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Upgrading from Sage 200 to Sage Intacct

by SageSage 200Sage Intacct
  • Sage, Sage 200, Sage Intacct

As a trusted Sage partner, we understand the evolving business and economic climate, the specific needs of businesses and the importance of an advanced and specialist financial management system. Upgrading from Sage 200 to Sage Intacct is a strategic move towards amplifying and further strengthening your organisation’s financial capabilities and operational efficiencies. Sage Intacct offers robust and resilient cloud-based functionality that is specifically tailored to modern financial requirements; offering immediate and real-time insights, a streamlined process, and a scalability that will support the growth and development of your business. 

Sage 200 upgrade to Sage Intacct will ensure continuity and reliability in your financial operations while offering new innovative features such as advanced analytics, automated processes, and multi-dimensional reporting. These innovative features enable businesses to further develop and advance resource allocation, improve agility in decision-making, and achieve even greater transparency across departments. Sage Intacct can meet the diverse needs of your business landscape with its user-friendly interface and bespoke workflows.  

Here at Envisage, we are a dedicated Sage partner, facilitating a smooth migration from Sage 200 to Sage Intacct. We provide seamless and comprehensive support, from initial discussions on the reasons for the change, ensuring it is the right package for your requirements, through planning and implementation, to training and ongoing assistance. Our goal is to provide the tools you need for growth, to drive strategic initiatives and navigate future challenges with confidence.  

In this blog, we explore the transformative potential of Sage Intacct and how it will elevate your financial management capabilities. We discuss the reasons you may be looking to upgrade as well as themes that emphasise key benefits, such as AI, multi-entity management, improved productivity, enhanced security, and better data insights and visibility. Whether your business requires greater efficiency, deeper analytics, or improved decision-making capabilities, Sage Intacct offers a comprehensive solution tailored to meet your evolving needs.  

Reasons for Upgrading to Sage Intacct 

The upgrade from Sage 200 to Sage Intacct is a strategic move for businesses who are looking to improve their financial management capabilities. Below, we discuss some of the reasons why businesses are upgrading;  

  • Expansion and Scalability  

Scalability is the first reason for an upgrade. Sage Intacct is the ideal, robust solution for businesses who are planning growth and international expansion. The cloud-based architecture supports multi-entity and multi-currency management, facilitating smooth, integrated, and aligned operations across geographical locations. This means you can concentrate on expansion, knowing your financial data is consolidated yet accessible globally, streamlining your reporting and compliance requirements. 

  • Advanced Analytics 

Sage Intacct provides advanced reporting and analytics functionality. The ability to access real-time insights into the business’s financial performance enables proactive work and decision-making based on accurate data. Sage Intacct gives you the ability to customise your dashboard for an even more advanced interface as well as offering automated and tailored reporting features. This means businesses can analyse and interpret key data and metrics, monitor objectives and KPIs, and evaluate the performance of their supply chain. This type of data-led accurate information is crucial for strategic planning. 

  • Compliance and Data Integrity 

Audit trails and security controls are additional advancements that have been incorporated into Sage Intacct. These maintain data integrity, confidentiality, and security, giving you peace of mind. With detailed records of every transaction and stringent access controls, your financial data is guaranteed to be both accurate and protected. To ensure that you are maintaining high levels of compliance and reducing data breaches these heightened levels of security are essential.   

  • Competitive Advantage 

Utilising Sage Intacct’s AI, automation, and real-time reporting means you can combine financial and operational data seamlessly, enabling you to make smarter and faster decisions. This puts you ahead of your competition and frees up time for business planning, allowing you to focus on accelerating your growth and driving the decision-making process with key metrics, as the cloud-native growth accounting solution does all the heavy lifting for you. The intuitive interface and customisable dashboards ensure that critical insights are always at your fingertips, allowing your team to stay agile and responsive in a dynamic market. 

Upgrading to Sage Intacct offers businesses more power and equips them with a modern, scalable financial management system that supports growth, improves strategic decision-making, and enhances operational efficiency, all without compromising the positive aspects of Sage 200. Plus, the seamless integration capabilities and advanced analytics of Sage Intacct provide a comprehensive view of your business, enabling you to drive performance and profitability with unparalleled precision. 

Features of Sage Intacct 

  • Artificial Intelligence (AI) 

AI improves and strengthens financial management by the automation of routine tasks. This dramatically reduces errors and streamlines processes allowing for businesses to focus on strategic activities rather than manual data entry which in return utilises and develops their workforce in line with the ever-growing technological economic terrain. Real-time analytics and data, along with predictive market and business insights effortlessly provided by AI as part of Sage Intacct, allow users to make important and informed decisions quickly, with all the accurate information they need right at their fingertips. 

