For service-based companies, tracking employee time is not as simple as asking them to clock in and clock out. Poor time tracking can lead to mistakes in recording project costs and even result in companies underbidding for future work. When your business bills for time, every error can affect the bottom line.
Sage Intelligent Time, part of Sage Intacct’s cloud-based financial management system, was developed to increase timesheet accuracy. Released in September 2020, Sage Intelligent Time uses artificial intelligence (AI) to collect data from across your company’s applications, including calendars and email. It acts as a virtual assistant to your employees, helping them track their time quicker and more precisely.
In February, Sage Intelligent Time was named one of the 2021 Top New Products by Accounting Today. The recognition was given to products deemed the “great new and improved tools for accountants and firms.” Sage Intelligent Time received this recognition due to its innovation and the impact it will have on the accounting profession.
“Billing remains a pain point for accountants, inspiring exploration into new tools and even pricing models, and Sage Intacct aims to solve for one of the major issues of timesheet accuracy with the help of artificial intelligence,” said Accounting Today, which is the leading provider of online news for the accounting community.
This recognition illustrates how dedicated Intacct is to bringing the advantages of AI and machine learning to its customers. Timesheet issues were once considered an unsolvable problem, but new technology has made a solution possible. Companies can expect to see continued value as AI transforms the finance industry, allowing for a greater focus on strategy and growth, rather than everyday tasks.
Sage Intelligent Time greatly reduces human error and can allow your company to recover up to $10,000 in annual billing time per employee. Increased accuracy helps businesses improve project estimates for better future budgeting. With the Sage Intelligent Time app, hours can be entered, submitted and approved on employees’ mobile devices.
Capturing Every Billable Moment
Unlike third-party timesheet solutions, Sage Intelligent Time is part of Intacct, so no time is lost reconciling information from one system to another. AI helps employees capture every billable minute by rebuilding their workweeks across multiple projects and finding unplanned activities that may have otherwise been forgotten. It suggests items employees can put on their timesheets, based on existing projects, and makes it easier for employees to track exactly what they are working on.
Time can be entered in a variety of ways with Sage Intelligent Time. Information can be manually input into each row of a timesheet and activity cards can be used to assign time to rows on the timesheet. Activities can be tagged with dimensional values, which can be used for reporting purposes.
Sage Intelligent Time activity cards are individual activities created based on information gathered from connected data sources. To associate the activities with Intacct dimensions, Sage Intelligent Time will match a project name to the time spent working on a file with the same name on an employee’s computer or recognize that a file came from a particular project folder, for example.
Users can set reminders in Sage Intelligent Time so that they can receive alerts if they haven’t updated their timesheets by a particular time, haven’t submitted them by a certain date or haven’t created a new timesheet by the expected date. Employees can also duplicate a week’s timesheet to make importing data for the next week easier if their activities will be similar.
Want to find out more about how Sage Intelligent Time can help your employees track their hours more efficiently? Set up a time to talk to one of the experts at RSM today.