Sage Intacct 2023 Release 3 Highlights

Stronger controls for adding and approving new vendors, improved tolerance matching for purchases, and enhanced AR payment numbering are among the features unveiled in Sage Intacct 2023 Release 3 (R3).

The new R3 capabilities, which went live on August 18, are designed to help finance teams automate processes, generate insights from organizational data, and reduce administrative overhead.

Sage Intacct’s new vendor approval capability adds a security and control feature that requires review when vendors are created, reducing the risk of a fraudulent account being added. Sage Intacct will also document the review and approval, providing important information for audit purposes.

Similarly, if you edit a vendor, such as changing the provider’s payment address or bank information, those revisions will go through the approval workflow as well. This also reduces fraud risk by restricting the ability of someone to redirect payments to a legitimate vendor.

To prevent the implementation of this change from creating backlogs, Sage Intacct allows finance teams to enter invoices from vendors that are being reviewed. Those invoices remain in the system as drafts and will only be posted for processing after the vendor is approved. This feature allows a team to maintain a consistent workflow as invoices arrive from new vendors. Once this feature is activated, Sage Intacct approves existing vendors automatically since the platform assumes the organization has reviewed those providers previously.

Customers who use a third-party tool to enter vendors to Sage Intacct through an API should understand that any new vendors will be approved automatically, so they may want to revisit that workflow to regain the review capability.

The new ability to configure matching tolerances for typical quantities or unit prices for recurring purchases will help organizations prevent unauthorized purchase reimbursements and provide stricter controls for outgoing purchase payments.

For instance, if a recurring order falls outside specified tolerance ranges (such as 5% above the usual quantity or unit price), Sage Intacct will flag the transaction for additional review. By allowing transactions within tolerance ranges to be processed automatically, the software will help finance teams speed up workflow while providing greater control over their purchasing.

Sage Intacct 2023 R3 allows organizations to create a numbering scheme for AR payments, a feature that can be helpful for situations such as receiving a single payment for multiple invoices. Organizations will be better able to create a custom report based on the payment ID to determine which transactions were applied to an invoice. Along with streamlining financial management, this feature can be helpful during the audit process. If an invoice is chosen for sampling, it will be easier to link a payment to the customer contracts, the invoice, the payment, and the bank statement.

R3 also offers greater customization of how lists are viewed onscreen. For example, if a user wants to change the width of a column on a vendor list or change the order in which columns appear, they can simply do so right on their screen. This allows users to change how they analyze data without reconfiguring their view settings in a separate menu.

Other capabilities being added in R3 include:

To see a walkthrough of Sage’s newest features, check out our recent webinar.

Watch for our next preview of Sage Intacct 2023 R4 scheduled for November 10!

Full details are available on the 2023 R3 Notes page. If you’d like to learn more about Release 3’s capabilities, how to apply for an early adopter program, or the many ways Sage Intacct can address your accounting needs, reach out to our team.