How Sage Intacct Leverages Artificial Intelligence for Better Insights
Less than 7% of financial functions are dedicated to organizational strategy, as most finance teams prioritize manual processes. 7% is a very small percentage of the financial process! Fortunately, artificial intelligence (AI) in accounting systems can shift an organization’s focus to strategic planning. Sage Intacct leverages AI throughout its software to empower users to work smarter, improve their organizations and become future-oriented. Take a look at four of Sage Intacct’s features equipped with AI and learn how they can benefit you.
Intelligent General Ledger
Sage Intacct’s Intelligent General Ledger (GL) is at the core of users’ financials, allowing for continuous accounting and the ability to review thousands of GL transactions with a few clicks. Powered by AI and automation, the Intelligent GL lets you post and report transactions in real-time, share financials securely with collaborators and reduce the need for manual data entry. Easily integrate your bank and favorite apps to create a constant stream of financial data. You can even configure workflows to automate consolidations, adjustments and other processes! Sage Intacct leverages AI to reduce manual data entry, giving users more information and confidence in its accuracy. Instead of creating reports in Excel, you have more time to read into your data and make improvements as needed.
General Ledger Outlier Detection
There’s always a risk for human error when manual work is involved; nearly 10-20% of all journal entries require correction in the traditional GL approval process. Locating errors, fixing them and approving the final figures can be a time-consuming and tedious process. Fortunately, Sage Intacct’s GL Outlier Detection uses AI to scan thousands of entries within minutes. This feature detects discrepancies and flags transactions for review, significantly reducing the risk of human errors and the time it takes to fix them. GL Outlier Detection is equipped with machine learning, so it adapts to your business’s patterns as you use it. Additionally, you can create parameters and define what transactions are considered as an outlier, allowing the solution to deliver anomalies right to you. While Sage Intacct’s GL Outlier Detection is imperative in finding day-to-day problems, it may even help to pinpoint fraud and prevent it in the future.
Interactive Visual Explorer
Sage Intacct’s Interactive Visual Explorer builds visual representations of your data so you can compare it over multiple periods of time to view trends, patterns and correlations. While Sage Intacct gives you more than 200 pre-built visuals, you can easily customize your own with trend and reference lines, clusters, forecasts and more. For example, say you want to view your actual revenue month by month. The Interactive Visual Explorer uses AI technology to pull in your revenue data and create a prediction on next month’s revenue by analyzing past data and your company’s patterns. Sage Intacct’s predictions can assist in making critical business decisions by offering an educated understanding of your financials.
Many professionals spend at least an hour each week manually keying in their time and billable hours. End this outdated practice with Sage Intelligent Time, which uses AI to gather activities and create timesheets. Employees can switch to reviewing and approving their entries, effectively managing how and where they spend their time. The benefits of an AI-powered timesheet include:
- More accurate invoicing
- Faster closes and billing cycles
- Increased productivity for busy teams
- Recapturing lost revenue from manual time entries
Now that you’re familiar with Sage Intacct’s exciting features, how could these tools transform your workday? Contact Doeren Mayhew today to learn more about this breakthrough in accounting technology.