Sage Intacct is a popular choice for multi-entities that have complex accounting processes. While it meets the requirements of mid-level and big corporations, it has a few disadvantages, including:
In short, Sage Intacct has all the basic and advanced features to manage your accounting processes. Unfortunately, because it's a legacy system, it’s difficult to adapt to your business, integrations are tough, and many processes (like multi-entity and multi-currency consolidation) are cumbersome.
That said, here are five of the best Sage Intacct alternatives for companies looking to streamline their accounting processes.
SoftLedger is a full-featured cloud accounting platform designed for multi-entities that have complex accounting processes and need a more efficient solution that is less cumbersome than a legacy system like Sage Intacct.
In short, SoftLedger's more modern structure and open API gives you the automation and flexibility you need for efficient multi-entity accounting. Additionally, it eliminates the cumbersome onboarding and training processes that legacy systems like Sage require.
Here are a few of the reasons customers love SoftLedger.
Most companies using legacy accounting systems (like Sage Intacct) or SMB accounting systems (like QuickBooks or Freshbooks) have to wait until they close the month to get a clear picture of how they did that month.
The close process itself is also cumbersome and time-consuming, meaning companies typically don't have data until mid-way through the next month. This is a problem because the company won't be able to adjust to surprise expenses quickly.
For example, let's say your Facebook ad budget for all of March is $20,000, but it already hit $15,000 in the first week. With legacy software like Sage Intacct, you won't know that it's gone over the budget until the end of April, and by that time, it's too late to make corrections.
With SoftLedger, you have access to real-time data, so you would know that you'll probably be over budget that first week and can course-correct by pausing the campaign.
Therefore, you have an accurate picture of your financial position throughout the month, and executives can make more accurate decisions.
Legacy systems like Sage Intacct are not cloud-native, so it's not easy to integrate other solutions with their APIs. For example, if you want to build an integration with Sage Intacct, you'll have to hire a developer with knowledge of their proprietary programming language.
In addition, none of them offer detailed documentation. This means it's difficult for engineers to deduce whether or not a project is possible until they dive into it.
On the other hand, SoftLedger offers an open-ended REST API, which means 95% of our platform is completely programmable via API. This means it's much easier to integrate other tools.
With SoftLedger, the integration process is extremely smooth without any need for specialized developers, whereas with Sage, integrating with their API can become extremely cumbersome. This is due to the fact that it is not built on open standards, requiring developers to take extra time to become familiar with their design and terminology.
In addition, SoftLedger offers detailed documentation that makes it easy for developers to very quickly and easily see if the project they want to execute is possible.
Sage Intacct and other legacy systems offer multi-entity consolidation, though it requires several trained Sage Intacct experts to set it up. This process typically requires months, and even when it's running, you still won't have access to real-time data as some processes (such as multi-currency consolidation) aren't performed until the end of the month.
This is a problem because without accurate data during the month, you won't be able to proactively adjust to changes.
On the other hand, SoftLedger consolidates all of your data automatically, in real-time. So any changes you make to a particular entity are immediately reflected in the general ledger (and any other impacted accounts).
This means your executives always have access to accurate data in the general ledger and can drill down to individual accounts for more detailed analysis. This will help them make better investment decisions, and the company won't overspend because they know how they are doing.
While Sage Intacct offers a multi-currency feature, it waits until the end of the month to apply the foreign currency rate. This means that you don't have access to accurate data throughout the month.
However, SoftLedger automatically applies the foreign currency rate the instant a transaction enters the system.
This way, you always have accurate data in each entity's account and the general ledger.
Out of the Sage Intacct alternatives we will cover, SoftLedger is the only one that is crypto native. With legacy systems like Sage Intacct, you have to purchase a secondary crypto tool and bolt it onto your accounting system. This also means that you'll have to deal with the integration issues created by their cumbersome APIs, or you'll have to do all of your crypto accounting outside of the system and then bring it in.
There are also more nuanced issues with using a legacy accounting system for crypto. For example, they offer limited decimal places, and many cryptocurrencies require upwards of eight or nine decimal places. For example, before switching to SoftLedger, one of our clients was using Zimbabwe currency to track cryptocurrency as it was the only one that would offer enough decimal places.
SoftLedger solves these problems because it is a crypto native solution. Because of this, all crypto accounting automatically appears in the general ledger.
SoftLedger also supports all exchange trades and tokens. Even if the currency isn't in an exchange, you can create your own custom currency.
As the crypto space evolves rapidly, SoftLedger is built to be incredibly flexible. Through the use of “custom coins” and other self-configurable features, SoftLedger provides a much more flexible approach to be able to accommodate any activity as the industry evolves.
In addition, SoftLedger can calculate your cost basis automatically and then create a journal entry – with just a few clicks.
So rather than going through each of the cost layers manually and calculating the gain or loss, our system automatically calculates this for you using the FIFO methodology. The system can do this because each time a transaction is booked, it is individually tagged and dated. It also gets time stamped so the system knows how to go through using FIFO to pick all the coins and calculate what the cost should be.
This saves accountants hours and ensures all data is accurate as it eliminates manual errors.
Once the gain or loss calculation is complete, SoftLedger will create the journal entry for you and automatically apply it to your financial statements.
Then, when you're audited, the auditor can spot-check the entries and see all of the cost layers that went into the gain or loss entries, making it easy to remain compliant and ensuring you're always audit-ready.
To see how SoftLedger can improve your accounting team's efficiency and accuracy, sign up for a demo today!
FreshBooks is designed for small-scale users like freelancers or solopreneurs. These users want a more robust tool than Excel spreadsheets but don't have complex accounting processes that require a robust system like Sage Intacct.
While it's excellent for small-scale users, it isn't built for sophisticated reporting processes like multi-entity consolidation.
Core FreshBooks features include:
Below is a video describing how FreshBooks work:
Both Zoho Books and Freshbooks are designed for small businesses, freelancers, and solopreneurs with simple accounting processes.
Given that it's designed for small users, Zoho offers a simple UI that can be used by anyone regardless of accounting knowledge.
Other Zoho Books core features include:
Below is a video with a brief overview of how it works:
Both Flexi and Sage Intacct are built for mid-sized and large corporations with multi-entities and other complex accounting needs.
One of Flexi’s selling points is accounting workflow automation. The feature enables you to transform time-consuming, manual processes into automated and efficient workflows.
For example, you can automate your cross-department collaboration to enhance productivity within your accounting team. Other core features include fixed asset management, purchasing software, financial reporting, and project accounting.
Again, since it’s a full-suite software, it will take your accounting team a couple of months to set up and start using it.
Below is a brief explainer video taking you through Flexi’s features:
Board calls itself a decision-making platform that helps you integrate planning, analysis, reporting, and consolidation across the enterprise.
As a result, it fits established corporations looking for an accounting tool with advanced capabilities. Users love their budget planning and forecasting. It allows you to forecast cash generations, track expenses and revenue, and simulate financial needs.
When combined with its robust reporting capabilities, it’s easy to make financial decisions regarding your business.
Here’s a brief video overview of the Board:
If you want a full-featured accounting platform that is more efficient than Sage Intacct yet still offers the power necessary to handle complex processes for multi-entities, consider SoftLedger.
It is the only modern general ledger accounting system that is a native cloud accounting platform, giving you maximum flexibility and efficiency.
Despite its power, the user interface is super intuitive and only takes a few weeks to get up and running. If you have cryptocurrency elements, it’s also the only crypto-native Sage Intacct alternative.
If you’d want to give us a test drive, feel free to schedule a free demo with SoftLedger.
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