  • Multi-Entity Consolidation 

It takes time to consolidate data due to error prone manual reporting. Multi-entity consolidation is about integrating data from multiple entities into a single platform and simplifying your reporting requirements. The ability to consolidate data across a multitude of platforms means arduous, time consuming and error fuelled manual consolidation is no longer carried out.  

Sage Intacct offers a single cloud-based environment with a single login process, providing access to shared accounts and reports. This reduces the need for manual data processing and continuous consolidation, delivering accurate, real-time data at your fingertips. 

  • Improved Productivity 

Sage Intacct can further strengthen your organisation’s financial capabilities and operational efficiencies by automating reconciliations, consolidating data, and providing real-time visibility into your finances. These advanced reporting tools, automated processes, and continuous transparent audit trails reduce manual tasks and errors, resulting in improved and more efficient productivity levels.  

  • Secure and Up-to-Date Data 

As noted, Sage Intacct includes advanced audit trails and strict access controls. It is a cloud-based platform that automatically completes continuous updates which safeguards against vulnerabilities and security breaches as well as ensuring compliance with the latest standards and regulations. Automated security testing and enhancements offers peace of mind meaning that you can focus on growing and developing your business knowing that you are maintaining data integrity and confidentiality.  

  • Data Insights 

Automated financial processes, as well as robust audit trails and security controls significantly reduce the risk of manual errors as well as ensure data accuracy and compliance. Real-time reporting and data as well as AI driven insights allow for smarter and proactive decision making and streamlined workflows guaranteeing a reliable, error free financial management that nurtures and encourages trust and transparency. 

How Sage Intacct Can Help your Business 

Sage 200 upgrade to Sage Intacct is indeed an investment, but the additional and advanced features speak for themselves: enhanced automation, real-time insights, accurate data, and overall superior financial management capabilities. With features like multi-entity consolidation, advanced security controls, and AI-driven analytics, Sage Intacct is designed to drive efficiency and accuracy.

Envisage are Sage Software Specialists with over 20 years experience and expertise. We would love to learn more about your organisation and business requirements and discuss how Sage Intacct can meet your needs. Our goal is to help your business grow and develop. If you’re considering an upgrade to stay competitive, improve decision-making, and ensure your business is equipped with the latest tools for growth and success, please email sales@envisagecloud.ie or complete our online form. 

About the Author

Picture of David Burke

David Burke

David Burke, the Technical Director for Envisage, is responsible for developing bespoke and off-the-shelf solutions, including easyDD for Sage. In 2023, he achieved accreditation as a Sage Intacct Implementation Certified Consultant.

sage intacct

Sage Intacct 2024 R2 New Release

by Sage
  • Sage

Sage Intacct is at the forefront of financial management solutions, known for managing all your accounting processes and workflows, making it extremely flexible and adaptable. The 2024 R2 New Release builds on this robust foundation and offers enhancements to existing operations, further streamlining financial processes and integrating seamlessly with other industry-specific solutions. 

The aim of the R2 New Release is to enable businesses to refine their financial management systems, boosting efficiency and providing a deeper understanding of financial data. These updates not only enhance the user experience but also ensure that business and financial professionals can make more informed decisions, faster and with greater ease. 

As Sage Partners, we discuss what we believe are the key features of the R2 New Release and how they will help your business optimise financial management processes, maintain compliance, and achieve greater success and growth. 

What is Sage Intacct? 

Sage Intacct streamlines, improves efficiency, and enhances ease and precision. It is a comprehensive financial solution that can be tailored to your needs. It excels in cash flow management, offering critical insights into your financial wellbeing, covering accounts payable, accounts receivable, inventory management, and other financial processes. One of the main features of Sage Intacct is its support for multi-entity operations and fixed assets management, ensuring broad coverage for all your accounting and financial management needs. 

Benefits of Sage Intacct 

Sage Intacct is a powerful, cloud-based financial management software solution designed to meet the needs of modern businesses. It supports your operations and helps your business grow. The main benefits of Sage Intacct can be summarised in a few words: efficient, scalable, flexible, functional, customisable, easily integrated, comprehensive, accessible, and transformative. 

