Sage Intacct accounting software

Rethinking the Future of Accounting with Sage: The Shift Toward Intelligent Automation

by AISage Intacct
Sage Intacct accounting software
  • AI, Sage Intacct

Artificial intelligence (AI) is transforming how businesses operate across nearly every industry. From healthcare to hospitality, and especially in the world of finance, AI is significantly improving efficiency, accuracy, and strategic insight. For businesses in the UK who want to stay ahead of the competition, one of the fastest ways to transform operations is to use the latest AI-powered software solutions.  

In this blog, we explore how AI is evolving within the accounting world; from early automation to intelligent systems, and how modern solutions like Sage Intacct are helping businesses work smarter and achieve long-term growth. 

AI’s growing role across every sector 

It’s impossible to ignore the impact AI is having across the business landscape. Retailers use AI to optimise inventory management and anticipate customer needs. Manufacturers use it to track supply chains and simplify complex workflows. When it comes to finance departments, AI goes even further, helping teams automate time-consuming tasks, improve data accuracy, and generate real-time insights that drive profit.  

Modern financial management systems now come with powerful AI tools built in. For accounting teams, AI is reshaping daily operations, allowing them to work more efficiently and dedicate more time to strategic growth. With AI embedded, accounting systems are evolving into powerful tools that drive insight, efficiency, and sustainable growth.  

The evolution of AI for accountants

AI has come a long way in a relatively short period of time. It has evolved from a carefully scripted tool that requires supervision and is now capable of completing tasks independently, ensuring safety and accuracy, and only needing human intervention if there is an issue. Today’s AI comes in three main forms: 

1. Task-Based AI 
Early AI automated repetitive tasks like reading invoices, categorising transactions, and flagging anomalies, reducing manual work but requiring close supervision. 

2. Generative AI 
More interactive and adaptable, generative AI helps accountants analyse trends, run forecasts, and draft reports, enabling collaboration between humans and AI. 

3. Agentic AI 
The newest AI works autonomously within accounting systems, executing processes end-to-end and only requesting human input when necessary, significantly boosting productivity. 

AI-powered accounting: How Sage Intacct transforms tasks 

Sage is leading the way for UK businesses looking to harness AI in accounting. Sage Intacct comes equipped with built-in AI capabilities designed to simplify tasks, provide predictive insights, and support data-driven decision-making. For accounting teams, AI can transform operations in practical ways:  

• Simplifying invoice processing 

• Detecting unusual transactions 

• Automating the month-end close  

• Chasing unpaid invoices 

• Submitting VAT returns  

• Maintaining compliance  

Sage Copilot: AI assistant for insight and efficiency  

One of the most powerful innovations within Sage Intacct is Sage Copilot, an advanced generative AI assistant designed to work alongside accounting teams. Built on over four decades of expertise, Sage Copilot helps businesses achieve greater efficiency, insight, and operational confidence: 

• Automating routine tasks – drafting payment reminders and handling other repetitive work, so teams can focus on strategic activities 

• Providing actionable insights – real-time analysis of performance metrics highlights opportunities, trends, and areas for improvement 

• Ensuring accuracy and compliance – continuous checks for anomalies and regulatory risks give peace of mind without slowing processes 

Beyond Copilot, Sage Intacct’s AI-powered platform delivers significant benefits for UK businesses: 

• Faster, smarter operations – automation accelerates daily processes, reducing manual bookkeeping and allowing teams to focus on decision-making 

• Greater accuracy and confidence – AI-powered validation prevents costly mistakes and keeps books audit-ready 

• Scalable growth – multi-entity, multi-location, and multi-currency support makes expanding operations seamless 

• Flexible collaboration – cloud-based tools enable secure teamwork from anywhere, supporting remote and international teams 

• Integrated ecosystem – seamless connections with industry-specific applications create a unified system, ensuring consistent, reliable data 

Together, these features make Sage Intacct not just an accounting system, but a strategic enabler that empowers businesses to operate more efficiently, make smarter decisions, and adapt confidently as they grow. 

Implementing Sage accounting software in the UK   

AI is transforming accounting, helping businesses operate with greater speed, intelligence, and resilience. If you’re looking for the best accounting software in the UK to help optimise business processes, strengthen long-term growth, and transform the way you work, embracing Sage AI can be incredibly beneficial. Sign up to watch Sage Intacct in action and see how you can gain deeper insights, greater financial visibility, and improved performance across your entire organisation. 

