by Saeward Schillaci, The Resource Group
“It is still our aspiration, in everything we do, that we’re going to be the best in the world.” – Tom Jurasek, Director of Product Management, speaking at Sage Intacct Advantage 2017
If you’re a prospective customer of Sage Intacct, we’d like to give you some insight into interesting new aspects for the future of the cloud-based accounting software. At this year’s Advantage conference in Las Vegas, Sage Intacct announced new and upcoming features that are relevant to users in multiple industries. Sage Intacct releases four major updates per year, with about thirty new features included in each release. In addition, they issue smaller weekly updates which perform small tweaks and fix minor bugs. With such a constant stream of software developments, these are only a few of the major improvements the company chose to highlight at the Advantage conference.
Sage Intacct Nonprofit Financial Board Book
During Advantage, Sage Intacct announced a partnership with GuideStar and the release of the new Nonprofit Financial Board Book. This will allow nonprofit organizations to strengthen their financial health using a set of dashboards, KPIs, and metrics to track the data that matter most in nonprofit accounting. It’s an expansion and improvement upon the previous Digital Board Book for Fundraising, which Sage Intacct first released in November 2015. The new Nonprofit Financial Board Book functions within Sage Intacct to track and display the same best practice metrics that GuideStar uses to track organizational health.
Sage Intacct Project Manager Digital Board Book
For professional services firms and project-based organizations, Sage Intacct revealed the Project Manager Digital Board Book, which focuses specifically on providing metrics that are helpful for project management functions. This will enable project managers to focus on placing limited resources where they’re needed most. It is designed to streamline budgeting, forecasting, resource allocation, and other critical aspects of project management that often pose a problem for business professional services firms. (If you’re part of a project-based business considering new accounting software, check out our eBook for step-by-step recommendations on the selection process.)
Contract and Revenue Management
Revenue recognition guidelines are changing: by December 15, 2018, nonpublic entities reporting under US GAAP will be required to apply the new ASC 606 standards. These new standards are adding more complexity to revenue recognition calculations, which will have a particularly strong impact on software and SaaS-based businesses. As a response to these changes, Sage Intacct has introduced new Contract and Revenue Management enhancements that will help automate the contract process and streamline organizational adoption of the new guidelines. This automation will be crucial to helping software and SaaS-based businesses thrive while successfully complying with the new regulations in the upcoming year.
As another response to ASC 606, Sage Intacct released the Advanced CRM Integration with Salesforce. This upgrade from the previous Salesforce integration will help streamline and automate the quote to cash process, which will be central to streamlined compliance with the ASC 606 regulations. In 2018, an integration with Salesforce Configure-Price-Quote will sync contracts from Salesforce CPQ to Sage Intacct. This will also simplify invoicing and revenue recognition.
Warehouse and Distribution
Functionality In the past year, Sage Intacct has put a lot of focus on their warehouse and distribution functionality. They intend to continue doing so and announced a lot of exciting features that are in the pipeline for the future. Significantly, their warehouse functionality now includes automation of landed costs. They have also streamlined multi-warehouse transfers. The Sage Intacct product development team intends to do more work in 2018 to help with predicting lead times, automating purchase documents, and much more. The continued focus that Sage Intacct has been showing towards improving the warehouse and distribution aspect of their software will likely ramp even more in the upcoming year.
The All-New Custom Report Builder
At this year’s Advantage, Sage Intacct started to give workshops using their upcoming Custom Report Builder, which is in the process of being released. Everyone on our team agrees that the new Custom Report Builder is fantastic. It’s easy to use, intuitive, adapts to include a lot of complex functionality, and it looks good doing all of this. Sage Intacct has put a lot of great work into designing it, and we’re deeply excited about the benefits this will bring to our clients with complex reporting needs.
Although this won’t be fully developed until after 2018, Sage Intacct also announced that they are developing an artificial intelligence bot named after Luca Pacioli. In the long-term, Pacioli will provide easier access to data, send messages when noticing irregularities such as unusual transaction amounts, and help do a lot of the grunt work that accounting currently requires. Pacioli will be integrated into Sage Intacct Collaborate, which is the software’s secure messaging and social layer that also integrates with Salesforce Chatter. This is apart of Sage Intacct’s vision for the future of accounting, which is more fully discussed in this blog about new concepts from Advantage 2017.
Just the Beginning
There were many other technology highlights at Advantage 2017. Want to find out more about these features and others that Intacct has been developing? Curious about specific enhancements that may be relevant to your industry? Contact us at The Resource Group for more insights on the future of Sage Intacct’s cloud-based accounting software.