One of the biggest benefits of cloud accounting and ERP software—aside from the straightforward billing, anytime access, increased security, and more—is the update simplicity. Walk out one day with the old release, walk in the next with improved software. Minimal IT intervention, maximum value. Better yet, when you choose focused best-of-breed solutions over monolithic suites, these updates are more focused to your company’s needs and occur more often.
What’s New in Sage Intacct 2018 R3?
For Sage Intacct, these updates take place quarterly and are mostly focused on user requests or to make the solution more accessible for a growing customer base that needs to handle different or evolving challenges. Today, we are excited to share with you some of the updates announced in Sage Intacct 2018 R3, including the following:
- Spend Management
- Global Consolidations
- Nonprofit Standards Compliance
- Improved, Seamless Salesforce Integration
- Continued Improvements to Subscription Billing and Revenue Management
While Sage Intacct has always had a powerful centralized multi-entity and global consolidation platform, the benefits were only recognized by the corporate headquarters. This made sense for multi-entity organizations with a top-down structure featuring a lot of control from the top, but presented challenges for global companies that need to consolidate regions. Until now, giving regional access to consolidations would mean giving access to the whole company—something most companies don’t want to do.
Luckily, Sage Intacct 2018 R3 sought to address this challenge and has improved its consolidations, allowing companies to designate users to independently run their own consolidations whenever needed, allowing for more timely reporting and better access to the numbers. For instance, your EMEA team no longer needs to wait on headquarters to get their reports. This means they get their reporting when they need it for decisions.
Keeping track of spending is often a challenge for organizations. One of the most critical parts of your business, expense and invoice management is crucial for increasing or maintaining profit margins, and seeing where expenses are coming from—purchasing, accounts payable, as well as the general ledger, it can be difficult to keep tabs.
Spend Management in Release 3 helps keep spending in line with budgets using proactive online and email warnings and automatic prevention of over-budget transactions. You can compare to any budget or time period, level of detail or dimension, or transaction type giving you lots of flexibility to manage spend based on your business needs. And, approvers can view spend insights to help them make better decisions that impact the bottom line.
FASB 958 Reporting Compliance
With deadlines set for the FASB 958 reporting standards and the effective date rapidly approaching, Sage Intacct customers who haven’t started the reporting transition benefit from the updates made in the 2018 R3. R3 allows nonprofit customers to leverage prebuilt compliance reports, tailoring them as needed for your nonprofit. Further, Sage Intacct made compliance and disclosures even easier by adding new prebuilt Compliance and Disclosures Dashboards to provide a centralized location for both your quantitative and qualitative information.
No more tracking disclosures in spreadsheets or trying to manage audits manually, the dashboards make this all available in one place while making it even easier to share key data with the board and other stakeholders.
Smarter Integration with Salesforce
2018 R3 makes it easier than ever to connect Sage Intacct with Salesforce on your company’s terms. Release 3 makes integration both seamless and accurate while allowing for more configurations. New options in Opportunity Products allows you to streamline the connection, syncing only begins when all required fields are filled, and you can now use Salesforce Process Builder with the Intacct CRM fields.
Contract Subscription Billing and Revenue Management
Managing contracts isn’t easy, and the more complex a contract gets, the more it strains your accounting solution’s ability to handle various scenarios within contracts with customers. Release 3 adds support for more use cases in multi-element arrangements. And, it continues to add more billing options, renewal options, and billing schedule behavior saving you time and taking the pain out of those unusual scenarios that come up.
In addition to the aforementioned enhancements, Sage Intacct R3 adds the following:
- General Ledger (Duplicating Journal Entries to Other Books): duplicate journal entries across journals associated with different books, allowing you to save time and avoid errors.
- Projects (Soft and Hard Commitments): Get soft booking to gain a better idea of hard commitments versus soft commitments within your resource capacity.
- Smarter Smart Events, Smart Rules and Smartlinks: Creating Smart Events, Smart Rules, and Smartlinks just got a lot easier. You can now select injections from the Sage Intacct UI instead of adding them manually.
- Easier Access to the Reports That Matter: Instead of seeing all the consolidation books listed in the book selection, you’ll only see those books that you have permissions to all entities and the elimination entity.
You can read more about the improvements in the R3 Release Notes.
Ready to Learn More?
At Wipfli, we’re big fans of the improvements that Sage Intacct continues to make. Not a Sage Intacct user yet? Get in contact with us to learn how the product benefits your company. Looking to take your Sage Intacct investment further? Learn more about our proprietary Sage Intacct connectors including InvoiceConnect, ExpenseConnect, SchoolConnect, and Positive Pay. We will be discussing these features and more at an upcoming webinar titled Elevate Your Sage Intacct. Stay tuned for the announcement by subscribing to our email list!