As a recognised Sage partner in the UK and Ireland, we make it easy for you to upgrade your financial management software to a comprehensive solution that benefits your business long-term. Our expert team supports a wide range of industries, providing tailored advice, implementation, training, and ongoing support to help you get the most from your system. 

About the Author

Picture of David Burke

David Burke

David Burke, the Technical Director for Envisage, is responsible for developing bespoke and off-the-shelf solutions, including easyDD for Sage. In 2023, he achieved accreditation as a Sage Intacct Implementation Certified Consultant.

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Sage Intacct 2025 R1: The Game-Changer for Finance Teams

by AISage Intacct
  • AI, Sage Intacct

Traditional financial processes, often dependent on manual workflows and fragmented systems, struggle to meet the demands of today’s fast-paced environment. Finance teams in various sectors are under growing pressure to provide more accurate insights, strengthen controls, and close faster, all while handling increasing compliance obligations. For many organisations, financial management remains a challenge due to labor-intensive manual tasks, limited visibility, complex compliance requirements, and scalability issues as operations expand across multiple entities.

Finance departments require solutions that can automate repetitive tasks, deliver real-time insights, and grow with their changing needs. Without these capabilities, businesses risk falling behind the competition, missing key opportunities, and wasting valuable time on low-impact activities.

The Digital Finance Advantage 

For finance teams to succeed in today’s landscape, they require intelligent, automated solutions that integrate effortlessly with their operations. Adopting a modern financial management system like Sage Intacct allows organisations to elevate their finance function from a back-office processor to a strategic business enabler. This transformation unlocks opportunities such as:

• Shortening financial close cycles from weeks to days through intelligent automation

• Achieving real-time visibility into financial performance across multiple entities

• Strengthening decision-making with advanced analytics and reporting tools

• Maintaining compliance with evolving financial regulations

• Scaling financial operations effectively as the business expands

With the right technology in place, finance teams can move beyond manual data entry and reconciliation, shifting their focus to strategic insights and business growth.

Sage Intacct 2025 R1 

The latest release of Sage Intacct brings a powerful set of enhancements aimed at modernising financial operations, increasing automation, and improving reporting capabilities. Sage Intacct 2025 Release 1 (R1) tackles key financial challenges by introducing advanced automation, smarter financial insights, and enhanced scalability.

Key updates in Sage Intacct 2025 R1:

1. Sage Copilot Close Assistant – A centralised dashboard providing real-time oversight of the financial close process across all entities and subledgers. It includes automated alerts for invoices and bills, improved visibility into bank reconciliations, and enhanced financial analytics to streamline month-end close activities.

2. Enhanced Accounts Payable (AP) Automation – Intelligent invoice processing that automatically matches invoices to purchase orders or receipts, reducing manual work and improving accuracy. Approval delegation ensures purchase requests continue smoothly, even in the absence of key approvers.

3. Smarter Financials – Advanced revenue management capabilities now support third-party billing while maintaining compliance with ASC 606 and IFRS 15. Multi-currency fund transfers are automated, removing the need for manual calculations, and improved approval workflows allow bill approvals by vendor with seamless inter-entity reconciliation.

4. Industry-Specific Enhancements – Customised improvements for project-based businesses and non-profits, including streamlined project and grant records, personalised project dashboards for quicker insights, and improved supplier compliance tracking for construction firms.

5. Scalability & Security – Future-proofing updates, including mandatory email authentication from May 2025 to enhance security and mitigate phishing risks. Enhanced list management further personalises and optimises financial processes for greater efficiency.

The Real-World Impact of Sage Intacct 2025 R1

Early adopters of Sage Intacct 2025 R1 are already seeing significant improvements in their financial operations:

• Accelerated Financial Close – Organisations have cut their month-end close cycle by up to 50%, allowing finance teams to spend more time on analysis rather than data reconciliation.

• Improved Decision-Making – Real-time dashboards and enhanced reporting give executives up-to-date financial insights, enabling more informed and strategic decisions.

• Reduced Manual Effort – Automating key AP processes has lowered invoice processing time by an average of 65%, minimising errors and strengthening relationships with suppliers.

• Enhanced Cash Flow Management – Greater visibility into receivables and payables, along with automated reconciliations, is helping businesses manage cash flow and working capital more effectively.

• Stronger Compliance – Advanced revenue recognition capabilities ensure organisations stay aligned with evolving accounting standards while reducing reporting inaccuracies.

