, infrastructure and customers. The right cloud solution will grow alongside your business to  meet market demands and accommodate growth as technology shifts, revenues grow and your business needs evolve. Brewers face many challenges in an industry that is becoming less predictable with fewer loyal consumers. Staying a step ahead of your peers in this rapidly changing environment is critical to maintain a competitive advantage and  realize long term success. Having real-time visibility into your cash  flow, sales and operational data is a key part of that success. This  will allow you to determine KPIs that align with your business goals and track them so you can plan for the future. Take advantage of the many cloud-based tools that can help you transform your data and streamline processes so you can get back to what really matters, running your  brewery. For more information on this topic, or to learn how Baker Tilly specialists can help,  contact our team.","image":{"dimensions":{"width":600,"height":600},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,140,600,320\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,120,600,360\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,124,600,351\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,124,600,351\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,112,600,376\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,224,600,152\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,140,600,320\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,140,600,320\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,210,600,150\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,124,600,351\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Craft Beverage M\u0026A update: 2018","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/ZjJkZjhkYzItOTY3OC00OGQ5LThkNjEtZWRhMWRhMjhhOTYz_craft-beverage-2016-ma-update.jpg?auto=compress,format\u0026rect=0,120,600,330\u0026w=20\u0026h=11"}},"date":"2019-12-09T14:00:00+0000","dateTimestamp":1575900000,"category":"Article","objectID":"insight-key-finance-and-accounting-performance-indicators-for","_highlightResult":{"_tags":[{"value":"ADVANTAGE","matchLevel":"none","matchedWords":[]},{"value":"CRAFT BEVERAGE","matchLevel":"none","matchedWords":[]},{"value":"FOOD AND BEVERAGE","matchLevel":"none","matchedWords":[]},{"value":"MANUFACTURING \u0026 DISTRIBUTION","matchLevel":"none","matchedWords":[]}],"title":{"value":"Key finance and accounting performance indicators for craft breweries","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"   Reprinted courtesy of  Beverage Master.   Read  the  full  issue.  Do you have real-time visibility into your financial information?  If  so, are you confident you’re monitoring the right type of data to  achieve your business goals?  We plan to explore these questions and  more as we dive into the issues breweries often face when it comes to  financial reporting. We will also take a look at industry best practices  and technologies brewers are leveraging in order to spot opportunities,  identify risks, set goals, measure progress and adjust their strategy. Cash is King.  Every  business, large or small, depends on cash. However, for many breweries,  the focus tends to be more on sales growth than anything else. While  sales growth is fundamental to your business, it is equally as important  to monitor your cash flow. Cash flow is the movement and timing  of money into, through and out of your business. In other words, it  provides a clear picture of your company’s financial health. A cash flow  projection estimates the timing and amounts of cash inflows and  outflows over a specific period, usually one year. Let’s take a look at some high-level benefits of a cash flow projection:  The  first step to creating a cash flow projection is to define your  approach and assumptions. For example, you may want to evaluate the  financial impact of adding a new seasonal brew. Two key questions to  ask are: How much will I expect my revenue and expenses to increase? Will I need to tap into my line of credit or find additional financing as I start up? Next you will need to: Obtain historical revenues, expenses and cash flow for last two to three years Develop a template to forecast one year into the future Review historical growth and forecast growth based on discussions with management Prepare a formal report outlining the significant assumptions and the forecast results including: Key assumptions Increase operating revenue Increase operating expenses Capital additions: production or brewing equipment, delivery trucks Debt service / borrowings Cash reserves To make sure your projection stays accurate throughout the year, consider these variable expenses: Months with three payrolls Months when insurance premiums are due Increased estimated taxes due to increased sales A  good rule of thumb is to designate an amount equal to 10% of revenues  for “other expenses” under uses of cash — so you’ll have some cushion  when unforeseen costs arise. To keep your projections on track,  create a rolling 12-month plan that you update at the end of each month.  If you add a new month to the end every time a month is completed,  you’ll always have a long-term grasp of your business’s financial  health. However, don’t try to project more than 12 months into the  future or you’ll end up spending a lot of time trying to predict  something with too many variables (prime rate could shoot up, sales  could go down dramatically, etc.).  Cash flow projection example: After you define your assumptions and approaches and create your 12-month cash flow, you notice a net cash loss in the first half of the year as highlighted below (shown as 6 months).  You decide  the next step to minimizing your negative cash flow in the first half of  the year is to evaluate the impact of producing a new seasonal brew as  seen in the projection below:  Using cash flow  projections is a cyclical activity. As months pass, you can compare your  monthly cash flow statements to your projections for each month and the  numbers should be close. You can get away with a 5% variance but if you  start to see large differences from month to month, you should revisit  your key assumptions to check for flaws in your logic. Once you’ve  gotten into the habit of using a cash flow projection, it should give  you added control over your cash flow and a better understanding of your  brewery’s financial position. Beyond cash flow, it is important to understand and consider all of your financials when determining your strategy and planning for the future of your brewery. By  transforming your finance and accounting data into key performance  indicators (KPIs), you become equipped to make intelligent, informed  business decisions. Below are examples of relevant KPIs for craft  brewers along with items to take into consideration during analysis. 1. Revenue trends:   Monthly comparisons year over year and month over month, actual to  budget comparisons, revenue by category and/or style, revenue by package  type, etc. \nAre sales meeting expectations? Are any  seasonal brands selling well enough to go year round? Are there any year  round brands that could become seasonal? Are there brands that should  be discontinued? Are certain package types selling more than others?  2. Cost of Goods Sold (COGS)/gross margins:   Monthly comparisons in total, by brand, by category/style, by package  type, actual to budget, etc. – report both in dollars and as a  percentage of revenue.\nHow are margins trending to  expectations? Are there styles that are cost effective to produce with a  higher perceived value in the market? Are costs increasing/decreasing  due to raw material cost changes? Are there items that may need a price  increase? Are there potential efficiencies that can help reduce costs in  the brewing process? Should you brew larger batches for better yield?  Are your COGS fully loaded with labor, overhead allocations, excise  taxes, utilities, insurance, etc.? 3. Distributor/customer performance:  Revenue, gross margin, rebate/discount tracking month to month by distributor/customer, actuals vs projections, etc.\nHow  is each distributor performing compared to projections? Are their  margins sufficient to cover rebates, discounts, samples, shared  mark-downs, etc.? Are certain geographical regions performing better  than others? Where should your inside sales team focus their efforts?  Consider additional reporting options that provide visibility of  distributor sales to retailer including: on vs off premise sales, sell  through turns, etc. 4. Operating expenses:   Monthly comparisons year over year and month over month, actual to  budget comparisons, etc. - report both in dollars and as a percentage of  revenue\nInvestigate areas where expenses are increasing  (either in total or as a percentage of sales). Identify areas where  there are cost savings opportunities. Variable expenses should fluctuate  with sales levels, including staffing costs. 5. Tasting room and restaurant metrics:   Revenues and margins tracked by month year over year, food cost as a  percentage of food sales, staffing costs as a percentage of tasting room  revenue, daily sales trends, etc.\nEvaluate seasonality  trends to determine staffing needs and consider training time needed  when hiring new staff for busy season. Monitor food costs to determine  if menu price increases are needed. Assess daily sales trends for  potential promotions on slower days of the week in order to increase  business. 6. Capacity/efficiency:  Production volumes as a percentage of full capacity month over month, direct labor costs as a percentage of revenue, etc.\nAre  you at capacity and losing orders? Is it time to increase capacity? Are  you consistently under capacity? Possibly consider contract brewing or  other ways to fill capacity. Evaluate labor costs to ensure efficient  production staffing levels. So, now we know what type of data successful brewers are tracking but what technology is needed in order to access that data? Introducing  new technology to any business is commonly viewed as complicated,  timely and costly. However with the rapid expansion of cloud-based  technology, there are now a number of applications tailored to meet the  needs of small and midsized businesses in any industry. Most of us  are familiar with the phrase “moving to the cloud” but, what does that  really mean? In its most simple form, cloud computing is the use of a  shared resource on the internet to store, manage and process data.  Unlike the historical way of hosting a technology platform on your own  server, cloud-based technology allows unique users to access the same  software application from any device, anywhere, at any time. Information  is easily updated and shared between team members without the need to  manually input reports or be in the same physical location. Cloud  applications are also being built with an open-interface approach which  allows for more seamless integration amongst individual solutions. Business processes that are commonly handled in the cloud include: Accounting and general ledger management | Such as: Sage Intacct, QuickBooks Online Accounts payable | Such as: Bill.com Expense management | Such as: Expensify, Nexonia Inventory management | Such as: Ekos, OrchastratedBEER How leveraging those tools can provide data-driven insights while saving you time and money: Real-time data and reporting: Because  cloud-based technology can be accessed from anytime, anywhere, the data  really is “at your fingertips.” This accessibility is becoming  increasingly important as the competitive landscape continues to  intensify in the craft beverage space. The ability to integrate your  existing applications with multiple cloud solutions allows for a  comprehensive view of your data (i.e. sales, operations and finance) and  thus, enables you to make timely intelligent business decisions. Plus,  you can use these tools to create tailored management dashboards with  customized reporting capabilities – so you see what you want to see on a  regular basis. Taking it one step further, the ability for craft  brewers to access data in real time also makes that data more useful in  identifying trends, comparing results to industry benchmarks, monitoring  key performance indicators and, ultimately, being a better business  partner to your distributors and retailers. Automation and scalability: Most growing craft breweries tend to run lean and have limited personnel resources. In these cases, leveraging innovative technology to  streamline finance and accounting functions and reduce the need for manual processes can be very beneficial. For example, cloud-based  accounting software typically automates processes by importing  transaction data on a real-time basis. The cloud computing model empowers team members to collaborate and share information beyond  traditional communication methods - allowing multiple facilities and/or taprooms to co-manage production, raw materials, packaging levels and  distribution scheduling. Successful craft brewers are growing at an unprecedented rate and the ability to scale on an as-needed basis is  one of the biggest advantages of cloud technology. Accelerated business growth typically leads to growing pains and missed opportunities resulting from the mismanagement of more data, infrastructure and customers. The right cloud solution will grow alongside your business to  meet market demands and accommodate growth as technology shifts, revenues grow and your business needs evolve. Brewers face many challenges in an industry that is becoming less predictable with fewer loyal consumers. Staying a step ahead of your peers in this rapidly changing environment is critical to maintain a competitive advantage and  realize long term success. Having real-time visibility into your cash  flow, sales and operational data is a key part of that success. This  will allow you to determine KPIs that align with your business goals and track them so you can plan for the future. Take advantage of the many cloud-based tools that can help you transform your data and streamline processes so you can get back to what really matters, running your  brewery. For more information on this topic, or to learn how Baker Tilly specialists can help,  contact our team.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"XcxZZREAACYA-tm7","uid":"top-technology-and-business-trends-for-smbs","tags":["Cloud Computing","Cloud Accounting","Outsourced Accounting","Small Business","Financial Management","Cloud Technology"],"type":"insight","lastPublicationDate":"2022-02-23T18:30:15+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1645641015,"_tags":["CLOUD COMPUTING","CLOUD ACCOUNTING","OUTSOURCED ACCOUNTING","SMALL BUSINESS","FINANCIAL MANAGEMENT","CLOUD TECHNOLOGY"],"industries":[],"services":[{"title":"Assurance","uid":"assurance"},{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Enterprise Solutions ","uid":"enterprise-solutions"},{"title":"ADP","uid":"adp"},{"title":"Sage Intacct","uid":"sage-intacct"},{"title":"Client Accounting Services","uid":"client-accounting-services"}],"solutions":[],"sectors":[{"title":"Dental Practices","uid":"dental-practices"}],"title":"Top technology and business trends for SMBs, and their impact on finance and accounting","co_authors":[""],"body":" As a business leader, you need information that’s timely and relevant in order to drive the decisions you make every day. Cloud computing puts key data right at your fingertips, empowering business leaders to innovate and scale like never before. The enhanced efficiencies it brings through automation and collaboration free up your time to focus on what really matters: running your business. With 70% of all organizations having at least one application in the cloud, cloud computing is quickly becoming the organizational norm. Is your business prepared? Do you still have questions about the benefits, costs or risks associated with “moving to the cloud”? In a three-part blog series sponsored by Sage Intacct, Laurie McCabe, cofounder and partner, SMB Group, examines top technology and business trends for small and midsized businesses (SMBs), and their impact on finance and accounting. 