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[Podcast] Jayce Kadire of MGO CPA Shares Sage Intacct Best Practices

Posted by The AI in Accounting Podcast on Aug 12, 2020 7:30:00 AM
The AI in Accounting Podcast

This podcast episode features Jayce Kadire, the Director of Financial Accounting Advisory Services at MGO CPA. After receiving his undergraduate degree in accounting, Jayce received his graduate degree in corporate finance. His professional career as an accountant began with a regional firm in New York. Next, Jayce worked in the medical device and life sciences industry, before transitioning back to the world of public accounting at MGO’s office in San Jose, California.

MGO was founded in 1987 and currently works with several types of business entities, some of which have specific government regulatory requirements. Over 400 of MGO’s clients are in the cannabis and hemp industry. Therefore, it was important for MGO to work with a SaaS platform that supports their client’s unique industry needs. Jayce’s first experience working with Sage Intacct began during his time with MGO, because Intacct is a cannabis-friendly ERP system.

[Podcast] Jayce Kadire of MGO CPA Shares Sage Intacct Best Practices

Jayce is relatively new to MGO, after being in his current position for about five months. Regardless, he provides many great suggestions for both startup owners who are considering Sage Intacct; and those who consider themselves power users.

In this podcast episode, you'll learn how to:

  • Free up your time using group reporting features.
  • Develop a template customization strategy to send tailored reports to your clients.
  • Exceed customer expectations using custom dashboards.
  • Scale your accounting software from your startup phase while minimizing your need to change platforms.
  • Focus your time on helping clients analyze data, rather than inputting it into your accounting software.

Jayce Kadire’s advice on Sage Intacct is also featured in Sage Intacct Best Practices for Outsourced Accounting, Advisory Services, and VARs || Not Just for Mid-Market Firms Anymore [Download the Free eBook]. Highlights include:

  • The future of accounting focuses on platforms that support verticals: “Sage Intacct is a ‘cannabis-friendly’ ERP system. MGO has over 400 cannabis and hemp industry clients. Sage Intacct is one of the ERP systems that works with that industry without restrictions.”
  • As Jayce Kadire noted, “You can start with Sage Intacct when you’re a startup and turn on the modules as you see fit. You’re not stuck with QuickBooks and suddenly, you grow too quickly. Sage Intacct will grow with you.” He also noted that because of the Marketplace Partner program, clients receive great pricing on ERP, CRM, and other systems that already work with Sage Intacct, thereby saving time and money for growing firms.
  • Jayce Kadire agrees, “MGO specializes in the cannabis vertical, and Sage is ‘cannabis-friendly.’ Cannabis operates in different verticals and must do consolidations at the end. Sage does that really well. You don't have to export it into Excel and have intercompany transactions and do all the eliminations, because it does that for you within the system. I highly recommend Sage Intacct for companies with multiple entities, multiple units, and/or multiple locations that operate individually.”
  • “If you’re into check-cutting, then Sage isn’t built for that,” says Jayce Kadire. “I prefer to do everything online, and it interacts directly with banks by uploading a file and releasing all payments. There’s a lot of automation that will save you time and headaches.”
  • No More Broken Links If you rely on Excel for reporting, and one link breaks, then you could spend hours tracking the broken formula. “If you’re using Sage Intacct, then all the consolidations happen in one place—especially if you’re grouping reports. You can run one report, and everything is spewed out. Then you put it in an email to your user, and it saves you lots of time,” says Jayce Kadire.
  • Powerful Dashboards “I simply love the dashboards,” says Jayce Kadire. Dashboards for CEOs, CFOs, controllers, and accounting managers all have specific data that is easily customizable. “Dashboards are a fantastic way to get a ‘Wow!’ out of a client. In the morning, leaders can log in and have all the tools they need to make their decisions for the day. I’m surprised more people don’t use them.” Michelle Schimberg likes the self-service aspect of dashboards: “You no longer have someone coming in your office and asking, ‘What’s this number on my financial statement?’ They can drill down to the specific transaction themselves.”
  • Group Reports Reporting flexibility is a key aspect of Sage Intacct. “At the end of the month, after closing, you will have one set of reports that includes the P&L, balance sheet, cashflow, equity statements, and management reports all together,” says Jayce Kadire. “You just bundle it together and email your client.” No more need to consolidate individual reports into an Adobe Acrobat PDF or Excel spreadsheet.
  • Jayce Kadire explains the role of AI and ML: “I think we can leverage a lot of machine-learning technology. It will play a huge role in MGO as business partners versus data processors. AI and ML will process information faster and more accurately, so we can spend more time analyzing and advising. I’m glad to be here. It is an exciting time.”
  • What types of advice will outsourced accounting firms provide? “As a business partner, you have to help clients understand what the numbers mean versus just providing the numbers,” says Jayce Kadire. “Sometimes, that is missed.”
  • Jayce has over 17 years of progressive accounting experience in general accounting management and consolidations. He also has deep experience in forecasting, budgeting, and financial analysis, preparing and managing financial audits, equity raising and cash management, ERP implementations, and cost accounting for the medical device and consumer electronics industries. You can find out more about MGO and Jayce at MGOCPA.com and on LinkedIn.

