The IT Nerd

Sage, the leader in accounting, financial, HR, and payroll technology for small and mid-sized businesses (SMBs), today announced the availability of Sage Intacct 2022 Release 2. Building on its leading subscription billing solution for SMBs, Release 2 adds support for evergreen subscriptions. 

Evergreen Subscriptions

In today’s competitive market, many SaaS and subscription businesses grow by offering a variety of billing models to meet varying customer needs.  As businesses grow their blended subscription models, SMBs have long struggled to reconcile customer needs with the challenges this causes the back office.

With Release 2, Sage Intacct supports customers in SaaS businesses to easily bill auto-renewing subscriptions, report, and forecast billing and revenue. Sage Intacct now handles 300+ product-led growth, usage, evergreen, enterprise, and hybrid billing models as part of its solution, making it the only accounting vendor to support hybrid subscription models, supporting customers to:

• With Sage Intacct, businesses can manage billing and revenues in perpetuity, including all future up-selling and down-selling, cancellations, and recurring billing cycles.
• Eliminate the need to manually aggregate, integrate, and reconcile subscriptions with third-party solutions.
• Navigate the complexity of hybrid models, accurately predict consumption, and roll out new pricing models with minimal impact to accounting and revenue operations.
• Gain a consolidated view of financials, billing, revenue, cash, and SaaS metrics across billing models and cohorts, including historical, current, and forecasts.

Availability

Evergreen Subscription Contracts is generally available in all regions.

Sage, the leader in accounting, financial, HR, and payroll technology for small and medium-sized businesses (SMBs), today announced the launch of Sage Intacct Real Estate, a new module that adds property management functionality to the Sage Intacct cloud financial management system. The solution combines the long-trusted, solid foundation of Sage 300 Construction and Real Estate (CRE) Property Management with Sage Intacct’s proven multi-tenant cloud platform.

A native cloud solution, Sage Intacct Real Estate provides the same reliable functionality of Sage 300 CRE Property Management, with the added benefits of being in the cloud – including the increased flexibility and convenience of being able to access the system from any web browser. The solution is designed to support multiple tenants in one space, or multiple spaces for one tenant. This feature is particularly critical due to the rapid escalation of sublease space. As more companies look to sublease space, it is important that landlords can track the original lease signee and a new tenant who may now be occupying the space.

Sage Intacct Real Estate also allows for full lease abstract tracking and provides automatic reminders of important dates, including renewal options, lease expirations, and more. Additionally, users can automate management fee calculations, as well as expense recoveries for common area maintenance, real estate taxes, and more.

Availability

Sage provides a seamless implementation experience for both new users and existing users transitioning from Sage 300 CRE Property Management. The solution is available in the U.S. and Canada from Sage and its network of trusted partners. 

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Sage the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses, today announced its brand refresh. The refresh comes as a symbol of the company’s evolution, and a reflection of the changing needs of small and mid-size businesses globally.     

The updated brand represents Sage’s new purpose – to knock down barriers so everyone can thrive. This starts with its customers and a commitment to fuel SMB confidence by focusing on simplicity and insight, with a human touch to help business flow.     

SMBs say they are toughened up and ready to face the future post COVID but the complexities of running a business in today’s uncertain world are adding a new type of pressure. SMBs say they need an easier way to keep all the balls in the air and Sage research shows 49% are looking for companies like Sage to simplify business processes and give them a greater sense of control.   

As a symbol of the changes that the refreshed brand represents, Sage today announces a series of experiences focused on delivering insights and smarter decision making to fuel confidence:   

• Sage Membership: Every Sage customer now gets automatic access to the benefits of Sage Membership, starting with Member Masterclass rolling out this May. Member Masterclass offers human insights through talks and articles from the world’s leading experts and trailblazers on the challenges that are most important for businesses today—created exclusively for Sage customers and partners and available for a limited time to everyone. Based on current challenges faced by SMBs globally, Season 1 will tackle the competition for talent.
  
• New digital network services: Sage will double down on its commitment to make business simpler through a range of new services in the digital network, including giving SMBs access to essential accounting and bookkeeping tools directly via their bank app or web browser. Sage Accounting and Compliance as a Service (ACaaS) will launch in the UK in May. 
  
• New partnerships: Sage will continue to invest in communities and create unique customer experiences that deliver on its purpose, delivering business simplicity and faster, more accurate decision making to its customers. As an Official Supporter of the Rugby World Cup 2023, Sage, with partner Parthéna Consultants, will provide software to France 2023. Further partnerships will be announced in the coming months.