R2 New Release Key Features 

At Envisage, we believe that Sage Intacct R2 focuses on streamlining processes and efficiency, enhanced reporting capabilities and tools, and an improved user interface. Below are some of the main features of the R2 New Release:

  • Streamlining Processes 

One of the key differences is the introduction of more robust multi-entity management capabilities, allowing businesses with complex structures to streamline their accounting processes more efficiently. This feature introduces smoother consolidation and reporting, saving time and reducing the potential for errors. Additionally, it offers improved programming features, enabling businesses to further optimise their workflows and improve overall productivity. 

  • Integration 

Improved integration options with other industry-specific solutions create a more cohesive, unique, and customised financial ecosystem with seamless data flow. This cohesive financial structure improves efficiency and provides a more tailored approach to reporting and analysis, ensuring a complete view of business and financial operations. This overview promotes superior decision-making and strategic planning. 

  • Analytics and Dashboard Capabilities 

Sage Intacct R2 includes advanced analytics and dashboard capabilities, providing deeper insights and more comprehensive financial visibility. This strengthens financial controls and overall company development. The dashboard provides an ‘at a glance’ view of all financial transactions and compliance, potential financial risks, and developing trends. These improvements ensure that Sage Intacct not only continues to support but also significantly boosts the financial health and operational efficiency of businesses. 

  • Improved User Interface 

The latest R2 release offers a refreshed user interface designed to improve user experience and overall productivity. The layout has been modernised with more intuitive navigation, allowing users to find and access financial data and reports more easily and efficiently. 

  • Reporting 

The robust system now has the ability to generate individual reports for each project within a group. Businesses can schedule individual reports when filtering by project group. This feature provides greater flexibility and deeper insights into performance, finances, and profitability for each project, allowing businesses to manage projects more efficiently and make more informed decisions. Additionally, businesses can now track overbilling and underbilling and show predicted profit at the end of a project. This improved tool enables users to clearly visualise the financial health and positioning of their organisation. 

How Will it Help Businesses? 

At Envisage, we are dedicated to helping businesses grow and develop, and we proudly support the Sage Intacct R2 New Release. It offers improved features that benefit both existing and new businesses. For businesses already using Sage Intacct, R2 introduces advanced project reporting capabilities and improved integration options with other industry-specific solutions. This enhances operational efficiency and overall financial management and transparency. 

New businesses to Sage Intacct and R2 will find a highly flexible and scalable financial management solution tailored to their unique needs. It provides comprehensive support for tasks like cash flow management, accounts payable, receivable, and inventory. Sage Intacct empowers businesses with robust tools that streamline operations and drive growth. 

Get in Touch

Our team at Envisage are Sage specialists with over 20 years of experience and product knowledge. We would love to hear from you to learn more about your business, enabling us to recommend the best software solutions for your specific requirements. To explore Sage Intacct in Ireland, or find out more about the R2 New Release, please email us at sales@envisagecloud.ie or alternatively complete our online form. We will get back to you as soon as possible to assist you with financial management.  

About the Author

Picture of David Burke

David Burke

David Burke, the Technical Director for Envisage, is responsible for developing bespoke and off-the-shelf solutions, including easyDD for Sage. In 2023, he achieved accreditation as a Sage Intacct Implementation Certified Consultant.

Business people working with online project on laptop

TASBooks Coming to an End – What Are My Options?

by AccountingSageSage 200Sage Intacct
  • Accounting, Sage, Sage 200, Sage Intacct

TASBooks has been around for over three decades now and it’s an accounting solution used by many small and medium-sized businesses. However, as of 31st August 2024, Sage will be retiring TASBooks software. This decision is understandably a concern for accounting departments who are reliant on its functionality, but don’t worry, there are lots of other options available to support the day-to-day financial operations of your business. 

After August, there is no guarantee that TASBooks will continue to function and the software will no longer be supported or updated. Any other Sage products you use, such as Payroll, will continue to work but they won’t be tested to integrate with TASBooks. So, now is the ideal time to consider your options. Perhaps your business has grown or evolved since you first purchased TASBooks. It would be worth reviewing other Sage accounting software options to find the solution that best fits your business now and into the future. This is a strategic move for business owners that can impact everyday operations and streamline processes for accounting teams.  

As your business evolves, so should the tools you use to manage your financial information and Sage is committed to providing the best products to support your business. Below we have put together some useful information for SMEs that are currently using TASBooks, including some alternative software solutions to consider. 

Why is TASBooks Being Retired?