Watch the Podcast Interview

 

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A lightly-edited transcript follows below:

Jayce Kadire (00:00):

So, whereas if you're using Intacct, all those graphs reports, everything - consolidations all happen in one place, especially if you're grouping all the reports; you run one report and then everything is spewed out, even with documentation in the front. And then, you can just put it in an email out to your client.

Voiceover Announcer (00:17):

Welcome to the AI in Accounting Podcast. Now here's your host, Joshua Feinberg of Vic.ai.

Joshua Feinberg (00:30):

Joshua Feinberg here from the AI in Accounting Podcast. And I'm being joined today by Jayce Kadire, the Director of Financial Accounting Advisory Services at MGO CPA in the Bay area. Welcome, Jayce.

Jayce Kadire (00:45):

Thank you. Thanks for having me here.

Joshua Feinberg (00:47):

Hey, thanks so much for joining me. The focus and main thing I wanted to speak with you about today is about your favorite tips around Sage Intacct. But before we roll up our sleeves and get into some of the best practices, can you take our viewers and listeners through a little bit about your background? Did you always want to be in accounting? Did you go to school for accounting? How did you end up in your current career role? How does that fit in with your firm at large?

The Journey to Director of Financial Accounting Advisory Services at MGO CPA

Jayce Kadire (01:13):

I guess my background in schooling is in accounting. I got my undergrad in accounting. I got my Master’s in corporate finance, so I've always been in the corporate world. Initially, I started my public accounting career in a regional firm in New York and then came out to California some time ago. And I've been working in the industry for quite some time, particularly in the medical device and life sciences industries. Then I recently made a jump back into public accounting when I joined an NGO. And, I've been going, full speed ahead here ever since.

Joshua Feinberg (01:52):

That's awesome. So, you're part of the advisory services group. How does that fit in with the rest of the firm? Are there other groups that are audit tax? Where does that kind of regard and the whole type of framework?

Jayce Kadire (02:08):

Yeah, MGO is interesting, firm, but we are both accounting professionals and provide consulting services. So we initially started building in 1987 as a sole practice, state and local tax, state, and local government. And we provide both audit and tax services to a lot of different types of entities. Mainly we started with the local government, particularly California. So our corporate offices were in Sacramento, and we recently relocated the corporate office to Century City, Los Angeles area. And we have offices all over the country, East Coast, all over California and on the East Coast. So, New York, Florida, Chicago, and we have an office in India, as well. So, we're about 500 plus professionals, doing audit tax and advisory services. And that's where my division is.

Why Sage Intacct?

Joshua Feinberg (03:06):

Awesome. So, shifting gears a little bit more to the tactical part of the software, what got you involved initially in Sage Intacct? What was your first foray? When you were still working in private industry, did you first learn to get involved with Sage Intacct when you joined MGO?