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Ultimately, once Marinus starts to sell its products, it will also use Sage Intacct for revenue and accounts receivable management. In the meantime, Marinus continues to use Baker Tilly for ongoing support and consultation. As Mike McNamara noted, “the relationship does not end with the implementation.” About Marinus Marinus Pharmaceuticals, Inc. is a publicly traded, clinical stage biopharmaceutical company dedicated to improving the lives of patients suffering from drug-resistant seizures and neuropsychiatric disorders. With more than $20 million in annual development expenses, the increasing demands of a public company, and the expectation for continued growth, Marinus needed to put in place a more robust accounting solution than its legacy software. Sage Intacct is a great example of why advanced accounting software is such an important resource. It offers companies new capabilities and improved workflows. 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found that its legacy software did not meet its needs for internal controls, management reporting, and external reporting: Journal entries could easily be overridden The chart of account structure required for tracking expenses by department and project was cumbersome The financial reporting and budgeting capabilities were very limited and led to time-consuming, manual manipulation outside the application Marinus needed an accounting solution that would tackle these concerns and also provide controlled access to real-time information to internal and external stakeholders alike. Finding the right solution The answer was and is Sage Intacct. Sage Intacct solved all the issues above and delivered a user-friendly interface that everyone in the organization, even those outside the accounting function, found easy and intuitive. Just as importantly, Sage Intacct provided a secure environment with automated workflow that delivered better control over transaction processing and approvals, in a way that is easily audited.  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Make sure whatever metrics you are using are appropriate for the company’s current goals and priorities. Implement a master tracking system Inaccurate metrics offer a distorted view of performance. But considering how much data must be captured, stored, organized, and analyzed to calculate some metrics, their efficacy is often underwhelming. A master tracking system automates much of the effort while providing tools that give decision makers an insightful and informed perspective into data. It’s no surprise that the best tracking systems are SaaS as well. Prioritize real-time analysis The goal is not to track metrics, it’s to react to metrics. Having the best information in the world only matters if decision makers can utilize it quickly and confidently. Regardless of what metrics a company is tracking, decision makers should be automatically notified when those metrics reach pre-defined limits. 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But considering how much time, focus, and manual labor it requires, it’s a goal that's rarely realized. That's all changing thanks to a new wave of data-driven technologies. The confluence of artificial intelligence and machine learning have made large-scale data management accessible to any accounting department. As a result, finding insights takes less time, and developing and applying strategy becomes the focus of finance.  The potential is exciting, but it’s important to understand these changes are not automatic. The tools companies need are available, but when and how they are implemented is important. Follow these three steps to ensure that accounting becomes a true strategic asset: Step one – get your data in shape Financial data is ripe for errors, omissions, and inconsistencies. Finding and cleaning up these mistakes takes a tremendous amount of time, and even with a diligent team in place it’s possible for inaccuracies to end up in financial reports. As a result, strategic accounting is slow and uncertain. Getting data in shape is a major undertaking, but it’s absolutely necessary for analytics to be effective. Start by identifying the most relevant and useful data, then begin systematically weeding out the bad and irrelevant information. Step two – break down data silos Once data is in shape, it needs to be integrated onto a centralized platform. When it’s stuck in data silos between teams or departments it only creates inefficiencies. Accountants must go hunting for information and then wait to get access. This leads to inevitable delays, and creates the risk of incomplete reporting if data is never discovered. Breaking down data silos and creating a single source of truth is essential. That way accountants spend less time looking for data and more time utilizing it. New technologies can automate these processes by storing data, both financial and nonfinancial, on one platform - one single source of truth - and automatically pull the data in from other relevant sources. Step three – upgrade the reporting process At this point you have quality data organized in one location. Now you can begin mining it for insights and ideas. Without quality reporting tools, however, this process is as big a hurdle as any other. Reports could take days to compile, include outdated or irrelevant information, and offer little in terms of depth or flexibility. As a result, the strategic potential of accounting and finance is largely lost. Relying on reporting tools more advanced than Excel empowers accountants to conduct in-depth analytics on an enterprise scale. Even with a road map, it’s not easy for accounting departments to become more strategic overnight. That is why so many of them are prioritizing tech upgrades and digital transformations. 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The confluence of artificial intelligence and machine learning have made large-scale data management accessible to any accounting department. As a result, finding insights takes less time, and developing and applying strategy becomes the focus of finance.  The potential is exciting, but it’s important to understand these changes are not automatic. The tools companies need are available, but when and how they are implemented is important. Follow these three steps to ensure that accounting becomes a true strategic asset: Step one – get your data in shape Financial data is ripe for errors, omissions, and inconsistencies. Finding and cleaning up these mistakes takes a tremendous amount of time, and even with a diligent team in place it’s possible for inaccuracies to end up in financial reports. As a result, strategic accounting is slow and uncertain. Getting data in shape is a major undertaking, but it’s absolutely necessary for analytics to be effective. Start by identifying the most relevant and useful data, then begin systematically weeding out the bad and irrelevant information. Step two – break down data silos Once data is in shape, it needs to be integrated onto a centralized platform. When it’s stuck in data silos between teams or departments it only creates inefficiencies. Accountants must go hunting for information and then wait to get access. This leads to inevitable delays, and creates the risk of incomplete reporting if data is never discovered. Breaking down data silos and creating a single source of truth is essential. That way accountants spend less time looking for data and more time utilizing it. New technologies can automate these processes by storing data, both financial and nonfinancial, on one platform - one single source of truth - and automatically pull the data in from other relevant sources. Step three – upgrade the reporting process At this point you have quality data organized in one location. Now you can begin mining it for insights and ideas. Without quality reporting tools, however, this process is as big a hurdle as any other. Reports could take days to compile, include outdated or irrelevant information, and offer little in terms of depth or flexibility. As a result, the strategic potential of accounting and finance is largely lost. Relying on reporting tools more advanced than Excel empowers accountants to conduct in-depth analytics on an enterprise scale. Even with a road map, it’s not easy for accounting departments to become more strategic overnight. That is why so many of them are prioritizing tech upgrades and digital transformations. Financial management solutions like are designed to make strategic accounting accessible and achievable.  ","matchLevel":"none","matchedWords":[]},"description":{"value":"Turning accounting and finance into a strategic asset is easier than you think. 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A platform can refer to an interface that connects users, resources, and tools through fewer individual touchpoints. But to understand this concept it’s a lot easier to look at an example. Airbnb is a platform that connects renters, property-owners, and vast numbers of listings all in one location. Plus, it handles everything from research to payment using one set of tools. The purpose of a platform is two-fold. First, it integrates and standardizes data. Second, it locates that data someplace that can scale upward easily. The goal is to create a tool that is useful for a larger number of users completing a wider range of workflows. How is a platform valuable?  The proliferation of platforms is a response to the huge amount of data companies now deal with. When this data is locked away in various silos it become inaccessible, out-of-date, and irrelevant. But when it can be consolidated onto one platform, it’s constantly being updated, analyzed, and accessed by all. That turns data into a dynamic asset poised to serve strategic objectives. Platforms promise to streamline operations, cut costs, relieve stress, and minimize errors. But where they really have value is in their ability to accelerate growth. Platforms facilitate communication and collaboration in a way that leads directly to innovation and acceleration. By synchronizing the efforts of all, they maximize the efforts of each. Why is a software suite inadequate? When it comes to business software, there is a distinct difference between a platform and a software suite even though they promise similar things. A platform is a functional solution that is able to scale and integrate with ease. It can be made up of any number of best-in-class technologies that integrate with one another. A software suite is often a patchwork of products acquired or developed and integrated by one vendor. They promise to be comprehensive but often offer functionality that is mile wide and an inch deep. Business are vertical by nature - they have requirements unique to the specific industry they go to market in. This means that the operational software an HVAC repair company needs to schedule jobs and run their business is very different from the CRM system a software company would use to manage their customer base and sales orders. These businesses should be able to choose the best tool for each job, connect them in the cloud, and create a platform that shares data across all their systems. Buying a suite simply provides one point of contact (or as some call it, one throat to choke), but forces companies from very different industries to use the same tools even if they aren't all the best fit. As you search for an enterprise IT solution, be sure to look at a platform like Sage Intacct and it's ecosystem of marketplace applications. Interoperability is never an issue, and the features and functions are richer because of it. When you're ready to explore this platform in-depth, request a consultation. 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Seacoast Church, a Baker Tilly Digital customer in the Carolinas, recently contributed to a story in Church Executive Magazine about how the multi-site church, with 12 physical locations and an online campus, needed a powerful accounting tool that could provide consistent financial reporting across locations and ministries.  For churches that are growing quickly, Seacoast's story shows that, with today's technology solutions from Baker Tilly Digital, there is light at the end of the tunnel; and it takes a measured approach to move to a new accounting platform the right way. \nBaker Tilly Digital has an accounting and ERP implementation team with direct experience previously working in church finance departments. We are dedicated to helping churches with faith-based, financial consulting and have helped hundreds of churches and not-for-profit organizations with their implementations. If you have any questions about how your church or not-for-profit can benefit from our products and services, please contact us.  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Seacoast Church, a Baker Tilly Digital customer in the Carolinas, recently contributed to a story in Church Executive Magazine about how the multi-site church, with 12 physical locations and an online campus, needed a powerful accounting tool that could provide consistent financial reporting across locations and ministries.  For churches that are growing quickly, Seacoast's story shows that, with today's technology solutions from Baker Tilly Digital, there is light at the end of the tunnel; and it takes a measured approach to move to a new accounting platform the right way. \nBaker Tilly Digital has an accounting and ERP implementation team with direct experience previously working in church finance departments. We are dedicated to helping churches with faith-based, financial consulting and have helped hundreds of churches and not-for-profit organizations with their implementations. If you have any questions about how your church or not-for-profit can benefit from our products and services, please contact us.  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Gateway Church, a Baker Tilly Digital client in the Dallas/Ft. Worth area, recently contributed to a story in Church Executive Magazine about how the growing church needed a \"streamlined, accessible, and accurate accounting engine,\" and how Intacct was the perfect fit. The Gateway finance and operations team all agree that \"Intacct is, in the end, a ministry tool.\" As Gateway's Intacct reseller, Baker Tilly Digital is proud to have been the church's one stop shop for Intacct software, implementation and consulting services, and we're excited to continue to support the church going forward. We can't wait to see what they accomplish. I encourage you read this inspiring story about how a change in accounting software \"has helped the Gateway ministry team provide support to single mothers, restore marriages, and aided in seeing more than 2,850 people come to accept Christ in 2015.