This article is part of a larger series on Accounting Software.
What We Recommend Sage Intacct For
Sage Intacct is a great choice for companies that are outgrowing QuickBooks. Sage Intacct’s features cater to users that need advanced accounting transactions and financial reporting. Because it’s robust accounting software that requires experience with accounting information systems, we recommend Sage Intacct for companies with an established accounting department.
Sage Intacct Is Especially Good For
- Companies that are outgrowing QuickBooks Online: Sage Intacct offers a more powerful accounting solution than QuickBooks Online in terms of accounting for special transactions like business combinations and foreign currency transactions and translation.
- Midsize nonprofits with a team of finance professionals: Sage Intacct is a full-featured and sophisticated accounting program, so it’s a great choice if you have professional accountants and finance professionals doing your books and financials.
- Venture capitalists: Venture capitalists can do well with Intacct, as its global consolidation module can consolidate hundreds of entities in minutes, making it a great choice for companies with multiple locations, currencies, divisions, and subsidiaries.
- Publicly traded companies: Sage Intacct’s features can handle complex accounting transactions while following accounting standards.
Sage Intacct Is Not a Good Fit For
- Business owners that want to keep their own books: Sage Intacct is too expensive and complicated for business owners to use, particularly if they don’t have accounting experience. If you need an easier-to-use and more affordable alternative, you should consider QuickBooks Online, our choice for overall best small business accounting software.
- Nonprofits that also want member management: If you need nonprofit bookkeeping software that also gives you the ability to manage and track your members, choose Aplos instead. Aplos is our pick for overall best nonprofit accounting software because it caters to different kinds of nonprofit organizations with its comprehensive accounting and church management features.
- Small businesses that are looking for a Sage product: Sage Intacct is expensive and more sophisticated than needed by most small companies. Sage 50Cloud is an excellent Sage product geared toward small businesses and is our best QuickBooks alternative for managing multiple companies.
Sage Intacct Pros and Cons
|Tailor-made features for nonprofits||No upfront pricing|
|Can handle multi-entity transactions||Complicated to use|
|Multidimensional chart of accounts||Not ideal for small businesses|
|Drill down capability in financial reports||Expensive technical support|
|Can comply with Generally Accepted Accounting Principles (GAAP) standards|
Sage Intacct vs Competitors
No upfront pricing
$30 to $200 per month
$12 to $65 per month
Number of Users
One to 25
Consolidated Financial Statements
GPS & Location Tracking
If you’re not sure which software best fits your needs, you can read our Sage Intacct vs QuickBooks Online for a head-to-head comparison.
Sage Intacct Pricing
Sage Intacct doesn’t directly provide prices on its website. However, business technology firm BT Partners reports that pricing for Sage Intacct runs from $15,000 per year for a single user system to $60,000 or more, depending on the complexity of your organization.
Sage Intacct Features
Sage Intacct has a robust set of features to simplify tedious and repetitive financial tasks such as grant tracking, budget planning, fund accounting, expense management, and financial reporting.
Here’s a list of its top features to help you decide whether Sage Intacct is right for your organization:
There are several dashboards included in Sage Intacct. The main dashboard that you’ll see is the CFO Dashboard. This dashboard is useful for chief financial officers (CFOs) because it shows financial performance like profit and loss (P&L) by location or a comparison between actual and projected profit. You’ll also see key financial ratios, revenue charts, expense graphs, and a balance sheet.
In addition to the CFO dashboard, there are role-based dashboards for project managers, controllers, accounts payable (A/P) accountants, and accounts receivable (A/R) accountants. Overall, the CFO dashboard is the most comprehensive dashboard, and we think it’s the best one for monitoring the financial aspects of your business.
Sage Intacct has a sophisticated general ledger (GL) with a multidimensional chart of accounts. The GL manages sophisticated financial tasks across multiple entities, whether locally or globally. You can merge data, manage currency conversions, and generate consolidated reports without having to wait for the end of the month. Transactions are posted in real-time with the ability to configure how transactions are posted in each account. You can also create and organize account groups like checking or cash to help generate reports.
Sage Intacct’s GL report is detailed, showing additional information that might be useful in tracking transactions. We’ve highlighted the additional columns that we like:
- Department Code: Sage Intacct shows the department codes whenever an entry gets posted to the GL. These codes can be useful in tracking transactions, especially when determining the source of the credit or debit to the specific account.
- Location ID: Aside from department codes, it also adds location IDs so that you can pinpoint where the credit or debit came from. In the sample data above, location ID 100 pertains to New York while location ID 200 is San Francisco. So a batch entry summary credit of $703.2 to the Wells Fargo Checking account is from the Customer Support department in New York.
- Journal (JNL): Another striking feature here is that Sage Intacct also includes the journal where the posting came from. This feature is uncommon in accounting software products like QuickBooks Online. Showing the journal code is a good feature if you want to establish a clean audit trail.
Comprehensive Chart of Accounts
Sage Intacct’s default chart of accounts is impressive, especially for corporations. It contains essential accounts for financial reporting, including specialized accounts like the following: goodwill (those arising from business combinations), intercompany accounts (those arising from intercompany transactions), special revenue accounts (as required by revenue standards), and cumulative translation adjustments (those arising from translating financial statements from functional currency to presentation currency).