Jayce Kadire (03:24):

I first got involved with Sage Intacct when I joined MGO. The reason why we were involved with Sage Intacct is because they are a cannabis-friendly, ERP system. And NGO is, has been supporting the cannabis industry, cannabis hemp industry, for several years. And, we have over 400 cannabis and hemp industry clients. And so Sage is one of the entities, ERP systems that work with that industry without restrictions.

Joshua Feinberg (03:58):

It's really interesting when I speak with a lot of people for these podcast interviews. Often the value of vertical expertise comes up a lot as being especially helpful when you're providing outsource services. In this particular case, though, it's not only the expertise within your team, it's the SAS platform that you've built the advisory services around.

Jayce Kadire (04:17):

That's right. So, you know, I have a lot of experience implementing NetSuite, in the industry, someone that was in the medical device industry I've implemented NetSuite twice at two different types of entities. One was a consumer electronics company. And the other ones were medical device companies. So I'm quite familiar with those types of industries. When they came into MGO, they were using Sage, and I quickly got up to speed, and the vertical is a very important one for us because we do support a lot of the cannabis type industries.

Favorite Tip for Sage Intacct Beginners

Joshua Feinberg (04:53):

What do you say to somebody either on your team or out at a client site who's never used Intacct before? What's your favorite tip for a beginner - somebody that's just getting started.

Jayce Kadire (05:05):

My favorite tip would be something related to reporting because I love reports. I'd like to spend more time analyzing than actually, looking at, doing the actual work. Right? So, one of my favorite tips that would be actually to look at the creation of group reports. At the end of the month, after you're done closing your books, all you have to do is run on one set of reports and all your P&L balance sheet cash flow statements, and any kind of management reports and equity statements come all out at once. And so you can spend more time, and you can just bundle it together and send it off to the client versus running individual reports, putting it together, creating it in Adobe or Excel, and then having to send it off. This way, it all comes out on one report.I would highly say if you are a beginner, start looking into the group reports feature in Sage.

Joshua Feinberg (05:57):

Does that take a lot of work for somebody who's new to configure? Is that something out of the….

Jayce Kadire:

Actually not. Sage is fantastic in the reporting tools, and they have a lot of sample systems that they have, templates that they have. And you could, if it doesn't meet your exact need, that you can modify it. And so you start with the templates and, and make it your own as you go. So that's why over the flexibility of the reporting, as a group.

Joshua Feinberg (06:23):

So group reporting. Yeah. That makes a lot of sense. I know, even with the kind of work that I do reporting convergence time, if it's not set up efficiently, like hours a month. Yeah. And, the more time you free up the more time you can spend talking about what's in the reports.

Jayce Kadire (06:38):

That's correct – more time on analysis. And, less time actually, you know, generating the reports. Right. So yeah.

Joshua Feinberg (06:44):

Now at the other end of the spectrum, in terms of knowledge expertise, what do you say to somebody that you might meet at a conference like Sage Partner Summit or something like that, or Advantage where you are speaking with someone who's been using Intacct for years and maybe over a drink, you're saying, Hey, Jayce, have you ever seen this before, perhaps you're talking to a product manager, and you're sharing more stories. What's your favorite tip for a power user expert?

Advice for Sage Intacct Experts

Jayce Kadire (07:11):

Well, I think they should try to customize all the other forms within Sage Intacct has to offer, especially as sales orders or customized invoices, just so that you can generate them on the fly and also get them out without having to modify, so every single customer item separately, right? So every time you get a particular, order for some of the products that you have sold, or you're doing that kind of stuff, you want to make sure that you have a customized form for it already, so you can quickly get to it, use it, and send it out versus spending time, modifying an existing report at that time. So, they have a lot of templates that you can utilize, to modify it, and to make it your own. So if you have several versions of the same kind of, auto entry forms or invoices that you have different templates for different types of products that you have, or different types of services, this way you can modify it and you can easily name it and later on, find it. So, you can get that out as quickly as possible without having to delay the time.