These outcomes demonstrate how Sage Intacct 2025 R1 is driving efficiency and innovation in financial management across a wide range of industries.

Key Considerations for Implementation  

While Sage Intacct 2025 R1 delivers powerful new capabilities, a successful implementation requires careful planning. Organisations should take into account:

• Change Management – Comprehensive training and onboarding are essential to ensure teams can fully utilise the new system.

• Data Migration – Accurate mapping and validation of historical financial data are crucial to maintaining reporting accuracy.

• Integration Requirements – Seamless connectivity with other business applications is key to maximising operational efficiency.

• Resource Planning – Managing system implementation alongside ongoing financial operations requires a strategic approach to resource allocation.

Achieving a smooth transition involves not only advanced technology but also expert guidance and support.

Partner with Envisage for Sage Intacct Success  

For organisations seeking to modernise their financial management, Sage Intacct 2025 R1 offers a powerful opportunity. However, maximising its benefits requires the right expertise and support.

As a trusted Sage Intacct partner, Envisage helps businesses get the most out of their financial management system through:

• Expert Guidance – Tailored Sage Intacct solutions designed to fit your specific business needs.

• Ongoing Support – Dedicated assistance to keep your system running at peak efficiency.

• Industry Expertise – In-depth knowledge of financial operations, delivering solutions that enhance efficiency and drive growth.

Don’t let outdated financial systems slow your business down. Get in touch to discover how Sage Intacct can transform your financial operations.

We’ll be showcasing Sage Intacct’s AI capabilities at this year’s ERP HEADtoHEAD™ event in Milton Keynes, where you can see these advancements in action. 

Join us and experience the future of finance, register now and use code ENVISAGE20 for a 20% early booking discount! See link to register: erpheadtohead.com/uk

About the Author

Picture of David Burke

David Burke

David Burke, the Technical Director for Envisage, is responsible for developing bespoke and off-the-shelf solutions, including easyDD for Sage. In 2023, he achieved accreditation as a Sage Intacct Implementation Certified Consultant.

Wooden letter tiles spelling AI on a textured green background, symbolizing artificial intelligence.

Harnessing AI for Finance: How Sage Copilot Transforms Financial Operations

by AIFinanceSage Intacct
  • AI, Finance, Sage Intacct

Many finance teams continue to depend on manual data entry and complex spreadsheets, which can result in inefficiencies, errors, and missed opportunities.

While automation has been a staple in financial processes for some time, AI is now pushing the boundaries of what’s achievable. AI-driven solutions like Sage Copilot provide predictive insights, smart recommendations, and advanced data analysis, enabling finance teams to proactively address challenges. In this blog, we examine how Sage Copilot, seamlessly integrated with Sage Intacct, is transforming financial management.

Sage Copilot: The AI Assistant Redefining Finance 

Introduced in December 2024, Sage Copilot is a sophisticated AI assistant embedded within Sage Intacct, aimed at improving financial operations by reducing inefficiencies and delivering real-time insights. Unlike conventional automation, Sage Copilot actively supports finance teams by detecting trends, highlighting discrepancies, and refining key financial processes. This empowers organisations to transition from reactive financial management to a proactive, data-driven strategy.

With AI-powered features such as automated variance analysis, intuitive search assistance, and streamlined close management, finance teams can achieve higher accuracy, efficiency, and confidence in their operations.

Key AI Capabilities  

Sage Copilot is more than just a tool—it acts as a digital finance partner, enhancing decision-making and reducing risk. Here’s how its key features address critical financial challenges:

1. AI-Powered Search: Quick Answers with Minimal Effort

Finance teams no longer have to manually comb through large datasets. Sage Copilot’s conversational search provides context-aware responses to complex queries in seconds, cutting down search time and boosting efficiency.

2. Real-Time Variance Analysis: Proactive Financial Oversight

Catching financial discrepancies too late can be costly. Sage Copilot continuously monitors financial data, identifying anomalies in real-time so teams can take immediate action, strengthening budget control and financial stability.

3. Intelligent Close Management: Faster, More Accurate Month-End Processes

Month-end closing can be time-consuming and prone to errors. With AI-driven tracking, Sage Copilot streamlines approvals, reconciliations, and reporting, leading to a smoother, faster close with fewer manual touchpoints.

