The premise of continuous accounting is that if you can capture data in real-time, automate reconciliations, and eliminate manual adjustments, you’re able to say goodbye to the tedious close process. But, with most organizations spending multiple days or often weeks at year-end closing the books, the concept of continuous accounting may seem like an illusion.
With every release, Sage Intacct continues to deliver features that bring their vision of continuous accounting closer to reality. In Sage Intacct 2020 Release 3 (R3), they are delivering automation and streamlining processes around credit card transactions and reconciliations, cross-entity allocations, and budgeting and planning. Here’s a closer look at some of the highlights:
Streamlining Cash Management
The time-saving electronic bank feeds in cash management improved earlier this year in Sage Intacct 2020 R1 has now been rolled out to credit card feeds and reconciliation. Just like with bank feeds, simply connect Sage Cloud Services and bring transactions seamlessly and effortlessly into Sage Intacct. Credit card transactions are then automatically matched to what’s already entered in Sage Intacct using a new reconciliation process which provides the same intuitive filtering, sorting, and other features that you’re accustomed to with bank reconciliation.
By generating and matching credit card transactions within Sage Intacct, you can save hours and increase accuracy when reconciling and recording transactions. When creating missing transactions, you can create the matching credit card transaction or journal entry directly from the transaction and auto-populate important details. With a unified experience for reconciling credit card and bank accounts, and the ability to filter by account type, you can gain daily insight into where your cash stands and save time when closing the books.
A Little Love for the GL
You’ve always been able to create a recurring journal entry but, now they have made it even more convenient. You can generate a recurring entry from any journal entry that was posted directly to the general ledger. When you use an existing journal entry to create a new recurring entry, the basic information gets prepopulated from the selected journal entry into the Entry section of a new Recurring Journal Entry. From there, you create the recurrence schedule. Sage Intacct also took this opportunity to improve the Recurring Journal Entry page, putting the Journal Entry information and the schedule on separate tabs for a cleaner look and making it easier to hone in on the information you want.
Accelerating Budgeting and Planning
- Drag and Drop Up to Four Dimensions – When creating budgets, you can view the entire Sage Intacct dimensions hierarchy in the budget wizard. Drag and drop up to a total of four levels of dimensions and sub-dimensions when you set up your budget structure, which saves a significant amount of effort when planning on deeper layers of dimensions.
- Importing from Excel – Building upon the strength of their integration with Excel, the new model line import wizard walks you through the process and saves time by eliminating the need to rekey models from Excel. You can then add, edit, or remove assumptions without breaking your model.
- Import Actuals from All Sage Intacct Reporting Books – Now you can select all available books, in addition to your default book, from the budget wizard for the import process. This increases the data types that you can use to seed budgets and forecasts for a more accurate and complete picture.
Better User Experience
Sage Intacct 2020 R3 includes a few user experience improvements that are sure to increase efficiency as you execute your daily tasks. If you work in a multi-entity company, Sage Intacct has eliminated an occasional, but vexing frustration. Now, you can have easier access to your top level. If you inadvertently close your top-level tab, you no longer need to sign in again if you have at least one entity open in a different tab. You can simply select your top-level from the picker in that tab. What’s really cool about this update is that it came from this Sage Intacct community… nice job, everyone!
Another user-generated idea that was included in Sage Intacct R3 was kinder and gentler time outs. For security purposes, Sage Intacct provides session and inactivity timeout durations that help prevent unauthorized, and potentially dangerous, access to your company. In the past, when a timeout duration was reached, you were automatically signed out. With this release, as you are reaching the end of your session or inactivity duration you now receive a notification so that you can take action before you’re timed out. In addition, if you are working in another tab in your browser, or in another file or application on your desktop, you might not realize that a timeout is approaching. Depending on your browser, you can get desktop notifications if you grant permission to do so.
Learn More About Sage Intacct 2020 Release 3
Sage Intacct continues to invest in delivering automation throughout our products to make the ideas of continuous accounting and the continuous close a reality. Enabling you to spend less time on repetitive processes and more time moving your business forward. If you’re a Sage Intacct customer, you can learn more in the Sage Intacct 2020 Release 3 Notes posting or the release notes within your system.
If you’re in the market for a new solution and would like to learn how Sage Intacct might be able to help you, contact us at 210-614-9410 or attend a coffee break demo… We can’t wait to help!