Sage Intacct’s latest release, R2, delivers a robust set of enhancements designed to optimize financial management across various modules. To see how your organization can maximize the value of your Sage Intacct instance, view the demo of key updates from CrossCountry Consulting’s Sage Intacct implementation experts.
And for a rundown of changes to be aware of, our team has distilled important updates below:
Fortified Email Security: Sender Domain Authentication
A significant security upgrade arrives with Email Sender Domain Authentication. For companies sending emails from their own domain via Sage Intacct (invoices, order confirmations, etc.), configuring this feature is now crucial. It fortifies email security and ensures reliable delivery to customers. The setup involves authenticating your domain within Sage Intacct and updating your email service provider’s DNS records.
Streamlined Data Handling: The New Import Service
Data import processes are revolutionized with the New Import Service. This tool offers real-time error feedback, template-based imports, intelligent header mapping, and in-line editing capabilities. It currently supports importing and updating data for core dimensions like Locations, GL Accounts, Departments, and Classes, with a beta program for Vendors and Customers, promising a more efficient and user-friendly import experience.
Enhanced AP Workflows: Simplified Bill Approvals
Accounts Payable workflows are simplified with the separation of bill approval rule types from named users. This eliminates clutter in policy setup, allowing for clearer definition of approval rules based on criteria like vendor or amount, while specific approvers are now assigned under a dedicated “User Level” rule type.
Shared AP/AR Controls: Warnings and Import Security
Shared updates for both AP and AR enhance control and accuracy. A new warning message alerts users when attempting to void or reverse reconciled transactions, preventing unintended disruptions. Additionally, security for CSV imports of posted AP and AR adjustments and AR invoices are strengthened, now requiring “Post” permissions, ensuring greater data integrity.
AR Advancements: Statements, Refunds, and Page Updates
Accounts Receivable sees notable advancements, including the display of external credits (adjustments, negative invoices) on entity-level statements, ensuring perfect alignment with AR ledgers and aging reports. The retirement of the classic “Receive a Payment” page has been delayed, and an exciting new feature for recording customer refunds directly within AR is on the horizon for early adopters, promising a streamlined refund process.
Smarter Reporting: Financial Report Writer Optimization
The Financial Report Writer gains intelligence by analyzing report structures and offering performance optimization recommendations upon saving. This helps users identify and address potential bottlenecks, leading to more efficient and insightful reporting.
Cash Management Evolution: Imports and Credit Card Control
Cash Management receives significant attention with the impending retirement of the classic bank transaction import functionality. Users are encouraged to transition to the enhanced Bank Transaction Assistant, which now supports importing credit card transactions. Furthermore, a new reclassify credit card transactions feature allows for the re-categorization of directly entered and paid credit card transactions, provided the feature is enabled in configuration and appropriate permissions are granted.
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Optimized Purchasing: Price Visibility Control
Purchasing workflows benefit from the ability to hide prices on receiver transactions at the transaction definition level. This is particularly useful for scenarios in which receiving personnel only need to focus on quantities, enhancing efficiency and potentially safeguarding sensitive pricing information.
Streamlined Fixed Assets: Reporting, Lists, and Transfers
Fixed Asset Management continues to evolve with the addition of a Depreciation Roll Forward Report, exportable fixed asset lists, increased records per page options, an audit trail for each asset, and expanded capabilities for inter-entity asset transfers, now including the Entity dimension for top-level assets within the same base currency.
Enhanced Contracts: Summary, Payments, and Configuration
The Contracts module introduces a comprehensive Contract Summary tab, replacing the billing transaction tab, providing a holistic view of all contract-related activities. Users can now directly pay associated order entry invoices from this summary. While a feature to generate invoices directly from the contract list is temporarily unavailable, it’s slated for a near-term release. Additionally, users can now update custom fields on canceled contract lines, and a new configuration setting allows for automatic adjustment of GL posting dates for evergreen renewals falling into closed periods.
Time and Expense: Split Into 2 Applications
A key structural update involves the separation of Time and Expense into two distinct applications, independent from Projects. While time configuration continues to be managed within Project settings, the day-to-day entry and use of timesheets now take place within the new, dedicated Time application. Previously bundled as a single application, they each now have their own menu for easier access. Both applications remain included in your subscription, and this change is designed to enhance usability by making features easier to locate and navigate.
Smarter Consolidations: The Affiliate Entity Dimension
Finally, for organizations with multiple entities, the introduction of the Affiliate Entity standard dimension in consolidations streamlines inter-entity reconciliation and reporting. Tagging transactions with the affiliate entity simplifies mappings and facilitates eliminations during consolidations.
Preparing for Upcoming Transitions
Sage Intacct R2’s powerful suite of enhancements emphasizes security, efficiency, user experience, and control. These updates empower finance teams with more robust tools and process efficiency to ensure maximum return on Sage Intacct investment. To better understand the latest ways Sage Intacct can drive value creation at your organization, contact CrossCountry Consulting.