Sage continually reviews the software solutions it offers to ensure they align with modern business needs. Over the years, advancements in technology have significantly impacted the types of software that businesses use and it’s key for companies like Sage to invest in the right solutions both now and in the future. The option to retire TASBooks is a reflection of Sage’s commitment to providing the best accounting software to businesses. While TASBooks has been a reliable tool for many years, Sage is now focusing on more robust systems that offer greater functionality and integration capabilities. 

Exploring Alternatives for Accounting Teams 

If you’re currently using TASBooks, it’s beneficial to start exploring some alternative accounting software options. Staying within Sage offers several benefits and can make the transition process much more straightforward. There are a couple of stand-out options that can replace TASBooks; Sage 200 and Sage Intacct. Both of these products offer a variety of integrated tools and features that can help you manage different aspects of your operations.  

  • Sage 200 

Sage 200 is a popular software solution among small and medium-sized businesses, especially those wanting to grow their operations. This product extends beyond the capabilities of TASBooks by offering a fully integrated suite of ledgers. It can be used as a stand-alone solution or be integrated with a variety of other applications to suit specific business processes and requirements. Sage 200 can support decision-making through its comprehensive data insights and advanced reporting tools providing full transparency into your financial status. The option to automate repetitive and time-consuming tasks can be hugely beneficial too, streamlining operations and reducing the likelihood of human error. Ultimately, it’s an all-around solution that can increase efficiencies for accounting teams.  

  • Sage Intacct 

Sage Intacct is a leading cloud-based financial management solution, ideal for businesses that need advanced functionality. This software can transform day-to-day business processes and boost overall productivity. It provides real-time financial and operational insights, reducing your reliance on inflexible spreadsheets, and enables you to automate several essential workflows. For businesses with multiple locations or entities Sage Intacct Core Financials can support accounting teams and it easily connects with other industry-specific solutions to ensure all of your needs are met. Not to mention, Sage Intacct’s cloud-based nature ensures it can scale alongside your business, supporting your growth without the need for substantial additional investment, making it a long-lasting solution.  

Determining the Best Fit for Your Business

When transitioning from TASBooks to another Sage accounting software solution, it’s key to ensure you’re making the right decision for your business. This requires careful consideration of how you currently use the software as well as any functionality that could benefit your business’ accountants. Here are some steps to help you determine which Sage product is the best choice for your business;  

• Assess your needs – Review what you currently use TASBooks for on a day-to-day basis. Identify the features you can’t do without and are having the biggest impact on operations. It’s useful to also consider any additional needs that aren’t being met and features that could improve efficiency or reduce costs by streamlining processes. 

• Consider your growth plans – It’s always beneficial to think about where you see your business in the next 5-10 years. For instance, will you need a product that scales or offers more extensive reporting and analytics? It’s also vital to choose accounting software that can adapt to changing market conditions and business opportunities without being overly complicated to use or manage. 

• Evaluate integration requirements – Consider what other systems your business uses in other aspects of operations, from e-commerce and sales to inventory and supply-chain. It’s crucial to ensure the new software integrates with any existing systems to not only ensure data flow and reduce the risk of errors, but increase visibility and improve overall operational efficiency. 

• Seek advice – It can be useful to speak to a Sage expert who can provide insights and recommendations based on your specific business needs. An external perspective can help identify potential benefits and drawbacks of software that might not be immediately obvious, ensuring a well-informed decision. 

Upgrading Your Accounting Software in Ireland  

All in all, the retirement of TASBooks marks the end of an era, but it also opens new doors for businesses looking to leverage more advanced technology. With a range of Sage accounting software solutions to choose from, you can ensure you’re integrating new products that will help transform your business’ financial operations. As Sage continues to deliver innovative and efficient solutions, now is the ideal time to plan your transition from TASBooks to ensure your business isn’t impacted in August.  

At Envisage, we specialise in Sage accounting software in Ireland. Our expert team is ready to help you find the ideal solution to replace TASBooks. Over the years, we have successfully migrated many customers from TASBooks to an alternative Sage solution. You can turn to us in confidence knowing we will take the time to understand your needs and our team will be open and honest throughout, enabling you to make the best decisions for your business. Don’t hesitate to get in touch with us today to find out more about how a new Sage accounting software can transform your operations both now and in the future. 

On June 19th, we will host a webinar “Paving the way for growth with Sage Software”.

