Each month, monetary groups race in opposition to time – reconciliations, approvals, and experiences! The month-end shut can typically really feel like Groundhog Day, with groups working extra time to course of tons of of invoices, match numerous transactions, and catch any uncommon entries earlier than they grow to be issues.
At present’s companies cannot afford to function in month-to-month cycles anymore.
That is why Sage Intacct, one of many main cloud monetary administration methods, 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 lure and transfer towards steady, real-time monetary administration.
On this information, I’ll take you thru Sage’s totally different AI options and the way to develop Sage’s AI capabilities.
Sage Intacct AI: Native options defined
The way forward for accounting is not about quicker month-to-month closes. The main target is step by step shifting to eliminating closing cycles. At the least this has been the driving drive behind Sage’s latest updates.
The purpose is to have AI consistently monitor your monetary knowledge, catching points earlier than they grow to be issues and automating routine duties in real-time. Extra of steady accounting fairly 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 concept is to forestall errors from impacting monetary statements by catching them at entry, fairly than throughout month-end reconciliation.
The way it works:
- Critiques transactions in opposition to historic patterns
- Makes use of customizable thresholds primarily based on enterprise guidelines
- Routes suspicious entries again to those that submitted it
- Learns from corrections to enhance accuracy
For instance, in case 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’d have used Microsoft’s Copilot or not less than seen it. Properly, now Sage too has a Copilot. It’s principally an AI assistant that automates monetary evaluation, reporting, and routine duties. It hopes to scale back time spent on guide monetary evaluation and report creation.
You should utilize it to:
- Examine budgeted versus precise figures in real-time
- Get fast solutions to monetary queries via conversational search
- Streamline month-end shut processes
- Automate approval workflows and reconciliations
Say it’s essential to examine funds variances for this quarter. Now you’ll be able to 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’s going to enable you to drill down into particular transactions.
3. AP invoice automation
That is Sage’s native answer for dealing with invoices. It goals to scale back the time your crew spends on guide knowledge entry and bill processing.
The way it works:
- Add payments immediately or ahead them to a devoted e mail deal with
- System creates draft payments utilizing AI to extract bill knowledge
- Matches info in opposition to your chart of accounts
- Routes payments via your approval workflow
- Posts accepted payments mechanically to your GL
For instance, while you obtain an bill through e mail, you’ll be able to 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 crammed in. You simply must evaluation the main points and approve.
Now these native AI options from Sage Intacct could enable you to take first steps towards steady accounting. Nonetheless, you might quickly discover out that you just want extra complete automation. They work properly for primary bill processing and anomaly detection, however dealing with complicated AP workflows, managing a number of enter sources, or coping with various doc codecs typically requires extra capabilities.
That is the place integration options like Nanonets are available in. Let me present you the way to develop Sage’s AI capabilities to deal with extra complicated monetary workflows.
[Image source: Sage’s official website]
develop Sage’s AI capabilities
Nanonets is an Clever Doc Processing platform that integrates immediately with Sage Intacct. Whereas Sage’s native options deal with primary automation, Nanonets takes it additional by processing any sort of economic doc and establishing automated workflows.
Let me present you ways Nanonets might help develop your Sage Intacct’s AI capabilities:
1. Automated doc import
The primary problem in any AP course of is doc consumption. Nanonets presents many add choices, permitting you to mechanically course of and add extracted knowledge to Sage Intacct.
- Robotically captures invoices from e mail inboxes
- Displays particular folders in Google Drive, Dropbox, or your inside methods
- Accepts any doc format — PDFs, JPGs, PNGs, scanned paperwork, and handwritten paperwork
- Handles a number of doc varieties — invoices, buy orders, receipts, packing slips
You may even use API integrations to mechanically feed paperwork out of your present methods immediately into the processing workflow. This ensures all monetary paperwork are captured and processed constantly, no matter their supply or format.
2. Clever knowledge extraction and processing
As soon as paperwork are within the system, the following step is knowledge extraction. That is the place Nanonets’ superior AI-OCR capabilities come into play.
