Financial transformation is different in the middle. Midmarket companies are fast-growing and resilient, achieving an impressive year-over-year revenue growth rate of 12.4% in 2023, marking a new all-time high. However, as these companies scale operations, they often face unique challenges not felt by their smaller or larger counterparts. Luckily, they have technology on their side to help them.
Here are four ways technology supports midmarket companies in their financial transformation:
1. Say Goodbye to Manual Tasks
As midmarket companies grow, they face operational complexity. Being able to streamline and simplify operations through automation is giving leading midmarket companies a significant competitive advantage. Accounts payable, accounts receivable, and financial reporting can feel repetitive and never-ending like you’re stuck on a hamster wheel, but with Sage Intacct those activities turn into efficient workflows, much like swapping out that hamster wheel with a well-oiled machine.
Sage Intacct keeps things moving smoothly without manual effort so your finance team has more free time to focus on strategy and staff engagement rather than endless paperwork. Jim Walko, the Controller at Luthercare, shared how Sage Intacct has positively impacted their business by saving them time, “While the team closes [month-end] quickly, then we can focus on doing some other projects. Obviously taking vacations when you want to, things like that.” In a nutshell, by automating your core financial processes, you can drive business success faster.
2. Stay in the Know
Did you know that between 60-73% of data goes unused? This means that most of the data companies collect isn’t being leveraged for impactful change. Simply put, data is useless if you can’t understand and analyze it properly. With Sage Intacct, that story changes – for the whole team.
Sage Intacct’s real-time reporting and dashboards deliver up-to-the-minute financial information in just a few clicks. No matter where your team is, you can tap into the company’s financial health and make decisions that impact growth. Need to check cash flow on the go? You can. Want to quickly see how much you’re spending? Done. Sage Intacct provides midmarket companies with the clarity they need to make informed, real-time (and confident) decisions without delay.
3. Growing Pains? Not here.
Some businesses struggle because the solution that works for them today, just isn’t capable of adapting to their business as it changes. That’s not a concern with Sage Intacct. Midmarket companies looking to expand operations actually can easily with Sage Intacct. Adding new services? No problem. New location? Can be set up in day. Handling higher volumes of transactions? Great! Sage Intacct grows right along with you.
A major plus? Sage Intacct is in the cloud, which means you don’t need to stress about disrupting operations for hardware upgrades or software changes. As your business grows, you can effortlessly tap into new functionality or tools, with Sage rolling out the upgrades regularly and automatically to keep improving the solution’s flexibility and scalability.
4. One Source of Truth
A common frustration among midmarket companies is siloed data. Not only does having siloed data increase your security vulnerabilities, but it also is inefficient with employees losing up to 30% of their weekly work hours chasing data across siloed systems. When your CRM, payroll, and HR systems are not talking to each other, you’re leading in the dark. Basing decisions on only one part of the story means you’re missing out on the full picture, and important details slip through the cracks, leading to…. drum roll, please…. bad decisions.
Sage Intacct easily integrates with a variety of business systems, driving financial transformation by reducing siloed data and making sure you have a single source of truth for all your organizational data. This means no more double (or triple!) checking the numbers because you can’t trust them. With everything combined and up to date in real-time, you make informed decisions that drive growth.
Midmarket companies face common challenges as they move toward a more digital and scalable future, like limited resources. Larger organizations typically have a dedicated team to support technology changes, while smaller-sized companies may not require such platforms. Navigating technological change for midmarket companies requires a strategic approach and a willingness to let go of the old. Connect with one of our experts to learn how we can make Sage Intacct work for your midmarket company in today’s tech-driven world.
