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What is Sage?
Sage is a accounting software for businesses of all sizes. It is a platform with numerous functionalities to help you manage various processes, such as billing, accounting, inventory, etc.
Sage account software is cloud-based, which means you can access it from any device connected to the Internet. Likewise, you can download the native application on a PC (Windows or macOS) or a smartphone (iOS or Android).
Features
Here's what you can do with the Sage accounting app:
1. Invoicing
Sage provides professional billing with ready-to-use templates. You can select one of these and edit it to create your unique invoice. There are a lot of things you can do in terms of editing. You can insert custom headers, related company logos, contact information, addresses, and more.
After creating an invoice, you can send it by email to the target customer directly from the platform. Plus, you can make card payments directly from the invoices you send. This feature is possible thanks to Sage's partnership with Stripe, a leading payment gateway.
Plus, you don't have to start from scratch every time. If you sent quotes to a customer, the Sage app allows you to convert them directly into invoices. Likewise, you can save customer details without having to enter them multiple times into separate invoices.
2. Expense tracking
Sage manages expense tracking by simplifying and automating the process.
You can link the software directly to your bank account, and each time you pay an invoice, it is automatically reflected in the expense reports.
One of the great features of Sage is the capture and recording of receipts. You can take photos of the receipts with your phone's camera, and the software automatically reads and imports the data.
Likewise, you can download documents that contain financial parameters, and Sage will extract them and add them to your expense reports.
Another notable feature of the Sage app is the ability to manage your inventory and expenses in one place. With this feature, you can stay ahead of your procurement expenses by keeping the most important products in stock.
3. Inventory Management
Whether you offer physical or digital goods, the inventory management is a critical process, and Sage can be of great use to you.
It allows you to create digital records of each product in your inventory. You can add these records manually or import them from a spreadsheet. Each product needs a unique ID, description, price, and item class that determines how the software tracks it.
From the configuration screen, you can specify a unique inventory management unit (SKU) number and category for each product. This information allows you to filter your inventory reports as needed.
Finally, you can select specific cost calculation methods. There are four options: FIFO, LIFO, Medium, or Specific Unit. These details help the Sage software calculate the cost of items sold. At this point, you should have a valid entry in your inventory.
The next thing you can do is create an order form for each entry. This document is an official order request listing conditions, number of items, and prices. Sage allows you to create a single purchase order or multiple purchase orders simultaneously.
When a supplier has fulfilled your order, you can indicate it on your Sage account. The app combines this wealth of information to provide you with summary reports on your stocks. You can track key metrics like sales volume, cost of goods, and profitability from the Sage dashboard.
The Sage accounting application also has an inventory advisor. It is a cloud-based tool that gives recommendations for optimal inventory management. It automatically connects to and analyzes inventory data to help you determine what actions are needed to maintain a reliable inventory book.
4. Cash flow management
The Sage tool automates the entire cash management cycle. You can generate cash flow reports and get a real-time overview of your cash position so you know when to adjust your expenses.
Accounts payable
Sage allows you to automate account payments and easily send money to your suppliers.
You can add as many suppliers and their payment details as you have on your Sage dashboard. When it's time to pay, simply accept their bill and send the money using their preferred payment methods.
You can also set the app to remind you to pay suppliers in advance.
Accounts Receivable
Again, Sage automates your customer accounts.
Thanks to it, you can always keep track of how much money customers owe you and when they need to be paid. Each time a customer pays, your accounts receivable report is automatically updated, leaving only the invoices outstanding. This feature is useful for businesses that have a lot of customers and have trouble keeping up with all of them.
Banking integration
We've already provided some hints on how to link your Sage account to your bank account, but let's dive deeper.
With Sage's banking integration feature, you can link your bank accounts and manage your business transactions and cash flow. You can add different accounts for savings, loans, or customer accounts. Some subscribers may integrate bank accounts denominated in foreign currencies. You can connect an account via an authorization form sent to your bank or via Plaid, a third-party app.
Linking a bank account with Sage automatically creates what's called a bank flow. It is a secure connection that allows transactions to reflect on your Sage account.
If your bank doesn't support Sage, don't worry, there's an alternative. You can request a bank statement and then upload it to Sage. You need to download it in one of the following file formats: CSV, XLS, OFX, or QIF.
Sage accounting software can automatically extract information from a bank statement and export it to your accounting dashboard.
Journal entries
On Sage, a journal is used to record irregular transactions, such as amortization, dividend payments, and accrued interest. They are used to move value between ledger accounts that don't affect customers, suppliers, or bank accounts.
Creating journal entries on Sage is a seamless process. All journals follow the principles of double-entry accounting, which means that every debit balance corresponds to a credit balance. Each log can have multiple debit or credit values, as long as the overall totals match.
If you have already created an input file elsewhere, you can import it into Sage. Just make sure it's available in CSV (comma-separated value) format.
