Sage Intacct’s R3 Release for 2023 has arrived – and it’s packed with exciting updates and features that will enhance your experience. To stay informed about these changes, you can easily access the Intacct release notes on your Intacct Home Page dashboard. The R3 Release includes numerous product enhancements and introduces several Early Adopter Programs.
What Is a Sage Intacct New Release Feature?
Sage Intacct is consistently committed to improving its applications and expanding its capabilities. There are four releases each year, and you can find the release dates provided here. These releases enhance overall functionality and introduce improvements and new features across various aspects of Sage Intacct, benefiting all users. To ensure you’re well prepared, you can assess these changes and features in advance through a preview company before the official release. Let’s dive into some of the key highlights of the Sage Intacct R3 Release:
Recognizing revenue with invoices is now an available option. Sage Intacct’s Contracts application offers a robust subscription billing engine and fully automated revenue management, creating a versatile solution that flawlessly handles various billing and deferred revenue scenarios. However, if your specific needs don’t always require revenue deferral and you prefer to record revenue when billing a contract line, you have the flexibility to do so within the system. Contracts offer an optional workflow that removes the necessity to defer revenue for a contract line. Moreover, if you have certain contract lines that do require deferred revenue, you can effortlessly combine different revenue workflows within the same contract.
We’re thrilled that Vendor approval is available with this release, a highly requested feature. With this enhancement, you will be able to overview the vendor approval process within Sage Intacct, guaranteeing vendor information’s accuracy and more visibility in the Vendor Onboarding process. Authorized users can access the Vendor approval page to review new vendors and modify existing vendor records. During the approval process, while a vendor record is pending, new Accounts Payable and Purchasing transactions for that vendor can be saved as drafts but cannot be posted. Once the vendor receives approval, these transactions can then be posted.
Sage Intelligent Time Update
Sage Intelligent Time (SIT) is an advanced timesheet management program. This AI-powered virtual time assistant seamlessly collects activities from your email, calendar, web browser and files, and then intelligently compiles them into suggestions for easy inclusion in your timesheets. Attachment Upload: Users can now conveniently upload attachment files directly to their timesheets.
- Manager Access: Managers now can create and modify timesheets on behalf of their employees.
- Improved Time Entry Page: The time entry page has been restructured for enhanced clarity, adding supplementary fields.
- Single Sign-On: Access SIT using your Sage Intacct credentials for a unified login experience.
- Attachment Upload: Users can now conveniently upload attachment files directly to their timesheets.
Take Me to the Cloud: What You Should Know About Sage Intacct’s R3 Release
Tune into our podcast episode and get even more insight into Sage Intacct’s release.
Highlights of Early Adopters Programs
Bank Transaction Assistant
Simplify your receive payments process and speed up reconciliation using the Bank Transaction Assistant workflow. Effortlessly and swiftly assign customers to bank transactions and process multiple payments for various customers, all directly from the Bank Transaction page. Once payments are received, Sage Intacct will automatically match the posted payments with bank transactions, streamlining your reconciliation process and saving your company time. You can kickstart this process by joining the Bank Transaction Assistant Early Adopter program.
Single Payments for Multiple Customers
This feature is designed to facilitate single payments for multiple customers. There are scenarios where you receive a payment but must allocate that payment to invoices linked to different customers. This feature streamlines such payment allocation scenarios giving you back few hours back in your day.
To ensure your company is fully prepared to utilize the upcoming R3 release effectively, you can take the following steps:
The Release Preview Account offers several advantages, including the ability to thoroughly test and confirm the functionality of all your essential processes on the new code release, ensuring that everything operates as anticipated.
And that’s all for the 2023 R3 Intacct release notes.
Withum’s Sage Intacct Implementation and Advisory Services Team is here to help you optimize and streamline your business processes for a smooth integration of the newly released features of Sage Intacct.