The following topics will be discussed:

• Accounting Software Evolution
• AI and Future Trends In The Market
• Challenges Facing Small-Mid Businesses
• The Positive Impact of Sage Software
• Choosing The Right Solution For Your Business

See link to register: https://envisagecloud.ie/paving-the-way-for-growth-sage-software-webinar/

About the Author

Picture of Ivan Darmody

Ivan Darmody

Ivan is a customer-centric self-starter with a passion for technology. With extensive sales experience in various industries, he has focused on problem-solving customers’ requirements and providing the best solutions to streamline their processes while maximising potential utilising both direct and indirect sales channels.

warehouse worker using bar code scanner to analyze newly arrived goods for further placement in storage department, logistic working at warehouse.

Growing Your Business with Sage Software

by SageSage 200Sage Intacct
  • Sage, Sage 200, Sage Intacct

More so than ever before, businesses are reliant on software solutions to help them improve operational efficiency and support long-term growth plans. Whether you’re a start-up with ambitious goals or a small enterprise wanting to expand your offerings, the right software can have a significant impact on day-to-day operations, enabling you to focus your time and attention on other key aspects of your business.

Sage software has long been a preferred choice for businesses of all sizes. Known for its comprehensive capabilities, Sage offers a range of solutions that cater to the varied needs of different sectors, from distribution and retail to healthcare and hospitality. Sage provides the tools required to streamline processes, improve financial accuracy and foster better customer relationships, making it an essential asset for any business aiming to succeed in today’s competitive environment. Below we have explored how implementing the right Sage software solutions can help you grow your business in more detail. 

Why the Right Software is Essential for Business Success

The right business software does more than just automate manual and repetitive tasks, it enhances your organisation’s overall capability to perform and compete. Not to mention, it integrates seamlessly with existing systems, reducing downtime and learning curves, which further streamlines operations. Investing in the right software also provides critical data and insights which can lead to better decision-making, ultimately enabling your business to make the most of new opportunities and drive ongoing success.

In today’s competitive business landscape where efficiency and performance are not just goals but necessities for survival and growth, investing in the right tools can make a significant difference. For businesses of all sizes, this means choosing software that not only fits their current needs but also scales with them as they grow.

The Popularity and Versatility of Sage Software

Sage software is known for its versatility and adaptability, and it can benefit businesses across a wide range of industries. With a suite of solutions that cover everything from projects to supply chain and beyond, Sage software doesn’t just manage your finances. Implementing Sage software into day-to-day operations can give you full control and visibility over your business, so you always know what’s happening.

Whether you’re a small start-up or an established organisation, Sage has options that can be tailored to your specific challenges and complexities. From Sage 200 which helps small and medium-sized enterprises manage various aspects of their operations to Sage Intacct which is a powerful financial management solution, the Sage product range caters to all businesses. This flexibility is one of the many reasons why Sage is a top choice among businesses in Ireland and globally. Not to mention, with a selection of integrated apps available, with Sage software, you can make your business smarter, more efficient and cost-effective.

How Sage Software Supports Business Growth

Sage software is a useful tool that can support your business as it scales and evolves over time. It offers a vast range of features that improve operational efficiency, financial visibility and regulatory compliance, to name a few, ensuring every aspect of your business is optimised for success. Here’s how Sage can help your business grow;

  • Streamlined Operations

One of the main ways Sage software supports business growth is by streamlining operations. By automating routine tasks, Sage frees up your team’s time so they can focus on more important activities. This includes everything from automatic invoicing to managing inventory levels. With these processes streamlined, your business can operate much more efficiently and even reduce operating costs, enabling you to allocate resources to critical growth areas. Of course, automation reduces the likelihood of human error too, which in turn, boosts productivity and profitability.

  • Real-Time Financial Insights

Sage software provides real-time visibility into your financial data, which is crucial for making informed business decisions. With comprehensive reporting tools and dashboards, you can track your financial performance, monitor budgets and manage cash flow more effectively. This level of insight is vital for spotting trends, identifying potential issues before they become big problems, and making the most of opportunities that can drive growth. Enhanced financial insights also help with risk management by providing accurate data that supports strategic planning and decision-making.

  • Scalability

As businesses grow, their needs become more complex. Sage software is designed to grow with your business, handling increased data volumes, users and transactions. This scalability ensures that as your operations evolve, you don’t need to have a complete overhaul of your software and it remains efficient. Your Sage solution can adapt, adding new features and capabilities, saving time and money and ensuring you can continue to benefit from efficient software no matter the stage of your business growth. The modular design of Sage makes it a perfect fit for expanding business requirements.

  • Compliance and Security

In today’s strict regulatory environment, compliance and security are paramount to business success. Sage software helps ensure all aspects of your organisation adhere to the latest legal regulations and standards, whether it’s GDPR in Europe or other local compliance requirements. With robust security features in place, Sage also protects sensitive data, giving you and your customers peace of mind. This commitment to compliance and security also helps build trust with stakeholders, which is an essential factor for not just business growth but also long-term sustainability.

