Staying on top of your game with the latest tools and features is crucial for maximizing efficiency and insight. The latest Sage Intacct release, 2024 R2, is now available, and this release introduces nearly 200 innovative new features and designed to provide more granular reporting, improve project management, and add smooth financial controls. By incorporating customer feedback and leveraging new advanced technologies, Sage Intacct continues to evolve as a powerful platform for organizations seeking to streamline their operations and achieve deeper insights into their financial data. Here’s a detailed look at some of the key updates in this release.
Based on ideas submitted by customers currently using Sage Intacct to manage projects, you can now generate individual reports for each project in a group. That means when you schedule a report and filter by project group, you can select the ‘Individual Report’ checkbox to divide the report into separate sections for each project in the group. A similar option is available on the Financial Report Writer screen.
This provides better flexibility and even more detail for deeper insight into individual project performance and profitability.
Sage Intacct 2024 R2 also delivers enhancements to the Project Intelligence reporting platform including:
Fixed Fee Revenue Distribution – you can now distribute fixed fee revenue to employees based on their billable hours worked on fixed fee projects.
Bulk Import for Percent Complete Projects – upload a .csv file to update observed percent complete values in bulk.
Track Operating Costs – operating costs, covering non-labor expenses like billable materials, are now factored into both actual and estimated gross profit calculations across various dashboards.
Using the purchase order workflow, you can now convert purchases of billable services by price to draw down an approved blanket purchase order amount. This allows you to see previously converted amounts and keep track of the remaining contracted amount on the purchase order. You can define the default conversion at the item level (price or quantity) as well as override the dollar amount converted.
In a previous Sage Intacct release which only allowed conversion by quantity, you had to manually adjust the quantity to arrive at a dollar amount.
Note: the early adopter program continues for Automated Transaction Matching for Purchasing Workflows as new features continue to be added and tested.
Following a successful Early Adopter program for GL account and dimension coding, Sage Intacct 2024 R2 now enables this option for all AP Automation customers.
A 2020 survey showed almost 49% of respondents saw Artificial Intelligence/Machine Learning (AI/ML) as a “high priority” project for 2021, and only 3 years later 48% of businesses use machine learning globally — and you can as well. GL account and dimension coding uses AI/ML to predict GL account, Location, and Department field values on a line-by-line basis. AI/ML determines values for these three fields based on your data correction patterns for individual line items. Over time, as machine learning recognizes changes that you repeat, Sage Intacct can create draft bills that include the dimension values you intend. You spend less time correcting coding details and can post bills more quickly.
Sage Intacct in partnership with PwC (one of the “Big Four” accounting firms) has created a powerful new tool that helps strengthen financial controls and support company growth. The new PwC Control Insights for Sage Intacct (“Control Insights”) dashboard provides an at-a-glance view of your company's transactional and compliance health using visualizations generated from Sage Intacct workflow controls data.
Control Insights provides a continuous health check of your operations, providing analysis and Key Controls Indicators (KCIs) based on your Sage Intacct configurations and transactional activity. The dynamic analysis allows you to identify trends and risk areas at-a-glance.
Not only does Control Insights help support strong internal controls, but it also streamlines audits using prebuilt GAAP and IFRS-compliant statements and financial reports. Access all information with drill-down to source transactions, documents, explanations, and Audit Trails in a single, centralized location for paperless audit.
The Sage Intacct release 2024 R2 marks a significant step forward in financial management and project reporting. Packed with the new features, like the introduction of GL account and dimension coding powered by AI/ML or the PwC Control Insights dashboard, these enhancements not only streamline workflows but also support strategic decision-making and compliance. It’s easier than ever to stay ahead of the curve by exploring and mastering what we’ve highlighted for you to optimize your use of Sage Intacct. For any questions or further assistance about the May 10, 2024, release, don’t hesitate to reach out to us.