Joshua Feinberg (08:14):

Something that you work on as part of onboarding with new clients, where you go through and help them decide how to build these forms, customize the forms ultimately, so they get what they need out of the reports.

Jayce Kadire (08:23):

And that's correct. Since we are an outsourced provider, we handle most of the accounting back-end offices, for a lot of our clients. And so we'll help manage all these items and then speak with them regarding what they need and what we need to get out on a timely basis. When a request comes in, we can quickly turn it around and save the client time and money. Right. So it's perfect.

Joshua Feinberg (08:45):

Have you noticed

Jayce Kadire (08:46):

Another big thing that I love, talking about it over drinks at a bar with somebody who's been using it for quite some time in the dashboards, right? I simply love the dashboards and the CFO dashboard, the controller's dashboard, the accounting manager dashboard, and the CEO dashboards. They all have specifics, and you can modify it to your own. And they're a fantastic way to get a really wow out of the client. Cause you have so much different information, and you give them access, and they log in in the morning, and they have all the tools that they need to make the decisions for the day. So it's quite an interesting tool. And I'm surprised like a lot of people don't use it. So that's one of my big proponents of that. Sage has been doing for many years, and I love the dashboards.

Joshua Feinberg (09:32):

So, the forms customizing the forms drives more efficient reporting, and you can do the reports as a group to save a lot of time. And then you have dashboards with, what's the relationship between where reports and dashboards began, where is there overlap? Is that something that you think about together when you're doing onboarding?

Jayce Kadire (09:49):

Well, yeah, that's something that we always have to look at when we onboard a client. What's important to them. Sometimes they only have a few transactions, but they're high dollar transactions. So they will always want to see exactly who's outstanding, what they can collect, what we should be concentrating on. So, those are when the dashboards come in handy because they are real-time information.

Preventing Common Sage Intacct Mistakes

Joshua Feinberg (10:12):

Oh, okay. Yeah. That makes total sense. What's do you see as one or two of the big mistakes across the board, regardless of level and experience that people are tending to make with Intacct, that if you could bake into the product and magically fix, it would save a lot of headaches, stress, aggravation, save a lot of time, or just some kind of preventative tips that you'd walk new users through.

Jayce Kadire (10:34):

Yeah. I don't know if they have, if there's anything that we can fix, I'm really happy with Sage currently, and they're constantly coming out with new revisions, and also, they take advice to heart. When you have a support ticket, and you're requesting features, they actually do listen and implement them. I've noticed with new releases. I'm super happy with that. The one thing that I have noticed that a lot of people don't realize is that, because we are an SAP partner, you know, we get great pricing. And Sage is not just for a mid-tier firm, and you can start when you're a startup phase with Sage and at RO and turn on modules as you see fit. Right. Whereas so you're not stuck with QuickBooks, and you're not there, just living in the QuickBooks world and all of a sudden, you know, you grow way too quickly.

Jayce Kadire (11:26):

And then now you are looking at an ERP system, and you're trying to figure out what's the best scenario for you. And now you're spending a lot of time analyzing. Whereas if you just started with Sage, to begin with, you could turn on modules as you, as you see fit. So it has a great fit for even the smallest of startups, who are willing to have their back office outsourced, or even if they were using Sage just as a, you know, the first tool to begin with, for their venture out into the business world.

Joshua Feinberg (11:56):

I didn't realize that; that's interesting. So, the general perception is that a lot of people in the marketplace see Sage Intacct as a mid-market ERP. You're saying that by being selective on only using a few of the modules, you can get the price down to the point where it makes sense even for a startup.

