Sage Intacct, a world-renowned ERP answer, is without doubt one of the prime decisions for companies globally. Finance groups and lots of others use it to facilitate their operations.
In at this time’s fast-paced enterprise atmosphere, it is important to streamline operations and maximize effectivity. That is very true for the accounts payable (AP) division, which manages an organization’s monetary obligations to suppliers.
Bettering the effectivity of the Accounts Payable (AP) course of is a strategic initiative for companies, because the advanced and resource-intensive work is unsustainable, difficult to scale, and liable to error.
Automation in accounts payable refers to utilizing software program to digitize, streamline, and optimize the end-to-end strategy of managing payables. It addresses the challenges of conventional processes by decreasing guide
intervention, dashing up processing instances, and enhancing visibility. On this weblog, we are going to talk about Sage Intacct, particularly for finance groups, and the way Account Payable Automation (APA) is the following step to enhancing the method.
Sage Intacct: The cloud-based ERP
Sage Intacct, a world-renowned ERP answer, ranks among the many prime decisions for companies globally. Sage Intacct serves prospects throughout industries and geographies, primarily in North America. Whereas appropriate for enterprises, Sage Intaccts’ distinction and energy lie within the Small-Medium Enterprise (SMB) market.
Sage Intacct is an AICPA-endorsed, HIPAA-compliant cloud accounting system. Its capability to shortly ‘tag’ your transactions and operational information with dimensional values is a novel distinction of Sage Intacct.
This is how Sage Intacct can energy your monetary groups :
- Account Payable / Receivable: eliminates inefficiencies and will get you paid quicker.
- Multi-Entity Insights: Intacct empowers rising multi-entity companies with invaluable insights for readability and enhanced effectivity
- Dashboard & Insights: Flip information into insights and attain peak efficiency with wealthy, versatile, real-time monetary stories and customizable dashboards.
Understanding Accounts Payable (AP)
Accounts payable, or AP is the amount of cash a enterprise owes to its distributors for items or providers which have been delivered however haven’t been paid. The AP division is liable for maintaining a detailed report of invoices, making certain that funds are processed precisely and on time, and sustaining detailed monetary information.
Sage Intacct powers the Accounts Payable group with insights. It additionally permits payments, reconciliation, and different related duties.
Historically, AP workflows contain a considerable quantity of guide effort. This is a breakdown of a typical guide AP course of:
- Bill Reception: Invoices arrive from distributors through numerous channels, together with electronic mail, mail, and fax.
- Knowledge Entry: Guide information entry entails keying bill particulars like vendor title, bill date, bill quantity, and due date into the accounting software program. This repetitive activity is liable to errors.
- Approval Workflow: Invoices are routed to designated personnel for approval primarily based on pre-defined standards, typically involving bodily paperwork and guide routing.
- Fee Processing: As soon as authorized, funds are manually initiated via checks or ACH transfers.
- Recordkeeping: Invoices and fee information are meticulously filed for future reference and audit functions.
The guide AP course of might be extra lively, weak to human error, and labor-intensive. Account Payable Automation or APA turns into essential to digitize, streamline, and optimize
Account Payable Automation with Sage Intacct
Sage Intacct gives two principal methods to automate your accounts payable (AP) course of:
- Sage Intacct AI: Sage has a built-in AP automation function with AI capabilities. This is what it could possibly accomplish
- Add an bill, and Sage can seize information from the bill
- It additionally flags any duplicate invoices
- Third-party AP Automation Integrations: Sage Intacct boasts of a variety of integration and expertise companions, some of their Market. They provide options with a wider vary of functionalities, together with:
- Correct capturing of Bill information from numerous sources
- Two/Three method matching for Buy Orders
- Approval guidelines and workflows
- Fee Integrations
Nanonets: Your AP Automation Champion
Nanonets is a robust AP automation answer that leverages the magic of Synthetic Intelligence (AI) to streamline bill processing.
Trusted by over 10,000+ manufacturers, Nanonets is a Sage Intacct Market Associate with best-in-class bill recognition and AI software program for correct recognition and processing of AP
This is a glimpse into how Nanonets automates the AP workflow:
- Automated Bill Receipts: Importing invoices into Nanonets from a number of sources is the very best in school
- Automated Knowledge Entry: Nanonets extracts structured information out of your invoices, regardless of the bill format and whether or not the bill is scanned or digital.
- Automated Verification: Two-way matching and past. Match bill info in opposition to open Buy Orders, Supply Notes, and different AP paperwork.
- Multi-stage Approval routing: Ship automated notifications to the proper particular person within the group to evaluation invoices earlier than approval.
- Actual-time syncing: Import your Sage chart of accounts and create guidelines to code paperwork out of your Distributors.
By automating these essential duties, Nanonets considerably reduces guide effort, minimizes errors, and expedites the AP course of, permitting your group to deal with extra strategic endeavors.
Unleashing the Energy of Integration
Integrating Nanonets with Sage Intacct unlocks many advantages for companies of all sizes. Listed below are a few of the most compelling benefits:
- Lowered Effort: Nanonets automates bill processing, liberating up your AP group.
- Enhanced Accuracy: Integration reduces errors and ensures information integrity.
- Sooner Processing: Automate duties for faster approvals and funds.
- Elevated Visibility: Acquire insights with real-time dashboards.
- Improved Compliance: Ensures a streamlined and auditable AP course of.
Integrating Nanonets with Sage Intacct can automate and optimize accounts payable operations. This mix can streamline the AP course of, cut back prices, and empower the group to deal with extra strategic initiatives.
Taking the First Step In the direction of AP Automation
Nanonets automate accounts payable, driving effectivity, accuracy, and a strong monetary course of. Leverage AI and machine studying to guide in monetary administration. Get rid of errors, automate duties, and seamlessly combine AP. See how Nanonets tailors options with a free demo. Step into the way forward for finance with Nanonets.