  • Integrated Apps

As touched on above, Sage can benefit from a range of integrated apps that maximise the benefits of the software, further enhancing its value. These apps extend the functionality of Sage solutions, allowing for unique customisation based on your specific business needs. Whether it’s barcoding and warehouse management or document management, the integration of additional applications ensures every aspect of your business is functioning optimally. This capability makes Sage more than just smart software, but a comprehensive business management solution.

Implementing Sage Software into Operations

All in all, when growing your business, Sage has a range of options and choices available that can support you from a small start-up to a large enterprise. With the help of an experienced Sage partner, you can ensure you’re implementing the right Sage products for your unique needs and benefiting from everything that Sage software has to offer.

Our team at Envisage has vast experience when it comes to recommending the right solution for our customers. We work with an array of businesses and take the time to get to know and understand our customers’ needs. We can recommend Sage solutions to not only improve operations but future-proof your business and we ensure each project delivers consistent results.

With its versatility, scalability and comprehensive suite of features, it’s easy to see why Sage is a popular choice for businesses in Ireland. Get in touch with us today to discuss your specific requirements. You can rest assured that we have the most experienced Sage technical team in Ireland and you will be in very capable hands when you turn to Envisage.

On June 19th, we will host a webinar “Paving the way for growth with Sage Software”.

The following topics will be discussed:

• Accounting Software Evolution
• AI and Future Trends In The Market
• Challenges Facing Small-Mid Businesses
• The Positive Impact of Sage Software
• Choosing The Right Solution For Your Business

See link to register: https://envisagecloud.ie/paving-the-way-for-growth-sage-software-webinar/

About the Author

Picture of Ivan Darmody

Ivan Darmody

Ivan is a customer-centric self-starter with a passion for technology. With extensive sales experience in various industries, he has focused on problem-solving customers’ requirements and providing the best solutions to streamline their processes while maximising potential utilising both direct and indirect sales channels.

Using Sage 200 to Overcome Common Inefficiencies

Artificial Intelligence in Finance

by Sage
Using Sage 200 to Overcome Common Inefficiencies
  • Sage

This is a topic that I am passionate about and I thought now would be the perfect time to write this article. With so much hype surrounding AI these days, it’s both mind-blowing and scary. Only a short while ago, we were amazed by the power and capabilities of AI. As time has passed, its boundaries have become much more blurred. Where can it go from here? What are the societal implications of AI? The other factor that I find both exciting and scary is the speed at which technology is moving. Have humans created intelligent beings with potential to outwit and potentially deceive humans? How is that even possible? Regardless of where you stand on this topic, it’s fascinating to see.

Wearing my technical director hat now, our business is all about cost and time savings, delivering automation and technology solutions to make it easier for our customers to do business. So, I thought it would be a good place to start by exploring the practical uses for both AI and Machine Learning in business. So, before we get started, let’s do a quick re-cap on AI and Machine Learning definitions:

AI – Artificial intelligence refers to the general ability of computers to emulate human thought and perform tasks in real-world environments. 

Machine Learning – Machine learning aims to teach a machine how to perform a specific task and provide accurate results by identifying patterns.

The Finance Department

Finance Leaders don’t want to be behind the curve. They want to be in the know at all times across all departments. They want their teams to be highly productive with technology and automation stepping in to take away the tedious, monotonous activities.

The Finance Team wants proactive data to be sent their way. They want to use technology to present emerging opportunities and risks to them on topics that they may not ever had on their radar.

I’ll bring in Machine Learning at this point, where machines can be taught to carry out a specific task and provide accurate results based on identifying patterns. Running a business with an “always on”, “ready to report at any moment”, strategy is what most finance leaders aspire to. However, this is only valuable if the data is accurate to begin with. Machine learning can be hugely beneficial in spotting anomalies and inconsistencies within the data based on previous patterns.

The Whole Business

But it doesn’t stop there. The scope for using AI across the business is enormous. It will present accurate, real-time data, at any point. So, cloud is key. I’ve mentioned data accuracy and detection of anomalies, but it goes much deeper into complete process automation, security monitoring, seamless integrations between different applications and flexible workspaces and user interfaces that adapt based on user activity and preferences.

