Exciting New Features in the R4 2024 Sage Intacct Update

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The R4 2024 Sage Intacct update brings a host of new features and enhancements designed to streamline your financial processes and improve overall efficiency. Here’s a look at some of the key updates:

1. Enhanced GL Outlier Detection

The General Ledger (GL) Outlier Detection feature has been significantly improved. This AI-driven tool now offers better accuracy by analyzing more historical data to identify unusual transactions. This helps prevent errors such as booking revenue to incorrect departments. The system alerts users to potential mistakes before they are finalized, ensuring data integrity.

2. Customer and Vendor Reconciliation Reports

New reconciliation reports for both customers and vendors have been introduced. These reports help match transactions, making it easier to identify and resolve discrepancies. The reports use a unique matching sequence to link related transactions, providing a clear view of payments and invoices.

3. Retainage Management

The update includes robust retainage management features for both accounts receivable (AR) and accounts payable (AP). This is particularly useful for industries like construction, where a portion of payment is withheld until project completion. The system now tracks retainage amounts separately, ensuring accurate financial reporting and compliance.

4. Electronic Receipts for Time and Expense

A groundbreaking feature in the time and expense module allows users to email electronic receipts directly to Sage Intacct. The system uses OCR technology to scan and process these receipts, automatically populating expense reports. This reduces manual data entry and speeds up the expense reporting process.

5. Secondary Email Notifications for ACH Payments

For those using ACH payments, the system now supports sending payment notifications to multiple email addresses. This ensures that all relevant parties are informed about payment statuses, improving communication and transparency with vendors.

6. Construction Module Enhancements

Several updates have been made to the construction module:

  • Scope and Schedule Tracking: New fields for tracking project schedules, start and end dates, and completion dates have been added. This helps in better project management and reporting.
  • WIP Management Improvements: The Work in Progress (WIP) management feature now includes time and date stamps for changes, making it easier to track project progress and financials.
  • Change Management Updates: Enhanced change management features allow for better tracking and reporting of change orders and requests.

7. 1099 E-Filing with Tax Bandits

The update introduces a new option for electronic filing of 1099 forms through a partnership with Tax Bandits. This service simplifies the e-filing process, ensuring compliance with IRS regulations. Users can choose to have Tax Bandits handle the entire process, including printing and mailing forms to vendors.

Are You Ready for the R4 2024 Sage Intacct Update?

The R4 2024 Sage Intacct Update updates reflect Sage Intacct’s commitment to leveraging advanced technology to enhance user experience and operational efficiency. Whether you’re managing financial transactions, tracking project progress, or ensuring compliance, these new features provide powerful tools to support your business needs.

If you are looking to make a transition to the cloud we would love to help guide you through the process. You can reach out to us at 855.913.3228 or book a meeting on our calendar on our contact page!