What’s new in Sage Intacct 2019 release 3?
I’m excited to share that Sage Intacct has just launched the latest version of our award-winning cloud financial management software—Sage Intacct 2019 Release 3.
Release 3 delivers new features and other enhancements that save time—from hours to weeks, provide deeper insights to drive growth and reduce risk, and enable growth through expansion and scale:
- Save weeks onboarding your active and historical performance obligations to satisfy ASC 606 – whether you’re newly adopting it or acquiring new companies
- Save hours of time on project-based billing and revenue recognition
- Set up projects in minutes and get consistent task reporting
- Connect seamlessly to over 10,000 banks throughout the world to stay current on cash and “soft” close daily
- Create new budgets in a few clicks
Let’s take a closer look at some of the Release 3 highlights:
Onboard performance obligations to satisfy ASC 606 retrospective reporting
Adopting ASC 606 requires rebuilding your performance obligations under the new rules to populate initial billing and revenue schedules and historical asset and liability balances. This is often the most time-consuming and complex part of the implementation. The new contract onboarding utility is an implementation tool that automatically processes historical and in-flight contracts. If you’re an implementer, this means a simpler implementation with less risk. If you’re a customer, you get comparative reporting on contracts from day one—and potentially save weeks of implementation time and cost. The utility can also be used for acquired companies to eliminate days to weeks of effort and onboard them that much sooner. And it’s only available from Sage Intacct.
Manage billable project expenses and comply with ASC 606
Over the last few releases, we’ve delivered new capabilities that help companies with blended revenue models provide a better customer experience, save time managing billable expenses, and comply with ASC 606. To recap, here are some of the capabilities and benefits you might have missed:
- Send customers one invoice with perpetual, subscription, usage, and project charges to provide a better customer experience and reduce Days Sales Outstanding (DSO).
- Automate project-based calculations and billing for imported transactions to save hours on invoicing.
- Automate revenue recognition and multi-element arrangements for projects to save hours complying with ASC 606. Recognize revenue based on percent complete, milestone, or defined thresholds.
Connect to banks throughout the World
International bank feeds allow you to securely connect to over 10,000 financial institutions throughout the world to:
- Reconcile daily to monitor fraud, catch and correct mistakes, and always know where your cash stands. “Soft closing” daily eliminates a time-consuming step in your close.
- Automate matching of payment transactions to invoices to save hours processing high payment volumes.
- Easily create transactions that haven’t yet been entered.
Create projects with the standard task catalog
Using the standard task catalog, you can set up template tasks with specified dimension value defaults. Then you can create project tasks using the templates to populate the tasks with their appropriate dimension values. Not only can you set up projects in minutes, but you also get consistency of task usage across projects for better reporting.
Create budgets with the enhanced budget wizard
The budget wizard is enhanced so you can create your budget in just a few clicks.
- Automatically populate your new budget with budget or actuals – Pre-populate your baseline budget with actuals, an existing budget, or a blend of both using the budget wizard. You can easily select which months should be based on actuals vs. the budget with a simple slide of the mouse.
- Drag and drop to structure your new budget by dimensions – Decide how you want to structure the budget hierarchy of your new budget using the available dimensions from your Sage Intacct company. Then, simply drag and drop the dimensions to the budget level. You can build every budget group (revenue, cost of revenues, operating expenses, other) by any dimension.
- Drag and drop to set up your budget structure by dimension first – This enhancement is especially helpful if you have multiple entities to budget. You simply drag and drop the desired dimension to the top. The default budget levels appear repeatedly for each dimension value of the dimension you selected.
- Enhanced user experience – In addition to the drag and drop and the budget slider, a visual progress bar lets you know where you are in the budget process.
Unlike other budget solutions that can take days or weeks, you can create your initial budget in minutes.
Populate budget lines using past actuals or budget data
If you want to sanity check your budget or build your budget to account for growth or decline, past actuals and budget data are now just a click away. You can quickly preview your current budget vs. past data and populate your budget lines with actuals or budgets from previous fiscal years. This capability helps you enhance your budget accuracy and save minutes updating your budget based on past data. This level of simplicity is only available from Sage Intacct.
To Learn More
Sage Intacct 2019 Release 3 is available now. Existing customers can check out the Release 3 Release Notes or talk with their Customer Account Manager for more information.
Not yet using Sage Intacct? Attend a coffee break demo to learn more about how Sage Intacct helps you drive improved business performance—throughout your organization.
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