\" Baker Tilly Digital is Intacct's overall Business Partner of the Year for two year's running, and we have an accounting and ERP implementation team dedicated to helping churches, with more than 50 church implementations of Intacct. If you have any questions about how your church or not-for-profit can benefit from our products and services, please contact us.","image":{"dimensions":{"width":2500,"height":1250},"alt":"Gateway Church finds Intacct to be more than a financial tool","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/59da9d71-ab7f-4ab9-a992-4f8d88719916_gen-header_team-meeting-discussion-smiling.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Group of diverse team members meet together to share updates","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/59da9d71-ab7f-4ab9-a992-4f8d88719916_gen-header_team-meeting-discussion-smiling.jpg?auto=compress,format\u0026rect=78,0,2344,1250\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Group of diverse team members meet together to share 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Gateway Church, a Baker Tilly Digital client in the Dallas/Ft. Worth area, recently contributed to a story in Church Executive Magazine about how the growing church needed a \"streamlined, accessible, and accurate accounting engine,\" and how Intacct was the perfect fit. The Gateway finance and operations team all agree that \"Intacct is, in the end, a ministry tool.\" As Gateway's Intacct reseller, Baker Tilly Digital is proud to have been the church's one stop shop for Intacct software, implementation and consulting services, and we're excited to continue to support the church going forward. We can't wait to see what they accomplish. I encourage you read this inspiring story about how a change in accounting software \"has helped the Gateway ministry team provide support to single mothers, restore marriages, and aided in seeing more than 2,850 people come to accept Christ in 2015.\" Baker Tilly Digital is Intacct's overall Business Partner of the Year for two year's running, and we have an accounting and ERP implementation team dedicated to helping churches, with more than 50 church implementations of Intacct. If you have any questions about how your church or not-for-profit can benefit from our products and services, please contact us.","matchLevel":"none","matchedWords":[]},"description":{"value":"Gateway Church recently did a story in Church Executive Magazine about how the church needed a streamlined, accessible, and accurate accounting engine.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIaS","uid":"merging-membership-information-financial-data-important-for-churches","tags":["financial reporting","management reporting","faith-based accounting","not-for-profit accounting"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["FINANCIAL REPORTING","MANAGEMENT REPORTING","FAITH-BASED ACCOUNTING","NOT-FOR-PROFIT ACCOUNTING"],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Why is merging membership information with financial data important for churches?","author":"Allison Webb","co_authors":[""],"body":"Financial data is important, but so is operational data In order to help us build and shape our church, we must track membership activity both in giving and participation. Creating a healthy community of believers is a primary goal for any church. As we grow the church, our analytics produce different results than those in the business world but our ability to evaluate the health of both our members and our finances is paramount to the success of the church. It is common knowledge, for those running businesses, that tracking and measuring performance is essential for growing a company. The same holds true for churches.  Metrics are an objective way to measure the health of a church. However, isolating one metric, such as attendance is like calculating your height and declaring yourself healthy. The best way to get an overall view of a church’s financial health is connecting the dots between the church membership system and the financial data. By applying operational data and non-financial performance metrics to the financial information, you broaden the view for the decision makers. Forecasting has become much more popular amongst growing churches. When it comes to collecting contributions, there is the ebb and flow (ups and downs) during weeks of the month and months of the year. Identifying these trends is one step in the right direction. But more importantly, creating benchmarks, like average gift per attendee, brings more credence to the forecast.    Most, if not all churches, have a “scorecard” or “record log” of all attendance and weekly giving from the beginning of the church to current day. Dollars collected, membership growth and number of visitors are a few key elements of this document, usually stored inside a huge Excel workbook. What if you took the counts of the total dollars, total members or total visitors and combed it with budgetary commitments? By showing a correlation between your mission effectiveness and your financial stewardship, your overall view expands. Let’s take it one step further: By gathering the data and creating trends over time, you are able to develop cash flows and project initiatives that match your future visionary goals. How important is it for a church to analyze the data? Don’t get me wrong, faith decisions are made all the time in church. But I am reminded of the parable found in Luke 12:35-48. In this parable of the faithful steward, Jesus teaches on the important of being prepared and watchful. The list below contains some of the most common metrics used to keep a finger on the pulse of your church's stability. People metrics Members/attendees  Volunteers  Small group involvement First-time guests Baptisms Turnover Headcounts By age Volunteer to staff ratio Financial metrics Attendance vs. Giving  Is your back door wide open?  Seasoned givers  Staff cost ratio to over-all budget  Debt service percentage of total giving Forecast based on new attendees against seasoned givers Average gift per attendee per week Donor churn rate Last gift received date Has there been an increase in giving per household year over year? By department or ministry Managing data should not consume all of your time. At the end of the day, we are about growing the church and changing lives. We cannot do this if we are buried in Excel spreadsheets. Some key suggestions: Make sure you have the proper tools to streamline data tracking and enable current, accurate data Take advantage of today's technology Choose accounting and financial management tools that allow you to automate reports and set up tailored dashboards with simple data visualization to quickly identify trends Make sure your church management software and your accounting software can integrate or combine data so that you don't have to be a wizard in Excel Don’t let the frustration of data management prevent you from tracking important visionary planning metrics.","image":{"dimensions":{"width":3200,"height":2136},"alt":"Team members review successful project on a tablet","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/b2d31285-8fb3-4cff-bd01-6863da8fafa9_two-people-dicussing.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Team members review successful project on a 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Creating a healthy community of believers is a primary goal for any church. As we grow the church, our analytics produce different results than those in the business world but our ability to evaluate the health of both our members and our finances is paramount to the success of the church. It is common knowledge, for those running businesses, that tracking and measuring performance is essential for growing a company. The same holds true for churches.  Metrics are an objective way to measure the health of a church. However, isolating one metric, such as attendance is like calculating your height and declaring yourself healthy. The best way to get an overall view of a church’s financial health is connecting the dots between the church membership system and the financial data. By applying operational data and non-financial performance metrics to the financial information, you broaden the view for the decision makers. Forecasting has become much more popular amongst growing churches. When it comes to collecting contributions, there is the ebb and flow (ups and downs) during weeks of the month and months of the year. Identifying these trends is one step in the right direction. But more importantly, creating benchmarks, like average gift per attendee, brings more credence to the forecast.    Most, if not all churches, have a “scorecard” or “record log” of all attendance and weekly giving from the beginning of the church to current day. Dollars collected, membership growth and number of visitors are a few key elements of this document, usually stored inside a huge Excel workbook. What if you took the counts of the total dollars, total members or total visitors and combed it with budgetary commitments? By showing a correlation between your mission effectiveness and your financial stewardship, your overall view expands. Let’s take it one step further: By gathering the data and creating trends over time, you are able to develop cash flows and project initiatives that match your future visionary goals. How important is it for a church to analyze the data? Don’t get me wrong, faith decisions are made all the time in church. But I am reminded of the parable found in Luke 12:35-48. In this parable of the faithful steward, Jesus teaches on the important of being prepared and watchful. The list below contains some of the most common metrics used to keep a finger on the pulse of your church's stability. People metrics Members/attendees  Volunteers  Small group involvement First-time guests Baptisms Turnover Headcounts By age Volunteer to staff ratio Financial metrics Attendance vs. Giving  Is your back door wide open?  Seasoned givers  Staff cost ratio to over-all budget  Debt service percentage of total giving Forecast based on new attendees against seasoned givers Average gift per attendee per week Donor churn rate Last gift received date Has there been an increase in giving per household year over year? By department or ministry Managing data should not consume all of your time. At the end of the day, we are about growing the church and changing lives. We cannot do this if we are buried in Excel spreadsheets. Some key suggestions: Make sure you have the proper tools to streamline data tracking and enable current, accurate data Take advantage of today's technology Choose accounting and financial management tools that allow you to automate reports and set up tailored dashboards with simple data visualization to quickly identify trends Make sure your church management software and your accounting software can integrate or combine data so that you don't have to be a wizard in Excel Don’t let the frustration of data management prevent you from tracking important visionary planning metrics.","matchLevel":"none","matchedWords":[]},"description":{"value":"Metrics are an objective way to measure the health of a church.","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIa2","uid":"church-collaborates-with-baker-tilly-implement-intacct","tags":["not-for-profit accounting","sage intacct"],"type":"insight","lastPublicationDate":"2022-08-01T20:45:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1659386701,"_tags":["NOT-FOR-PROFIT ACCOUNTING","SAGE INTACCT"],"industries":[{"title":"Not-for-Profit","uid":"not-for-profit"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"Park Community Church collaborates with Baker Tilly Digital to implement Sage Intacct cloud financials","author":"Allison Webb","co_authors":[""],"body":"Baker Tilly Digital, a leading consulting firm and provider of cloud-based financial management solutions, announced that a local church in Chicago has implemented Sage Intacct to manage multiple locations and anticipated future growth.   Founded in 1986 under the vision of \"doing ministry in the shadow of the [Chicago] skyline,” today Park Community Church’s vision is to reach 1% of the city of Chicago with the message of the gospel. To that end, since the summer of 2008, the church has opened five additional campuses in various Chicago neighborhoods, with plans to open additional campuses and church plants in other neighborhoods. After a rigorous software evaluation, Park Community Church chose Intacct over other on-premise and cloud solutions as the best fit to meet the unique needs presented by its ongoing expansion.   Previous business challenges faced by Park Community Church: The church's finance department relied heavily on inefficient, manual processes and bulky, complex spreadsheets to generate accurate and timely reports Park Community Church's legacy accounting system did not allow for real-time reports tailored to the unique needs of its various ministry directors, pastors and leaders The management and reconciliation of credit card expenses and payments was a complicated and time-consuming process Reasons for selecting Sage Intacct: Intacct provides Park Community Church with the ability to create flexible reports by dimensions, such as by ministries, locations or both Intacct's best-in-class approach allows Park Community Church to easily integrate other financial management software, like Nexonia, to provide time-saving credit card and expense automation Intacct allows Park Community Church to ensure control and regulatory compliance with not-for-profit accounting and tax standards Highlighted comments from Park Community Church controller: \"Because of Baker Tilly Digital's experience with other churches, they were able to help us with best practices and guide us towards the most effective and efficient way to set up our system; for that, we are very grateful,\" said Michael Dickerson, controller at Park Community Church. \"With Baker Tilly Digital, we felt like their only client.\" ","image":{"dimensions":{"width":1920,"height":1080},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Park Community Church collaborates with Baker Tilly to implement Intacct cloud financials","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=0,252,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=0,242,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"People praying at church","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/a41670d7-19af-4e6d-ab71-6db942ac5be4_People+praying+at+church.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2015-07-21T05:00:00+0000","dateTimestamp":1437454800,"description":"Chicago-area multisite church chooses best-in-class cloud accounting solution","category":"Article","objectID":"insight-church-collaborates-with-baker-tilly-implement-intacct","_highlightResult":{"_tags":[{"value":"NOT-FOR-PROFIT ACCOUNTING","matchLevel":"none","matchedWords":[]},{"value":"SAGE INTACCT","matchLevel":"none","matchedWords":[]}],"title":{"value":"Park Community Church collaborates with Baker Tilly Digital to implement Sage Intacct cloud financials","matchLevel":"none","matchedWords":[]},"author":{"value":"Allison Webb","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Baker Tilly Digital, a leading consulting firm and provider of cloud-based financial management solutions, announced that a local church in Chicago has implemented Sage Intacct to manage multiple locations and anticipated future growth.   