New native cloud solution reduces financial consolidation for construction companies from 100+ hours to just minutes
LAS VEGAS – CONEXPO – March 10, 2020 – Sage (FTSE: SGE), the market leader in cloud business management solutions, today announced the launch of Sage Intacct Construction. This new cloud financial management solution is designed to meet the unique needs of construction companies, by building the leading construction management functionality of Sage 300 Construction (formerly Sage Timberline) onto the Sage Intacct multi-tenant cloud platform.
A native cloud solution, Sage Intacct Construction empowers construction financial managers (CFMs) to make critical financial decisions, track and manage costs and productivity in real time, from any location, and reduces typical financial consolidation from 100+ hours down to just minutes. For the first time, CFMs have access to the preferred financial management system of the American Institute of Certified Public Accountants (AICPA). Sage customers will have the option to leverage a best-in-class cloud financial management system at the time they need it most.
“Sage Intacct Construction brings together the most trusted names in the accounting and construction software industries – Sage Intacct and Sage Timberline,” said Dustin Anderson, vice president of Sage Construction and Real Estate. “Construction firms can easily integrate with an array of operational applications to ensure they are using the best technology available to address their specific business needs.”
In the recent Sage CFO 3.0 study of more than 500 top finance executives in the U.S., 98 percent noted that their job has significantly changed in the last five years. In addition, 46 percent of CFOs shared they are facing increased demand to provide overall business counsel.
“Sage Intacct Construction caters to the ever-expanding role of construction financial managers by giving them faster access to real-time financial and operational data, while streamlining processes to free up time for more business analysis,” said Nancy Harris, managing director, Sage North America. “For today’s CFM, it’s no longer enough to report on what happened yesterday. Financial leaders need to know what’s happening right now and need real-time data to anticipate what will happen in the future.”
Sage Intacct Construction offers critical industry-leading functionality that CFMs need, including:
True Cloud Solution – A system with real-time access from anywhere, available at any time, and software that is always up to date.
Streamlined Multi-Entity Consolidation – The growth of business in construction drives the need for large numbers of legal entities. Sage Intacct Construction reduces the time for a typical financial consolidation from up to 100 hours down to just minutes.
Robust, Dimensional Reporting – It is now possible to analyze actual and estimated project costs using live data, without the need to export to a spreadsheet. CFMs can now assess their financial data by project, task, or other configurable dimensions to analyze the data for improved decision making.
Project Estimates – CFMs can now easily track and manage costs and productivity throughout the full life cycle of a project, with several specific functions including estimates, job controls, and accounting.
Additional functionality will roll out over the next several months and will include retainage billing and payables, Procore integration, and change management.