4. AI-Enhanced Accounts Payable: Minimised Errors, Maximised Efficiency

By automating invoice matching and approvals, Sage Copilot reduces manual effort, improves accuracy, and enhances cash flow management—resulting in stronger vendor relationships and greater financial stability.

5. Smarter Revenue Recognition: Simplifying Compliance

With support for over 600 billing scenarios, Sage Copilot automates complex revenue recognition workflows while ensuring compliance with global accounting standards. This is especially beneficial for subscription-based and service-focused businesses.

6. Advanced Financial Forecasting: Data-Driven Decision-Making

Accurate forecasting is essential for strategic planning. Sage Copilot analyses historical data and market trends to improve forecast precision, helping businesses make informed financial decisions and adapt to market changes.

AI – A Strategic Advantage for Finance Leaders

AI isn’t designed to replace finance professionals—it’s here to enhance their capabilities. By handling tedious, repetitive tasks, AI allows finance teams to dedicate more time to high-value initiatives like strategic planning, risk management, and business growth.

With Sage Copilot, finance teams can:

• Minimise time spent on manual tasks and focus on strategic analysis

• Leverage real-time insights for faster, data-driven decision-making

• Mitigate financial risks with proactive anomaly detection

• Achieve greater visibility into business performance trends

• Foster cross-department collaboration with improved financial transparency

The Growing Importance of AI in Finance 

Sage’s AI: The Opportunity for CFOs report reveals that while 86% of finance leaders have adopted AI in some capacity, fewer than half are leveraging AI tools specifically designed for finance. This gap presents a significant opportunity for businesses to implement AI-driven financial solutions like Sage Copilot to gain a competitive edge.

As the financial landscape continues to evolve—amid economic uncertainty, regulatory shifts, and changing business models—agility and smarter decision-making are more critical than ever. AI-powered solutions like Sage Copilot equip finance teams with real-time data analysis, enhanced forecasting, and improved operational flexibility to navigate these challenges effectively.

Integrating AI into financial processes allows businesses to boost efficiency, lower costs, and future-proof their finance functions in an increasingly complex market.

Unlock the Power of AI-Driven Finance with Envisage  

At Envisage, we empower businesses to unlock the full potential of AI-driven financial management. As a trusted Sage Intacct partner, we offer seamless implementation, expert training, and dedicated support to help organisations make more informed financial decisions.

Get in touch for a free consultation and discover how AI can support your financial goals.

About the Author

Picture of Chris Hawley

Chris Hawley

Chris is the Managing Director at The Noledge Group and brings over 34 years of experience delivering ERP solutions across industries like retail, distribution, manufacturing, and construction. During his 24 years at Sage, he worked with nearly every product and notably transformed Sage 200 as its Product Manager, turning it into a leading solution for SMEs in the UK and Ireland. Chris takes pride in the continued success of Sage 200, supported by Sage Business Partners like Envisage.

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Redefining Financial Leadership with Sage Intacct and AI-Driven Insights

by AISage Intacct
  • AI, Sage Intacct

In today’s fast-paced business world, Chief Financial Officers (CFOs) are stepping beyond traditional roles to become strategic leaders, shaping the future of their organisations. With the rise of artificial intelligence (AI) and automation, CFOs have access to tools that make it easier to manage complexities, forecast with precision, and drive sustainable growth. Recent data from Sage’s Secrets of Successful CFOs report reveal that 87% of CFOs integrating AI into their operations have seen significant improvements in financial processes, with 88% adopting cloud technologies and 86% leveraging automation for enhanced efficiency. 

One standout solution leading this transformation is Sage Intacct. This AI-powered platform redefines financial management, providing CFOs and finance teams with the tools to modernise processes, improve decision-making, and align financial strategy with broader business goals. 

In this blog, we’ll explore how Sage Intacct’s AI capabilities empower CFOs to overcome modern financial challenges, and lead with confidence. 

The Expanding Role of the CFO

CFOs are at the crossroads of strategy and technology, tasked with driving not only financial accuracy but also innovation and growth.  

Insights from the Sage report indicate that 78% of highly successful finance leaders emphasise the importance of technological advancements for success. Sage Intacct is purpose-built to support this evolution, offering advanced automation, real-time analytics, and tools that enable finance leaders to: 

• Analyse data for actionable insights 

• Forecast trends and anticipate challenges 

• Adapt quickly to dynamic market conditions 

Key Features for Financial Leadership 

Sage Intacct equips financial leaders with the insights and flexibility required to drive growth, enhance collaboration, and align financial strategies with overarching business goals. Below, we delve into its standout features that empower financial leadership.  

