Each month, monetary groups race in opposition to time – reconciliations, approvals, and experiences! The month-end shut can usually really feel like Groundhog Day, with groups working time beyond regulation to course of tons of of invoices, match numerous transactions, and catch any uncommon entries earlier than they grow to be issues.
Right now’s companies cannot afford to function in month-to-month cycles anymore.
That is why Sage Intacct, one of many main cloud monetary administration techniques, has been incorporating AI options into their platform. With additions like Sage Copilot and GL Outlier Assistant, the corporate hopes to assist finance groups break away from the month-to-month shut entice and transfer towards steady, real-time monetary administration.
On this information, I’ll take you thru Sage’s completely different AI options and how you can broaden Sage’s AI capabilities.
Sage Intacct AI: Native options defined
The way forward for accounting is not about sooner month-to-month closes. The main focus is regularly shifting to eliminating closing cycles. No less than this has been the driving power behind Sage’s latest updates.
The goal is to have AI always monitor your monetary information, catching points earlier than they grow to be issues and automating routine duties in real-time. Extra of steady accounting quite than periodic sprints.
Let me stroll you thru Sage’s native AI options:
1. GL Outlier Assistant
It’s an AI-powered system that screens transactions in your normal ledger for anomalies and potential errors. The thought is to forestall errors from impacting monetary statements by catching them at entry, quite than throughout month-end reconciliation.
The way it works:
- Opinions transactions in opposition to historic patterns
- Makes use of customizable thresholds based mostly on enterprise guidelines
- Routes suspicious entries again to those that submitted it
- Learns from corrections to enhance accuracy
For instance, when you mistakenly enter a month-to-month provide cost of $500 as $5,000, the system flags it instantly for correction, stopping downstream reconciliation points.
2. Sage Copilot
A few of you’ll have used Microsoft’s Copilot or no less than seen it. Properly, now Sage too has a Copilot. It’s mainly an AI assistant that automates monetary evaluation, reporting, and routine duties. It hopes to cut back time spent on guide monetary evaluation and report creation.
You should use it to:
- Evaluate budgeted versus precise figures in real-time
- Get fast solutions to monetary queries by conversational search
- Streamline month-end shut processes
- Automate approval workflows and reconciliations
Say you have to verify finances variances for this quarter. Now you possibly can merely ask Sage Copilot to provide the variations between budgeted and precise figures. You may go a step additional and ask the place the numerous variances are. It is going to aid you drill down into particular transactions.
3. AP invoice automation
That is Sage’s native resolution for dealing with invoices. It goals to cut back the time your crew spends on guide information entry and bill processing.
The way it works:
- Add payments straight or ahead them to a devoted e-mail deal with
- System creates draft payments utilizing AI to extract bill information
- Matches data in opposition to your chart of accounts
- Routes payments by your approval workflow
- Posts accredited payments robotically to your GL
For instance, while you obtain an bill through e-mail, you possibly can ahead it to your devoted Sage e-mail deal with. The system reads the bill, creates a draft invoice with the seller particulars, quantity, and line objects already stuffed in. You simply have to overview the small print and approve.
Now these native AI options from Sage Intacct could aid you take first steps towards steady accounting. Nevertheless, you might quickly discover out that you just want extra complete automation. They work nicely for primary bill processing and anomaly detection, however dealing with complicated AP workflows, managing a number of enter sources, or coping with diverse doc codecs usually requires further capabilities.
That is the place integration options like Nanonets are available in. Let me present you how you can broaden Sage’s AI capabilities to deal with extra complicated monetary workflows.
[Image source: Sage’s official website]
How you can broaden Sage’s AI capabilities
Nanonets is an Clever Doc Processing platform that integrates straight with Sage Intacct. Whereas Sage’s native options deal with primary automation, Nanonets takes it additional by processing any kind of economic doc and establishing automated workflows.
Let me present you ways Nanonets can assist broaden your Sage Intacct’s AI capabilities:
1. Automated doc import
The primary problem in any AP course of is doc consumption. Nanonets provides many add choices, permitting you to robotically course of and add extracted information to Sage Intacct.
- Robotically captures invoices from e-mail inboxes
- Screens particular folders in Google Drive, Dropbox, or your inside techniques
- Accepts any doc format — PDFs, JPGs, PNGs, scanned paperwork, and handwritten paperwork
- Handles a number of doc sorts — invoices, buy orders, receipts, packing slips
You may even use API integrations to robotically feed paperwork out of your present techniques straight into the processing workflow. This ensures all monetary paperwork are captured and processed constantly, no matter their supply or format.
2. Clever information extraction and processing
As soon as paperwork are within the system, the subsequent step is information extraction. That is the place Nanonets’ superior AI-OCR capabilities come into play.