You get to decide on between totally different AI fashions primarily based 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 varieties or particular necessities
You may customise how the AI reads your paperwork by offering clear descriptions for every discipline. For instance, as an alternative of merely labeling a discipline as “invoice_number”, you’ll be able to specify “A singular alphanumeric identifier positioned on the prime proper, beginning with ‘INV-‘ adopted by 8 digits.”
The system presents subtle knowledge extraction:
- Extracts knowledge from any doc with excessive accuracy, no matter format or construction
- Processes each single-value fields (like bill numbers) and repeating knowledge (like line objects)
- Acknowledges and matches vendor particulars together with your Sage data mechanically
- Learns from person corrections to constantly enhance accuracy
- Validates extracted knowledge in opposition to predefined guidelines and flags discrepancies
Within the above GIF, you’ll be able to see how the AI immediately extracts commonplace fields and matches vendor names in opposition to your Sage vendor checklist. You additionally get a dropdown to confirm or regulate matches when wanted.
For line objects, it captures all particulars in structured tables and mechanically maps every line to your Sage GL accounts. You may evaluation and regulate these mappings via dropdowns, making certain your knowledge is validated earlier than it reaches your accounting system.
The AI mannequin builds understanding via context, not simply textual content recognition. When processing an bill, it:
- Distinguishes between totally different deal with varieties (billing vs delivery)
- Separates header info from line objects
- Acknowledges numerous tax classes and calculations
- Maintains relationships between associated knowledge factors
The system additionally tracks AI confidence ranges, exhibiting you precisely how dependable the extraction is for every doc. This helps you resolve which paperwork want guide evaluation and which could be processed mechanically.
3. Automated GL coding and matching
Handbook coding of transactions and matching paperwork in opposition to buy orders are sometimes duties that no AP groups stay up for. They are often time-consuming and error-prone. That is the place Nanonets’ clever matching capabilities make a major distinction.
The system streamlines coding and matching via:
- Computerized GL code ideas
- Sensible matching between invoices, POs, and receipts
- Actual-time validation in opposition to your small business guidelines
- Customized routing for exceptions and discrepancies
- Steady studying out of your crew’s corrections
You may arrange totally different validation guidelines primarily based in your wants, like:
- Match line objects individually for detailed reconciliation
- Examine complete quantities for fast validation
- Examine particular fields like tax charges or cost phrases
- Flag mismatches above sure thresholds
The affect could be vital. It will probably 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 exhibit compliance throughout audits.
4. Approval workflows
Getting invoices accepted is usually the place bottlenecks happen. You might need distributors chasing funds whereas invoices sit in somebody’s inbox ready for approval. Nanonets addresses this via clever workflow automation.
The system handles approvals via:
- Customized routing guidelines primarily based 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 your small business 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 quicker processing
The system maintains an entire audit path of who accepted what and when, making it straightforward to trace duty and guarantee compliance together with your approval insurance policies.
5. Getting your knowledge into Sage Intacct
As soon as paperwork are processed and accepted, it’s essential to get this knowledge into Sage. Nanonets presents a number of methods to export your processed knowledge:
- Obtain as CSV information for customized reporting
- Use APIs for customized workflow integration
- Direct sync with Sage
- Automated knowledge compilation primarily based in your guidelines
The Sage Intacct-Nanonets devoted integration lets you:
- Create invoice data mechanically
- Sync vendor info in real-time
- Keep constant coding throughout methods
- 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.
Appears to be like good on paper? Properly, let me share an actual instance of how an organization reworked their AP processes utilizing Nanonets’ AI-powered workflows.
Asian Paints, a number one producer of paints and coatings, automated their whole 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 had been widespread regardless of their greatest efforts.
After implementing clever automation:
- Processing time dropped to 30 seconds per doc
- Groups saved 192 hours month-to-month
- Accuracy improved considerably
- Employees may 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? If you happen to’re trying to reduce your bill processing time and save hours on AP duties, you’ll be able to schedule a customized demo with us. We’ll present you precisely how Nanonets suits into your particular Sage Intacct workflows and assist automate your AP course of end-to-end.
