Many associations depend on outdated accounting systems, which makes operations less effective and even limits potential membership growth. With Sage Intacct, a cloud-based accounting solution, your association can save time and money with both automation and increased financial visibility, letting you focus on serving current members and attracting new ones.
Associations, professional societies, clubs, advocacy groups and other member-based organizations can benefit from:
Integration between Intacct and Association Management Systems
Sharing data between association management systems and Intacct helps streamline operations and improve accuracy as dues are collected and tracked. For example, when an association receives a dues payment and tracks it in their management system, a journal entry for that payment can be easily imported into the general ledger in Intacct, eliminating the need for duplicate data entry.
Intacct was built to give users the flexibility to integrate with other applications. Pre-built connections are available within Intacct or through the Sage Intacct Marketplace. Custom connections can also be created.
For associations that use Impexium to manage membership and revenue data, reconciling financials with Intacct can be easily accomplished using a third-party solution available in the Sage Intacct Marketplace. With batch management controls and automated processes, associations can maintain clear audit trails for all transactions, supporting annual audits. Reconciliation reports can be produced daily, weekly, and/or monthly for deposits, general ledger entries and revenue.
Associations that use Salesforce can take advantage of an Intacct integration to sync membership dues journal entries to Intacct. Organizations that use iMIS can move data into Intacct with an import/export.
Real-time data: Intacct offers real-time data across locations and time zones. If your employees and volunteers are spread out geographically or working remotely, they can constantly access updated information.
Insights from tailored dashboards: Intacct’s custom dashboards can be set up to show any number of key metrics. Graphics show the data in a way that’s easy to understand. Because the data is constantly updated, your organization can use Intacct dashboards to make informed decisions more quickly.
Custom reports: With Intacct, reports can be created quickly with the push of a button. You can choose standard reports or build your own to see performance, trends and outcomes. You can filter by dimensions to see costs per member or income statements by unit, department or projects. You can easily track membership, renewals and retention.
Automated processes: Automation is a key feature of Intacct that helps associations eliminate time-consuming manual data entry and calculations in spreadsheets. Streamlined processes cut the time needed to complete month-end closes. One association was able to complete its monthly close cycle 40 percent faster using Intacct.
Financial performance tracking: With the Nonprofit Financial Board Book, a financial health assessment developed by Intacct and GuideStar, your association can compare its performance against key metrics for nonprofits, using the data to drive decision-making and develop actionable insights.
How One Association Benefited from Moving to Intacct
An association for educators has a number of annual individual membership categories, with varying dues payments. Members can also elect to join different committees. As dues payments come in, the fees need to be coded to different categories. After adopting Sage Intacct, the organization saved significant time tracking these payment categories and reporting on them.
The association’s previous accounting system could not communicate with its membership management software. With Intacct, the association was able to import journal entries from its membership software, which also saved time and effort.
Want to find out more about how your association can benefit from using Sage Intacct? Schedule a call with one of the experts at RSM today.