RSMUS.comWith accounts payable automation from Sage Intacct and its Marketplace partners, your business can reduce invoice processing time and overall costs. Quicker turnaround with invoices can also help you build stronger relationships with your vendors.
From purchase requisitions to paid invoices, Sage Intacct captures the entire payment process and allows users to drill down into previous steps at any point. For example, when an invoice comes in, you can go back and see the related requisition.
Native AP automation
The accounts payable view in Sage Intacct allows you to see invoicing and payments and offers a dimensioning capability. Intacct includes nine standard dimensions. For reporting, you can slice and dice the numbers and tag dimensions to only see specific sets of data. In one instance, you might want to see what a particular vendor has done or, even more specifically, merely what that vendor has done for a certain project. In another, you might want to look at just the items that the vendor is selling.
Sage Intacct offers the ability to track spending against budget. In the spend management module, you can see how much your company has spent and know how much it has left. If you have a purchase order for a committed expense for a line item, you can keep track of it in Intacct. For amortized expenses, like insurance, Intacct schedules those bill payments and creates journal entries for them automatically.
When it comes to paying invoices, with Intacct, you can print secure checks, pay with a credit card or generate an ACH file to send to your bank. If you use a credit card for AP expenses, you can perform credit card reconciliation right in Intacct. You can even generate an invoice for all charge card spending and generate a payment to the credit card company.
For tax time, Sage Intacct allows you to easily set up new 1099 contractor accounts and tag transactions with 1099. When it comes time to send out tax information to vendors, you can print 1099 info on the appropriate form and send it to the vendor. Tax forms, including 1099s, compatible with Sage Intacct are available from formsforintacct.com.
Third-party vendors offer additional AP automation solutions
If your business needs accounts payable automation solutions beyond what Sage Intacct offers, a third-party solution might be right for you. Third-party vendors specialize in AP automation that can manage time-consuming tasks. For example, some vendors offer artificial intelligence technology that automatically capture the invoices that your business receives, either via email or uploads, so you don’t have to key them in. Third-part solutions may also include robust payment processing systems.
With dedicated AP approval workflows available from third-party vendors, all of your business’s information rolls right into Intacct. The dashboards and reporting capabilities vary depending on the third-party software you’re using. While each product in the Sage Intacct Marketplace offers distinctive functionality, they are all fully integrated with Intacct.
Paramount WorkPlace allows you to automate the requisition and procurement process with a robust offering of features. They include budget checking to manage costs throughout the purchase process, a dynamic approval rule engine to implement any possible corporate approval rule, vendor contract management to enforce negotiated terms, and audit capabilities to show full visibility of changes.
Bill.com expands the possibilities for bill payment in Intacct. Features include payments directly to a vendor’s bank account and the ability to see all documents associated with a bill, from a copy of the invoice to an image of the cleared check.
Stampli’s easy-to-use platform allows you to control the lifecycle of vendor bills with smart accounts payable processing that uses artificial intelligence to automate invoice capture, coding, and workflows. It allows for visibility and control with a wide range of dashboards and reports.
Yooz addresses the challenges of invoice payment processing with an end-to-end solution from invoice to payment that includes automatic invoice data capture and easier compliance with regulatory requirements.
Mineral Tree’s solution automates the full invoice-to-pay process. Automated invoice capture, unlimited document storage and robust approval workflows are among its features. Billing data can be entered into either the Mineral Tree or the Sage Intacct platform and will sync in real time.
Coupa Spend Management is a single solution for procurement and expense management. Its benefits include flexible workflows to control the P2P process, real-time reporting of savings, expenses, liquidity and supplier performance, and the ability to procure, invoice, expense and provide approvals from any mobile device.
Clients appreciate the flexibility that Sage Intacct offers. If the functionality your business needs is not available in Intacct, a third-party vendor likely offers it. If not, customization is available.
Find out more about how your business can use AP automation to streamline operations. Schedule a call with RSM to discuss which Sage Intacct features and third-party solutions might be right for you.
