We recently wrapped up Sage Intacct Advantage in Las Vegas. Sage Intacct Advantage is a conference for Sage Intacct customers, partners, and enthusiasts where they can learn about the latest partner solutions or services and network with peers to share best practices.
In addition to learning the latest new Sage Intacct product features and trainings, we love meeting up with customers. We caught up with Arif Farooqui, Senior Accountant, at Marinus Pharmaceuticals.
Marinus Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to positively impacting the well-being of patients who suffer from epilepsy and neuropsychiatric disorders. The company is in the midst of developing and commercializing ganaxolone which will treat adults and children with epileptic seizures and women with postpartum depression.
We tried to meet with all our customers during Advantage, however we were honored to have Arif participate in a customer testimonial and speak to our Vice President, CFO, and accounting outsourcing practice lead, Andrea Low. We are in the process of revitalizing our outsourced accounting services and Arif provided us insight into how Sage Intacct is being used in the biotech sector.
How have you been enjoying Sage Intacct Advantage?
It has been a great experience. I’ve met a lot of people and have taken some interesting training sessions. I’m taking full advantage of this opportunity to handle current challenges. For example, we have long-term contracts that require us to address purchase orders multiple times. It is common to be midway through a purchase order and need to adjust for modifications. We’re working on a way around this with Andrea’s help. She suggested closing out the purchase order and create a new one to capture the changes. We’re also looking into if a new transaction definition could be created so that the information from a partially completed purchase order can be copied to the new document and then tracked that way. I’m also interested in learning more about audit logs. Knowing more about who made changes and when they were made will greatly benefit us.
Forecasts and reports are also very important to us, especially keeping track of our cash report. We are starting to use Adaptive Insights. It integrates with Sage Intacct and allows us to drill into our data to make better financial forecasts.
Let’s talk about before you implemented Sage Intacct. What challenges did Marinus experience?
We were a newly public company still running QuickBooks. We had new regulatory and auditing requirements and were not able to get effective accounting and reporting out of the QuickBooks system.
Why did Marinus choose Sage Intacct?
We considered multiple ERP solutions before selecting Sage Intacct, both server-based and cloud-based software. Sage Intacct quickly became the frontrunner after the first demo. The user interface was clearly superior to others, with a clean, “plain-English” appearance that we knew would work well for non-Accounting users. As we dove deeper, it became clear that Sage Intacct was the right product for us. Every way we needed to improve the efficiency and effectiveness of transaction processing from what was being done with QuickBooks was expertly handled through Sage Intacct, so we ultimately decided this was the software we needed.
How has Sage Intacct impacted your job and Marinus?
Sage Intacct has provided excellent transparency to our organization, allowing each employee to more effectively manage their own vendors. When there is an inquiry on the status of a contract or specific invoice, the employee users are easily able to review in real time through Sage Intacct, leading to more informed discussions with the Accounting department and their vendors. Sage Intacct has also significantly reduced the time it takes to close a month, create our quarterly financial reports, provide meaningful management reporting, and provide information to our auditors.
Has Sage Intacct provided more transparency to your executive team?
It has given non-accounting users more insight into billing and projects. By using the reports and export features, it makes it simple and easy to do trend analysis that assist the executive team in the decision-making process.
If we didn’t get a chance to meet at Advantage, let us know! We’d love to find out what you thought about the conference. To read more about our work with Marinus Pharmaceuticals, click here to read their case study.