The Value of Data

Many organisations struggle with data analytics as in they don’t have any or they have but they are not using it in a meaningful way. Some organisations are highly advanced in this area and are tapping into a wealth of data to help understand their opportunities and risks. I think it would be fair to say, however that the vast majority of businesses don’t have these visual insights to help guide them along the right strategic path.

Guesswork, fingers in the air and spreadsheets will just not cut it. Competitors are banging on doors to let them in, to let them do business with your customers. The power of your data should not be underestimated. It just needs to be harnessed and leveraged to help plot your strategic direction as well as managing the day-to-day with a critical eye.

Sage Intacct

I’m going to explore 4 key areas where Sage Intacct delivers AI benefits to its users:

1. General Ledger

The concept of having a continuous close means that the data in your GL is open for business at any time of the day or night. The GL is the heart of your financial system and being able to tap into your data at this level means that you know exactly what’s going on. Powered by AI and automation, the intelligent GL allows you to post and report transactions immediately, share financials securely with specific people and reduces the reliance to manipulate data externally.

Manual data entry is reduced while accuracy is improved, just by simplifying and automating core tasks within your finance department and beyond.

2. Detection of Anomalies

With manual data processing comes mistakes, despite all the best intentions in the world. They are so-called “Human Errors”. So, what if AI gave us a helping hand to stop us in our tracks should it detect something out of the ordinary?

Sage Intacct’s GL Outlier Detection is magic. It leverages the power of AI to scan thousands of transactions in minutes. It will pick up any discrepancies and will flag any transactions that need to be reviewed. The GL Outlier Detection has built-in machine learning capabilities, so it grows to understand your business and its patterns. The system can be set up with parameters to set to tell the system what transactions qualify as an outlier.

The GL Outlier Detection is critical, not just as a time saver but for flagging serious anomalies such as fraudulent activities.

3. A Picture Paints a Thousand Words

Nice, easy to see, graphical data representations that sit on your dashboard, leave the humble spreadsheet for dust. You may ask… Couldn’t you just “pretty up” your spreadsheets to give the same result? No and this is key. It’s not just about the pictures, it’s about the collation of the data to deliver those nice graphs and charts. How long would it take to compile vast amounts of data and then start to analyse trends, patterns and correlations using spreadsheets? This obviously depends on your spreadsheet skills, but clearly it will need time and effort to get this information.

Sage Intacct has an Interactive Visual Explorer, which builds visual data representations of your data. In seconds, you can have comparative data, showing trends, patterns and correlations. You have in the region of 200 pre-built visuals, plus you can build your own.

Here is a very simple example of what can be achieved. Let’s say you want to view your actual revenue, month by month. Using Sage Intacct’s Interactive Visual Explorer, you will get a prediction of next month’s revenue based on the analysis of past data and patterns. This is just a simplistic example, but my intention here is to get you thinking about the potential power of this tool.

4. Time Capture

This is a real game-changer for organisations that rely on capturing timesheets for projects or for other reasons. With Sage Intelligent Time, the experience for users will be slick and efficient and for the Finance Team, the entire process will be visual and seamless. Billing delays will be confined to the history books, month end closing will just happen, teams will be freed up from monotonous and laborious tasks and the entire system will become much more efficient.

I’ve focused on these four topics, but there is still so much more to discuss including AP Automation and Contract Renewals. I’ll look forward to writing on these topics later this summer, so stay tuned.

A window of opportunity for competitive advantage

The Secret to Healthy Finances

Keeping Your Finances in Good Health Amid Rising Inflation

by Sage

No business has escaped the inflationary surge over the past year. During these very uncertain times, many organisations have had to re-adjust and re-calibrate as they try to manage their finances and fluctuating costs caused by inflation.

Higher prices for goods and services impact on production costs, resulting in increased consumer prices and potentially lower profit margins. This can lead to reduced consumer spending, slower economic growth and greater uncertainty for businesses. In addition, rising inflation can (as we have seen) directly affect interest rates and the value of currency, making it difficult for businesses to expand into international markets.

 

Cost Containment

Addressing inflation challenges with cost accounting

Organisations of all sizes that aim to thrive in these financially challenging times are turning to analytics and cost accounting to better understand their business.

High inflation will continue to be an issue in 2023, at different levels across different countries. Organisations will be doing everything in their power to limit their exposure with initiatives such as:

 

  • Paying close attention to cost accounting and leverage analytics to find those cost reduction opportunities

  • Conducting regular vendor cycles to put pressure on suppliers to absorb costs and look to re-negotiate terms on agreements, where possible

  • Continuing to rely on technology – with many organisations having moved to the cloud during COVID. Going forward, organisations will rely even more heavily on cloud technology with all the favourable security and agility benefits they came to appreciate during COVID.