Overall, we like that the chart of accounts is comprehensive. However, we don’t see it as a good fit for small businesses that don’t have complex transactions. But if you’re a midsize company doing business overseas or engaging in complex transactions, Sage Intacct is the ideal software for you.
Sage Intacct offers a traditional A/R system similar to those found in enterprise resource planning (ERP) software. Its invoicing function is technical and not straightforward. In simpler accounting software, making an invoice involves simple steps like entering the product name, quantity, and rate. In Sage Intacct, invoicing focuses more on how it affects the accounts, so the bookkeeper must be familiar with all of the accounts.
Sample invoice in Sage Intacct
Another interesting feature of Sage Intacct’s invoicing module is the Posting Details section. Here, you’ll see all of the accounts affected by the invoice. In the accounting process, an invoice affects two kinds of accounts: revenues and A/R. In the Posting Details section, you’ll see what accounts were affected and if they were debited or credited.
Below is the Posting Details section pertaining to invoice INV1272 in the previous image:
- Journal: This column shows the journal codes where the invoice was recorded. In the example above, it was recorded in the Accounts Receivable Journal (ARJ). By default, Sage Intacct has different journal codes for Purchases Journal (PJ), Cash Receipts Journal (CRJ), and many more.
- Journal Number: This column shows the journal entry number when the invoice was recorded. In the image above, we can say that INV1272 is entry number 685 in the ARJ. If you go to the ARJ, you’ll see that INV1272 is number 685 and described as a “Batch Entry Summary.”
- Line Number: This column shows the line where the entry was made. In our example, the credit to “Revenue – On Premise License” was recorded on line seven of the journal entry.
- Account Number and Account Name: These columns show the affected accounts. Under standard numbering of accounts, you’ll often see revenue accounts starting with “4” and asset accounts starting with “1.”
- Location: If you have businesses in multiple locations, the locations column is extremely useful. It keeps you from having to create special accounts like “Accounts Receivable – New York” just to track all receivables from that location.
The A/P module works like the A/R module. There’s no significant difference between the two, except for the nature of transactions in the A/P module. In terms of process flow, it’s the same. When you enter a bill, you’ll need to fill up vendor information and view the posting details. All bills are posted in the Accounts Payable Journal (APJ).
Cash and Banking
You can connect your bank accounts and cards to Sage Intacct in the Cash Management tab. An interesting feature of the cash management module is the level of detail it gives about your cash transactions.
- Journals Affected: In Sage Intacct, you can modify how your checking or card transactions are recorded in the books. In the image above, you’ll see that the Wells Fargo Checking account affects the CDJ for cash payments and CRJ for cash receipts. You can also specify where account charges and credits are recorded in the GL.
- Location and Reconciliation Information: If you maintain separate checking accounts for different locations, you can specify the bank account to associate with each location. There’s also information about the last reconciliation date and previous reconciled balance.
Sage Intacct’s bank reconciliation feature is also standard, but it’s hard for users to understand without experience in accounting information systems. A good feature in reconciling bank accounts is that Sage Intacct asks for the bank statement balance. In case you don’t want to connect your bank accounts in Sage Intacct, you can still reconcile your accounts manually. Overall, experienced accountants will like Sage Intacct’s reconciliation module. However, we can’t recommend this to business owners who want to perform DIY bookkeeping.
Multi-Entity and Multicurrency Management
Sage Intacct’s strength is multicompany accounting and multicurrency management. These features become extremely useful if you conduct transactions outside the United States and pay in foreign currency. If you have a foreign affiliate, Sage Intacct can also consolidate financial statements. There’s no need to create a tedious working paper when eliminating intercompany transactions or translating your foreign affiliate’s financial statements to US dollars. You can do that in Sage Intacct easily and conveniently.
Intacct generates up to 150 built-in reports, with visualization features like graphs, charts, and performance cards. It provides a multidimensional view of your balance sheet, income statements, cash flow statements, and other critical reports. You can also create custom reports using the interactive custom report writer. Reports and dashboards can be viewed on your mobile devices, and reports can be exported in comma-separated values (CSV), Excel, PDF, and HTML formats.
Customer Service and Ease of Use
Sage Intacct’s user interface isn’t very user-friendly compared to other accounting software like QuickBooks Online. Sage Intacct’s interface is similar to ERP systems, and those without experience in complex accounting systems can find it difficult to use. Customization options for reporting can be overwhelming for beginners. However, this feature can be a great benefit for experienced bookkeepers and seasoned Sage Intacct users.
Sage offers premium support plans at three levels: Bronze, Silver, and Gold. These plans give you unlimited access to critical product updates and educational resources. Unlimited chat and phone support is available only in the Gold plan. If you need quick information on your software, you can check the Sage online knowledgebase or join the Sage Intacct community.
Sage Intacct Alternatives
Sage Intacct is sophisticated and expensive accounting software for small to midsize businesses. If you have an accounting department that can take advantage of Sage Intacct’s advanced features, it may be well worth the investment. We recommend it for medium-size organizations with complex financial tasks. Businesses with no complex transactions will find Sage Intacct too much for their needs. For easy-to-use accounting software, our choice would be QuickBooks Online Plus.