Jayce Kadire (12:13):

That's correct. And it's simple, easy to use, and cloud-based, so similar to QBO online, right? So, and you can start your whole venture out in the ERP, in the cloud so that, therefore, you know, you don't have to have centralized people in the office. It can be anywhere they can work from anywhere. The only piece that you really can't handle is the check cutting. If you're still into that. I prefer to do everything online, interact directly with the banks and then, upload a file so that it could release all the payments. So there's a lot of automation that you can handle with a Sage, which can save you a lot of time and headache. And as you grow, you don't have to worry about thinking about, you know, what the ERP system you'll have to go to at that point.

Joshua Feinberg (12:56):

A lot of it sounds like good basic investment protection and avoiding the time expense and risks that come with migration from one platform to another.

Jayce Kadire (13:05):

Correct. And then, and since we focus, in cannabis as well, and they have a lot of different verticals that they operate in, and they do consolidations at the end. So that Sage does that well within the system. Whereas you don't have to export it out into Excel and have intercompany transactions that you have to look at and do all the eliminations, it does that for you within the system. So, it handles those kinds of things well. And I would highly recommend people looking into it if they have, especially if they have multiple entities, multiple units, multiple locations, and things like that, that operate individually.

Joshua Feinberg (13:42):

That's interesting. So in most cases, would that be something that an entrepreneur would ordinarily CFO or something would take into account when balancing what to use and making a decision on?

Jayce Kadire (13:53):

I think so. I think so. They definitely should look at it. Just especially if they have multiple units that they need to consolidate on a monthly, quarterly, or annual basis.

Joshua Feinberg (14:03):

So this would be like divisions or different, different lines of business, different subsidiaries, maybe within the U.S. outside the U.S.

Jayce Kadire (14:09):

Correct. And then if they have a holding entity that has to, you know, report on a consolidated basis, and so then you just remove the need for Excel and the consolidation - doing it within Excel.

Joshua Feinberg (14:21):

Yeah. That's a great tip when I've spoken with other people before about Intacct, and they're talking about how to know what parts to build next. It's like take a screenshot of what you're doing in Excel and email it to me, and we'll get it in the list of stuff to do because I think some people are embarrassed that they have these Excel sheets and Google sheets going.

Jayce Kadire (14:43):

You got to do what works, right? I mean, I mean, Excel and Google sheets, they both have beautiful graphs that you can create, and update automatically. And especially with a, you know, if you have graphing of the pivot table that pivots the updates and then, you know, you have, everything else that updates, but if one link breaks, then you're spending hours, modifying those reports, right. So, and then tracking down the broken link, the broken formula. Thus, whereas if you're using intact, all those graphs reports, everything consolidates all happens in one place, especially if you're grouping all the reports, you run one report. Everything is spewed out, even with the documentation in the front. You can then put it in an email to your client, saving a lot of time.

Joshua Feinberg (15:24):

It gives you more time to spend time with clients helping them. [inaudible]

Jayce Kadire (15:29):

That's right. You can be the advisor versus just the processor. Right. And that's the key element. And I spend a lot more time advising and looking at the numbers and what they mean versus here are the numbers. Good luck. Because, you know, we only allowed 10 hours, you know, a month on this particular client and that's what you wanted. And here's the report instead that can generate the reports, process everything in the backend because Sage is so easy to work with. And then, we have more time for analysis and FaceTimes and which leads to other prospective businesses.

Joshua Feinberg (16:00):

Yeah. That's another big theme I've seen across the board. It uses technology as the driver to get a lot of the basics taken care of automatically with integrations and eliminating time on data entry and reclassifications and recurring stuff to free up the time to be the true outsource CFO.

Jayce Kadire (16:17):

Correct. Correct. And I think that's one of the items that is a kind of missed, is the fact that you're a business partner, and you have to help them understand what the numbers mean versus just providing the numbers.

Speaker 4 (16:31):

Okay.

Sage Intacct’s Role in the Future of Accounting and Digital Transformation

Joshua Feinberg (16:31):

Jayce, if you were to put your hat on for a moment as a product manager, thinking more of a trend from a transformation innovation standpoint, where do you think your industry, where do you think public accounting/outsourced accounting is headed in the next 12, 24, 36 months. And has this changed dramatically in the last several weeks with COVID?

