The latest Sage Intacct instalment is here! Streamlined workflows, quicker insights, and easy-to-use features are within reach with Sage Intacct 2023 R3.
In this recent release, Sage has launched multiple new features and upgrades to assist with your business’s financial processes, allowing you to take control, simplify, and speed up your workflows.
What are the Release Highlights?
AP Supplier Approval
This functionality enables you to manage your supplier approval process within Sage Intacct seamlessly. By doing so, you can ensure the correctness and reliability of supplier records before they are utilised in Accounts Payable and Purchasing Transactions. With Supplier Approval, you can review new suppliers and update existing supplier records, providing an added layer of control and transparency in your supplier management. Furthermore, while a supplier record is pending approval, new Accounts Payable and Purchasing transactions related to that supplier can be saved as drafts, offering flexibility, but they cannot be posted until the supplier’s approval status is confirmed.
Time and Expenses
This tool streamlines your company’s expense reporting and redefines the reimbursement process. Employees can conveniently input their expense reports directly into Sage Intacct, which are then seamlessly routed to their respective supervisors for approval. Supervisors are then promptly notified via email when expense reports are submitted, ensuring efficient and timely support. Once this gains acceptance, you have the flexibility to select the employee expenses for reimbursement and generate the corresponding bank file. Furthermore, Sage Intacct 2023 R3 introduces many other improvements, including timesheet attachments and staff timesheets, elevating your overall time-tracking experience.
Contracts Revenue Recognition on Invoice
Contracts revenue recognition emerges as a game-changer with Sage Intacct 2023 R3, simplifying revenue recognition with a point-in-time approach immediately upon invoice issuance. This innovative workflow triggers point-in-time recognition immediately upon invoice issuance, automating the fulfilment of performance obligations seamlessly. The management of contract-related charges is centralised for effortless handling. This addition provides a clear path, even for complex contracts, reaffirming Sage’s dedication to delivering user-friendly and efficient solutions.
Match Tolerances
Ensuring financial accuracy and control, Sage Intacct 2023 R3 helps you prevent unauthorised purchase reimbursements, safeguarding against improper payments for ordered items, thus boosting efficiency and accountability. With Match Tolerances, the system automatically cross-references quantities and unit prices on Purchasing transactions, minimising the risk of errors in outgoing payments. This feature’s adaptability allows you to define percentage tolerances for both quantity and unit price discrepancies.
Accounts Receivable Payment ID Number Sequencing
Sage Intacct 2023 R3 continues to elevate financial management by introducing Accounts Receivable Payment ID Number Sequencing. This feature brings a new level of convenience and efficiency to payment tracking and reporting. With document sequencing for Accounts Receivable payments, you can now swiftly reference, filter, and report on costs with remarkable ease. This functionality simplifies the process of tracking specific posted expenses and enhances the precision of financial reporting. This key attribute ensures that your financial team can work more effectively, providing quick and accurate payment management tools within Sage Intacct.
Cash Management- EURO Currency Support on UK Bank Files
This enhancement empowers you to facilitate bank file payments for transactions in the EUR currency, specifically within the UK context. Historically, UK bank file payments were confined to GBP currency; however, this new feature brings a refreshing change. You can now set the payment currency individually for each UK supplier, opening up opportunities for seamless international transactions. Once a supplier is configured for EUR currency bank files, payments can be efficiently processed using the SEPA bank file format. This marks a significant advancement in cross-border financial management within Sage Intacct.
How can Solutions for Accounting & CRM help?
As the leading provider of business management software solutions in the UK, we specialise in Sage products and proudly hold the title of the UK’s preferred Sage Partner. Whether you aim to smoothly transition to a more advanced platform or seek to optimise your current software, we’ve got you covered.
Our team of experts consists of certified accountants, staff with product accreditation, and skilled developers. This diverse skill set enables us to assist you in successful platform migration and tailoring it to align with your unique business needs. Moreover, we can craft innovative add-ons and connectors that enhance your Sage solution, ensuring you utilise the system to its full capabilities and maximise your return on investment.
If you’re keen to explore the features and benefits of Sage Intacct 2023 R3, don’t hesitate to contact us to discover how we can help.
