Sage Intacct 2018 Release 2, part of the Sage Business Cloud, is a new version. Its new features were designed to support business growth in healthcare, non-profits and financial services as well as for mid-market and enterprise customers. For the fast-growing healthcare customer base, which requires HIPAA compliance, it has specific relevance.
Dan Miller, VP of Product for Sage Intacct said: “In this rapidly-changing business environment, it is important to continually innovate and provide our customers with solutions that make an immediate business impact.
“The launch of Sage Intacct 2018 Release 2 ensures our fast-growing healthcare customer base is HIPAA compliant. We also have invested heavily in our industry leading multi-entity consolidation and analytics capabilities, while making sure the infrastructure scales to support your growing number of mid-market customers.”
Sage Intacct and HIPAA support
Organizations subject to the Health Insurance Portability and Accountability Act (HIPAA), will be able to use Sage Intacct’s financial solutions and feel confident they have appropriate tools and security to ensure HIPAA compliance. To achieve thus, Sage Intacct has introduced a new advanced audit trail. This has achieved HIPAA and HITECH certification by Sword and Shield.
To demonstrate its commitment to comply with HIPAA, it will sign a Business Associate Agreement with eligible healthcare clients. The purpose of such an Agreement is to provide healthcare organisations with the peace of mind that they will meet HIPAA regulatory requirements.
Sage Intacct has partnered with GuideStar to release the ‘Nonprofit Financial Board Book’. This is a dashboard which automates the tracking and management of best practices on order to deliver real-time insights. Metrics are seamlessly calculated using real-time balance sheet, revenue and expense data from Sage Intacct as well as from other operational sources from within an organization, including:
- the Donor Management Systems
- Budgeting and Planning software
- Payroll, and more.
With the ‘Sage Intacct Nonprofit Financial Board Book Powered by GuideStar‘, non-profits can:
- gain real-time visibility into key revenue composition and sources; with real-time visibility, customers gain insights which can guide planning and strategy, while strengthening funding stability; for example, the ability to view reserves allows non-profits to transit short-term funding gaps or move to expand funding diversity
- monitor organisational health with key metric visualisations; with access to visuals of key balance sheet metrics which align with GuideStar recommendations, non-profits can track trends and changes for a more complete picture of their financial health
- guide discussions with “Questions to Consider” content; non-profits gain peace of mind when they apply the “Questions to Consider” capability; this function helps non-profits ensure they are taking informed decisions
- navigate directly to GuideStar for benchmarking; non-profits will have a direct connection to GuideStar’s benchmarking tool; this will ensure alignment with recommended metric and best practices.
“The new Financial Board Book from Sage Intacct and GuideStar helps nonprofit organizations measure against industry benchmarks from GuideStar,” commented Braam du Plooy, controller, Atlanta Convention and Visitors Bureau. “Comparing your numbers to those from others in your industry is particularly helpful when managing budgets. This dashboard will make it much easier for organizations to stay on top of their key financial health metrics and know that they are aligning with the best practices from GuideStar.”
Consolidation enhancements for financial services
Sage Intacct has enhanced its multi-entity analytical capabilities for financial services. These enable financial service companies to support business decisions and measure success using KPIs.
The enhancements include a new graphical organization view. This has real-time access to financial information and can drill down to sub-ledgers in a single view. In addition, the process for setting up new books is now streamlined. This makes it easier to track performance against multiple accounting standards or across countries.
What does this mean
Sage Intacct has invested heavily in its cloud financial infrastructure. Its objective is to support fast business growth for mid-sized organisations in various industries, including healthcare, non-profits and financial services. It believes it supports some 1.8 million customers across more than 100 countries.
Sage Intacct 2018 Release 2 is now generally available from Sage Intacct and its channel partners. The rationale for Sage buying Intacct is becoming clearer.