Founded in 1986 under the vision of \"doing ministry in the shadow of the [Chicago] skyline,” today Park Community Church’s vision is to reach 1% of the city of Chicago with the message of the gospel. To that end, since the summer of 2008, the church has opened five additional campuses in various Chicago neighborhoods, with plans to open additional campuses and church plants in other neighborhoods. After a rigorous software evaluation, Park Community Church chose Intacct over other on-premise and cloud solutions as the best fit to meet the unique needs presented by its ongoing expansion.   Previous business challenges faced by Park Community Church: The church's finance department relied heavily on inefficient, manual processes and bulky, complex spreadsheets to generate accurate and timely reports Park Community Church's legacy accounting system did not allow for real-time reports tailored to the unique needs of its various ministry directors, pastors and leaders The management and reconciliation of credit card expenses and payments was a complicated and time-consuming process Reasons for selecting Sage Intacct: Intacct provides Park Community Church with the ability to create flexible reports by dimensions, such as by ministries, locations or both Intacct's best-in-class approach allows Park Community Church to easily integrate other financial management software, like Nexonia, to provide time-saving credit card and expense automation Intacct allows Park Community Church to ensure control and regulatory compliance with not-for-profit accounting and tax standards Highlighted comments from Park Community Church controller: \"Because of Baker Tilly Digital's experience with other churches, they were able to help us with best practices and guide us towards the most effective and efficient way to set up our system; for that, we are very grateful,\" said Michael Dickerson, controller at Park Community Church. \"With Baker Tilly Digital, we felt like their only client.\" ","matchLevel":"none","matchedWords":[]},"description":{"value":"Chicago-area multisite church chooses best-in-class cloud accounting solution","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"YsX5OBAAAB8AdIdC","uid":"baker-tilly-sage-intacct-add-automation-real-time-visibility","tags":["sage intacct"],"type":"insight","lastPublicationDate":"2022-09-02T18:00:00+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1662141600,"_tags":["SAGE INTACCT"],"industries":[{"title":"Energy","uid":"energy"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"}],"specialities":[{"title":"Sage Intacct","uid":"sage-intacct"}],"solutions":[],"sectors":[{"title":"Oil \u0026 Gas","uid":"oil-and-gas"}],"generic_pages":[],"products":[],"title":"Baker Tilly Digital and Sage Intacct to help Aly Energy add automation and real-time visibility","author":"Allison Webb","co_authors":[""],"body":"Baker Tilly Digital, a leading consulting firm and provider of cloud-based financial management solutions, announced that the firm will help Aly Energy (OTCBB: ALYE) graduate to Sage Intacct to more efficiently manage multiple legal entities and provide robust and accurate reporting for top-level management. Aly Energy Services, Inc. is an oilfield rental and services company operating primarily in the North American shale plays. Reasons for Selecting Sage Intacct: As a public company subject to Sarbanes-Oxley, strong internal controls were crucial, so Sage Intacct's exclusive AICPA endorsement and SSAE16 SOC 1 Type II audit was key. Sage Intacct will save the company significant costs in the areas of reporting, job costing and job tracking. Sage Intacct's best of breed approach will allow any entity to choose their operational software and integrate it with Sage Intacct. Sage Intacct will provide capabilities for automated reporting of revenues and gross margin by asset, by location, or by other key reporting dimensions. Sage Intacct provides enhanced options regarding inter-company transactions and multi-entity consolidations. Sage Intacct is scalable and can support the company’s future growth requirements. Reasons for choosing Intacct over other solutions evaluated: Other products could not provide consolidated financial reporting across all of the company's legal entities. Sage Intacct's Dimensions and workflows were found to be powerful and flexible. Highlighted Comments from Aly Energy Chief Financial Officer \"It is very important to us that our new system has strong accounting and general ledger capability, including multi-entity support and the ability to report by multiple dimensions, such as by asset or by location,\" said Alya Hidayatallah, CFO at Aly Energy. \"We're also impressed with the strength of Sage Intacct's statistical reporting on non-financial information.\"  Aly Energy selected Baker Tilly Digital as their implementation team. 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Aly Energy Services, Inc. is an oilfield rental and services company operating primarily in the North American shale plays. Reasons for Selecting Sage Intacct: As a public company subject to Sarbanes-Oxley, strong internal controls were crucial, so Sage Intacct's exclusive AICPA endorsement and SSAE16 SOC 1 Type II audit was key. Sage Intacct will save the company significant costs in the areas of reporting, job costing and job tracking. Sage Intacct's best of breed approach will allow any entity to choose their operational software and integrate it with Sage Intacct. Sage Intacct will provide capabilities for automated reporting of revenues and gross margin by asset, by location, or by other key reporting dimensions. Sage Intacct provides enhanced options regarding inter-company transactions and multi-entity consolidations. Sage Intacct is scalable and can support the company’s future growth requirements. Reasons for choosing Intacct over other solutions evaluated: Other products could not provide consolidated financial reporting across all of the company's legal entities. Sage Intacct's Dimensions and workflows were found to be powerful and flexible. Highlighted Comments from Aly Energy Chief Financial Officer \"It is very important to us that our new system has strong accounting and general ledger capability, including multi-entity support and the ability to report by multiple dimensions, such as by asset or by location,\" said Alya Hidayatallah, CFO at Aly Energy. \"We're also impressed with the strength of Sage Intacct's statistical reporting on non-financial information.\"  Aly Energy selected Baker Tilly Digital as their implementation team. 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The annual report was presented as a press release and accompanying addendum which provides a statistics summary and indexes the actions filed through the year.  During the year, the Division filed 760 enforcements, including 462 new enforcement actions, 129 actions against issuers who were delinquent in required SEC filings and 169 follow-on administrative proceedings that sought to bar or suspend individuals from specific functions in the securities markets based on criminal convictions, civil injunctions, or other such orders. Overall, this represented a 9% increase in total actions filed compared to 2021.   There was a significant increase since prior year in monetary penalties ordered in SEC actions, totaling $6.439 billion, the most on record in SEC history. This included $4.194 billion in civil penalties and $2.245 billion in disgorgement. There were more than 12,300 whistleblower tips through the year, and the SEC issued approximately $229 million in 103 whistleblower awards, representing the second highest year on record in terms of dollar amounts and number of awards.   The Division sought a number of enforcement actions in the following priority areas:  Financial fraud and issuer disclosure;  Gatekeepers (auditors, lawyers, transfer agents) for failure to live up to their responsibility;  Cryptocurrency;  Cybersecurity and compliance;  Environmental, social and governance (ESG);  Private funds;  Regulated entities and associated individuals;  Market abuses;  Complex products;  Public finance abuse; and  Foreign Corrupt Practices Act The highest number of enforcement actions were brought in matters involving investment advisers/investment companies (23%), broker dealers (17%), delinquent filings (17%) and securities offerings (15%).  The Division maintained its focus on traditional priority areas, including:  Private funds – a focus on recurring issues, including undisclosed conflicts of interest, fees and expenses, valuation, custody and controls around material nonpublic information. Enforcement actions included charges for failure to comply with the Custody Rule, failure to accurately update Form ADV, misrepresentation of performance to investors and making misleading statements to investors about fees and expenses being charged.   Regulated entities and associated individuals – this included two first-of-its-kind actions:   Violations of the Advisers Act for an adviser’s failure to disclosure conflicts of interest regarding its personnel’s ownership of sponsors of  special purpose acquisition companies (SPACs), in which the firm advised the clients to invest.  Alleging that a broker-dealer and its representatives  violated their obligations under Regulation Best Interest (Reg BI) to exercise reasonable diligence, care and skill and to adequately establish, maintain and enforce written policies and procedures reasonably designed to achieve Reg BI compliance.  Worthy of note are enforcements in the following key evolving areas:  Cryptocurrency – The Division remains focused on this rapidly evolving area following the SEC announcement in May 2022 that it would nearly double its staffing in its Crypto Assets and Cyber Unit. In a first-of-its-kind action against crypto lending platforms, the Division charged a crypto lending platform company for violating the registration requirements of the Investment Company Act of 1940.  ESG – As this area has become increasingly important following the creation of the Division’s Climate and ESG Taskforce in May 2021, there has been ongoing analysis of the disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies. The Division is reviewing areas such as materiality, accuracy of disclosures and fiduciary duties. Enforcement actions in this area included charges for making materially misleading statements and omissions about ESG considerations  in investment decisions, and false and misleading claims on safety issues causing serious environmental and social harm.  Cybersecurity and compliance – The Division continues to identify failures to comply with core obligations including record-keeping and safeguarding of client information. Key cases related to insufficient policies and procedures to protect personal identifying information of customers and to protect investors from identify theft. The Division stressed the importance of firms ensuring they keep pace with technological developments and their impact on business conduct.  As reflected in these results and noted by the SEC Chair, Gary Gensler, the Division continues to move with a sense of urgency to protect investors, hold wrongdoers accountable and deter future misconduct. The enforcement results provide a basis for all individuals and firms to evaluate their existing policies and procedures and consider potential enhancements to ensure ongoing compliance.   View the full enforcement press release published by the Division.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=0,298,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=0,288,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2023-02-22T05:00:00+0000","dateTimestamp":1677042000,"description":"The Securities and Exchange Commission’s (SEC) Division of Enforcement published its enforcement results for 2022 read what was presented for this year. ","category":"Article","objectID":"insight-sec-2022-enforcement-report-highlights-evolving-areas","_highlightResult":{"_tags":[{"value":"ESG","matchLevel":"none","matchedWords":[]},{"value":"CYBERSECURITY","matchLevel":"none","matchedWords":[]},{"value":"ASSET MANAGEMENT","matchLevel":"none","matchedWords":[]},{"value":"FEATURED","matchLevel":"none","matchedWords":[]}],"title":{"value":"SEC 2022 Enforcement Report highlights evolving areas of cryptocurrency, ESG and cybersecurity","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"Kristen Hughes","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"In November 2022, the Securities and Exchange Commission’s (SEC) Division of Enforcement published its enforcement results for 2022. The annual report was presented as a press release and accompanying addendum which provides a statistics summary and indexes the actions filed through the year.  During the year, the Division filed 760 enforcements, including 462 new enforcement actions, 129 actions against issuers who were delinquent in required SEC filings and 169 follow-on administrative proceedings that sought to bar or suspend individuals from specific functions in the securities markets based on criminal convictions, civil injunctions, or other such orders. Overall, this represented a 9% increase in total actions filed compared to 2021.   There was a significant increase since prior year in monetary penalties ordered in SEC actions, totaling $6.439 billion, the most on record in SEC history. This included $4.194 billion in civil penalties and $2.245 billion in disgorgement. There were more than 12,300 whistleblower tips through the year, and the SEC issued approximately $229 million in 103 whistleblower awards, representing the second highest year on record in terms of dollar amounts and number of awards.   The Division sought a number of enforcement actions in the following priority areas:  Financial fraud and issuer disclosure;  Gatekeepers (auditors, lawyers, transfer agents) for failure to live up to their responsibility;  Cryptocurrency;  Cybersecurity and compliance;  Environmental, social and governance (ESG);  Private funds;  Regulated entities and associated individuals;  Market abuses;  Complex products;  Public finance abuse; and  Foreign Corrupt Practices Act The highest number of enforcement actions were brought in matters involving investment advisers/investment companies (23%), broker dealers (17%), delinquent filings (17%) and securities offerings (15%).  The Division maintained its focus on traditional priority areas, including:  Private funds – a focus on recurring issues, including undisclosed conflicts of interest, fees and expenses, valuation, custody and controls around material nonpublic information. Enforcement actions included charges for failure to comply with the Custody Rule, failure to accurately update Form ADV, misrepresentation of performance to investors and making misleading statements to investors about fees and expenses being charged.   Regulated entities and associated individuals – this included two first-of-its-kind actions:   Violations of the Advisers Act for an adviser’s failure to disclosure conflicts of interest regarding its personnel’s ownership of sponsors of  special purpose acquisition companies (SPACs), in which the firm advised the clients to invest.  Alleging that a broker-dealer and its representatives  violated their obligations under Regulation Best Interest (Reg BI) to exercise reasonable diligence, care and skill and to adequately establish, maintain and enforce written policies and procedures reasonably designed to achieve Reg BI compliance.  