5. Reporting
Your Sage account contains a lot of data about your business. The software can analyze them and provide reports and information. It presents them in visually appealing forms that encourage you to digest them. For example, you can use charts, tables, and slices to monitor what's going on in your business.
You can generate reports on audit trails, sales, audit balances, and more.
6. Sage Marketplace
One thing you're likely to enjoy about Sage is its app marketplace. It is a showcase of applications created by external developers that integrate with Sage. You can use them to get features that aren't available on the core platform. Some of these add-ons are free, while others are chargeable.
There are lots of categories to choose from. There are apps that help you comply with tax requirements in global markets. You can get HR management tools that make it easy to onboard employees. If you want to create a budget and sales forecasts, you will also find applications for that.
And the list is long.
7. Sage Mobile App
You can download Sage as a smartphone app and use it everywhere you go. The application is available on both iOS and Android.
However, it does not have all the functionalities of the Sage platform, which is only accessible through the web interface or the desktop application.
Pricing
The Sage 50cloud advanced product offers three subscription plans - Pro Accounting, Premium Accounting, and Quantum Accounting.
Here's what you get with each one:
Pro Accounting: $33/month
Invoice tracking, purchase orders and approvals, expense management, automated bank reconciliation, reporting, inventory management, task management and cost calculations, and Sage Security Shield.
Premium Accounting: $55/month
All Pro features, plus: Multi-company support, order and change forms, advanced reports, advanced job costing, advanced inventory tracking, audit trails, and sector-specific features.
Quantum Accounting: $91/month
All premium features plus: Role-based user permissions and workflow management.
Sage also offers two basic plans that are better suited to small businesses:
Start of accounting: $10/month
With this plan, you can create and send invoices, keep track of your customer accounts, and perform automatic bank reconciliations. It is limited to a single user.
Accounting: $25/month
This option includes all of the features of the Start plan and a few others. You can enter and capture receipt data, send quotes and estimates, forecast cash flow, etc. It supports an unlimited number of users.
There is a 30-day free trial for all of the above subscriptions. And if you're not happy with the software, you can ask for a refund up to 30 days after your purchase.
Security and Confidentiality
Security is a key concern in any business activity and even more so in the field of accounting. Your Sage account contains confidential information that you don't want unauthorised people to spy on. The platform understands this and implements a wide range of security protocols to protect customer information.
All of the data in your Sage account is encrypted by default. They are kept in a large database and stored on hard drives, but only you can access them. Let's say someone steals the hard drives. The information they contain will be useless since they don't have the encryption key. And it's not like they could just break in. Sage leases storage space from Amazon Web Services (AWS), which has a reputation for providing top-notch security both online and offline.
Customer support
If you have a problem with the Sage platform, customer support is always available by phone, live chat, or email. In addition, comprehensive tutorials and how-to guides on the platform are available on the official website.
Sage reviews written by users often praise the company for providing a reliable service. Response times tend to be short, and its representatives provide complete and accurate information.
Sage vs QuickBooks
During our research for this Sage review, we noticed that a lot of people mentioned QuickBooks as an appropriate alternative. QuickBooks was developed by Intuit, an American technology giant that specializes in business software. It is one of the most used accounting software, mainly in North America.
Both platforms offer similar functionalities, for example billing, forecasting, cash flow management, inventory management, etc. But there are a few differences that you should be aware of.
The first finding is that QuickBooks is much easier to use. It is renowned for its usability, according to numerous online reviews. Indeed, the interface is not as confusing for beginners as that of its competitors and it takes less time to get used to it.
Another area where QuickBooks is the clear winner is its application. The Sage mobile app lacks some features that you can access on the web interface. On the other hand, the QuickBooks application offers all of its features. It's also easier to use than Sage's.
However, QuickBooks limits the number of users who can access a single account, while Sage supports an unlimited number of users and can even manage multiple companies.
And while both platforms cater to businesses of all sizes, Quick Books tends to be the more expensive solution.
FAQs
What is the size of businesses using Sage 300?
Sage 300 is developed and marketed for small and medium businesses. The median number of employees at organizations considering using Sage 300 is 20. Additionally, 57% of Sage 300 reviewers say they are evaluating the product as an option to use in businesses with 10 to 99 employees.
What is the difference between Sage 300 and Sage 300c?
The Sage 300c offer is an evolution of the old Sage 300 product with extensive support for web screens. The web screen feature provides users with the ability to access the software through their web browser.
Another key difference between Sage 300 and Sage 300c relates to the licensing model. Sage 300c is available exclusively on a subscription pricing model, while Sage 300 is offered as a purchase option.
Final Verdict
After extensive research and product testing, we can confidently say that Sage is a reliable and comprehensive accounting solution. Its starter packs are affordable, which is a major concern for small businesses with a limited budget.
The main disadvantage of the platform is its complicated user interface. But getting used to it won't be a problem with a bit of practice.
