Sage Intacct recently released the R1 2019 update on February 22, 2019. We are excited to discuss some of the biggest improvements made to the product.
Sage Intacct R1 2019 Update
What’s in the update? A wide range of new features designed to change the way you do business: improved inventory functionality, a brand-new bank reconciliation process, dynamic allocations and the official switch to the Action UI as the primary user interface.
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Here are some of the changes from the R1 2019 update:
Accounts Payable Enhancements
A major improvement expected to reduce fraud was added to the AP module in Sage Intacct R1 2019. AP bill approvals provide a more complete AP workflow, creating an efficient, secure and user-friendly approval process. Depending on permissions, business and employee users have the opportunity to review bills within Sage Intacct before said bills post, providing a more thorough review process that reduces fraud.
Once a bill has been created, it is submitted through a workflow designated by administrators. Those in charge of AP will then approve or reject a bill. This process can feature as many approvers as necessary, and if any modifications are made to the bill, users will have to approve them. By adding this, Sage Intacct has made it easier than ever to reduce fraud, a common concern among AP professionals. Learn more here.
Cash Management: New Bank Reconciliations
New (and only available in the Action UI), Sage Intacct’s biggest addition in R1 2019 is in the Cash Management module. Designed to handle large volumes of transactions, the new Bank Reconciliation makes your month-end close process easier. With a clean design and intuitive filtering, sorting and pagination, bank reconciliation has never been easier.
The improved page is cleaner and easier to read. Now, you just need to enter the most important information (account to reconcile, cutoff dates, statement ending dates and balances, etc.) or upload a CSV or XML file to make it even easier. From here, Sage Intacct will display any unmatched transactions with easy-to-use sorting and filtering for smarter matching. Read more here.
General Ledger: New Tools for Dynamic Allocations and Bulk Actions for Journal Entries
Sage Intacct continually improves the General Ledger functionality, and two of the most helpful features added to this module are discussed below:
New Tools for Dynamic Allocations
Allocations are hard, and the process of splitting or shifting amounts within entities is time-consuming. To make it easier, Sage Intacct has made updates to the allocation definitions and has added the ability to create and generate group allocations. Among the improvements to allocations:
- Book Stacking in Both Source and Basis
- New Basis Calculation
- More Time Periods for Source and Basis
- Project Billing for Target (if Project Billing Is Enabled)
- Group Allocations
Bulk Actions for Journal Entries
Journal entries are core transactions in a financial system. Working with these entries one by one makes sense in many circumstances, but there can also be a need to post, duplicate or even reverse a group of entries. To address this and to make your job easier, Sage Intacct has added the ability to post, duplicate and reverse multiple journal entries with just a few clicks — across the same journal, across multiple journals or across books. Learn more about this functionality here.
Much More Added to the Release
With four annual releases, each highly focused on end user requests, there are a lot of new features that you can expect in R1 2019, including:
- Centralized Consolidations
- Project Percent Complete Billing
- Easier Contract Schedule Management
- API Enhancements
- Project Enhancements
- New Dashboards for Companies with QuickStart Templates
- More Intuitive Revenue Management
- Various Inventory Enhancements
Learn more in the release notes from Sage Intacct.
Take Your Business Further: Sage Intacct and Wipfli
Whether you are already a customer looking to see what’s new or are reading this to see what options you have available, it pays to have the right partner in your corner. At Wipfli, we are proud to consult, implement and provide service for Sage Intacct, a true leader in cloud ERP.
From SMBs to global players, we understand the needs of our clients. Get to know more about our recent implementation and integration success stories: SIFMA, Galaxy Media, Eagle Hill School, and Seven Clans Casinos.
Ready to elevate your business? Contact us for more information and to schedule a free consultation.