Must-Try Features in the Sage Intacct 2023 R4 Update

By - December 18, 2023

The 2023 R4 update to Sage Intacct is one of the most important and exciting in recent memory, making additions, enhancements, and improvements to the financial management platform that enable you to accomplish drastically more than before.

Expect some long-standing headaches to disappear, only to be replaced with powerful tools for productivity and precision. Some of the highlights from the latest release, which went live on 11/10/23, include the following:

Advanced Ownership Consolidations

Private equity firms and others sometimes have less than 100% ownership stake in a company. When they only own 40% or 70% of a company, they need to see financial statements that reflect that percentage to understand the health of their investments. In the past, tailoring financial statements meant that accountants had to do the work manually over many hours of error-prone effort. Meanwhile, decision-makers had to wait on key metrics and wonder if the numbers were right.

The latest Sage Intacct release eliminates all that work and uncertainty by automatically calculating the tailored consolidations in seconds with perfect accuracy. Advanced consolidations have never been easier, saving accountants time and headaches while getting vital financial insights to the people who need them before it’s too late.

Church Management System Integration

Church management systems (CMSs) help ministries collect, organize, and track some of their most important KPIs, from attendance to giving. Sage Intacct can now integrate with leading CMS offerings on the market so that data moves seamlessly between critical solutions.

Church leaders will save time, prevent errors, and have faster access to data—but the most exciting change will be the new insights they can track and manage once Sage Intacct and the CMS work in sync. A pre-built dashboard makes it easy to turn the incoming CMS data into relevant KPIs complete with helpful charts and indicators.

Additional Project Intelligence

Project accounting gets a big boost after the 2023 R4 update thanks to new tools for tracking project data. Specifically, Sage Intacct can now ingest data and calculate metrics relevant to employee efficiency, such as their revenue contribution to a project or their effective rate.

Since these metrics were not available before, someone had to calculate them manually or make do without them. Now, Sage Intacct makes it exceedingly easy to create a project intelligence dashboard with employee efficiency metrics included next to other KPIs.

TaxBandits Integration

For all the companies that hire contract workers, filing 1099 tax forms used to be a time- and labor-intensive undertaking—until this tax season. Sage Intacct now integrates with the TaxBandits e-filing solution so that users can create and file 1099s completely inside their financial management platform.

There’s no need to export data or print forms now that Sage Intacct can file these forms seamlessly with the help of TaxBandits’ proven technology. This will make tax season much easier for those who handle tax prep and also get tax forms to contractors faster.

Lien Waiver Generation

Sage Intacct users in real estate can now create lien waiver records based on customized compliance definitions and types. These records enter the compliance and tracking system in Sage Intacct, so if someone attempts to pay a commitment-related (AP) bill to a vendor with an outstanding lien waiver, a notification comes up to prevent the payment. Users can also print or email customized lien waiver documents instead of creating and distributing them manually.

Take Full Advantage of Sage Intacct

All the upgrades highlighted above are currently live and free to take advantage of—with the exception of Advanced Consolidations, which comes with an extra cost. Learn how to take advantage of these features to streamline accounting and advance strategic objectives by relying on RSM.

Our Sage Intacct team is here to help clients make the most of Sage Intacct and every single quarterly release. Leverage our experience and expertise with this software—Contact RSM.

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