In August 2021, Sage Intacct rolled out its 2021 Release 3 to users. The release focuses on three themes – best-in-class financials, deep cross-industry functionality, and a best-in-class cloud platform. While there are many notable enhancements, we’d like to highlight a few changes that reduce time-consuming processes and maximize efficiency.
1. GL Outlier Detection
Sage Intacct’s machine learning solution – GL Outlier Detection – identifies and flags anomalies during your general ledger approval process. It has an improved user interface with at-a-glance visuals that tell users why entries were flagged. And, Sage Intacct added new flag icons that help draw your attention to unusual entries.
Now, you can control what should be flagged in each journal by configuring thresholds for materiality and dimension. For example, you can select your adjustments journal and tell Sage Intacct to flag any entries that exceed a materiality threshold of 25 by department, class, and location. You can use default settings system-wide and customize outlier detection for specific journals.
This enhancement allows you to take a proactive approach to catching errors and identifying issues. Plus, it speeds up the approval process by reducing the amount of time and attention spent on approvals.
2. Bank feed transaction matching
Sage Intacct offers new filtering options for complex banking transactions that add consistency and accuracy to your reconciliation processes. The system offers expanded criteria operators for text and date comparisons. And, there are more options to group transactions together based on their document number or posting dates. This allows you to automate one-to-many, many-to-one, and many-to-many bank transactions to match Sage Intacct transactions.
In addition, you can order rules within a rule set to prioritize rules that matter most to you. Your team will have greater account visibility and reduce the amount of time they spend on manual reconciliations.
3. Enhanced billing and reporting features
If you’re a subscription-based business, you may enjoy the latest enhancements to Sage Intacct’s Contract and Subscription Billing module. You can streamline invoice aggregation in just a few clicks by selecting your “invoice by” settings and grouping invoices by customer, contract, project, or bill to. Eliminate multiple invoice runs!
Sage Intacct also supports committed usage billing which streamlines billing based on customers’ assumption of contracted quantities. You’re able to enter a committed quantity at a specified rate and configure it on an invoice line level based on your company’s billing methods. Plus, this feature automates associated revenue recognition in accordance with ASC 606.
Sage Intacct provides new prebuilt reports for the interactive custom report writer that provides critical insights into your business. You can use these reports out-of-the-box or as a starting point to help create your own custom reports.
There’s more to Sage Intacct’s 2021 Release 3! This release also features:
- Enhanced field mapping for the Salesforce and Sage Intacct integration
- Secure PDF generation
- Canadian sales tax support
- In-transit inventory tracking between warehouses
- More dashboard components that allow you to share announcements, documents, and links throughout your organization
Flexibility and efficiency are at the foundation of Sage Intacct’s architecture. The best-in-class accounting platform strives to bring you the latest and greatest innovations in technology. You can expect significant gains in time savings as an outcome of their third release in 2021.
If you’d like to learn more about Sage Intacct and 2021 Release 3, contact us!