The brand and the values that drive Sage will also come to life through its £10m investment in NewcastleGateshead Quays. The Sage will launch in 2024 – a pioneering community-focused, state of the art arena (Sage Arena), exhibition and conference centre (Sage ICC), showcasing the best of the region to a global audience. £300m+ development will provide a £70m annual boost to the local economy and create 2,000 jobs. Sage will encourage local SMBs and Sage customers to contribute to the development and operation of the site and benefit from working spaces, priority access and promotional opportunities   

The refresh includes a new brand architecture, visual and verbal identity, and product portfolio migration strategy. Sage customers will experience the refreshed brand online and in products starting from today with a full roll out expected to continue until the end of the year. Out of home and broadcast advertising will start from May.  

A new study by Sage, the leader in accounting, financial, HR and payroll technology for small and medium-sized businesses (SMBs), has found that over four-fifths (83%) of finance leaders believe the industry needs a new breed of CFO.

“The Redefined CFO” study investigates how finance leaders today take a more holistic approach with a reliance on data to engage with the wider strategic priorities of organizations. Stepping out from the shadow of the CEO, the CFO has become a hub of business information – diversifying their expertise, recruiting the right talent, and ensuring they implement emerging technologies and purpose-driven programs to remove friction and deliver insights. The Chief Facilitative, Fairness and Future Officers represent this new breed of CFO. 

Cryptocurrency and the metaverse embraced by SMBs

The research found that finance officers within SMBs are increasingly embracing cryptocurrencies and the metaverse as digital payments technology forces an evolution. 

While only 17% of global finance teams reported currently accepting cryptocurrency transactions, one-third (33%) plan to accept decentralized currencies within the next 12 months. Just over half (52%) believe these currencies will prove ‘extremely’ viable as a long-term payment solution. The biggest hurdles surrounding adoption of cryptocurrencies were internal ESG policies (22%) and finding the right talent to manage it (22%). 

The research revealed that over two-fifths (44%) of finance leaders have used cryptocurrency as payment for personal transactions, whilst nearly half (48%) have personally invested in cryptocurrency. Another half (49%) plan to invest in it. 

When it came to the metaverse, SMBs may be further ahead in embracing the new technology than many anticipate. Over one-third (36%) of finance teams say their company has already entered the metaverse, while half (52%) say they plan to increase their presence over the coming year. Over half (54%) of respondents are planning learning programs in the metaverse, and almost half (42%) are purchasing virtual real estate (via NFTs). 

Global Breakdown

SMBs are accessing new capabilities all the time, supported by AI, machine learning and blockchain, to better manage their finances, and run their businesses more effectively.

Finance leaders in the US were the most bullish: almost half (46%) of US SMBs have already entered the metaverse, compared with only 30% of UK and 32% of Canadian businesses. 

US finance teams were amongst the most likely to already be accepting cryptocurrency transactions, with a fifth (21%) already accepting these payments. The US trails only Australia – where 29% of businesses already accept decentralized payments. These figures were substantially higher than those seen in the UK (13%) and Canada (12%) which are lagging behind. 

In terms of the long-term viability of cryptocurrency as a SMB payment source, 60% of US finance teams believe it to be extremely viable. This compares with 44% of UK and half (49%) of Canadian finance executives.

Purpose and people ahead of profit

Finance teams are now prioritizing technology skills over financial experience in recruitment, and it’s impacting the hunt for new skills. One-third (32%) of finance teams say they are now looking for candidates with either coding, developer, or AI algorithmic building experience. In fact, candidates with a strong AI experience were even more appealing than strong finance candidates willing to train and develop AI skills (38% compared to 34%, respectively). However, both are more attractive candidates than professionals without any technical skillset at all.

Organizations are also prioritizing people and empathy in business decisions. Just over three-quarters of financial decision makers are encouraged by their organization to prioritize people (77%), account for empathy and understanding when making business decisions (75%) and put purpose over profits (74%).

To download the full Canadian report, click here.

Sage, the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses, today released a new study on the Canadian nonprofit sector, Grow Together: How digital transformation empowers Canadian nonprofit organizations to embrace change. The study found that nonprofits have seized the opportunity during the pandemic to rethink and change the way they operate to gain efficiencies and better serve their communities, despite the difficulties caused by COVID-19.

Transforming operations to overcome challenges

In partnership with Leger, a Canadian research firm, Sage found that 9 in 10 nonprofits consider their digital transformation efforts a top priority to update business processes and gain efficiencies:

• 27% have already gone through the process and are digital-first
• 47% are in the process of digitizing key processes
• 16% have plans to digitize key processes

The pressure on nonprofits to transform their operations is driven by both external and internal challenges. The pandemic has inflicted the following top five common external challenges on nonprofits:

• Program disruptions (43%)
• Staffing shortages (39%)
• Decreases in funding (36%)
• Uncertainty related to service delivery mechanisms due to the pandemic (36%)
• Increased demand for services (32%)

Furthermore, two-thirds of nonprofits believe these external barriers will persist in 2022. As such, the need to accelerate or continue digital transformation initiatives is pressing to help overcome these acute challenges.

