Part 3: Capabilities That Matter—Sage Intacct Intelligent General Ledger
CFOs in the United States spend nearly 60% of their time performing traditional tasks, such as closing the books or ensuring compliance with accounting standards. Controllers fare even worse, spending nearly 70% of their time executing traditional roles. It doesn’t take a finance exec to deduce that this leaves a relatively small fraction of time for more value-added initiatives. In this, part 3 of our Capabilities That Matter series, we look at evolving capabilities in Sage Intacct that are poised to shift the balance, elevating the CFO role from a reactionary one to that of a real-time analyst and contributor. Sage is calling it the Sage Intacct Intelligent General Ledger (GL). Here’s how this smart new capability helps Sage Intacct customers move beyond information—to answers.
“We’re quickly moving from the Age of Information to an Age of Answers. From embedding machine-learning and artificial intelligence capabilities directly into our general ledger to streamlining the process of gaining actionable, real-time insights across the business, we’re helping our customers break through the clutter and accelerate their success.”
-Marc Linden, Sage EVP and GM of Medium Segment Native Cloud Solutions
Thoughts on an Intelligent GL
Sage Intacct Intelligent GL is leveraging Artificial Intelligence (AI) and Machine Learning to empower finance professionals with the tools and capabilities that allow them to spend less time on transactional tasks and more time on strategic initiatives. While Sage Intacct has been working toward this goal for several years, at Sage Intacct Advantage 2019, it showcased new capabilities such as intelligent time capture, improved anomaly detection to speed up the financial close process and improved insights to predict customer renewal and churn rates.
Sage Intacct Intelligent GL’s is founded on three strategic value domains: Accounting, Trust and Insights.
- The Accounting domain aims to eliminate the tedious period close processes through an accelerated “Capture, Reconcile, Adjust” cycle and the rapid delivery of actionable insights. AutoEntry is one example of Sage Intacct leveraging AI to accelerate time to revenue with intelligent time capture. AutoEntry applies artificial intelligence and optical character recognition to scanned document images and smartphone photos to import transaction data into Sage Intacct. AutoEntry automates data capture and leverages machine learning tools which can apply rules to categorize expenses or act on particular invoice line items as they are brought into the accounting system.
- The Trust domain is about having a continuous audit via a “Review, Detect, Assure” cycle. This is an improved anomaly detection capability that works to speed up the financial close process by addressing outliers in real time. Sage Intacct’s experience shows that about 10%-20% of journal entries require correction. With this new automated financial period close capability, we’re expecting that figure to drop significantly.
- The Insights domain is about knowing the unknowns in a “Predict, Analyze, Recommend” manner. It’s all about generating actionable insights—business intelligence—that help us make rapid and proactive decisions. One example of the ways companies can use this capability is to improve billing insights to better predict customer renewal and churn rates.
A thought leader
Sage Intacct is positioning itself at the forefront of the cloud ERP market, turning leading technologies into practical, actionable tools that truly make a difference in the way you work. Sage Intacct Intelligent GL is a capability that matters. With it, Sage Intacct is equipping finance professionals to not only understand what has happened in their business, but why it happened and what might happen next. It’s this commitment to continual innovation and improvement, this recognition that business technology must generate long-term ROI to cement its value, that’s not just smart, it’s pure genius.