Worthy of note are enforcements in the following key evolving areas:  Cryptocurrency – The Division remains focused on this rapidly evolving area following the SEC announcement in May 2022 that it would nearly double its staffing in its Crypto Assets and Cyber Unit. In a first-of-its-kind action against crypto lending platforms, the Division charged a crypto lending platform company for violating the registration requirements of the Investment Company Act of 1940.  ESG – As this area has become increasingly important following the creation of the Division’s Climate and ESG Taskforce in May 2021, there has been ongoing analysis of the disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies. The Division is reviewing areas such as materiality, accuracy of disclosures and fiduciary duties. Enforcement actions in this area included charges for making materially misleading statements and omissions about ESG considerations  in investment decisions, and false and misleading claims on safety issues causing serious environmental and social harm.  Cybersecurity and compliance – The Division continues to identify failures to comply with core obligations including record-keeping and safeguarding of client information. Key cases related to insufficient policies and procedures to protect personal identifying information of customers and to protect investors from identify theft. The Division stressed the importance of firms ensuring they keep pace with technological developments and their impact on business conduct.  As reflected in these results and noted by the SEC Chair, Gary Gensler, the Division continues to move with a sense of urgency to protect investors, hold wrongdoers accountable and deter future misconduct. The enforcement results provide a basis for all individuals and firms to evaluate their existing policies and procedures and consider potential enhancements to ensure ongoing compliance.   View the full enforcement press release published by the Division.","matchLevel":"none","matchedWords":[]},"description":{"value":"The Securities and Exchange Commission’s (SEC) Division of Enforcement published its enforcement results for 2022 read what was presented for this year. ","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"Y9KV0xEAACMAUQYf","uid":"inflations-impact-on-product-recall","tags":["product recall","featured"],"type":"insight","lastPublicationDate":"2023-01-31T23:00:12+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1675206012,"_tags":["PRODUCT RECALL","FEATURED"],"industries":[],"services":[],"specialities":[{"title":"Forensic Accounting","uid":"forensic-accounting"},{"title":"Insurance Quantification","uid":"insurance-quantification"},{"title":"Damages Analysis","uid":"damages-analysis"}],"solutions":[],"sectors":[{"title":"Insurance","uid":"insurance"}],"generic_pages":[],"products":[],"overline":"Hot topics in product recall","title":"Inflation's impact on product recall","author":"Simon Oddy","co_authors":[""],"body":"There has been a lot of discussion around inflation in the economy and its impact on recall risk. Inflation is a topic that has many complex layers, although we do not intend to address all of those here. At its core, inflationary pressure will affect prices, which in turn will impact sales values and costs faced by a business. Product recall policies address the risk associated with both those operational elements.  The extent to which inflation impacts a business depends on the nature of the business, the customer base and the nature of the products and services being sold. It is fair to say that all businesses will feel the cost pressure. But how they deal with that pressure (and the resulting impact it has on performance) might differ by business. Let us break it down into three financial elements for now, setting aside operational impact, and examine the impact inflation has on these elements and, in turn, recall exposure and business interruption loss. Revenue/sales There has been a rise in sales prices – to protect margins and meet rising costs – but what impact will this have on customer demand? Is a price increase tolerable for customers, or will it erode demand? Does the price increase exceed the cost inflation being felt? Such questions will address whether the business should expect gross revenue to increase, remain flat or decrease. Of course, this will also impact future revenues/sales levels. The market has traditionally looked at revenue levels during the underwriting phase. It is common to look at sales levels as indicators of growth. But in isolation, is it misleading when gross profit is the actual risk protected by insurance through business interruption language? Costs  As operational and material costs increase, how does this directly impact current and future profitability? Can cost increases be transferred to the customer, or must the business absorb them? Where does the insured sit in the supply chain, and with what position? Are there alternatives to their product, or are there limited options? Changing suppliers is too complex, too risky. Again, such questions will address the impact that cost inflation will have on future performance. And of course, inventory levels and inventory shelf life will have a bearing on replacement cost issues. Margins  For me, this is the key to the inflation question – how economic forces will impact gross margins. A loss of profit, or business interruption loss, continues to be a significant risk attached to a recall. Data shows us that sales losses have the potential to become significant when impacted by a recall leading to a profit loss. As such, the future profitability, or inflation’s impact on margins, is a key to how economic forces are impacting business risk.  We are just scratching the surface here when it comes to inflation and insured risk. Many other aspects exist which need consideration. There are many operational decisions being made in the face of economic and supply chain challenges, as well as regulatory forces. But inflation will remain a factor into 2023. This article is part two of four of the Hot topics in product recall series. Read part three, “Complex claims process: recalls, third-party claims, and CPI/CGL/STP crossover”, to learn more.","image":{"dimensions":{"width":3000,"height":2000},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,200,3000,1600\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,150,3000,1800\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,121,3000,1756\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,124,3000,1756\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,60,3000,1880\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,622,3000,758\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,200,3000,1600\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,200,3000,1600\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,600,3000,750\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,122,3000,1756\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format\u0026rect=0,150,3000,1650\u0026w=20\u0026h=11"}},"date":"2023-01-25T05:00:00+0000","dateTimestamp":1674622800,"description":"How has inflation played a role in the product recall landscape?","category":"Article","objectID":"insight-inflations-impact-on-product-recall","_highlightResult":{"_tags":[{"value":"PRODUCT RECALL","matchLevel":"none","matchedWords":[]},{"value":"FEATURED","matchLevel":"none","matchedWords":[]}],"title":{"value":"Inflation's impact on product recall","matchLevel":"none","matchedWords":[]},"author":{"value":"Simon Oddy","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"There has been a lot of discussion around inflation in the economy and its impact on recall risk. Inflation is a topic that has many complex layers, although we do not intend to address all of those here. At its core, inflationary pressure will affect prices, which in turn will impact sales values and costs faced by a business. Product recall policies address the risk associated with both those operational elements.  The extent to which inflation impacts a business depends on the nature of the business, the customer base and the nature of the products and services being sold. It is fair to say that all businesses will feel the cost pressure. But how they deal with that pressure (and the resulting impact it has on performance) might differ by business. Let us break it down into three financial elements for now, setting aside operational impact, and examine the impact inflation has on these elements and, in turn, recall exposure and business interruption loss. Revenue/sales There has been a rise in sales prices – to protect margins and meet rising costs – but what impact will this have on customer demand? Is a price increase tolerable for customers, or will it erode demand? Does the price increase exceed the cost inflation being felt? Such questions will address whether the business should expect gross revenue to increase, remain flat or decrease. Of course, this will also impact future revenues/sales levels. The market has traditionally looked at revenue levels during the underwriting phase. It is common to look at sales levels as indicators of growth. But in isolation, is it misleading when gross profit is the actual risk protected by insurance through business interruption language? Costs  As operational and material costs increase, how does this directly impact current and future profitability? Can cost increases be transferred to the customer, or must the business absorb them? Where does the insured sit in the supply chain, and with what position? Are there alternatives to their product, or are there limited options? Changing suppliers is too complex, too risky. Again, such questions will address the impact that cost inflation will have on future performance. And of course, inventory levels and inventory shelf life will have a bearing on replacement cost issues. Margins  For me, this is the key to the inflation question – how economic forces will impact gross margins. A loss of profit, or business interruption loss, continues to be a significant risk attached to a recall. Data shows us that sales losses have the potential to become significant when impacted by a recall leading to a profit loss. As such, the future profitability, or inflation’s impact on margins, is a key to how economic forces are impacting business risk.  We are just scratching the surface here when it comes to inflation and insured risk. Many other aspects exist which need consideration. There are many operational decisions being made in the face of economic and supply chain challenges, as well as regulatory forces. But inflation will remain a factor into 2023. This article is part two of four of the Hot topics in product recall series. Read part three, “Complex claims process: recalls, third-party claims, and CPI/CGL/STP crossover”, to learn more.","matchLevel":"none","matchedWords":[]},"description":{"value":"How has inflation played a role in the product recall landscape?","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"Y2LRVhAAAPgBJIMg","uid":"evolving-risk-landscape","tags":["risk","risk culture","risk management","featured"],"type":"insight","lastPublicationDate":"2023-01-27T19:00:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1674846001,"_tags":["RISK","RISK CULTURE","RISK MANAGEMENT","FEATURED"],"industries":[{"title":"Family Business","uid":"family-business"},{"title":"Financial Services","uid":"financial-services"},{"title":"Manufacturing \u0026 Distribution","uid":"manufacturing-and-distribution"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"},{"title":"Risk Advisory","uid":"risk-advisory"}],"specialities":[{"title":"CFO Advisory Services","uid":"cfo-advisory"},{"title":"Construction Risk Management","uid":"construction-risk-management"},{"title":"Cybersecurity","uid":"cybersecurity"},{"title":"Fraud \u0026 Forensic Investigations","uid":"fraud-and-forensic-investigations"},{"title":"Municipal Advisory","uid":"municipal-advisory"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"The evolving risk landscape","co_authors":[""],"body":"Nurturing a healthy risk culture  What is risk? Organizational risk generally includes the many things that will lead to an undesirable outcome or impede an organization from achieving its strategic objectives. This includes the risk of not identifying opportunities to grow a company or further an organization’s mission. Companies and organizations face a variety of risks. Some are unique to a particular sector or industry; some are more universal. Over the past year, as Baker Tilly professionals worked with their clients, certain risks were mentioned more than others:  Finding and retaining the right talent Dealing with an increasing variety cybersecurity events Mitigating supply chain gaps and delays Identifying environmental, social and governance (ESG) standards Preparing for one-of-a-kind black swan events When a company is focused on running the business, catering to customers, or serving the needs of clients or constituents, building an effective risk culture isn’t easy. However, a strong culture can be built over time, when inspired and nurtured by effective leadership. Ultimately, having a strong risk culture means that management and employees know what the organization stands for and the boundaries in which individuals can operate. In a healthy risk culture, the board, senior leaders, managers and employees will be empowered to discuss and debate openly which risks should be taken in order to achieve the company's long term strategic goals.","image":{"dimensions":{"width":2500,"height":1200},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=124,0,2250,1200\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=200,0,2000,1200\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=225,0,2050,1200\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=225,0,2050,1200\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=294,0,1915,1200\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=0,284,2500,632\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=125,0,2250,1200\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=128,0,2250,1200\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=0,250,2500,625\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=225,0,2050,1200\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":null,"copyright":null,"url":"https://images.prismic.io/baker-tilly-www/3bac2e0d-7b1e-4ce3-be84-e711e1ba674c_header-4.jpg?auto=compress,format\u0026rect=109,0,2182,1200\u0026w=20\u0026h=11"}},"date":"2022-11-16T06:00:00+0000","dateTimestamp":1668578400,"description":"Baker Tilly practitioners take a closer look at some of the critical risks organizations are dealing with now, how those risks have evolved in recent years and some basic strategies to effectively manage those risks. ","category":"Whitepaper","objectID":"insight-evolving-risk-landscape","_highlightResult":{"_tags":[{"value":"RISK","matchLevel":"none","matchedWords":[]},{"value":"RISK CULTURE","matchLevel":"none","matchedWords":[]},{"value":"RISK MANAGEMENT","matchLevel":"none","matchedWords":[]},{"value":"FEATURED","matchLevel":"none","matchedWords":[]}],"title":{"value":"The evolving risk landscape","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"Nurturing a healthy risk culture  What is risk? Organizational risk generally includes the many things that will lead to an undesirable outcome or impede an organization from achieving its strategic objectives. This includes the risk of not identifying opportunities to grow a company or further an organization’s mission. Companies and organizations face a variety of risks. Some are unique to a particular sector or industry; some are more universal. Over the past year, as Baker Tilly professionals worked with their clients, certain risks were mentioned more than others:  Finding and retaining the right talent Dealing with an increasing variety cybersecurity events Mitigating supply chain gaps and delays Identifying environmental, social and governance (ESG) standards Preparing for one-of-a-kind black swan events When a company is focused on running the business, catering to customers, or serving the needs of clients or constituents, building an effective risk culture isn’t easy. However, a strong culture can be built over time, when inspired and nurtured by effective leadership. Ultimately, having a strong risk culture means that management and employees know what the organization stands for and the boundaries in which individuals can operate. 