As the role of the accounting and finance department has become more strategic, the tools it relies on have changed. Previously, accountants looked for technology that could make individual processes easier – e.g., expediting payroll. As these processes become more automated, however, the role is shifting into providing oversight and analytics into all of your firm’s operations. Enter Sage Intacct Dimensions.
This is one of the many defining features of the Sage Intacct financial management solution, and it’s been specifically engineered for the needs of today’s accountants and financial decision makers.
Most other accounting solutions work off a “segmented chart of accounts,” meaning every variation or combination of account, department, location, project, etc. must be specifically created as GL accounts for coding – which makes recording transactions and reporting on those transactions very one-dimensional.
Sage Intacct Dimensions can be thought of as more of a “tagging” system instead. Each Dimension refers to a specific customer, location, department, vendor, project, employee, item, or class (among others). The chart of accounts is simplified. When transactions are processed, they are coded to an account and then tagged with dimensions instead of being assigned to hard-coded account variations.
At first this may sound like a minor differentiation. In practice, however, it offers major advantages when it comes to accounting processes, reporting and analytics..
Gain a 360-Degree View Into Accounting
Sage Intacct Dimensions excel at adding depth to your firm’s accounting data enhancing your ability to analyze performance and find opportunities. Companies gain a top-down perspective into their financials that stretches across all transactions. Compared to a traditional chart of accountants, having a complete overview of accounting helps decision makers learn exactly what is going on and determine action steps for improving results.
Accelerate the Close and Reporting Process
When it’s time to close the books or turn in financial reports, Sage Intacct Dimensions automates much of the work. Accountants and managers can drill into transactions to check and cross-check source data. Reports can be generated on the fly to isolate or include different dimensions, or groups of dimensions, as needed. This eliminates hours of manual work and raises confidence in the quality of accounting data. This also enables companies to generate new kinds of reports and dashboards tailored toward evaluating performance and making important financial decisions.
Minimize Errors and Omissions
Sage Intacct Dimensions can provide an additional layer of control to your accounting processes. Dimensional relationships can be defined and values can be restricted, or required, as appropriate – ensuring that coding processes are more accurate and meaningful. This also helps automate what is usually the most labor-intensive part of accounting, thereby minimizing employee effort and reducing the possibility for error. Finally, by providing a vivid portrait of accounting overall, Dimensions make it easier to spot red flags – everything from mistakes to fraud.
Act with Insight and Agility
Taking a more holistic approach to the chart of accounts improves financial decision-making in multiple ways. Accountants have better information at their disposal and more time to work with it. Accounting processes become more flexible as well so that companies can change with the competitive landscape. In general, Dimensions provide all the information necessary to act quickly and confidently.
The best way to understand how Sage Intacct Dimensions work and what they can do for your company is to experience them in action. Schedule a demonstration with Madken Advisors.
