In today’s modern world, it has never been easier to streamline your company’s processes. Construction firms can now manage their accounting operations in one easy cloud solution.
Keep reading to learn more about Sage Intacct and how it can benefit your construction business.
What Is an Accounting ERP Solution?
ERP stands for enterprise resource planning. An accounting ERP solution is a system that manages all a company’s processes and operations. A centralized accounting solution is one integrated system to manage all company operations.
Using an ERP solution for your accounting function streamlines your processes. You can also automate and simplify several accounting areas. Areas such as accounts payable and accounts receivable.
An accounting ERP solution will allow a construction company to collect data from all departments. This makes recordkeeping and generating financial statements much easier.
More automation, better processes, and increased data visibility lead to better decision-making. Keep reading to compare two leading accounting solutions. Sage Intacct construction and Sage 300 CRE are detailed below.
Sage Intacct Construction vs. Sage 300 CRE
While they do offer a similar solution for construction businesses, there are many differences between the two solutions.
Sage Intacct is a cloud solution and has real-time reporting and regular updates. Whereas Sage 300 CRE is a Windows-based legacy system that you are responsible for updating and maintaining.
A comparison of key points showing the differences between the two software solutions is below.
Sage Intacct construction is a new solution from a trusted construction software publisher. Cloud-based solutions allow access to your accounting data anywhere you can connect to the internet.
A cloud solution backs up your data on a regular basis without you having to do anything. Cloud solutions have regular enhancements to the system.
Sage 300 CRE is a network-based solution that relies on the client’s server. This means you must use this software on premises within your company’s infrastructure.
Your IT team will be tasked with any updates or enhancements to Sage 300 CRE. This includes regular data backup and security.
Sage Intacct is a subscription-based license. This license includes regular updates and the major IT infrastructure that it operates on.
Sage 300 CRE is the software you buy a license for at one time. But, when you do this, updates and maintenance are not included. You are purchasing access to the software at that date in time.
You can use this license forever if you want to, however, there are practical limits to this. You will have to pay extra fees for maintenance and support. It does have the option to buy some modules on a subscription basis.
Sage Intacct is a subscription-based fee. The subscription includes data management and regular updates. It also has backup/recovery, technical improvements, and ongoing support.
Sage 300 CRE is a one-time expense. For support plans, you can expect to pay more. An individual ticket is $250. You can buy ongoing support for $249 to $349 per month. You are responsible for updates, backups, and recovery.
While Sage 300 CRE may be a cheaper up-front price, you have to calculate how much the ongoing support will cost and, more significantly, the cost of ongoing IT infrastructure. This includes periodic hardware updates, hosting fees, managed services, and more. You’ll have to decide which option is most cost-effective for your company.
There are several other factors when considering your tech strategy beyond function and pricing. One is the long-term viability of a Windows/PC-based legacy system. All of these (and there are several) were designed in and are at their core 1990’s technology. Thirty years on, we are in a different era and forward-looking companies will want to keep pace and plan a migration on their own terms vs. Delaying and being at a competitive disadvantage. Another element is in recruiting and customer retention. Workers today expect cloud and mobile convenience, which Sage Intacct delivers in spades. From the perspective of many, Windows/PC platforms are as familiar as rotary-dial phones, in other words, a quaint relic of the past. Customers like to know that the builder they are placing trust in is progressive and investing in their ability to perform at the highest level.
While both accounting solutions offer similar features, there is a clear advantage with Sage Intacct. The features listed for Intacct far outweigh those listed for 300 CRE. Below you’ll find each outlined.
- Accounts receivable
- Accounts Payable
- Financial Planning
- Cash management
- General ledger
- Fixed assets
- Job costing
- Multi-entity and global consolidations
- Assets Management
- Real-time reporting
- Real-time dashboards
- Revenue recognition
- Spend management
- Time and expense
- Financial management
- Project accounting
- Integrated documents
- Service management
- Mobile reporting
- Project management
- Purchase orders
- Subcontractor management
- Change Management
Benefits of Using Sage Intacct Construction
Are you wondering how the two companies deliver these accounting functions? Curious about why one would be a better choice than the other? Keep reading to understand how Sage Intacct has better options for several of the mentioned features.
Job Cost Reporting
Both Intacct and 300 CRE offer reporting. The difference is how you can view the reports.
Intacct has real-time, interactive dashboards. The standards reports available give you a clear view of your financial status at any given time.
With Sage 300 CRE, you have to generate reports as you need them. And information has to be entered before you can view it.
Sage Intacct offers easy integration with the platform so you can import your payroll data. By integrating your payroll provider, you can streamline the entire process, saving time and money.
A construction payroll module is launching as part of Sage Intacct in 2022. This would end the need for a payroll provider completely, saving costs.
Sage 300 CRE offers a payroll application with the license. You can also integrate your provider to have your payroll as a part of your construction management solution.
Anyone in the construction industry understands why easy AIA billing capabilities are a must.
Sage 300 CRE offers standard AIA billing. Sage Intacct is implementing AIA billing templates in early 2022.
Retainage tracking is a huge deal in the construction industry. And it’s important your company tracks contracts to ensure you receive your payments.
Both Intacct and Sage 300 CRE offer standard retainage tracking options. Sage Intacct has increased workflow flexibility with its tracking.
Get Started with Sage Intacct Construction Today
Are you ready to upgrade your Sage 300 CRE software? Or were you on the fence about which software to choose and aren’t anymore?
This article explained the differences and advantages of each solution. You should assess your accounting needs to determine which meets your business’s needs.
Are you ready to streamline your construction operations and maintain accurate financial documents? Reach out to Bangert today to get started!