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","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"Y2wyGRAAAGaCTOve","uid":"contractors-eligible-for-enhanced-tax-credits","tags":["Construction","Inflation Reduction Act","featured"],"type":"insight","lastPublicationDate":"2022-11-29T00:22:20+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1669681340,"_tags":["CONSTRUCTION","INFLATION REDUCTION ACT","FEATURED"],"industries":[{"title":"Construction","uid":"construction"},{"title":"Energy","uid":"energy"},{"title":"Real Estate","uid":"real-estate"}],"services":[{"title":"Tax","uid":"tax"}],"specialities":[{"title":"Incentives Advisory","uid":"incentives-advisory"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[{"title":"Home Services","uid":"home-services"}],"title":"Contractors eligible for enhanced tax credits for energy projects, if they follow apprentice and prevailing wage rules","author":"Laura  Cataldo","co_authors":[""],"body":"The real estate and construction industries are buzzing about the opportunities for enhanced Investment Tax Credits (ITC) for energy-related projects as included in the Inflation Reduction Act of 2022 (IRA). At the same time, both industries are confused about the criteria that must be met through the use of prevailing wage rates and registered apprentices.  Here is a summary of the requirements in order for the bonus 30% ITC to be awarded. Note that 6% is allowed even if the below requirements aren’t met but can increase to 30% for some projects. Apprenticeship requirement Relating to the construction of a qualified facility that produces energy from renewable sources, a certain percentage of the total labor hours must be done by qualified apprentices. (A qualified apprentice is an apprentice that is participating in a Registered Apprenticeship Program as defined by the National Apprenticeship Act.) Prior to Jan. 1, 2023, 10% of total craft hours must be performed by an apprentice. This increases to 12.5% of total craft hours prior to Dec. 31, 2023, and to 15% after Dec. 31, 2023. The apprentice-to-journeyworker ratio is subject to rules established by the Department of Labor (DOL) or applicable state apprenticeship program. Every contractor or subcontractor who employs four or more individuals to perform construction, alteration or repair shall employ one or more qualified apprentices. A contractor will be considered NOT to be in violation of these requirements if it makes a good faith effort to obtain a qualified apprentice from a registered apprenticeship program that is not met within five business days, or if it pays a penalty of $50 multiplied by total labor hours not satisfied by a qualified apprentice. This penalty can be increased by $500/hour if the Secretary finds that the failure was due to intentional disregard. Under a registered apprenticeship program (credentialed by the DOL or a state agency), apprentices: Are paid on an incremental wage schedule based on experience and skill Receive a minimum of 2,000 hours or one year of on-the-job training  Receive a minimum of 144 hours per year of classroom instruction Receive 1:1 mentoring and supervision Prevailing wage requirement Under the IRA, any laborers and mechanics employed by a contractor or subcontractor on certain renewable energy projects shall be paid at rates not less than the prevailing rates for construction, alteration or repair of a similar character in the locality in which such facility is located, for the duration of the eligible credit. A contractor who fails to satisfy this requirement can correct this by providing back pay, plus interest, and a penalty of $5,000 per worker who did not get the prevailing wage. If it is determined that a contractor engaged in intentional disregard of the prevailing wage requirement, the penalty is $10,000 per worker, and three times the back pay owed, plus interest.  Regulatory guidance that remedies the difference between non-compliance penalties and those under David-Bacon Act will be necessary. Frequently asked questions Will the prevailing wage requirement increase construction costs?  There is no consensus on whether or not prevailing wage rules increase or decrease construction costs. While many workers earn more on prevailing wage projects than similar non-PW projects due to enhanced wages, benefits and pension contributions, this is not always the case. Some believe that without a prevailing wage, bid competition decreases on public projects, leading to the potential for higher costs. What will the prevailing wage rates be and who will establish them? Currently only about half the states have prevailing wage laws; in the past, prevailing wage has only applied to public construction work. New regulations will define the rules and implementation to private commercial/industrial and residential projects.  If there is an increase in labor costs, will it be the same for union and non-union contractors?  Prevailing wage is the hourly rate of wages and benefits paid to a number of similar workers in a geography, regardless of union status.  Union wages are not automatically the same as prevailing wage but because the costs of pensions and benefits are included in the wage package, it is typically close.  For open shop (non-union) contractors, a prevailing wage requirement does not guarantee that wages will be increased as many contractors pay at that level. The value of the benefit package paid to non-union skilled labor will be added to the hourly rate to determine if prevailing wage rates are met. If not, the hourly rate would need to be increased for work on designated projects. Even if a prevailing wage regulation raised wages by 10%, the impact on contract costs would be less than 2.5%. Thus, even if there is an increase in contract costs it is likely to be small—to the point of being undetectable. What percentage of construction project costs are labor vs. material?  Labor costs are 20% to 30% of construction contracts, according to the Census of Construction. How will I know if the contractor meets the “registered apprenticeship” requirement in order to qualify for the bonus 30% ITC? Union apprenticeship programs are all registered.  Some open shop (non-union) contractor apprenticeships are registered, and some are not. You will need to verify this with the contractor and there will likely be monitoring regulation defined. Home builders typically do not participate in registered apprenticeship.\nTo better understand ITCs or how other parts of the Inflation Reduction Act of 2022 impacts your real estate or construction company, contact us today.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=0,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=0,595,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=0,600,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=75,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Energy plant with abstract data points","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/72896274-7e21-4f51-ba1e-99ce2c6e58bd_quantifying-energy-losses.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2022-11-14T20:00:00+0000","dateTimestamp":1668456000,"description":"The real estate and construction industries are buzzing about the opportunities for enhanced Investment Tax Credits for energy-related projects as included in the Inflation Reduction Act of 2022. 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At the same time, both industries are confused about the criteria that must be met through the use of prevailing wage rates and registered apprentices.  Here is a summary of the requirements in order for the bonus 30% ITC to be awarded. Note that 6% is allowed even if the below requirements aren’t met but can increase to 30% for some projects. Apprenticeship requirement Relating to the construction of a qualified facility that produces energy from renewable sources, a certain percentage of the total labor hours must be done by qualified apprentices. (A qualified apprentice is an apprentice that is participating in a Registered Apprenticeship Program as defined by the National Apprenticeship Act.) Prior to Jan. 1, 2023, 10% of total craft hours must be performed by an apprentice. This increases to 12.5% of total craft hours prior to Dec. 31, 2023, and to 15% after Dec. 31, 2023. The apprentice-to-journeyworker ratio is subject to rules established by the Department of Labor (DOL) or applicable state apprenticeship program. Every contractor or subcontractor who employs four or more individuals to perform construction, alteration or repair shall employ one or more qualified apprentices. A contractor will be considered NOT to be in violation of these requirements if it makes a good faith effort to obtain a qualified apprentice from a registered apprenticeship program that is not met within five business days, or if it pays a penalty of $50 multiplied by total labor hours not satisfied by a qualified apprentice. This penalty can be increased by $500/hour if the Secretary finds that the failure was due to intentional disregard. Under a registered apprenticeship program (credentialed by the DOL or a state agency), apprentices: Are paid on an incremental wage schedule based on experience and skill Receive a minimum of 2,000 hours or one year of on-the-job training  Receive a minimum of 144 hours per year of classroom instruction Receive 1:1 mentoring and supervision Prevailing wage requirement Under the IRA, any laborers and mechanics employed by a contractor or subcontractor on certain renewable energy projects shall be paid at rates not less than the prevailing rates for construction, alteration or repair of a similar character in the locality in which such facility is located, for the duration of the eligible credit. A contractor who fails to satisfy this requirement can correct this by providing back pay, plus interest, and a penalty of $5,000 per worker who did not get the prevailing wage. If it is determined that a contractor engaged in intentional disregard of the prevailing wage requirement, the penalty is $10,000 per worker, and three times the back pay owed, plus interest.  Regulatory guidance that remedies the difference between non-compliance penalties and those under David-Bacon Act will be necessary. Frequently asked questions Will the prevailing wage requirement increase construction costs?  There is no consensus on whether or not prevailing wage rules increase or decrease construction costs. While many workers earn more on prevailing wage projects than similar non-PW projects due to enhanced wages, benefits and pension contributions, this is not always the case. Some believe that without a prevailing wage, bid competition decreases on public projects, leading to the potential for higher costs. What will the prevailing wage rates be and who will establish them? 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Listen to this session to hear: A refresher on the Fraud Triangle – good basics to revisit and remind us of situations to look out for Before-and-after instances of how enhanced accounting systems helped prevent current fraud schemes Best practices for raising the topic of fraud risk with board members and stakeholders Tips and Tricks on improving internal controls with policies and procedures that you can afford","image":{"dimensions":{"width":1920,"height":1080},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=0,29,1920,1024\u0026w=600\u0026h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=90,0,1800,1080\u0026w=20\u0026h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=820\u0026h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=36,0,1845,1080\u0026w=410\u0026h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=98,0,1723,1080\u0026w=300\u0026h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=0,184,1920,485\u0026w=1670\u0026h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=0,28,1920,1024\u0026w=900\u0026h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=0,26,1920,1024\u0026w=300\u0026h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=0,175,1920,480\u0026w=20\u0026h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=38,0,1845,1080\u0026w=1230\u0026h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Man folding hands over bible","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/27aef50b-fdea-4c69-816f-5f2149942d43_Man+folding+hands+over+bible.jpg?auto=compress,format\u0026rect=0,0,1920,1056\u0026w=20\u0026h=11"}},"date":"2022-11-08T06:00:00+0000","dateTimestamp":1667887200,"description":"","category":"Webinar","objectID":"insight-fraud-prevention-and-detection","_highlightResult":{"_tags":[{"value":"NFP","matchLevel":"none","matchedWords":[]},{"value":"FEATURED","matchLevel":"none","matchedWords":[]}],"title":{"value":"Fraud prevention and detection: leading practices to protect your not-for-profit","matchLevel":"none","matchedWords":[]},"author":{"value":"Krista K. 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Yet when they leave a job, those retirement dollars often get lost in the shuffle, as it is common to change addresses and forget to update contact information with prior employers. Thus, their ability to one day receive their retirement funds takes a major hit.  With this issue in mind, the Employee Benefits Security Administration (EBSA) has started to place a high priority on helping retirement plans locate and communicate with these missing participants.   After all, these accounts are just sitting there dormant – and the money can be rather significant. And from the plan sponsors’ perspective, they are often paying fees on these accounts, or sometimes undergoing an audit because the number of missing participants is causing them to exceed the audit threshold. Not to mention that plan sponsors typically must pay out required minimum distributions when participants reach 72 years old and must disclose unpaid benefits to the public on their Form 5500.  In short, missing participants present a potential hassle for plan sponsors, as well as obviously a potentially squandered financial opportunity for the missing participants themselves.   Be aware of the red flags With so much on the line for plan sponsors, it is certainly important to recognize the red flags that commonly surround missing participants. In fact, plan sponsors quite often do not realize the number of missing participants that they have, so these warning signs can be particularly helpful in those cases.  