In addition, four in five Canadian nonprofits said they are experiencing the following internal challenges, which are causing operational friction within their organization:

• Lack of staff with the right skill set to manage the digital transformation journey (25%)
• Inefficiencies and delays due to multiple, disparate systems (23%)
• Manual, time-consuming reporting (23%)

Making strategic choices

Supporting digital transformation has been difficult for nonprofits when resources, financial or otherwise, have been stretched to their limit during the pandemic. In fact, 28% of Canadian nonprofits experienced a decrease in 2021 revenue, with four in ten experiencing more than 25% decrease in revenue. One-third of nonprofits saw a decrease in funding from both foundations and corporations over the last twelve months.

Facing both resource constraints and the need to overcome operational challenges, management of nonprofits are changing their approach to utilizing new technologies.

Nonprofit organizations that have begun their digital transformation are beginning to reap the benefits with clear efficiencies, including:

• Clearer data and reporting mechanisms
• Stronger tools to stay organized across the business
• Easier transition to working remotely
• Time saved on administrative duties

The nonprofit sector believes that technology is vital for both the immediate well-being of their teams as well as their long-term success.

Planning ahead

Looking ahead into 2022, nonprofits are beginning to express some optimism:

• 4 in 10 are forecasting a revenue increase for 2022, with 44% expecting an increase of 25% or higher
• 35% expect year-over-year revenue to remain flat
• 15% expect a decrease in revenue
• 8% are uncertain of their revenue projections

Growth is top-of-mind for these nonprofit organizations. Four in ten are planning to prioritize the expansion of their donor base, build their digital presence on social media and increase brand awareness. To achieve these priorities, their top investments will include the increased use of digital/automated platforms, increased marketing budget, and hiring skilled staff.

To learn more, please download the full Grow Together: How digital transformation empowers Canadian nonprofit organizations to embrace change report.

Methodology
Sage partnered with Leger, national research and analytics firm, to survey 75 non-profit financial directors across Canada between January 12^th and January 25^th, 2022. We also conducted focus groups with six non-profit financial directors between January 27^th and February 7^th, 2022.

By: Eva Schoenleitner, Vice President of Product Marketing at Sage North America

If you’re old enough, think of a time before the smartphone. A time before apps, touchscreens and a choice between Apple and Android devices.  Think back to the early 90’s. If you were using a mobile phone then, you wouldn’t have been blamed for thinking phablets and tablets were a far off dream. But look at us now, a world full of powerful gadgets connected by high-speed 4G connections – and soon to be 5G.

In a similar way, we’re only at the start of our journey with wearables and the Internet of Things. We’ve only touched on IoT’s potential with devices like the Fitbit, Microsoft Band and Apple Watch. But we haven’t seen convincing evidence that it could affect the places we spend much of our lives in – the workplace.

Wearables in the office

Wearable devices will get better and less expensive. Connections will become faster and more stable – you only have to compare the speeds of 3G and 4G to see how quickly the mobile world moves. At work, every small improvement (like the unobtrusive alert of a smartwatch), can help with productivity, collaboration and efficiency.

In the workplace small increases in efficiency can add up, and with a device like a smartwatch, you can already see the practical business applications. For example, employees could have access to emails, calls and text messages with a quick glance. For those in the market for a smartwatch, it’s easy to spot just how in demand this popular technology is by taking a look at the vast options available – in other words, you won’t be forced to wear the same watch as your colleagues, there are many fashionable choices. But just like smartphones, it’s the availability of apps which will be key to seeing a major use of wearables in the workplace. We’re seeing it at a basic level, with businesses developing wearable apps looking similar to the work they’ve done on smartphone apps.  Financial companies have been getting into the act, providing mobile banking apps that suit smartwatches after having success with a smartphone version.

Changing the way we work

To get small businesses interested, it is access to data which is key. Connected devices and the Internet of Things offer huge opportunity for entrepreneurs to access important actionable information on the go.

It’s already part of a smartphones armoury, so why not put on a watch that is running an app using your data in an insightful way? Imagine speaking to your smartwatch and getting an update on your financial status through a computerised virtual assistant.

At this time, it’s hard to imagine wearables as making the same impact as smartphones – but then again when we were texting and calling with the first mobile phones, could we imagine the progression of technology to create what we have now?

This is only the start of a connected world and creating apps for wearables will eventually be a key growth point for businesses. In this sense the Internet of Things will become the Workplace of Things.