Intelligent time-tracking and timesheet preparation, accounts payable automation, and draft payment review are among the new features in the Sage Intacct R2 release.
The latest updates, which went live on May 10, are designed to help finance teams save time and improve operational efficiency.
Sage Intelligent Time
We think one of the standout enhancements in this release is the embedded experience of Sage Intelligent Time (SIT) in the Project Costing and Grant Costing& Billing module. Previously a separate application, Sage Intelligent Time now is embedded seamlessly into Sage Intacct, eliminating the need for multiple logins and enhancing user convenience.
This integration enables users to permit Sage Intacct’s AI to scan calendar entries, email interactions, and other sources for possible time activity. Sage Intacct will then apply AI logic to organize activities into Projects and Tasks for potential inclusion on the user’s timesheet. Over time, machine learning will improve the accuracy of these time entries.
Privacy is at the core of SIT; it gathers no screenshots, keystrokes, or location data. Along with more accurate and nearly effortless time-tracking, Sage Intelligent Time can help companies and nonprofits reduce the risk of losing revenue if a team member forgets to log an activity they’ve performed for a client or engagement. Best of all, SIT is included with Project or Grant Costing at no additional cost.
Advances in AP Automation
The R2 2024 release also introduces significant improvements in AP automation. A key upgrade available to early adopters is multi-line coding capability, which allows for more detailed and segmented bill processing. This functionality enables Sage Intacct to learn and adapt to the organization’s bill-coding preferences over time, enhancing the automation of financial operations as well as reducing manual effort and the potential for input errors.
Additionally, Sage Intacct has enabled dimensional tagging. The platform learns over time to allocate specific expenses to the appropriate departments and locations, offering additional precision and efficiency.
New Features in Accounts Receivable and Project Reporting
The ability to save draft payments in the accounts receivable module helps finance teams address a common challenge in cash management. Users can now save payments as drafts and consult with colleagues or other sources before posting the payment. This feature is designed to prevent errors and accelerate the receivables process while avoiding potential issues associated with trying to reverse posted payments that contain errors.
Enhanced project reporting capabilities have also been introduced, allowing users to generate individual financial reports for each Project in a group, which was previously only available for Department and Location groups.
Users can also allocate employee expenses to specific projects or dimensions more efficiently, using the existing Transaction Allocations functionality. This upgrade is aimed at saving significant time for users whose costs are shared by multiple projects or grants, improving operational efficiency.
Beta List Expansion and New Asset Management Features
Sage Intacct has also expanded the beta list feature to make it easier for users to manage their data more efficiently. Users gain a more flexible interface for managing lists like accounts receivable invoices with customizable views and filters.
Similarly, the new Sage Fixed Asset Management product provides an integrated solution for managing up to 5,000 assets directly within the platform. This tool is designed for ease of use and integration with existing modules.
Additional Tools
Other features introduced or refined in the R2 release include an enhanced bank transaction assistant, a dashboard to evaluate controls within Sage Intacct, a fundraising tool for nonprofits, and a supplies inventory module for companies to track specific supplies.
The Sage R3 update is scheduled for release on August 9, 2024. We’ll announce a webinar previewing the release’s features as the release date approaches.
If you’d like to learn more about R2’s capabilities, or the many ways Sage Intacct can help with your accounting needs, contact us.
