Our team enjoyed the week of October 21st, 2019 at the Sage Intacct Advantage conference, designed exclusively for Sage Intacct customers and partners, to learn about industry trends and discover new capabilities. As we met with customers, consultants, and partners during the educational breakout sessions, we gained actionable insights.
During the conversations, sessions, and keynotes, four themes stood out that match Sage Intacct’s vision: the rise of the new finance team, “Finance 3.0,” which is 80% strategic and 20% accounting/administrative. This team predicts what’s going to happen and informs you on what to do about it.
Pictured: Joe Giorgio, Manager of Intacct Implementations, shares how nonprofit organizations can optimize their budgeting with the right tools. Thank you to all the attendees who joined us for the session!
Artificial Intelligence: Centered on the "Intelligent GL"
The keynote address highlighted Sage Intacct’s commitment to leveraging AI to help customers drive finance transformation. This means that in addition to reporting what happened, finance professionals will also be able to predict what is going to happen and what to do about it.
Specifically, with the use of "continuous audits," they will have the benefit of knowing their numbers are continuously validated and automatically checked for anomalies. During the conference, there was a demonstration of intelligent time capture, which will use AI to enable users to quickly capture billable time.
Ending the Month-End Close
The general session opened with new features designed to eliminate the month-end close. Accelerating the close is on everyone’s to-do list. Because the purpose of reconciliation is to provide information on the state of your company’s finances, simply closing the books for the sake of it misses the point of the exercise entirely.
In today’s marketplace, where the speed of business is faster than ever, companies must always manage their spending, not only at the end of the month.
Since many finance professionals live in the past during month-end close, real-time reporting is a significant need. It’s no longer feasible to wait days or weeks to pull numbers that impact a company’s financial strategy. If individuals can look at their bank accounts at any time and know exactly how much money they have spent, why is there no process like this in the corporate world? Instead, finance teams have to wait until the end of the month to first see the data. It also takes a lot of time to retroactively obtain and reconcile missing information, which must be completed before the numbers are usable in reports.
To thrive in business, finance professionals must make strategic decisions quickly. Now more than ever, companies require real-time visibility into financial performance and the ability to analyze it fast. Sage Intacct continues to improve and refine reports and processes to give finance professionals the information they need in real-time.
Modern companies have extensive technology stacks. This is mainly beneficial, as employees like having a variety of specialized software tools to support their job functions. However, data sharing can become an issue as many platforms operate separately from one another, causing multiple workflows and data sets with no easy way to bring them together. To seamlessly connect the data, there must be robust integrations that allow data to flow seamlessly from system to system.
In conjunction with its partners, Sage Intacct is making data integration a priority, so that any new technology a company implements connects with systems across the enterprise. In the modern workplace, connecting systems improves accuracy, saves time, and eliminates inconsistencies. When finance teams leverage a platform that integrates with their finance stacks and fits employees’ existing workflows, they can more efficiently manage company money.
Our team is enthusiastic about 2020 and all the exciting innovations on the horizon. Contact us so we can help you work towards the goal of becoming a “Finance 3.0” team.