 

Seeing the Value from your Technology InvestmentFinance leaders are looking to their technology investments

Finance leaders are looking to their technology investments to see how to extract even more value from their systems by:

  • Reviewing existing systems to see where the gaps are and what is required to bring greater value. Upgrading, adding more modules, integrating more systems can all help to bring additional value to the organisation

  • Leveraging AI where possible across the organisation is key. AI may exist within current systems or it could be something that requires an upgrade. In any case, finance executives are leaning heavily in favour or automation to help exploit opportunities to save money and make teams more productive

  • Reaching out to service providers (such as Envisage) to help customers optimise their systems to take advantage of functionality such as AI, reporting and data analytics, predictive forecasting, budgeting and planning

 

Better Understand your Finances

Better Understand your Finances with Envisage

Cloud Financial Systems such as Sage Intacct can transform your business from spreadsheet-reliant to slick and efficient, where a world of insights and analytics is unlocked. With 24/7 data at your fingertips, there are no excuses for not having the financial data you need in real-time.

By using Sage Intacct’s detailed dashboards and reporting capabilities, it’s easier than ever to keep a close eye on your data to ensure that nothing important is being overlooked. Not only does this increased visibility heighten your awareness to any financial problems or new market trends that may occur, but you can also forecast more accurately. The transparency and understanding that Sage cloud-based solutions provide means you can flexible with your approach to handling the current uncertain economic times.

If current inflation trends are causing uncertainty in your industry and placing further pressure on cost containment, it’s important to ensure you have the right tools in place to help you manage your day-to-day finances. There are several benefits to using Sage finance and accounting solutions like Sage Intacct to help you keep your finances on track and in good health.

 

Plan Ahead, Even in Uncertain TimesPlan Ahead, Even in Uncertain Times with Envisage

Although there is no crystal ball here, experts predict recessionary conditions ahead and so no matter what way things pan out, planning is key. The organisation that is equipped with the facts and figures in meaningful dashboards is already one step ahead of the company that just can’t see the wood from the trees. This is where Sage’s best-in-class accounting functionality comes in. Sage Intacct can help you overcome challenges all businesses are likely to face.

By analysing data regularly with Sage Intacct accounting software, you can lean into cost-reduction initiatives and eliminate unnecessary costs from your operations. This alone can make a big impact during these very uncertain times, helping you to save money and stay afloat. This flexible and powerful financial management system also connects with other industry-specific solutions to provide you with the data you need across your organisation to drive your future success. Having one comprehensive system is invaluable and it will help you to be as prepared as possible for whatever the future has in store.

 

Become More Efficient

Sage Intacct: Streamline, Automate, and Boost Efficiency

Becoming more efficient has grown in importance for businesses of all sizes and Sage solutions can help you to streamline operations. Using automation modules can help you to extend staff and resources by reducing manual processes, and you can improve day-to-day operations. This can have a big impact on your bottom line and help you save money organisation-wide. Sage Intacct has a simple interface, so it’s easy for the whole team to incorporate into their roles.

Using automation can also help to reduce human error and inconsistencies, making your data more reliable. When employees don’t have to manually enter information into a system, which can be very time-consuming, you can trust that your financial reports will be accurate. You can then make business decisions based on up-to-date reports in confidence knowing that the data is correct and you don’t have to deal with the consequences of errors later down the line. As your business grows and scales, additional functionality is available to ensure Sage Intacct is still able to meet your requirements, improving productivity and profitability.

 

Speak to an Expert About Sage Intacct in Ireland

Speak to an Expert About Sage Intacct in Ireland - Envisage

If you’re concerned about rising inflation and the uncertainty it has caused in your industry, then investing in cloud financial systems such as Sage Intacct accounting software can be hugely beneficial. With the correct tools, macroeconomic inflation factors won’t have such a big impact on your finances and you can ensure that you keep them in good health.

To speak to an expert about Sage Intacct in Ireland and to find out more about how you can manage your finances more effectively, get in touch with our team at Envisage today. We work closely with businesses to provide solutions that revolutionise their operations. We will happily discuss the Sage Intacct cloud-based system with you in more detail and help you determine whether it’s the best option for your business at this time.

We pride ourselves on providing outstanding customer service to businesses of all sizes and we genuinely care about the outcome of the projects we work on. You will be in very good hands when you turn to us for Sage Intacct in Ireland.

 

Sage Intacct Reporting and Dashboards: Download Guide

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