Performing Consolidations in Sage Intacct vs QuickBooks – Why Sage Comes Out on Top 

Sage Intacct ERP and QuickBooks are popular forms of accounting software. They’re both solid software choices that offer companies robust functionality. However, there are significant differences between Sage Intacct and QuickBooks that mean they may not be an equally good fit for your business. We’ll specifically compare the consolidation functionality in Sage Intacct vs QuickBooks. 

What are consolidations in accounting? 

Consolidations are an accounting process the involves combining financial data from multiple entities or subsidiaries into a unified financial statement or set of statements. It’s a particularly important process for larger organizations with complex structures, like multinational corporations or those with multiple business units. Consolidations are often a tedious and time-consuming process and may take several weeks or even months. Different entities or business units may use different accounting standards or requirements, particularly if they’re in different countries.  

What is QuickBooks?

Before we dive into how consolidations work in QuickBooks, let’s look at what QuickBooks is. It’s a form of accounting software popular among small to medium-sized businesses. QuickBooks is great for basic accounting functionality but is somewhat limited and does not offer more advanced accounting functions like industry-specific features, invoice design tools, or key reports outside of accounting. 

Consolidations in QuickBooks 

QuickBooks offers basic consolidation capabilities. Users can create consolidated reports by manually exporting data from individual company files and combining them in a separate spreadsheet or report. However, QuickBooks does not include advanced features for intercompany transactions, currency conversions, or automated eliminations, which are essential for accurate financial reporting in complex organizational structures. In addition, consolidations in QuickBooks must be performed manually. This means they are prone to error and may potentially be very time-consuming. 

What is Sage Intacct?

Now, let’s shift over to Sage Intacct. Sage Intacct is a popular cloud-based ERP. It’s an ideal solution for small to medium-sized businesses, although it can scale to fit larger enterprise organizations as well. Sage Intacct is known for its robust feature set, flexibility, and integration capabilities. It helps businesses improve their financial operations, gain real-time insights, and ensure compliance.  

Consolidations in Sage Intacct 

Sage Intacct offers robust consolidation functionality as part of its core features. Unlike QuickBooks, Intacct automates the consolidation process, enabling users to generate consolidated financial reports with ease. Sage Intacct’s consolidation module seamlessly integrates data from multiple entities, ensuring real-time visibility into the financial performance of the entire organization. It also supports complex consolidation requirements, including intercompany transactions, multi-currency management, and automatic eliminations. This reduces manual effort and improves data accuracy. 

Benefits of Performing Consolidations in Sage Intacct vs QuickBooks   

Sage Intacct offers four primary benefits over QuickBooks in terms of its consolidation functionality.  

1. More Efficient – Consolidations are more efficient in Sage Intacct with automated processes and more complex functionality. QuickBooks offers limited and manual consolidation functionality. 

2. More Accurate – Sage Intacct’s automatic consolidation processes reduce the risk of manual errors during the consolidation process. This improves the accuracy of financial reporting. 

3. More Scalable – Sage Intacct is designed to for scalability so it can grow with any business. It’s an ideal solution for organizations with expanding operations and complex structures. In comparison, a lack of scalability is one of QuickBooks’s biggest challenges. QuickBooks is known for freezing when users work with larger data files. QuickBooks also has limits on the numbers of users and files it can handle simultaneously.   

4. Better Compliance – Sage Intacct includes comprehensive consolidation features that ensure companies remain in compliance with regulations and requirements like Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). 

What We Can Do for Your Business

At CertiPro, we’re experts in Sage Intacct implementations across all industries. We’ll configure your Sage Intacct application to perfectly fit the needs of your business, including creating customized workflows and objects. Contact us today to see what we can do for your business.