Sage Intacct is an incredibly powerful cloud-based financial management solution. Taking it far beyond simple accounting, Sage has been breaking molds and raising the bar for construction software since its inception in the 1980s. Perhaps, then, it’s unsurprising that its latest cloud accounting system, Sage Intacct, is leading the way once again. Creating native cloud financial software that helps take construction companies’ accounting to the next level.
To better understand the importance of and the role of artificial intelligence in Sage Intacct, we’ll explore some of the ways AI is making this already ground-breaking solution even more effective and powerful. We’ll also discuss exactly what AI is, how it goes beyond our traditional models of software input and output, its power in business, and how that factors into the capabilities of Sage Intacct.
Let’s dive in:
What is AI?
In today’s digital-first climate, it’s fair to say that AI is a buzzword. Artificial Intelligence (AI) has dominated the zeitgeist for much of 2023, making headlines and disrupting the way business is carried out — almost indiscriminately — across various industries and sectors. But what is it? What makes AI different than just highly advanced software?
Traditionally, software has been nothing if not predictable. Of course, there will always be bugs, and as such, there can always be unexpected outputs. But — generally speaking, with traditional software, the same input will always result in the same output. In other words, if you enter 2 + 2 in a calculator, it will always spit out the answer 4. AI is different. With AI, systems are able to “learn” over time and generate outputs that can vary wildly.
Why AI Breaks The Mold
This ability to recognize patterns and create dynamic outputs can make AI incredibly adept at recognizing patterns and solving problems much more complex than traditional software ever could. Here’s where AI comes in as particularly helpful in the case of financial management software. Spotting patterns such as potential fraud, for example, can be quite difficult; it often requires some sense of context, which traditional software is typically or often unable to do. AI, however, can learn over time and develop a sense of “context.”
Enhancing Already Powerful Solutions with AI
In financial management, it can be important to stay on top of threats as they appear. The risk of fraud, human error, and other risks can be difficult to anticipate and mitigate. However, through prompt attention, these and other risks can often be addressed head-on.
By adopting a proactive approach to risk management, organizations can significantly mitigate the impact of various risks. This approach is nearly, if not entirely impossible, to carry out manually — especially within larger organizations or those that deal with numerous accounts and high-volume data processing.
Sage Intacct is no stranger to harnessing the power of automation in cloud accounting to reduce human error, but here’s where artificial intelligence in finance comes in. With an ability to comb through and analyze vast amounts of data, as well as the ability to develop a sense of “context” over time, AI can bring the best of both worlds. AI brings the ability to recognize when something is out of the ordinary, coupled with the robotic ability to scan information nearly instantly.
AI in Sage Intacct
Sage Intacct, which incorporates a powerful AI system into its already powerful financial management capabilities, is once again breaking molds and raising the bar. In Sage Intacct, integration of AI-powered capabilities can help identify the risk of fraud, forecast potential opportunities and risks, and enable better decision-making. Additionally, Sage Intacct’s powerful AI-driven system can help create smarter workflows, manage cash flow more efficiently, and improve automated data entry.
AI-driven financial management capabilities are an already incredibly powerful software solution that has helped numerous businesses better manage their finances. Now, AI capabilities have furthered, adding additional layers of even more powerful risk-mitigation and forecasting capabilities. Here are some of the ways Sage Intacct has integrated these capabilities:
Smart General Ledger Capabilities
With AI-powered general ledger capabilities, Sage Intacct provides a powerful means by which organizations can track, manage, and analyze massive amounts of transactions in near real-time. This can be a powerful tool used to reduce significantly not only the risk of human error but of unmitigated fraud as well. With intelligent automation in accounting, Sage’s general ledger capabilities are not only able to help reduce avoidable risks but also human labor. With the ability to recognize important patterns over time, smart GL capabilities enable businesses to hone their automated workflows, such as approval systems.
An important key capability that Sage Intacct provides through the implementation of AI-powered tools is proactive risk identification. By using machine learning algorithms to identify emerging risks, Sage Intacct can deliver impressive forecasting of often avoidable risks. Sage Intacct does this by analyzing massive amounts of data to identify unusual patterns among vast collections of transactions quickly. Additionally, Sage Intacct’s risk identification features can help identify risks of noncompliance and help businesses better ensure regulatory compliance.
Other ways that Sage Intacct helps mitigate risk is through:
Audit Trails: Sage Intacct keeps detailed audit trails of all user activity, changes to data, and transactional activity, helping to identify any unauthorized or suspicious activity.
User Permissions: The software allows for the creation of user roles and permissions, ensuring that only authorized individuals can access sensitive financial data or perform critical financial operations.
Data Security: Sage Intacct employs various data security measures including encryption, secure data centers, and regular security audits to protect financial data.
Sage Intacct’s powerful AI capabilities aren’t just helpful to the end of avoiding risk. Artificial intelligence and machine learning for financial insights also enable organizations to leverage AI-powered business intelligence to identify opportunities for growth and revenue, generate financial reports in real-time, automate processes, and much more.
The Bottom Line
The future of finance technology is undoubtedly multifaceted, enabling automation of regulatory compliance, risk mitigation, and reporting. With this, Sage Intacct’s integration of numerous AI-powered capabilities is a big step towards vastly streamlined financial management. While AI technology is in its relative infancy, we can expect to see the power of AI grow significantly in the near future. Once again, Sage Intacct is leading the way in developing the next generation of financial management tools.
Some of the ways Sage Intacct leverages the capabilities of machine learning and AI include:
Establishes an intelligent ledger system, facilitating seamless tracking and management of extensive financial data for businesses.
The platform uses artificial intelligence to enhance risk mitigation efforts, swiftly pinpointing irregular patterns within vast datasets.
Provides increasingly precise forecasting tools, granting businesses access to essential insights that inform smarter, data-driven decisions.
To learn more about how Sage Intacct can help transform financial management for your organization, don’t hesitate to reach out today. At Bangert, Inc., we take a different approach to deployment; we start by prioritizing deployment at your speed and offer unlimited access to support resources. We’re here to equip you with the tools you need to handle the challenges that your business faces.