The first warning sign is having more than a small number of missing or nonresponsive participants. Obviously any company can have one participant, or a few participants, who are difficult to track down. This is particularly true in industries that experience a high turnover rate. But more than a few is an early indicator that some (or many) of those participants might be missing.   Additionally – and this only applies to pension plans, it can be a warning sign when a plan has more than a small number of vested participants who are not receiving benefits despite being at a normal retirement age.   Problems with contact information, or census data, are another red flag. Disconnected phone numbers or mail that gets returned should raise eyebrows that a plan’s information is not up-to-date, which of course can be an indicator of missing participants. In turn, additional signs that missing participants may be a significant problem.  Leading practices to remember The Department of Labor has highlighted four areas of best practices that plan sponsors can focus on as they strive to locate and resolve missing participants – and to avoid falling into a similar situation in the future. We have highlighted the key areas in bold below.  The first is the importance of maintaining accurate census information for the plan’s participant population. That means contacting plan participants periodically to ensure their contact information is current. An important aspect of maintaining accurate contact information is having an online platform for the plan that allows participants to update their contact information and, in turn, the plan’s census information. With that in mind, plan sponsors also should regularly audit the census information and correct any errors.   Implementing effective communication strategies is another area that plan sponsors should focus on to avoid having missing participants. Some of these best-practice strategies in this area are using simple language, offering non-English options, encouraging the use of websites and toll free numbers to update information, and addressing the importance of maintaining accurate information at employee onboarding – and during the employee exit/retirement process.   When it comes to missing participant searches, it is recommended that plan sponsors check other available plan and employee records for correct contact information – not just for the participant, but also for their spouses, beneficiaries and next of kin. In other words, even though one particular plan may not have current contact information (creating a missing participant situation), it is possible that another plan, or other company records (such as payroll) could be updated and accurate.   Other techniques related to this area are to use a commercial locator service (either an agency or an internet search tool) to locate individuals. Sometimes using the postal service to reach out to the participant’s last known mailing address can be a worthwhile endeavor. And of course email addresses, telephone numbers and social media are possible options, as well. Don’t limit yourself to mailing addresses.  Finally, it is very important for plans to document procedures and actions. Not only is it critical to have the plan’s policies and procedures in clear, consistent writing to help past, current and future employees understand the situation. But also if the plan ever came under audit, the documented procedures and actions could prove to be significant.   Having documented procedures and actions is even more critical for plans that use a third party to maintain records and contact information.  For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team. 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Yet when they leave a job, those retirement dollars often get lost in the shuffle, as it is common to change addresses and forget to update contact information with prior employers. Thus, their ability to one day receive their retirement funds takes a major hit.  With this issue in mind, the Employee Benefits Security Administration (EBSA) has started to place a high priority on helping retirement plans locate and communicate with these missing participants.   After all, these accounts are just sitting there dormant – and the money can be rather significant. And from the plan sponsors’ perspective, they are often paying fees on these accounts, or sometimes undergoing an audit because the number of missing participants is causing them to exceed the audit threshold. Not to mention that plan sponsors typically must pay out required minimum distributions when participants reach 72 years old and must disclose unpaid benefits to the public on their Form 5500.  In short, missing participants present a potential hassle for plan sponsors, as well as obviously a potentially squandered financial opportunity for the missing participants themselves.   Be aware of the red flags With so much on the line for plan sponsors, it is certainly important to recognize the red flags that commonly surround missing participants. In fact, plan sponsors quite often do not realize the number of missing participants that they have, so these warning signs can be particularly helpful in those cases.  The first warning sign is having more than a small number of missing or nonresponsive participants. Obviously any company can have one participant, or a few participants, who are difficult to track down. This is particularly true in industries that experience a high turnover rate. But more than a few is an early indicator that some (or many) of those participants might be missing.   Additionally – and this only applies to pension plans, it can be a warning sign when a plan has more than a small number of vested participants who are not receiving benefits despite being at a normal retirement age.   Problems with contact information, or census data, are another red flag. Disconnected phone numbers or mail that gets returned should raise eyebrows that a plan’s information is not up-to-date, which of course can be an indicator of missing participants. In turn, additional signs that missing participants may be a significant problem.  Leading practices to remember The Department of Labor has highlighted four areas of best practices that plan sponsors can focus on as they strive to locate and resolve missing participants – and to avoid falling into a similar situation in the future. We have highlighted the key areas in bold below.  The first is the importance of maintaining accurate census information for the plan’s participant population. That means contacting plan participants periodically to ensure their contact information is current. An important aspect of maintaining accurate contact information is having an online platform for the plan that allows participants to update their contact information and, in turn, the plan’s census information. With that in mind, plan sponsors also should regularly audit the census information and correct any errors.   Implementing effective communication strategies is another area that plan sponsors should focus on to avoid having missing participants. Some of these best-practice strategies in this area are using simple language, offering non-English options, encouraging the use of websites and toll free numbers to update information, and addressing the importance of maintaining accurate information at employee onboarding – and during the employee exit/retirement process.   When it comes to missing participant searches, it is recommended that plan sponsors check other available plan and employee records for correct contact information – not just for the participant, but also for their spouses, beneficiaries and next of kin. In other words, even though one particular plan may not have current contact information (creating a missing participant situation), it is possible that another plan, or other company records (such as payroll) could be updated and accurate.   Other techniques related to this area are to use a commercial locator service (either an agency or an internet search tool) to locate individuals. 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The Division maintained its focus on traditional priority areas, including:  Private funds – a focus on recurring issues, including undisclosed conflicts of interest, fees and expenses, valuation, custody and controls around material nonpublic information. Enforcement actions included charges for failure to comply with the Custody Rule, failure to accurately update Form ADV, misrepresentation of performance to investors and making misleading statements to investors about fees and expenses being charged.   Regulated entities and associated individuals – this included two first-of-its-kind actions:   Violations of the Advisers Act for an adviser’s failure to disclosure conflicts of interest regarding its personnel’s ownership of sponsors of  special purpose acquisition companies (SPACs), in which the firm advised the clients to invest.  Alleging that a broker-dealer and its representatives  violated their obligations under Regulation Best Interest (Reg BI) to exercise reasonable diligence, care and skill and to adequately establish, maintain and enforce written policies and procedures reasonably designed to achieve Reg BI compliance.  Worthy of note are enforcements in the following key evolving areas:  Cryptocurrency – The Division remains focused on this rapidly evolving area following the SEC announcement in May 2022 that it would nearly double its staffing in its Crypto Assets and Cyber Unit. In a first-of-its-kind action against crypto lending platforms, the Division charged a crypto lending platform company for violating the registration requirements of the Investment Company Act of 1940.  ESG – As this area has become increasingly important following the creation of the Division’s Climate and ESG Taskforce in May 2021, there has been ongoing analysis of the disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies. The Division is reviewing areas such as materiality, accuracy of disclosures and fiduciary duties. Enforcement actions in this area included charges for making materially misleading statements and omissions about ESG considerations  in investment decisions, and false and misleading claims on safety issues causing serious environmental and social harm.  Cybersecurity and compliance – The Division continues to identify failures to comply with core obligations including record-keeping and safeguarding of client information. Key cases related to insufficient policies and procedures to protect personal identifying information of customers and to protect investors from identify theft. The Division stressed the importance of firms ensuring they keep pace with technological developments and their impact on business conduct.  As reflected in these results and noted by the SEC Chair, Gary Gensler, the Division continues to move with a sense of urgency to protect investors, hold wrongdoers accountable and deter future misconduct. The enforcement results provide a basis for all individuals and firms to evaluate their existing policies and procedures and consider potential enhancements to ensure ongoing compliance.   View the full enforcement press release published by the Division.","image":{"dimensions":{"width":1920,"height":1080},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=0,29,1920,1024&w=600&h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=90,0,1800,1080&w=20&h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=38,0,1845,1080&w=820&h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=36,0,1845,1080&w=410&h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=98,0,1723,1080&w=300&h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=0,298,1920,485&w=1670&h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=0,28,1920,1024&w=900&h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=0,26,1920,1024&w=300&h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=0,288,1920,480&w=20&h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=38,0,1845,1080&w=1230&h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Building facade","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/9611c918-1874-454a-a2f9-11db113e101a_municipal-building.jpg?auto=compress,format&rect=0,0,1920,1056&w=20&h=11"}},"date":"2023-02-22T05:00:00+0000","dateTimestamp":1677042000,"description":"The Securities and Exchange Commission’s (SEC) Division of Enforcement published its enforcement results for 2022 read what was presented for this year. ","category":"Article","objectID":"insight-sec-2022-enforcement-report-highlights-evolving-areas","_highlightResult":{"_tags":[{"value":"ESG","matchLevel":"none","matchedWords":[]},{"value":"CYBERSECURITY","matchLevel":"none","matchedWords":[]},{"value":"ASSET MANAGEMENT","matchLevel":"none","matchedWords":[]},{"value":"FEATURED","matchLevel":"none","matchedWords":[]}],"title":{"value":"SEC 2022 Enforcement Report highlights evolving areas of cryptocurrency, ESG and cybersecurity","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"Kristen Hughes","matchLevel":"none","matchedWords":[]},{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"In November 2022, the Securities and Exchange Commission’s (SEC) Division of Enforcement published its enforcement results for 2022. The annual report was presented as a press release and accompanying addendum which provides a statistics summary and indexes the actions filed through the year.  During the year, the Division filed 760 enforcements, including 462 new enforcement actions, 129 actions against issuers who were delinquent in required SEC filings and 169 follow-on administrative proceedings that sought to bar or suspend individuals from specific functions in the securities markets based on criminal convictions, civil injunctions, or other such orders. Overall, this represented a 9% increase in total actions filed compared to 2021.   There was a significant increase since prior year in monetary penalties ordered in SEC actions, totaling $6.439 billion, the most on record in SEC history. This included $4.194 billion in civil penalties and $2.245 billion in disgorgement. There were more than 12,300 whistleblower tips through the year, and the SEC issued approximately $229 million in 103 whistleblower awards, representing the second highest year on record in terms of dollar amounts and number of awards.   The Division sought a number of enforcement actions in the following priority areas:  Financial fraud and issuer disclosure;  Gatekeepers (auditors, lawyers, transfer agents) for failure to live up to their responsibility;  Cryptocurrency;  Cybersecurity and compliance;  Environmental, social and governance (ESG);  Private funds;  Regulated entities and associated individuals;  Market abuses;  Complex products;  Public finance abuse; and  Foreign Corrupt Practices Act The highest number of enforcement actions were brought in matters involving investment advisers/investment companies (23%), broker dealers (17%), delinquent filings (17%) and securities offerings (15%).  The Division maintained its focus on traditional priority areas, including:  Private funds – a focus on recurring issues, including undisclosed conflicts of interest, fees and expenses, valuation, custody and controls around material nonpublic information. Enforcement actions included charges for failure to comply with the Custody Rule, failure to accurately update Form ADV, misrepresentation of performance to investors and making misleading statements to investors about fees and expenses being charged.   