1. Advanced Reporting: Sage Intacct provides multidimensional reports and real-time access to financial data. This empowers CFOs to: 

• Identify inefficiencies and opportunities 

• Make informed, data-driven decisions 

• Align financial goals with long-term business strategies 

2. Cloud-Based Scalability: Operate seamlessly in a fast-changing world. Sage Intacct’s cloud platform ensures businesses can: 

• Access financial data anytime, anywhere 

• Scale operations efficiently without sacrificing performance 

3. ERP Integration: Sage Intacct seamlessly connects financial management with other business functions. This fosters collaboration, improves communication, and enables organisations to align efforts toward unified goals. 

According to the Sage report, there was a “30% increase in cross-departmental collaboration over the last five years” among the surveyed leaders, highlighting the value of ERP solutions like Sage Intacct in breaking down organisational silos. 

AI: The Catalyst for Financial Transformation

AI is transforming finance, and Sage Intacct places its benefits at your fingertips. By automating repetitive tasks and providing advanced analytics, CFOs can shift their focus from operational processes to strategic priorities. 

Key AI-Powered Tools in Sage Intacct 

1. AI and Automation:

• Automates data entry, reconciliations, and financial approvals 

• Reduces human error, improves efficiency, and frees up time for strategic work 

2. Predictive Analytics and Forecasting:

• Analyses historical data to project future financial performance 

• Enhances resource allocation and proactive decision-making 

3. Anomaly Detection and Risk Mitigation:

• Identifies data irregularities, ensuring financial accuracy and compliance 

• Assesses risks such as fraud or late payments, helping businesses stay resilient 

4. Personalised Dashboards:

• Tailors reports and insights to individual users, helping leaders focus on key metrics 

The Future of Financial Leadership

Sage Intacct’s AI-powered capabilities are not just about improving financial processes – they’re about empowering CFOs to lead with confidence in a complex, data-driven world. With tools to enhance efficiency, uncover opportunities, and manage risks, finance leaders can navigate today’s challenges while preparing for tomorrow. 

Partner with Envisage 

At Envisage, we recognise that achieving financial excellence is about more than software – it’s about having a trusted partner who understands your needs and can guide you toward success.  

If you’re ready to transform your financial operations and lead your business into the future, we’re here to help. Get in touch with us today. 

Take the Next Step Toward Financial Excellence 

As the role of financial leaders continues to expand, having the right tools and insights becomes essential for driving growth and efficiency. Sage Intacct’s advanced reporting, cloud capabilities, and integrated ERP functions are just a few of the ways it empowers CFOs to achieve success. Discover even more insights and strategies to elevate your financial leadership by downloading Sage’s comprehensive guide, The CFO’s Guide to Driving Growth. 

Download the Guide Here and take your first step toward transforming your organisation with Sage Intacct.

About the Author

Picture of Steve Boyes

Steve Boyes

Steve Boyes, the COO at Envisage, brings over 20 years of experience in accounting and IT to the table. With a robust background in specifying, designing, implementing, and supporting strategic solutions for SMEs, public sector, and not-for-profit organisations, Steve excels in addressing clients' real business problems and requirements rather than just focusing on technology. His approach has led to the successful execution of projects with some of Ireland's best-known companies.

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Transforming Accounting and Finance with AI for Sage Intacct

by AccountingAIFinanceSage Intacct
  • Accounting, AI, Finance, Sage Intacct

In today’s fast-paced business environment, organisations are constantly seeking ways to improve operational efficiency and drive growth. One area where technology is making a significant impact is in accounting and finance. Sage has been at the forefront of this transformation, leveraging the power of artificial intelligence (AI) to revolutionise how businesses manage their finances.

At Sage Transform 2024, Sage unveiled Sage Copilot, an AI-powered productivity assistant designed to automate workflows, manage cash flow, and generate and send invoices with simple, natural language commands. Sage Copilot acts as a trusted partner, handling administrative tasks, identifying errors, and providing actionable insights in real-time. This innovative tool enables businesses to improve efficiency, reduce manual errors, and drive growth.

In this blog, we explore the transformative impact of AI on accounting and finance, focusing on Sage Intacct’s innovative AI-powered solutions.

