Product Spotlight: Outlier Detection for General Ledger
Our Product Spotlight for March is focused on Outlier Detection for General Ledger, the new AI-powered functionality in the Sage Intacct Intelligent GL.
The Sage Intacct Intelligent GL already provides extensive visibility, scalability, and flexibility companies need to grow their business. Outlier Detection for General Ledger adds new AI-powered functionality to the general ledger to automatically analyze journal entries and flag outliers that may need a closer look to deliver continuous trust in financial data. This trust is enhanced by not only flagging journal entries but also giving a reason why they were flagged.
Customer interviews have shown that 10 to 20 percent of journal entries typically need adjustment after being posted to the general ledger. These adjustments require extra staff time to find, correct, and document. Outlier Detection for General Ledger uses the power of AI to provide insights to catch potential errors and risks before they post.
It reduces the cost of ensuring accuracy and enables finance teams to trust their financial information sooner—without having to wait for the close. Put simply, it enables organizations to analyze all journal entries that require approval, all of the time, as opposed to some of the entries, some of the time.
Customers are Raving Fans
Sage Intacct customer and early product tester, Sean Skuro, controller for restaurant chain Tender Greens, commented: “The new Outlier Detection for General Ledger functionality works like magic and saves me a ton of time. This past month, it found a dozen small errors that I might not have caught until they had already posted to the GL, given we typically have 500 or more journal entries each month. All I had to do was quickly review the flagged entries and decline the ones that needed fixing. Having this new capability enables me to complete my job faster and increases my confidence in how we approach approving journal entries. It’s the assistant I’ve always wanted.”
Outlier Detection for General Ledger is currently available for early adopters and will be generally available early this year. To learn more, check out our Intelligent General Ledger page.