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Accounting Overhaul
2023-2024
The accounting overhaul project at Student Agencies Inc. (SAI) stemmed from the urgent need to replace Sage BusinessWorks, an outdated accounting platform that no longer met the organization’s operational needs. When I joined SAI as IT Director, it became immediately clear that the existing system was slow, cumbersome, and lacked essential features required for efficient financial management. Sage BusinessWorks required an external server for operation, lacked modern integrations, and its limited screen functionality severely hindered productivity. Compounding these issues, Sage had announced it would be pulling support for the software, leaving SAI vulnerable to potential system failures and compliance risks. Recognizing the critical need for a modern solution, the transition to a new accounting platform became a top priority for myself, the CTO, CFO, and the Board of Directors. This initiative aimed to equip SAI with a reliable, scalable, and user-friendly system to support its $4 million annual revenue and complex multi-entity structure.
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Process
Evaluation of Accounting Software Options
To replace the outdated Sage BusinessWorks, multiple accounting platforms were evaluated for their ability to meet SAI’s needs. These included handling four separate legal entities, integrating with platforms like Salesforce and Movegistics, and staying within budget.
Sage BusinessWorks and Sage Intacct
Sage BusinessWorks lacked modern integrations, required inefficient remote desktop access, and frequently suffered outages. Sage Intacct offered robust features but was prohibitively expensive, with costs ranging from $15,000 to $100,000 annually—well beyond SAI’s budget.
Sage 50
Though affordable, Sage 50 was a desktop-based solution without cloud access, modern integrations, or collaboration capabilities, making it unsuitable for SAI’s operational demands.
Zoho Books
While competitively priced at $2,880 per year, Zoho Books’ complicated pricing structure and workflow limits added unnecessary complexity. It also lacked user-friendly features and pre-built integrations.
Quickbooks Enterprise Silver Package
QuickBooks’ Enterprise Silver package offered desktop functionality but relied on remote desktop access, repeating the inefficiencies of Sage BusinessWorks. Its weaker integration support made it less viable than other options.
⭐QuickBooks Online Advanced
QuickBooks Online Advanced stood out as the best choice due to its cloud-based functionality, robust integrations, and cost-effectiveness at $2,925 for the first year. It offered:
Cloud Access: Eliminated remote desktop inefficiencies.
Seamless Integrations: Connected with Salesforce, Movegistics, and Squarespace.
Scalability: Supported up to 25 user accounts with permissions.
Comprehensive Reporting: Enabled consolidated reporting for all entities.
Advanced Analytics: Included dashboards and custom reports for data-driven decisions.
This solution modernized SAI’s accounting operations while staying within budget, ensuring long-term efficiency and scalability.
Project goals
The accounting overhaul project at Student Agencies Inc. (SAI) was designed with clear goals to address the organization’s pressing financial management challenges and set a foundation for long-term success. With over 200 employees, $4 million in annual revenue, and four distinct legal entities—Student Agencies Inc, Student Agencies Foundation, Student Agencies Properties, and eLab—the project aimed to achieve the following objectives:
Streamline Financial Operations: Replace the outdated Sage BusinessWorks platform with a modern, cloud-based solution to reduce inefficiencies and eliminate reliance on external servers.
Enhance Reporting Capabilities: Provide consolidated reporting across all entities to enable a holistic view of financial performance.
Integrate Systems: Seamlessly connect the accounting platform with critical tools like Salesforce, Movegistics, and Squarespace to reduce manual data entry and improve accuracy.
Improve Access and Collaboration: Enable controlled, real-time access for managers and board members to enhance collaboration and decision-making.
Automate Processes: Introduce automation to save time, reduce errors, and allow staff to focus on strategic tasks.
QuickBooks Online Advanced was chosen as the ideal solution to meet these goals. Its robust features, including division-level tracking, customizable user permissions, and advanced analytics dashboards, were critical to achieving a more efficient and integrated financial management system. This transition not only addressed SAI’s immediate needs but also empowered the organization to operate more effectively across all levels.
Implementation strategy
The project unfolded in three stages, each focusing on one of SAI's entities, starting with SAI itself due to its complex Chart of Accounts (COA). A consolidated COA was meticulously created by combining over 1,000 items from all entities, forming the foundation for accurate reporting and integration. Data migration involved transferring 24 months of historical data, including customers, suppliers, invoices, and journal entries, to ensure comprehensive financial records in the new system.
Integrations were prioritized based on complexity, beginning with Salesforce and followed by Movegistics and Squarespace. This phased approach minimized disruptions while ensuring a seamless transition for each entity. Additionally, the project included implementing automations to save staff time and integrating expense management tools like Bill.com to streamline operations further.
Stakeholder engagement and risk mitigation
To ensure alignment and accountability, a dedicated oversight committee was established, comprising members from the Board, CFO, and key directors. Regular weekly meetings and monthly updates provided transparency and facilitated collaboration. Potential risks, such as data transfer errors, downtime, and compliance concerns, were addressed through parallel systems and ongoing consultation with an audit firm.
The project also emphasized training, with self-paced QuickBooks modules enabling both current staff and incoming student teams to familiarize themselves with the platform. These measures ensured a smooth handoff and ongoing usability, supporting long-term organizational efficiency.
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Outcome
Outcomes and reflections
The accounting overhaul project successfully transformed SAI’s financial management system, achieving its goals of streamlining operations, enhancing reporting capabilities, and integrating key tools. QuickBooks Online Advanced delivered consolidated reporting, advanced analytics, and automation, significantly improving operational efficiency and decision-making across all entities.
A unique challenge of the project was the planned retirement of both the controller and the CEO during the transition. Although their departures posed risks, the decision to proceed was intentional. It provided the opportunity to train new hires—both the incoming controller and CEO—directly on the new system, ensuring they were fully equipped to manage it from the start. Moreover, the urgency of transitioning off Sage BusinessWorks, which was losing support and carried a risk of data loss, made moving forward essential despite the timing challenges.
The most demanding aspect of the project was the manual data migration process. With no existing data transfer integrations for Sage BusinessWorks, the transition team had to extract data from PDFs and manually input it into QuickBooks. This time-intensive and meticulous task required significant effort from the team. Looking back, outsourcing the data entry process would have been a smarter choice, saving time and reducing the burden on the internal team while ensuring greater accuracy.
Despite these challenges, the project ultimately provided SAI with a modern, scalable accounting platform that addressed inefficiencies and secured its financial data for the future. It demonstrated the team’s resilience and commitment to delivering a solution that positioned the organization for continued success.
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