Sage Intacct 2019 R1 Overview
DID YOU KNOW? Sage Intacct is the Only Cloud Financial Management Solution Ranked in G2 Crowd’s Top 50 Software Products for Mid-sized Companies Based on Customer Satisfaction.
Sage Intacct 2019 R1 has just been released!
Accountants were the main focus of the Sage Intacct R1.
The updates to the award-winning cloud solution help better understand the financial health of the business and drive profitability. Release 1 helps accountants do both and as a bonus, helps organizations get more productivity out of the day so you can spend time doing the important things.
Dynamic Allocations Enhancements
Allocating indirect costs and revenues helps organizations understand the true profitability of products and services it is a very complicated process, requiring multiple steps that must be done in specific order and often requiring complex account setups or reversals to retain before and after views.
Release 1 introduces new capabilities to address these allocations issues, saving you time so you can focus on what drives performance in your organization.
So your organization wants to allocate square footage costs before facility costs and then allocate shared services costs across operating departments?
With group allocations your organization will get:
- Convenience of pushing a button to run all allocations at once.
- Control over the sequence to ensure allocations are run in the right order every time to ensure accuracy.
- Control how errors are handled—keep going if there are no dependencies between allocations or stop the process if there are.
- Email notification once the group has finished processing; no need to remember to check on the results.
- Unlimited number of allocations allowed to group together.
Allocation Book Stacking
Do you sometimes need to see only direct costs and revenue and at other times see the total? With allocation books, simply check a box on reports to include allocations or not and compare the results side by side. No additional manipulation is needed.
Additionally, you can take your analysis a step further, easily comparing different allocation drivers for the same period, expenses, and revenues by setting up separate allocation books with different calculation bases.
Automatic Billing on Allocated Costs
Couple with Project Billing to bill for allocated costs with markup.
Project Billing: Transaction Rules
Cost-plus agreements, often found in government contracts, require service organizations to bill for a project’s labor, including burdened and overhead costs, plus an agreed upon fee or percentage over their labor costs.
With 2019 R1, transaction rules allow users to automate project-based calculations for posting to the general ledger and flag timesheet transactions for automatic invoicing.
With this update users can:
- Understand project profitability and demonstrate whole project costs to clients with allocation of overhead costs plus markup to projects. This goes above and beyond most project solutions which only apply labor burden and markup.
- Save time with labor billing based on employee groups. Set up an employee group once and change rates at the group level when a project is billed differently than your standard pricing.
- Increase the accuracy of hour tracking with the ability to reallocate hours using statistical accounts.
- Automate general ledger transactions, apply markups, and generate an invoice for inter-entity transfer costs.
With straightforward, automated cost-plus billing, organizations can better understand and improve project profitability, save time, and generate more accurate billing.
Contracts: Bill on Percent Complete
For businesses that have long projects or large budgets, billing at the end of the project can delay needed cash flow to fund the operations of the organization. Billing as the project progresses can bring cash into the business up to 50% sooner.
Inventory: Estimated Landed Costs
To avoid large cost of goods sold (COGS) valuation adjustments, its not ideal to wait until all the actual landed costs are received to cost the inventory. With estimated landed costs, organizations can estimate the cost and then reverse that estimate when the actual cost is received.
If the period is already closed when the actual cost is received, users can auto-generate adjustments in the current period. With this, organizations can more accurately reflect the full cost of the inventory and avoid any swings in COGS.
Action is a powerful new user interface that focuses on saving time, modeling the way the business runs and accessing new innovations to drive productivity across your organization.
New capabilities include:
Streamlined navigation helps users get where to tasks quickly and consistently.
- Ability to favorite frequently accessed menus to find them faster.
- Personalized navigation which helps eliminate menu clutter
- Streamlined day-to-day activities with a consistent experience across applications.
Personalization that allows you to model the way you work.
- Personalized entity colors that help users know which entity is which at a glance and avoid entry errors.
- Increased readability with report density preferences, higher contrast fonts, and a modern look and feel.
- Ability to compare reports more easily with tabbed reports.
Accessibility to redesigned experiences available only in Action.
- Save time on Bank Reconciliations with multi-file import and faster filtering, sorting, and performance.
- Gain more flexibility and control in applying payments and credits with the Pay Bills Workbench.
- Simplify Global Consolidations with a consistent look and feel, duplication of books, and a graphical view and navigation.
- Speed report creation provide a better user experience, and handle complex needs with the new Interactive Custom Report Writer.
We’re thrilled to see these changes come to the Sage Intacct product with Release 1 and it is AVAILABLE NOW.
Our existing clients can check out the Release 1 Release Notes or your DSD account manager for more information.