Sage Intacct 2023 Release 4 rolled out on November 10 with over a dozen feature updates and enhancements. These upgrades improve your accounting software’s ability to automate workflows, deliver insights, and enable compliance with financial reporting regulations.
Sage Intacct is updated regularly throughout the year to build upon existing functionality, streamline automations and add new functions based on user feedback. Compare the additions and enhanced features here with the update highlights from 2022 Release 4 to see what has been upgraded since.
Continue reading below for a comprehensive breakdown of all of these improvements, or contact SWK if you have any questions on any function in particular.
What’s New in Sage Intacct with 2023 Release 4
Here is a list of all of the features included with Sage Intacct 2023 Release 4:
Advanced Ownership Consolidations
Advanced Ownership Consolidations is a comprehensive new feature that supports consolidated financial management for complex legal business structures, including Partial, Tier and Full Ownership. These allow industries such as financial services, healthcare and hospitality that have a need for more flexible financial consolidation to be able to streamline accounting across multiple entities.
Additional features include:
- Full audit history of ownership changes
- Global current translation
- Supports non-controlling interest & legal structures
- Consolidation elimination rollup
2023 Release 4 includes improvements to two reconciliation features in Sage Intacct: the Bank Transaction Assistant and Reconciliation Match Sequence.
Bank Transaction Assistant
The Bank Transaction Assistant automates transactional workflows on account receivables, including:
- Assign customers to new bank transactions from past activities
- Create and apply payments to open invoices on existing accounts
- Use Receive Payment to process multiple groups of transactions according to applied filters
- Preview payment applications before executing
Reconciliation Match Sequence
The Reconciliation Matching Sequence allows you to review bank transactions in Sage Intacct from a sequence value and identify accounts that need to be reconciled. You can match a unique sequence that will be controlled by Intacct to one or multiple bank accounts, and also distinguish between in-process and finalized matches. Each bank or credit card account can be updated with a new sequence as needed.
Multi-channel AR Payments
Sage Intacct 2023 Release 4 adds the ability to turn AR payments from multi-channel customers into a single receipt. This feature also applies to those with partners in education (school systems), healthcare, and nonprofit (grant funding). You can still create multiple invoices from a single payment, link parent and child invoices, and reconcile bank statements from multi-channel payments.
Ministry & Project Intelligence
Two new business intelligence dashboards have been added to Intacct: Project Intelligence and Ministry Intelligence.
The Project Intelligence allows project managers, grant managers and administrators to track key performance metrics for their teams, including:
- Revenue contribution
- Project backlogs
- Resource management
- Statistical data
The Ministry Intelligence dashboard provides you with integrated church management data to connect with your general accounting processes, with visualized insights for finance teams in the ecclesial sector that include revenue patterns and trends.
Sage Inventory Fulfillment is a new feature for Intacct that delivers powerful warehouse management, inventory control and order tracking. Warehouse managers are now able to use their ERP to gain visibility into and automate workflows, including:
- View all orders and inventory levels from within Intacct
- Process fulfillment for orders individually or in groups
- Change order status from Open to Ready to Pick or Ready to Pack
- Mark shipments that are ready to be invoiced
- Reserve, allocate and remove inventory automatically based on orders
- Assign pickers and print pick sheets
Manufacturers and distributors seeking to better integrate their accounting software with their supply chain processes should consider the Distribution Operations for Sage Intacct module – contact SWK to learn more.
Sage Construction Management
Formerly known as Corecon, the Sage Construction Management suite combines back and front office functionality on a single platform, serving the following areas:
This tool grants you end-to-end visibility and automation for construction project and financial management in Sage Intacct, with a wide range of features tailored to help general contractors and subcontractors streamline their processes, including:
- Store contact and lead information directly in your ERP database
- Create project bids with attached drawings, specifications and other documents
- Leverage flexible invoice formats
- Generate and track construction lien wavers organized by internally-assigned definition and type
- Anytime, anywhere access via browser or mobile app
Sage Construction Management is also available as a standalone solution that can be integrated with external accounting software or other systems.
1099 e-filing in Sage Intacct has been updated with 2023 Release 4 for the latest tax season. Powered by TaxBandits, this feature has been refreshed to comply with new requirements such as the lowered threshold for businesses who need to file 10 or more 1099 forms.
PWC Control Insights
In partnership with PricewaterhouseCoopers International Limited (PwC), Sage is releasing a new Intacct dashboard with Release 4 labeled PwC Control Insights. This tool provides a live view of your control environment that is built through an assessment of key control indicators (KCIs) and your financial operating model to produce reporting organized by top priority. This dashboard presents actionable insights accompanied by recommendations to improve the resilience of your accounting functions.
Discover What Else You Can Do with Sage Intacct
Sage Intacct continues to receive new enhancements and upgrades year over year, with new features and improvements to existing functions launched regularly. It can be hard to keep track of all these updates, but SWK Technologies will help you uncover the true value of your accounting software and ensure you get the most out of your solution. Reach out to us and let one of Sage software experts work with your team to see where you can streamline your technology.
Contact SWK today and see more of what Sage Intacct has to offer for your business.