Regulated entities and associated individuals – this included two first-of-its-kind actions:   Violations of the Advisers Act for an adviser’s failure to disclosure conflicts of interest regarding its personnel’s ownership of sponsors of  special purpose acquisition companies (SPACs), in which the firm advised the clients to invest.  Alleging that a broker-dealer and its representatives  violated their obligations under Regulation Best Interest (Reg BI) to exercise reasonable diligence, care and skill and to adequately establish, maintain and enforce written policies and procedures reasonably designed to achieve Reg BI compliance.  Worthy of note are enforcements in the following key evolving areas:  Cryptocurrency – The Division remains focused on this rapidly evolving area following the SEC announcement in May 2022 that it would nearly double its staffing in its Crypto Assets and Cyber Unit. In a first-of-its-kind action against crypto lending platforms, the Division charged a crypto lending platform company for violating the registration requirements of the Investment Company Act of 1940.  ESG – As this area has become increasingly important following the creation of the Division’s Climate and ESG Taskforce in May 2021, there has been ongoing analysis of the disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies. The Division is reviewing areas such as materiality, accuracy of disclosures and fiduciary duties. Enforcement actions in this area included charges for making materially misleading statements and omissions about ESG considerations  in investment decisions, and false and misleading claims on safety issues causing serious environmental and social harm.  Cybersecurity and compliance – The Division continues to identify failures to comply with core obligations including record-keeping and safeguarding of client information. Key cases related to insufficient policies and procedures to protect personal identifying information of customers and to protect investors from identify theft. The Division stressed the importance of firms ensuring they keep pace with technological developments and their impact on business conduct.  As reflected in these results and noted by the SEC Chair, Gary Gensler, the Division continues to move with a sense of urgency to protect investors, hold wrongdoers accountable and deter future misconduct. The enforcement results provide a basis for all individuals and firms to evaluate their existing policies and procedures and consider potential enhancements to ensure ongoing compliance.   View the full enforcement press release published by the Division.","matchLevel":"none","matchedWords":[]},"description":{"value":"The Securities and Exchange Commission’s (SEC) Division of Enforcement published its enforcement results for 2022 read what was presented for this year. ","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"Y9KV0xEAACMAUQYf","uid":"inflations-impact-on-product-recall","tags":["product recall","featured"],"type":"insight","lastPublicationDate":"2023-01-31T23:00:12+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1675206012,"_tags":["PRODUCT RECALL","FEATURED"],"industries":[],"services":[],"specialities":[{"title":"Forensic Accounting","uid":"forensic-accounting"},{"title":"Insurance Quantification","uid":"insurance-quantification"},{"title":"Damages Analysis","uid":"damages-analysis"}],"solutions":[],"sectors":[{"title":"Insurance","uid":"insurance"}],"generic_pages":[],"products":[],"overline":"Hot topics in product recall","title":"Inflation's impact on product recall","author":"Simon Oddy","co_authors":[""],"body":"There has been a lot of discussion around inflation in the economy and its impact on recall risk. Inflation is a topic that has many complex layers, although we do not intend to address all of those here. At its core, inflationary pressure will affect prices, which in turn will impact sales values and costs faced by a business. Product recall policies address the risk associated with both those operational elements.  The extent to which inflation impacts a business depends on the nature of the business, the customer base and the nature of the products and services being sold. It is fair to say that all businesses will feel the cost pressure. But how they deal with that pressure (and the resulting impact it has on performance) might differ by business. Let us break it down into three financial elements for now, setting aside operational impact, and examine the impact inflation has on these elements and, in turn, recall exposure and business interruption loss. Revenue/sales There has been a rise in sales prices – to protect margins and meet rising costs – but what impact will this have on customer demand? Is a price increase tolerable for customers, or will it erode demand? Does the price increase exceed the cost inflation being felt? Such questions will address whether the business should expect gross revenue to increase, remain flat or decrease. Of course, this will also impact future revenues/sales levels. The market has traditionally looked at revenue levels during the underwriting phase. It is common to look at sales levels as indicators of growth. But in isolation, is it misleading when gross profit is the actual risk protected by insurance through business interruption language? Costs  As operational and material costs increase, how does this directly impact current and future profitability? Can cost increases be transferred to the customer, or must the business absorb them? Where does the insured sit in the supply chain, and with what position? Are there alternatives to their product, or are there limited options? Changing suppliers is too complex, too risky. Again, such questions will address the impact that cost inflation will have on future performance. And of course, inventory levels and inventory shelf life will have a bearing on replacement cost issues. Margins  For me, this is the key to the inflation question – how economic forces will impact gross margins. A loss of profit, or business interruption loss, continues to be a significant risk attached to a recall. Data shows us that sales losses have the potential to become significant when impacted by a recall leading to a profit loss. As such, the future profitability, or inflation’s impact on margins, is a key to how economic forces are impacting business risk.  We are just scratching the surface here when it comes to inflation and insured risk. Many other aspects exist which need consideration. There are many operational decisions being made in the face of economic and supply chain challenges, as well as regulatory forces. But inflation will remain a factor into 2023. This article is part two of four of the Hot topics in product recall series. Read part three, “Complex claims process: recalls, third-party claims, and CPI/CGL/STP crossover”, to learn more.","image":{"dimensions":{"width":3000,"height":2000},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format","thumbnail_x2":{"dimensions":{"width":600,"height":320},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,200,3000,1600&w=600&h=320"},"list_base64":{"dimensions":{"width":20,"height":12},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,150,3000,1800&w=20&h=12"},"list_x2":{"dimensions":{"width":820,"height":480},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,121,3000,1756&w=820&h=480"},"list_x1":{"dimensions":{"width":410,"height":240},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,124,3000,1756&w=410&h=240"},"Homepage_Feature":{"dimensions":{"width":300,"height":188},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,60,3000,1880&w=300&h=188"},"hero_x1":{"dimensions":{"width":1670,"height":422},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,622,3000,758&w=1670&h=422"},"thumbnail_x3":{"dimensions":{"width":900,"height":480},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,200,3000,1600&w=900&h=480"},"thumbnail_x1":{"dimensions":{"width":300,"height":160},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,200,3000,1600&w=300&h=160"},"hero_base64":{"dimensions":{"width":20,"height":5},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,600,3000,750&w=20&h=5"},"list_x3":{"dimensions":{"width":1230,"height":720},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,122,3000,1756&w=1230&h=720"},"thumbnail_base64":{"dimensions":{"width":20,"height":11},"alt":"Data statistics money coins","copyright":null,"url":"https://images.prismic.io/baker-tilly-www/1bf7208d-50ea-4edd-b365-b839796520ec_Banking-Benchmarking-Money-Market-Data.jpg?auto=compress,format&rect=0,150,3000,1650&w=20&h=11"}},"date":"2023-01-25T05:00:00+0000","dateTimestamp":1674622800,"description":"How has inflation played a role in the product recall landscape?","category":"Article","objectID":"insight-inflations-impact-on-product-recall","_highlightResult":{"_tags":[{"value":"PRODUCT RECALL","matchLevel":"none","matchedWords":[]},{"value":"FEATURED","matchLevel":"none","matchedWords":[]}],"title":{"value":"Inflation's impact on product recall","matchLevel":"none","matchedWords":[]},"author":{"value":"Simon Oddy","matchLevel":"none","matchedWords":[]},"co_authors":[{"value":"","matchLevel":"none","matchedWords":[]}],"body":{"value":"There has been a lot of discussion around inflation in the economy and its impact on recall risk. Inflation is a topic that has many complex layers, although we do not intend to address all of those here. At its core, inflationary pressure will affect prices, which in turn will impact sales values and costs faced by a business. Product recall policies address the risk associated with both those operational elements.  The extent to which inflation impacts a business depends on the nature of the business, the customer base and the nature of the products and services being sold. It is fair to say that all businesses will feel the cost pressure. But how they deal with that pressure (and the resulting impact it has on performance) might differ by business. Let us break it down into three financial elements for now, setting aside operational impact, and examine the impact inflation has on these elements and, in turn, recall exposure and business interruption loss. Revenue/sales There has been a rise in sales prices – to protect margins and meet rising costs – but what impact will this have on customer demand? Is a price increase tolerable for customers, or will it erode demand? Does the price increase exceed the cost inflation being felt? Such questions will address whether the business should expect gross revenue to increase, remain flat or decrease. Of course, this will also impact future revenues/sales levels. The market has traditionally looked at revenue levels during the underwriting phase. It is common to look at sales levels as indicators of growth. But in isolation, is it misleading when gross profit is the actual risk protected by insurance through business interruption language? Costs  As operational and material costs increase, how does this directly impact current and future profitability? Can cost increases be transferred to the customer, or must the business absorb them? Where does the insured sit in the supply chain, and with what position? Are there alternatives to their product, or are there limited options? Changing suppliers is too complex, too risky. Again, such questions will address the impact that cost inflation will have on future performance. And of course, inventory levels and inventory shelf life will have a bearing on replacement cost issues. Margins  For me, this is the key to the inflation question – how economic forces will impact gross margins. A loss of profit, or business interruption loss, continues to be a significant risk attached to a recall. Data shows us that sales losses have the potential to become significant when impacted by a recall leading to a profit loss. As such, the future profitability, or inflation’s impact on margins, is a key to how economic forces are impacting business risk.  We are just scratching the surface here when it comes to inflation and insured risk. Many other aspects exist which need consideration. There are many operational decisions being made in the face of economic and supply chain challenges, as well as regulatory forces. But inflation will remain a factor into 2023. This article is part two of four of the Hot topics in product recall series. Read part three, “Complex claims process: recalls, third-party claims, and CPI/CGL/STP crossover”, to learn more.","matchLevel":"none","matchedWords":[]},"description":{"value":"How has inflation played a role in the product recall landscape?","matchLevel":"none","matchedWords":[]}}},{"_meta":{"id":"Y2LRVhAAAPgBJIMg","uid":"evolving-risk-landscape","tags":["risk","risk culture","risk management","featured"],"type":"insight","lastPublicationDate":"2023-01-27T19:00:01+0000","__typename":"Meta"},"__typename":"Insight","contentType":"Insight","lastPublicationDate":1674846001,"_tags":["RISK","RISK CULTURE","RISK MANAGEMENT","FEATURED"],"industries":[{"title":"Family Business","uid":"family-business"},{"title":"Financial Services","uid":"financial-services"},{"title":"Manufacturing & Distribution","uid":"manufacturing-and-distribution"}],"services":[{"title":"Baker Tilly Digital","uid":"baker-tilly-digital"},{"title":"Risk Advisory","uid":"risk-advisory"}],"specialities":[{"title":"CFO Advisory Services","uid":"cfo-advisory"},{"title":"Construction Risk Management","uid":"construction-risk-management"},{"title":"Cybersecurity","uid":"cybersecurity"},{"title":"Fraud & Forensic Investigations","uid":"fraud-and-forensic-investigations"},{"title":"Municipal Advisory","uid":"municipal-advisory"}],"solutions":[],"sectors":[],"generic_pages":[],"products":[],"title":"The evolving risk landscape","co_authors":[""],"body":"Nurturing a healthy risk culture  What is risk? Organizational risk generally includes the many things that will lead to an undesirable outcome or impede an organization from achieving its strategic objectives. This includes the risk of not identifying opportunities to grow a company or further an organization’s mission. Companies and organizations face a variety of risks. Some are unique to a particular sector or industry; some are more universal. Over the past year, as Baker Tilly professionals worked with their clients, certain risks were mentioned more than others:  Finding and retaining the right talent Dealing with an increasing variety cybersecurity events Mitigating supply chain gaps and delays Identifying environmental, social and governance (ESG) standards Preparing for one-of-a-kind black swan events When a company is focused on running the business, catering to customers, or serving the needs of clients or constituents, building an effective risk culture isn’t easy. 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We have highlighted the key areas in bold below.  The first is the importance of maintaining accurate census information for the plan’s participant population. That means contacting plan participants periodically to ensure their contact information is current. An important aspect of maintaining accurate contact information is having an online platform for the plan that allows participants to update their contact information and, in turn, the plan’s census information. With that in mind, plan sponsors also should regularly audit the census information and correct any errors.   Implementing effective communication strategies is another area that plan sponsors should focus on to avoid having missing participants. 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