Enhancements to Sage Intacct

The latest enhancements to Sage Intacct promise to streamline operations and boost productivity for businesses. AI-powered project and resource management provide greater visibility into resourcing and help keep projects on time. Additionally, forms and operational flows have been improved to help businesses work better and get more done. These enhancements are designed to optimise and automate project management tasks, allowing businesses to focus on their core competencies.

Sage Intacct with AWS for Modern Finance

Sage partnered with Amazon Web Services (AWS) to enhance how small and medium-sized businesses (SMBs) optimise their operations with generative AI. This collaboration will inform Sage Copilot and serve as a foundation for SMBs to navigate local accounting and compliance applications. The agreement not only enables SMBs to leverage Sage Intacct in the AWS Marketplace but also helps them navigate the complexities of modern finance and address environmental responsibilities with cutting-edge solutions.

The Advantages of AI for Finance Teams

For Sage Intacct users, AI offers a range of specific benefits tailored to finance departments. These include the following:

• Simplified Automation: Sage Intacct leverages AI for automated financial tasks like invoice processing and expense management, reducing errors and improving efficiency;

• Insightful Analytics: AI-powered analytics in Sage Intacct offer actionable insights into financial performance and trends, aiding in informed decision-making;

• Proactive Forecasting: Sage Intacct’s AI capabilities enable predictive analytics for forecasting financial outcomes and identifying risks and opportunities;

• Tailored Reporting: AI-driven reporting tools in Sage Intacct allow for quick and accurate generation of customisable financial reports, aiding in timely analysis;

• Fraud Prevention: Sage Intacct’s AI algorithms detect anomalies in financial data, aiding in the detection and mitigation of fraud risks;

• Personalised Recommendations: AI algorithms analyse customer and transaction data in Sage Intacct to offer personalised financial recommendations;

• Compliance Support: Sage Intacct automates compliance checks and reporting processes, ensuring adherence to accounting standards and regulations;

• Cost Efficiency: Sage Intacct helps identify cost-saving opportunities and optimise resource allocation for improved profitability;

• Streamlined Workflows: AI-driven workflows in Sage Intacct automate approval processes, reducing manual effort and accelerating financial transactions;

• Scalability and Flexibility: Sage Intacct’s cloud-based platform with AI capabilities enables seamless scaling and adaptation to changing business requirements.

Transform Your Finance Team with Envisage

Sage Intacct’s AI-powered solutions are transforming the accounting and finance landscape, enabling businesses to improve efficiency, reduce errors, and drive growth. With Sage Copilot and the latest enhancements, businesses can streamline operations, boost productivity, and make smarter decisions.

Envisage has a skilled Sage technical team in Ireland, specialising in implementation, support, and development. Contact us if you’re thinking about upgrading your accounting software to streamline operations for your finance teams. Our experts can simplify the process of upgrading your current software and integrating Sage Intacct.

Get in Touch

About the Author

Picture of David Burke

David Burke

David Burke, the Technical Director for Envisage, is responsible for developing bespoke and off-the-shelf solutions, including easyDD for Sage. In 2023, he achieved accreditation as a Sage Intacct Implementation Certified Consultant.

Using Sage 200 to Overcome Common Inefficiencies

Artificial Intelligence in Finance

by AIFinanceSage
Using Sage 200 to Overcome Common Inefficiencies
  • AI, Finance, Sage

This is a topic that I am passionate about and I thought now would be the perfect time to write this article. With so much hype surrounding AI these days, it’s both mind-blowing and scary. Only a short while ago, we were amazed by the power and capabilities of AI. As time has passed, its boundaries have become much more blurred. Where can it go from here? What are the societal implications of AI? The other factor that I find both exciting and scary is the speed at which technology is moving. Have humans created intelligent beings with potential to outwit and potentially deceive humans? How is that even possible? Regardless of where you stand on this topic, it’s fascinating to see.

Wearing my technical director hat now, our business is all about cost and time savings, delivering automation and technology solutions to make it easier for our customers to do business. So, I thought it would be a good place to start by exploring the practical uses for both AI and Machine Learning in business. So, before we get started, let’s do a quick re-cap on AI and Machine Learning definitions:

AI – Artificial intelligence refers to the general ability of computers to emulate human thought and perform tasks in real-world environments. 

Machine Learning – Machine learning aims to teach a machine how to perform a specific task and provide accurate results by identifying patterns.

