Roll Image by Annette Meyer from PixabaySage has announced details of the latest update for Sage Intacct. The release went live on May 10th and contains several updates, some of which are available globally and others only in a few regions initially. The update includes improvements to Accounts Payable, Accounts Receivable, Construction, Taxes, Purchasing, Inventory and Customisations.

Dan Miller, EVP of Product for Sage Intacct
Dan Miller, EVP Financials and ERP Division at Sage

Dan Miller, EVP Financials and ERP Division at Sage commented, “Our goal is to empower organisations to be more efficient in their financial management, enhancing their ability to make informed decisions quickly. This latest release helps organisations strengthen their financial controls and simplify operations while delivering significant time savings. We continue to provide our customers with the tools they need to respond to new consumer preferences, regulatory changes, technological advancements, and economic shifts in the marketplace, giving them a competitive edge.”

Understanding the pre-IPO health of your organisation

The release also sees the general availability of the integration with PwC Control Insights in the US, Canada, UK, South Africa, and Australia. First announced in May last year, Control Insights provides users with a live dashboard view of the health of the customer’s financial control environment.

PWC Control Insights delivers four benefits for organisations:

  • Immediate insight into the health of their operating model and control environment
  • Builds resilience and facilitates finance function maturity journeys
  • Prioritized actions linked to Sage Intacct functionality and PwC experience
  • Helps meet their growth ambitions, forming the foundation for a compelling equity story

Katie Griffin, Director, Governance, Risk and Compliance, PwC, explained more saying, “PwC is focused on helping organizations thrive in change – not only by helping to manage their compliance requirements but also helping them stay ahead of risk and regulatory changes. We’re excited to partner with Sage to offer PwC Controls Insights for Sage Intacct. This new offering complements the strong compliance controls provided by Sage Intacct with prioritized and actionable compliance insights from PwC. These insights enable pre-IPO, public, and regulated organizations to automate monitoring of Sarbanes-Oxley (SOX) controls, building trust and long-term value with stakeholders.”

Reconciliation

There are several updates to improve the bank reconciliation process. There is a new guided import for bank transactions. The update includes better control over who can import transactions, and additional file types are now supported, including LS, XLSX, and OFX, in addition to CSV and QIF. The Imported transactions appear in a centralized location for all bank accounts on the Bank Transactions page. The new feature, which will replace the classic bank import, is available in the US, Canada, UK, Ireland, Australia, France and South Africa.

Sage Intelligent Time

First announced in 2020 and launched in 2023, Release 3 Sage has announced that its AI-powered timesheet solution is now fully available as an embedded solution within Sage Intacct. The standalone version of the product will be discontinued on August 9th 2024. SIT helps users gather, organise, and suggest activities for inclusion in timesheets alongside client, project, and task information. The solution maximises the recorded billable time, increasing revenues and profitability. The update is available in the US, Canada, the UK, South Africa, and Australia.

There are other improvements to SIT. A new audit trail is available for timesheets, and it is now possible for users to recall timesheets to correct errors before they are declined by an approver.

Expenses

Completing expenses is often a time-consuming process, and Sage has provided a way to simplify this for many. The system now allows a user to automatically distribute expenses evenly between departments, cost centres, grants, programs, or classes. It reduces the administration relating to expenses and Sage also believes that it offers better compliance. However, in the release notes, Sage offers the following example:

“You travel for work and visit several locations throughout the week, such as San Jose, San Francisco, and Los Angeles. During your work travel, you paid for meals in those locations. On your expense report, you want to distribute the amount paid for the meals between the locations. When you distribute the amount paid for the meals, Intacct calculates the expense based on the values in the transaction allocation. In this case, the allocation is set up to distribute the cost of the meals evenly between the locations.”

The potential risk of an equal division is that the real expenditure at each location is obfuscated. This could hide an imbalance in expenses for a single location. The update is currently available in the US only.

Fixed Assets

This release sees the recent release of Sage Fixed Assets Management (SFAM) further enhanced with the ability to create fixed assets direct from purchase transactions and vendor invoices. It means that the correct value and details of the asset are entered into the system accurately, enhancing asset tracking and ensuring that the financials are recorded in near real-time. It means that depreciation is accurately recorded with the data of ownership used rather than an arbitrary one from an installation or other event. Other features include multi-book depreciation and support for multiple methods of depreciation. SFAM is available in the US, Canada, UK, Ireland, Australia, France and South Africa.

Revenue recognition has always been a strong aspect of Sage Intacct. The firm continuously improves the functionality and this release is no exception. Organisations are able to drill down into supporting documents to better understand their deferred revenue progression or what the future holds. There is also a new revenue recognition schedules list. Users can now edit or view a revenue recognition schedule or export a selected list view from the list. There are also improvements to filters with additional dimensions support. The additional filters have led to a redesign of the “Manage revenue Schedule” filter page with three columns of filters available, providing rapid access to over 17 filters.

Construction

The construction module automatically calculates key metrics related to project revenue and profitability and reviews project-based costs and billing with Project-level Work in progress. When retainage invoices are released in AR, those invoices now include project contract billing information from the project or AR retainage task.

Construction also supports more Data Delivery Service (DDS) objects. There are improvements in compliance with users able to add notes on compliance records to describe the project (job), vendor, or purchase order and subcontract. These notes are visible to all compliance record users.

Supplied Inventory

A streamlined ordering process provides you with the ability to track supplier requisitions, gain insights into usage trends and cost insights across periods, manage inventory levels and reorder when needed to avoid availability delays. Employees can enter requisitions for items designated as supplies inventory, such as office or program supplies. Users can easily process requests and monitor status using the workbench.

Enterprise Times: What does this mean

There are many more updates within this release. Heather-Jayne Corbin from Percipient highlights several in this eleven-minute video, for those wanting to see how some of the features work. Other partners have published blogs detailing some of the updates within the release.

Sage continues to enhance and extend the Sage Intacct product portfolio. However, its slightly disjointed regional release can leave some customers confused about when certain features will be available to them. It isn’t clear from the full release notes which features are available in which region. Furthermore, there is no indication of when certain features, such as the expense update, will be available outside the United States.

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