You get to decide on between completely different AI fashions based mostly in your wants:
- Zero-shot fashions that work instantly with out coaching
- On the spot Studying fashions that adapt to your corrections in real-time
- Pre-built fashions for traditional paperwork like invoices
- Customized fashions for distinctive doc sorts or particular necessities
You may customise how the AI reads your paperwork by offering clear descriptions for every discipline. For instance, as a substitute of merely labeling a discipline as “invoice_number”, you possibly can specify “A singular alphanumeric identifier situated on the high proper, beginning with ‘INV-‘ adopted by 8 digits.”
The system provides subtle information extraction:
- Extracts information from any doc with excessive accuracy, no matter format or construction
- Processes each single-value fields (like bill numbers) and repeating information (like line objects)
- Acknowledges and matches vendor particulars together with your Sage information robotically
- Learns from person corrections to repeatedly enhance accuracy
- Validates extracted information in opposition to predefined guidelines and flags discrepancies
Within the above GIF, you possibly can see how the AI immediately extracts commonplace fields and matches vendor names in opposition to your Sage vendor record. You additionally get a dropdown to confirm or alter matches when wanted.
For line objects, it captures all particulars in structured tables and robotically maps every line to your Sage GL accounts. You may overview and alter these mappings by dropdowns, guaranteeing your information is validated earlier than it reaches your accounting system.
The AI mannequin builds understanding by context, not simply textual content recognition. When processing an bill, it:
- Distinguishes between completely different deal with sorts (billing vs transport)
- Separates header data from line objects
- Acknowledges numerous tax classes and calculations
- Maintains relationships between associated information factors
The system additionally tracks AI confidence ranges, displaying you precisely how dependable the extraction is for every doc. This helps you resolve which paperwork want guide overview and which may be processed robotically.
3. Automated GL coding and matching
Guide coding of transactions and matching paperwork in opposition to buy orders are sometimes duties that no AP groups look ahead to. They are often time-consuming and error-prone. That is the place Nanonets’ clever matching capabilities make a big distinction.
The system streamlines coding and matching by:
- Automated GL code ideas
- Sensible matching between invoices, POs, and receipts
- Actual-time validation in opposition to what you are promoting guidelines
- Customized routing for exceptions and discrepancies
- Steady studying out of your crew’s corrections
You may arrange completely different validation guidelines based mostly in your wants, like:
- Match line objects individually for detailed reconciliation
- Evaluate complete quantities for fast validation
- Verify particular fields like tax charges or cost phrases
- Flag mismatches above sure thresholds
The impression may be vital. It might cut back processing time, save time, cut back error charges, and dedicate extra time to exception dealing with. The system additionally maintains an entire audit path of all matches and exceptions, making it simpler to trace points and show compliance throughout audits.
4. Approval workflows
Getting invoices accredited is commonly the place bottlenecks happen. You may need distributors chasing funds whereas invoices sit in somebody’s inbox ready for approval. Nanonets addresses this by clever workflow automation.
The system handles approvals by:
- Customized routing guidelines based mostly on quantity, vendor, or division
- Multi-channel notifications (e-mail, Slack, Groups)
- One-click approvals from any system
- Automated reminders for pending objects
- Actual-time visibility into approval standing
You may arrange approval workflows that match what you are promoting wants. For instance:
- Route invoices over $10,000 to senior administration
- Ship IT purchases to your IT crew first
- Require a number of approvals for particular distributors
- Arrange parallel approvals for sooner processing
The system maintains an entire audit path of who accredited what and when, making it straightforward to trace duty and guarantee compliance together with your approval insurance policies.
5. Getting your information into Sage Intacct
As soon as paperwork are processed and accredited, you have to get this information into Sage. Nanonets provides a number of methods to export your processed information:
- Obtain as CSV recordsdata for customized reporting
- Use APIs for customized workflow integration
- Direct sync with Sage
- Automated information compilation based mostly in your guidelines
The Sage Intacct-Nanonets devoted integration lets you:
- Create invoice information robotically
- Sync vendor data in real-time
- Keep constant coding throughout techniques
- Present detailed sync standing updates
- Use accomplice SenderID for seamless connectivity
The platform is designed for finance groups to handle independently, with out requiring technical experience.
Seems good on paper? Properly, let me share an actual instance of how an organization remodeled their AP processes utilizing Nanonets’ AI-powered workflows.
Asian Paints, a number one producer of paints and coatings, automated their complete AP workflow utilizing Nanonets. Earlier than automation, their AP crew spent hours manually processing invoices, matching paperwork, and updating their accounting system. Every doc took about 5 minutes to course of, and errors have been frequent regardless of their greatest efforts.
After implementing intelligent automation:
- Processing time dropped to 30 seconds per doc
- Groups saved 192 hours month-to-month
- Accuracy improved considerably
- Employees might lastly deal with strategic duties
- Buyer satisfaction reached 8/10
The system begins delivering worth instantly with Zero Shot fashions, whereas Customized and On the spot Studying fashions enhance accuracy over time as they be taught out of your corrections.
What to do subsequent? When you’re seeking to lower your bill processing time and save hours on AP duties, you possibly can schedule a personalized demo with us. We’ll present you precisely how Nanonets matches into your particular Sage Intacct workflows and assist automate your AP course of end-to-end.