The Finance Department

Finance Leaders don’t want to be behind the curve. They want to be in the know at all times across all departments. They want their teams to be highly productive with technology and automation stepping in to take away the tedious, monotonous activities.

The Finance Team wants proactive data to be sent their way. They want to use technology to present emerging opportunities and risks to them on topics that they may not ever had on their radar.

I’ll bring in Machine Learning at this point, where machines can be taught to carry out a specific task and provide accurate results based on identifying patterns. Running a business with an “always on”, “ready to report at any moment”, strategy is what most finance leaders aspire to. However, this is only valuable if the data is accurate to begin with. Machine learning can be hugely beneficial in spotting anomalies and inconsistencies within the data based on previous patterns.

The Whole Business

But it doesn’t stop there. The scope for using AI across the business is enormous. It will present accurate, real-time data, at any point. So, cloud is key. I’ve mentioned data accuracy and detection of anomalies, but it goes much deeper into complete process automation, security monitoring, seamless integrations between different applications and flexible workspaces and user interfaces that adapt based on user activity and preferences.

The Value of Data

Many organisations struggle with data analytics as in they don’t have any or they have but they are not using it in a meaningful way. Some organisations are highly advanced in this area and are tapping into a wealth of data to help understand their opportunities and risks. I think it would be fair to say, however that the vast majority of businesses don’t have these visual insights to help guide them along the right strategic path.

Guesswork, fingers in the air and spreadsheets will just not cut it. Competitors are banging on doors to let them in, to let them do business with your customers. The power of your data should not be underestimated. It just needs to be harnessed and leveraged to help plot your strategic direction as well as managing the day-to-day with a critical eye.

Sage Intacct

I’m going to explore 4 key areas where Sage Intacct delivers AI benefits to its users:

1. General Ledger

The concept of having a continuous close means that the data in your GL is open for business at any time of the day or night. The GL is the heart of your financial system and being able to tap into your data at this level means that you know exactly what’s going on. Powered by AI and automation, the intelligent GL allows you to post and report transactions immediately, share financials securely with specific people and reduces the reliance to manipulate data externally.

Manual data entry is reduced while accuracy is improved, just by simplifying and automating core tasks within your finance department and beyond.

2. Detection of Anomalies

With manual data processing comes mistakes, despite all the best intentions in the world. They are so-called “Human Errors”. So, what if AI gave us a helping hand to stop us in our tracks should it detect something out of the ordinary?

Sage Intacct’s GL Outlier Detection is magic. It leverages the power of AI to scan thousands of transactions in minutes. It will pick up any discrepancies and will flag any transactions that need to be reviewed. The GL Outlier Detection has built-in machine learning capabilities, so it grows to understand your business and its patterns. The system can be set up with parameters to set to tell the system what transactions qualify as an outlier.

The GL Outlier Detection is critical, not just as a time saver but for flagging serious anomalies such as fraudulent activities.

3. A Picture Paints a Thousand Words

Nice, easy to see, graphical data representations that sit on your dashboard, leave the humble spreadsheet for dust. You may ask… Couldn’t you just “pretty up” your spreadsheets to give the same result? No and this is key. It’s not just about the pictures, it’s about the collation of the data to deliver those nice graphs and charts. How long would it take to compile vast amounts of data and then start to analyse trends, patterns and correlations using spreadsheets? This obviously depends on your spreadsheet skills, but clearly it will need time and effort to get this information.

Sage Intacct has an Interactive Visual Explorer, which builds visual data representations of your data. In seconds, you can have comparative data, showing trends, patterns and correlations. You have in the region of 200 pre-built visuals, plus you can build your own.

Here is a very simple example of what can be achieved. Let’s say you want to view your actual revenue, month by month. Using Sage Intacct’s Interactive Visual Explorer, you will get a prediction of next month’s revenue based on the analysis of past data and patterns. This is just a simplistic example, but my intention here is to get you thinking about the potential power of this tool.

4. Time Capture

This is a real game-changer for organisations that rely on capturing timesheets for projects or for other reasons. With Sage Intelligent Time, the experience for users will be slick and efficient and for the Finance Team, the entire process will be visual and seamless. Billing delays will be confined to the history books, month end closing will just happen, teams will be freed up from monotonous and laborious tasks and the entire system will become much more efficient.

I’ve focused on these four topics, but there is still so much more to discuss including AP Automation and Contract Renewals. I’ll look forward to writing on these topics later this summer, so stay tuned.