Less than 7% of financial functions are dedicated to organizational strategy, while finance teams spend most of their time and energy on manual processes. That’s an alarmingly small percentage for such a vital part of the financial process. The good news is, artificial intelligence (A.I.) in accounting systems can help shift your focus to strategic planning. Sage Intacct deploys artificial intelligence throughout its software to help its users work smarter, improve their organizations, and become future-oriented.
Let’s dive into four features within the Sage Intacct platform that leverage A.I. and how they benefit the end-user.
Intelligent General Ledger
Sage Intacct’s Intelligent General Ledger (GL) offers continuous accounting with the capability to review thousands of GL transactions instantly, with accuracy you can trust. It’s the core of Sage Intacct and your financials.
Powered by A.I. and automation, the Intelligent GL allows you to post and report transactions immediately, share financials securely with specific individuals, and reduces your need to manipulate data outside the system. Bank and app integrations create a steady stream of financial data. Plus, you can configure workflows to automate processes like consolidations and adjustments.
Sage Intacct uses technology to reduce manual data entry. With more data and more confidence in its accuracy, you reduce your close time and spend less time creating reports in Excel. Employees have more time to focus on analyzing the data and making improvements.
General Ledger Outlier Detection
In accounting, we must expect a small percentage of human error when manual work is involved. Roughly 10-20% of all journal entries require correction in the traditional GL approval process. Finding the errors, fixing them, and approving them require valuable time.
However, Sage Intacct’s GL Outlier Detection leverages the power of artificial intelligence to scan thousands of entries in minutes. It will discover discrepancies and flag transactions that need review, vastly reducing the amount of human error and saving hours on finding and reconciling mistakes. GL Outlier Detection is equipped with machine learning, so it grows to learn your business and its patterns as you use it. Plus, users have the power to set parameters and identify what transactions qualify as an outlier, helping the system deliver anomalies to you.
Outlier Detection is critical for finding day-to-day problems, but it may also help you identify and fight fraud. That’s the value of A.I.
Interactive Visual Explorer
Sage Intacct has Interactive Visual Explorer, which builds visual representations of your data. In seconds, you can compare data over multiple periods to view trends, patterns, and correlations. Choose from trend and reference lines, clusters, forecasts, and more. Sage Intacct gives you more than 200 prebuilt visuals, but you have the power to build your own.
Let’s say you want to view your actual revenue, month by month. With the power of A.I., the Interactive Visual Explorer pulls in your revenue data and will predict next month’s revenue by analyzing past data and patterns. Imagine you’re on the cusp of making a critical business decision and want to know if you have the financials to support it. Sage Intacct’s predictions can help you capitalize on opportunities and confidently make those decisions.
Most professionals spend at least one hour manually entering their time and reporting billable hours from their week. With Sage Intelligent Time, you can end this outdated practice. Intelligent Time uses an A.I. assistant to gather activities and create timesheets. Your staff can switch to reviewing and approving those entries. They can start managing how and where their time is spent.
Advantages of an A.I.-powered timesheet include:
- More accurate invoicing
- Faster closes and billing cycle
- Increased productivity for busy teams
- Recapturing lost revenue from manual time entries
Now that you know about the exciting A.I. features within Sage Intacct, consider how these tools could transform your workday. What manual processes could you automate? What might your responsibilities look like if you’re not tracking down missing timesheets? How could you lead your business with predictive analytics?
We empower our clients with solutions that encourage their financial success. Find out how you can get started with Sage Intacct!
WEBINAR | HOW AI WILL TRANSFORM FINANCIAL MANAGEMENT
What does A.I. do for business? What does it mean for the finance functions and teams? Watch the on-demand webinar as experts discuss:
- The impact and benefits of artificial intelligence
- How to prepare for the future of financial management
- Examples of artificial intelligence and how they’re leveraged across Sage Intacct