Let’s face it, we all make mistakes; we are human, and it is part of our nature. While some mistakes lead to growth, we do not want to see mistakes made regarding our company’s accounting.

Segregation of duties and review help to reduce human error. Still, depending on the size of your organization, the reality is that no one has time to review each transaction in full detail. Sage Intacct has many automated features that can help you ensure your company’s books are correct with less effort from you.

Outlier Detection for General Ledger

Outlier detection is an automated, machine-learning feature that can flag inconsistencies and alert you to issues so you can focus your review on what matters. The outlier detection will note if an entry is coded to an unusual account or dimension. It will also pick up any unusual amounts. You can customize fields through the configuration settings, which allow you to set specific thresholds for each journal. Each anomaly is flagged with an icon noting the issue so a resolution can be found quickly.

The approval workflow can be modified to determine who reviews those outliers detected. This feature can be configured to have the journal entry preparer be notified if there are any outliers, have them review, fix the issue, and then resubmit. At this time, the entry would then go to the reviewer for approval if necessary or if no reviewer is needed the journal entry would then post.

Bank Feed Automation

Another new feature in Intacct is bank feed automation. Intacct can now connect to thousands of financial institutions and import your transactions directly into the software. Once your bank or credit card transactions are imported you can easily record them into the general ledger and reconcile your accounts. The imports are done daily, so you can view your transactions in real-time. This feature can also automatically match any transactions you may already have recorded through other modules, saving you precious time each month and eliminating errors of cash not being properly applied to invoices or bills.

Accounts Payable Automation

Lastly, Intacct has also made it easier to enter bills into accounts payable. Their new software can scan vendor bills and auto-populate that data into a draft bill record in Intacct. Once the draft bill is created, all it needs is to be posted by an employee. No longer will anyone have to manually enter all the detail information from each bill. Additionally, the AI will alert to duplicates so a bill doesn’t mistakenly get paid twice.

All of these features enable you to save time while getting a better result. With more automation, fewer mistakes will happen, and more time will be left for review and analysis, leading to better financial results.

Contact Us

Interested in exploring outsourced accounting services or want more information on this topic? Please contact a member of Withum’s OASyS team.