Sage Intacct is known for its continuous commitment to innovation, and the 2024 Release 3, launched on August 9, 2024, continues that tradition. This release introduces a wide range of enhancements designed to streamline processes, empower users with automation, and deliver deeper insights. Let’s take a look at some of the standout features in this latest release.
Overview: A Focus on AI, Automation, and Efficiency
At the heart of Sage Intacct’s mission is the desire to remove barriers and free finance teams from repetitive tasks, allowing them to focus on higher-value activities. The 2024 Release 3 advances this goal by delivering updates across four major areas:
- Strength in Financials
- Reporting and Automation
- Platform Efficiency
- Industry-Specific Insights
Key Features of Sage Intacct 2024 Release 3
1. Enhanced Document Workflow in Order Entry and Purchasing
Tracking transaction history has never been easier. The new Originating Document Workflow provides users with clear visibility into transaction histories, showing the entire path from requisition to invoice. No configuration is required, and users can quickly access details about source documents and the first transaction in the workflow.
Given that the order and purchasing processes often involve several stages (e.g., requisition, order, shipment), having direct access to the initiating transaction improves traceability and accuracy. For instance, comparing the original requisition details with the vendor’s invoice is now more streamlined with this new feature.
2. Expanded Bank File Import Support
Building on the success of the Bank Transaction Assistant, Sage Intacct now supports additional file types, including BAI2 and CAMT.053 formats. This enhancement simplifies the process of importing bank data from a central location, further improving the user experience.
3. Flexibility to Unapply AP Credits
A highly requested feature by the Sage Intacct community, the ability to unapply credits* in Accounts Payable (AP) is now available. This gives users the flexibility to manage credits even after payments are posted, streamlining the payment management process. This is particularly useful if you need to redirect a credit from one payment to another.
Credits of various types can now be unapplied, including:
- Advances
- Debit memo adjustments (vendor credits)
- Negative bills
- Negative line items transferred from one bill to another
Once a credit is unapplied, it becomes available for application to other bills. Where appropriate, Sage Intacct also offers the option to reverse the associated bill.
4. New Customizable Reports for Order Entry and Purchasing
Users of the Interactive Custom Report Writer (ICRW) now have access to several pre-built reports for Order Entry and Purchasing. These include detailed sales summaries, vendor analyses, and transaction breakdowns. The reports can be customized to meet unique business needs, providing valuable insights at a glance.
5. AI-Powered AP Automation Now Available Globally
One of the most rapidly adopted features, AI-powered AP Automation, is now available in all regions. This tool addresses the pain of manual data entry in the AP process by automating invoice data extraction. Users have reported significant productivity gains, with some doubling or even tripling their efficiency.
6. Multi-Device Employee Expense Automation
For early adopters, Sage Intacct offers a new Employee Expense Automation solution that leverages AI to simplify expense reporting. Employees can now submit receipts via email from any device directly to Sage Intacct, with the system automatically filling in expense report fields. This reduces manual entry and increases accuracy, making it easier than ever to manage employee expenses.
With AI assistance, receipts can be automatically coded, and machine learning will remember these coding changes for future submissions, simplifying the expense reporting process.
Please reach out to us for information on how to join the Early Adopter program to preview these upcoming features.
7. Enhanced Email Security and Delivery
The introduction of DKIM email security standards strengthens email delivery from the Sage Intacct platform. This ensures that emails are less likely to be flagged as spam and gives users detailed insights into email delivery statuses, increasing reliability and scalability.
8. Usage Insights for Better Decision Making
The new Usage Insights Dashboard provides high-level operational statistics, enabling businesses to make informed decisions about their operations. This feature allows users to drill down into data on customers, vendors, and users to better understand staffing, productivity, and other key metrics.
Usage Insights goes beyond basic reporting by offering an in-depth analysis of transaction volumes, usage trends, access controls, and more. It brings to light data that was previously hidden, enabling you to make more informed operational decisions.
The report features key sections such as Overview, Customers, Vendors, and API Usage.
9. AI-Driven Time Entry Descriptions
With the new AI Assistant for Time Entry Descriptions, users can now automate time entries, ensuring more accurate billing and compliance. The AI captures context-aware descriptions, saving time and reducing the likelihood of errors. This feature is available in the mobile app for anytime, anywhere convenience.
10. Order Entry Revenue Management: Contract Dimension
Sage Intacct introduces the Contract Dimension for Order Entry Revenue Management. This feature allows businesses to categorize transactions, improving visibility and simplifying future upgrades to the Contracts application. This functionality is included with the Revenue Management subscription, which means you can categorize, track and analyze order entry transactions without needing a Contracts application subscription. This feature helps you enhance reporting visibility and improve business forecasting.
11. Bulk Management of Contract Schedules
The new Mass Update feature for Contract Schedules improves efficiency by allowing users to manage billing, revenue, and expense schedules in bulk from the Manage Schedules page across multiple contracts. Save time and improve accuracy by using the updated Manage Schedules page in Contracts to perform actions on all schedules for one contract, across a group of contracts, or for a customer. Newly available actions include holding and resuming contract schedules en masse. Actions also apply to billing schedules, providing increased flexibility and control.
12. Enhanced Forms and Operational Flows
With Sage Intacct Forms and Operational Flows, the customer onboarding process is more streamlined and customizable. Users can now tailor their onboarding workflows starting from a rich template that supports the exchange of contractual agreements, including e-signatures. Once customers are onboarded, they gain 24/7 access to a Client Portal, where they can view open orders, order history, provide feedback, and more.
Additionally, the vendor contracting workflow now includes 501c3 status verification via Charity API, ensuring smooth vendor approvals for nonprofit organizations.
Industry-Specific Enhancements
Construction:
Several new features cater to the construction industry, including:
- A new user type, Construction Manager, is now available for project managers using Sage Intacct Construction—a feature many users had requested.
- Sage Intacct 2024 R3 now allows the conversion of multiple documents into a single purchasing transaction, making it easier to pay vendors for multiple projects in one go.
- Additionally, a new joint checks payment method is now available for paying two-party Construction bills. This feature helps manage joint payees on Accounts Payable (AP) bills without needing complex workarounds, reducing the risk of unexpected liens due to unpaid secondary vendors.
- Note: The Construction Work-in-Progress (WIP) Management functionality, previously in Early Adopter phase, is now generally accessible to all Sage Intacct Construction users.
Public Housing:
For U.S. customers, Sage Intacct introduces the **Kanso Connector**, a housing management solution that integrates with Sage Intacct to support public, native, and supportive housing.
Conclusion:
Sage Intacct 2024 Release 3 offers a robust set of features designed to increase efficiency, reduce manual tasks, and provide deeper insights across industries. Whether through AI-powered automation or enhanced reporting tools, these updates aim to help businesses thrive. Be sure to contact us with any questions you have about the latest release.
