Compliance and internal control
Streamlining approvals with Sage Intacct
For mid-sized organisations in Australia, maintaining robust compliance and internal controls while improving operational efficiency can feel like walking a tightrope. The challenge intensifies as businesses expand, with increasing approval workflows, documentation requirements, and the need to keep sensitive financial data within Australian borders. Simultaneously, meeting the fiscal and regulatory requirements specific to your industry adds another layer of complexity to an already demanding situation.
At Accsys Consulting, we assess your current systems and processes, identify gaps and opportunities, and recommend the best solutions for your organisation. Our expertise with Sage Intacct accounting software helps transform cumbersome approval processes into streamlined, secure workflows accessible from anywhere, at any time, while ensuring your systems remain secure, accurate, and reliable.
The approval process challenge
Current hurdles for mid-sized organisations
Mid-sized organisations often struggle with approval processes that are:
- Inefficient and Time-Consuming: Email-based or basic digital approval systems create bottlenecks, especially when approvers are unavailable or working remotely.
- Difficult to Track: Determining where an approval stands in the process can be nearly impossible without constant follow-up.
- Poorly Documented: Critical decisions may lack proper documentation, creating compliance risks and making audits more challenging.
- Geographically Restrictive: Many systems don’t allow for approvals to be made when staff are away from the office, delaying critical business decisions.
- Data Sovereignty Concerns: Organisations need assurance their financial data remains in Australia, meeting both regulatory requirements and internal governance policies.
- Industry-Specific Compliance Challenges: Each industry faces unique regulatory requirements, from healthcare privacy standards to financial services reporting obligations, which must be seamlessly integrated into approval workflows.
The Way Forward with Sage Intacct
Sage Intacct offers a comprehensive solution to these challenges through its robust approval workflow capabilities. As implementation specialists, Accsys Consulting can help you leverage these features to:
Automate Approval Workflows
With Sage Intacct, approval workflows can be configured to match your organisation’s unique requirements. When a transaction needs approval, the system automatically routes it to the appropriate individual based on predefined rules—whether it’s determined by amount thresholds, department, entity, or other criteria.
Access Approvals From Anywhere
The cloud-based nature of Sage Intacct means approvers can review and authorise transactions from any device with internet access. This mobility ensures business continuity even when key personnel are away from the office.
Maintain a Complete Audit Trail
Every step of the approval process is documented within Sage Intacct, creating a comprehensive audit trail. The system captures who approved what, when, and any comments or notes added during the process. This level of documentation strengthens compliance efforts and simplifies audit preparation.
Keep Data in Australia
Sage Intacct offers data centre options within Australia, addressing data sovereignty requirements. This ensures your financial information remains within Australian borders while still providing the benefits of a modern cloud solution.
Meet Industry-Specific Regulatory Requirements
Accsys Consulting specialises in configuring Sage Intacct to address the specific fiscal and regulatory requirements of your industry. We ensure your system can handle the unique compliance needs of sectors such as healthcare, financial services, not-for-profit, professional services, and more.
Ensure System Security, Accuracy, and Reliability
Our implementation approach creates a secure, accurate, and reliable financial ecosystem. We implement robust security protocols, validation checks, and system redundancies to protect your data and ensure its integrity.
The Implementation Process
Transitioning to Sage Intacct requires careful planning and execution. At Accsys Consulting, our implementation process includes:
Assessment Phase
We begin by thoroughly understanding your current approval processes, identifying pain points, and mapping out your organisation’s unique requirements. This includes:
- Documenting existing approval hierarchies
- Identifying compliance requirements specific to your industry
- Assessing integration needs with other systems
- Understanding your data sovereignty requirements
- Reviewing industry-specific regulatory obligations
Design Phase
Based on our assessment, we design approval workflows in Sage Intacct that:
- Mirror your organisational structure
- Incorporate appropriate approval thresholds
- Include necessary documentation requirements
- Provide fallback options for when primary approvers are unavailable
- Ensure all data remains within Australian borders
- Address industry-specific compliance needs
- Implement robust security measures
Implementation Phase
Our team configures Sage Intacct according to the agreed design, including:
- Setting up user roles and permissions
- Configuring approval workflows
- Establishing audit trail parameters
- Testing workflows with real-world scenarios
- Implementing industry-specific compliance features
Implementation Phase
Our team configures Sage Intacct according to the agreed design, including:
- Setting up user roles and permissions
- Configuring approval workflows
- Establishing audit trail parameters
- Testing workflows with real-world scenarios
- Implementing industry-specific compliance features
Training and Support
We provide comprehensive training to ensure your team can efficiently use the new approval workflows:
- Role-specific training for users, approvers, and administrators
- Documentation of new processes
- Ongoing support during the transition period
- Regular check-ins to address any issues or questions
- Compliance updates as regulatory requirements evolve
Measurable Benefits
Organisations that implement Sage Intacct’s approval workflows with Accsys Consulting typically experience:
Faster Approval Times: Reduction in approval cycle times by 50-70%
Improved Visibility: Complete transparency into where every approval stands
Enhanced Compliance: Comprehensive documentation of all approvals, supporting audit requirements
Increased Flexibility: Ability to approve transactions from anywhere, at any time
Peace of Mind: Assurance that financial data remains within Australian borders
Regulatory Confidence: Systems aligned with industry-specific fiscal and regulatory requirements
Secure Operations: Robust security measures protecting sensitive financial information
Reliable Reporting: Accurate financial data available when needed for decision-making
Next Steps
Ready to transform your approval processes while maintaining robust internal controls and meeting your industry’s regulatory requirements? Here’s how to get started:
- Schedule a Consultation: Contact Accsys Consulting for an initial discussion about your specific approval challenges and industry requirements.
- Assessment: Allow us to assess your current systems and processes to identify opportunities for improvement and compliance gaps.
- Tailored Solution: Receive a customised plan for implementing Sage Intacct to address your unique requirements, including industry-specific regulatory needs.
- Implementation: Work with our experienced team to implement Sage Intacct and transform your approval processes into secure, accurate, and reliable workflows.
Don’t let inefficient approval processes or compliance concerns hold your organisation back. Contact Accsys Consulting today to learn how Sage Intacct can help you maintain strong internal controls while improving efficiency, ensuring your data stays in Australia, and meeting the fiscal and regulatory requirements of your industry.
Arrange a compliance workshop session today.
Accsys Consulting is a certified Sage Intacct implementation partner serving businesses across Australia. Our team brings decades of experience in financial system implementation and business process improvement.