{"id":13378,"date":"2022-09-01T15:21:00","date_gmt":"2022-09-01T19:21:00","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=13378"},"modified":"2023-04-26T07:04:30","modified_gmt":"2023-04-26T11:04:30","slug":"how-corecard-automates-public-market-reporting-and-sox-compliance-with-sage-intacct","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/how-corecard-automates-public-market-reporting-and-sox-compliance-with-sage-intacct\/","title":{"rendered":"How corecard automates public market reporting and SOX compliance with Sage Intacct"},"content":{"rendered":"
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\n\t\t\t\t\t\tHow corecard automates public market reporting and SOX compliance with Sage Intacct\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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As a growing public software company, CoreCard needed robust reporting, strong SOX compliance, and seamless global consolidations across its U.S. and international operations.<\/p>\n\n\n\n

Having previously outgrown Sage 50, the Georgia-based payment card management platform provider thought it had found its solution when it migrated to a well-known cloud ERP\/financial management suite aimed at mid-market companies.<\/p>\n\n\n\n

That move didn\u2019t work out as planned.<\/p>\n\n\n\n

\u201cWe had a lot of problems getting the functionality we needed, and the implementation was a challenge,” says Matt White, CoreCard CFO. “We didn’t get the support we needed, and we weren’t able to utilize the global consolidations or multicurrency conversion functions.”<\/p>\n\n\n\n

White adds, \u201cWe went back to Sage and decided to go with Sage Intacct \u2014 which we should have done all along.\u201d<\/p>\n\n\n\n

Global Consolidations Done in Minutes<\/h3>\n\n\n\n

With Sage Intacct, CoreCard (NYSE: CCRD) has gained capabilities such as an intelligent general ledger, public market reporting, foreign currency management, consolidations, and SOX compliance to help it thrive as a public company. <\/span><\/p>\n\n\n\n

Those same capabilities have also helped dozens of businesses create IPO readiness<\/a> and transition into public companies.<\/p>\n\n\n\n

Live on Sage Intacct in 2022, CoreCard now has the efficient accounting, public market reporting, and global visibility it couldn\u2019t achieve with its ill-fated migration to the well-known cloud ERP system. Intuitive ease of use in Sage Intacct is a key factor.<\/p>\n\n\n\n

\u201cSage Intacct is a lot more intuitive versus the other cloud platform we tried,\u201d said White, named CoreCard\u2019s CFO in 2019 after previous roles at Equifax, Humana, and Deloitte. “You can use Sage Intacct without hours and hours of prior training.\u201d<\/p>\n\n\n\n

After rapidly scaling up his team on Sage Intacct, White says that time needed for global consolidations has dropped from 2 days to 1 minute. And they are able to incorporate foreign exchange into those calculations.<\/p>\n\n\n\n

\u201cWe have several global subsidiaries, and were gathering information from each of them and putting it in an Excel spreadsheet,\u201d White explains. \u201cIt took a lot of ticking and tacking\u2026 it was a process that took days.\u201d<\/p>\n\n\n\n

\u201cWith Sage Intacct, it now takes minutes,” White says. “There’s a big benefit to having all our subsidiaries in one accounting system, and using the consolidation function to consolidate more efficiently.”<\/p>\n\n\n\n

Automation Frees Time for Analysis<\/h3>\n\n\n\n

Fast, accurate reporting and built-in controls with Sage Intacct are also helping CoreCard strengthen SOX compliance and generate new business insights \u2014 all while minimizing spreadsheet work for accounting and finance.<\/p>\n\n\n\n

\u201cSOX compliance is always top of mind, so you want to make sure you\u2019re using the best security controls and reporting,” White says. “With Sage Intacct, we have a much more automated process and the confidence that our results are accurate.\u201d<\/p>\n\n\n\n

With spreadsheet work cut dramatically, accounting staffers have new time to invest in reporting and analytics. For example, CoreCard uses Sage Intacct to generate revenue and cost by customer reports that were previously impractical, helping the customer tailor services to its customers. With dimensions on all of their journal entries, analysis can be done at the top-level, and then drilled down into customer, product, entity, region, or many other data points.<\/p>\n\n\n\n

“Sage Intacct helps us take things to the next level with a lot more automation so we can free up time to do more analysis to run the business and drive growth,” White says.<\/p>\n\n\n\n

Scenarios and Modeling with Sage Intacct Budgeting and Planning<\/h3>\n\n\n\n

CoreCard augments its Sage Intacct accounting platform with Sage Intacct Planning<\/a>, gaining new financial planning and analysis (FP&A) capabilities that it lacked when budgets were prepared and tracked in Excel. This allows it to have more predictable forecasts and expense management for its reporting as a public company.<\/p>\n\n\n\n

\u201cWith Sage Intacct Planning, we can quickly create different scenarios and present those to the board,\u201d White says. \u201cWe don’t have to input data into spreadsheets because we\u2019re just extracting it from the underlying accounting system, so our actuals get populated much more easily.\u201d<\/p>\n\n\n\n

\u201cIt\u2019s made the process much faster and allows us to focus on driving future growth,” White adds.<\/p>\n\n\n\n

As CoreCard’s Sage Intacct implementation matures, White is looking for more wins including a faster close, additional automation to replace manual processes, and deeper analytics based on real-time data. Ultimately, that adds up to scalability and agility to power growth in the hot international market for payment card management software.<\/p>\n\n\n\n

\u201cSage Intacct is intuitive and powerful, so we can consolidate and close faster, and report and comply as a public company,\u201d White says.<\/p>\n\n\n\n

To learn more, see our resources on what makes Sage Intacct the best-in-class solution for mid-market public companies<\/a>, as well as capabilities engineered expressly for software and SaaS companies<\/a>. To see an interactive demo of Sage Intacct, why register for a Coffee Break Demo<\/a>.<\/p>\n\n\n\n

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