Intacct: Cloud Accounting Software and Cargas Team Up with the Sports Industry
The professional sports industry is like no other when it comes to accounting. It presents unique challenges for sports franchise CFOs and accounting departments struggling to apply accounting principles and address tax regulations. Issues such as accurately apportioning revenue, optimizing franchise ownership structure, and achieving accounting consistency for player contracts and signing bonuses can all pose difficulties that many accounting packages simply can’t address well.
All this can be made even more difficult with the implementation of recently updated Financial Accounting Standards Bureau (FASB) guidelines for revenue recognition and leases. The revised guidelines can affect a wide range of sports and teams with stadium and arena deals as well as sponsor and media rights contracts.
Intacct: Custom-Tailored Accounting System for the Sports Industry
Fortunately there’s an accounting system designed specifically to support unique accounting situations such as the sports industry. Intacct cloud-based accounting software is an ideal solution for sports franchises that need speed, flexibility, and real-time response to financial questions that are regular occurrences in the fast-paced world of professional sports.
Take transaction tagging, for example. Intacct offers a Dimensions feature that enables the simple flagging of transactions to link them to a smaller, more streamlined set of accounts. Unlike the more cumbersome, hard-coded structure of a traditional chart of accounts with hundreds or thousands of individual accounts, Intacct’s dimensions allow you to streamline your chart of accounts to include only your natural accounts, but tag transactions with dimensions to allow the information to be included within reports, charts and graphs. Dimensions help provide real-time insight in a granular level of your business, such as specific sponsorships, enabling users to drill down into individual sponsorship categories for details regarding, say, signage or promotional events.
Franchise Data When and Where You Need It
All the team financial data in the world doesn’t mean a thing if you can’t monitor and analyze it when and where it’s needed. Starting on day 1, reports are provided to you right out of the box to help your accounting department hit the ground running. Along with these reports, with Intacct’s reporting and dashboard functionality natively built within the system, custom reporting has never been easier. You’re now able to get real-time updates on ticket sales, team expenses, sponsorship status, and more – all delivered in easy-to-configure, easy-to-use customized reports. Additionally, Intacct features a powerful data delivery service that enables sports industry users to setup automated data feeds to business intelligence tools, data warehouses, reporting systems, and other external applications. Best of all, the cloud-based versatility of Intacct accounting means all of your team financial data is just as available on the road as it is at home.
Optimize Your Sports Accounting with Cargas on Your Team
From football to baseball to the largest sports complex in the country, Cargas Systems has proven to be a key team player for a wide range of sports industry clients. Our expertise and depth of experience enables us to help sport and entertainment clients quickly and easily set up their cloud-based accounting systems to meet corporate, industry, league, and regulatory requirements.
As a Premier Intacct Partner, Cargas is uniquely positioned to help you get the most value out of your financial data. Learn more about how Intacct and Cargas can be a part of your winning team.