Enhanced accounts payable automation, streamlined vendor payments and increased list view customizations are among the new features in Sage Intacct 2023 Release 1.
AP Automation Released into General Availability
Sage Intacct customers are gaining an enhanced ability to automatically import and code vendor invoices. This new functionality provides two options for submitting invoices. The first option is to receive a bill from vendors via a dedicated email address. Secondly, is to upload scanned invoices directly into the platform.
When an invoice file has been successfully uploaded, Sage Intacct’s Artificial Intelligence will analyze it to identify key information such as the vendor’s name and account number, the invoice amount, and the appropriate coding. This allows the finance team to review the draft bill, including a side-by-side comparison of the image file, and make any needed corrections before submitting the bill for approval.
Over time, the machine learning within Sage Intacct will produce more precise coding and speed further automation of the review process.
Enhanced Vendor Payments Powered by CSI
Sage Intacct customers who use the CSI payments platform are gaining process improvements, such as being able to create an email address for vendor-specific remittances. Vendors can choose their preferred payment method, such as ACH or receiving a check, and receive email notifications when payments are made.
The enhanced functionality allowed companies to process and pay a number of invoices directly in Sage Intacct, saving time and processing effort.
Sage Improves List View Customizations
Another feature designed to help users save time and review information more efficiently is an ability to customize how vendor information is displayed in list view.
Users can personalize views by reordering, resizing, and freezing columns with drag-and-drop interactions. It’s easy to add or remove columns on screen, and Sage has improved the system’s filtering and sorting capabilities. Users will be able to save their custom views and filters for regular use. Batch capabilities allow you to edit and delete a number of records in one operation if needed. This functionality is currently in public beta on the Vendor list only, but will soon expand to be the new standard for list views.
Subscription-Based Business Improvements
Subscription-based companies can now enjoy improved visibility and flexibility for their contracts, including support for evergreen billing scenarios. In addition, there are several new features that have been added to the accounting software that improves the user experience. For example, a new billing schedule preview enables users to model different billing plans without affecting the subledger.
Additionally, clearer guidelines for best practices supporting contract journal configurations have been established. Another notable feature is the ability to include variable usage charges in open-ended subscriptions. All the recent and current updates are designed to help subscription-based companies better manage their contracts and billing processes.
Improvements to the projects view allow users to see the transaction state of billable invoice lines on the Preview screen. Project managers with the appropriate permissions can add, edit, and delete Order Entry transactions, saving time and improving efficiency.
R1 improvements were made available to users on February 17, 2023. Sage has scheduled its R2 release for May 12.
Full details, including overview videos, are available on the 2023 R1 Release Notes page. If you’d like to learn more about R1’s new capabilities, how to apply for an early adopter program, or how Sage Intacct can address your accounting needs, reach out to our team.