Jayce Kadire (16:49):

Well, I think a lot of the AI piece of it would be beneficial, especially from the transactional processing standpoint. I think we can leverage a lot of machine learning and, yeah. Technology. I think that will play a huge role in us playing business partners versus processors. I think you can get anyone to process. Machine learning and AI can process items faster, quicker, and more accurately then, in most cases, humans can, and I think we can spend more time analyzing it than actually processing it. And this way, we can indeed be the partner and be the consultant that adds value versus a person who’s just doing the processing and handing it off and having them do the analysis.

Joshua Feinberg (17:35):

It seems like the technology, and where we're at with all these updates as a key to actually making this happen, as opposed to for the last three, four, or five years, most people have aspirationally wanted to move in this direction. And it looks like the software has finally caught up.

Jayce Kadire (17:48):

Yeah. If you think about a lot of the other services you know, do the automated billing for you. Until recently, until Vic.ai and different companies have come about, I mean, most people were outsourcing to India or the Philippines, and there's somebody who's the AI sitting there. He could be cubicle working out the, you know, figuring out how to code it and code it. And it wasn't truly AI. And I think we've made leaps and bounds in that area. And I would love to see this area as it grows.

Joshua Feinberg (18:20):

That makes a lot of sense. Jayce, any other parting words that you think would be especially helpful for somebody to know about Sage Intacct?

Jayce Kadire (18:28):

I, they are an easy, easy company to work with, and they take their partner very seriously. And if you ask for a particular update or functionality that wasn't there before, you can pretty much see it in the next few revs that come out and I am really happy to be working with them.

Joshua Feinberg (18:50):

That's excellent. If somebody has any questions on anything you talked about, wants to follow up with you, or just wants to follow you, is there any particular place you'd recommend on social media either for you or for your firm?

Jayce Kadire (19:01):

Yeah, we're on LinkedIn as everybody else's I think it's. I'm not sure where other places they can follow. I'm still trying to figure this out. I'm fairly new to MGO. I've only been here about five months now and have been very busy taking over the Sage piece of the practice. And, haven't quite figured out the social media and the marketing aspects of it. And so when you sent the notice, I was like, Hey, this is great. This will be my, you know, get my feet into the water, so to speak instead of just diving right in. So I appreciate the effort that you're putting forth here.

Joshua Feinberg (19:44):

You're very welcome. We look at education as a huge part of making this work is true. Probably fine with a lot of your clients, is it probably isn't somebody that's up at two o'clock in the morning saying, gee, these reports are taking too long to do, and it's messing things up. And I don't have enough time to spend with my clients or my team or to recruit or grow the business. And, but from when they work with someone like you and they've outsourced it and trusted that you could say, Hey, wait a second. You know, I just found you another four hours a month, every single month. What could you do with that time?

Jayce Kadire (20:11):

Right? Absolutely. And then I'm super excited about all the technology has to offer us going forward. And I'm glad to be here. It's exciting.

Joshua Feinberg (20:19):

Well, thanks so much for joining me today on our podcast. I wish you all the best, and stay safe.

Jayce Kadire (20:25):

Thank you so much. Take care. Take care now.

Voiceover Announcer (20:29):

Thanks for listening to this episode of the AI in Accounting Podcast. To subscribe and leave a review, check us out at blog.vic.ai or wherever you like to consume podcast episodes, including Apple Podcasts, Google Podcasts, and YouTube.

What's your favorite Sage Intacct tip? And what did you find most valuable from Jayce Kadire's podcast interview? Let us know in the Comments section below.

And if you're serious about taking your Sage Intacct knowledge to the next level, download the free eBook: Sage Intacct Best Practices for Outsourced Accounting, Advisory Services, and VARs || Not Just for Mid-Market Firms Anymore.

Sage Intacct Best Practices for Outsourced Accounting, Advisory Services, and VARs [Download the Free eBook]

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