Sage Intacct, a world-renowned ERP solution, is one of the top choices for businesses globally. Finance teams and many others use it to facilitate their operations.

In today’s fast-paced business environment, it’s essential to streamline operations and maximize efficiency. This is especially true for the accounts payable (AP) department, which manages a company’s financial obligations to suppliers.

Improving the efficiency of the Accounts Payable (AP) process is a strategic initiative for businesses, as the complex and resource-intensive work is unsustainable, challenging to scale, and prone to error.

Automation in accounts payable refers to using software to digitize, streamline, and optimize the end-to-end process of managing payables. It addresses the challenges of traditional processes by reducing manual

intervention, speeding up processing times, and enhancing visibility. In this blog, we will discuss Sage Intacct, specifically for finance teams, and how Account Payable Automation (APA) is the next step to improving the process.

Sage Intacct: The cloud-based ERP

Sage Intacct, a world-renowned ERP solution, ranks among the top choices for businesses globally. Sage Intacct serves customers across industries and geographies, mainly in North America. While suitable for enterprises, Sage Intaccts’ distinction and strength lie in the Small-Medium Business (SMB) market.

Sage Intacct is an AICPA-endorsed, HIPAA-compliant cloud accounting system. Its ability to quickly ‘tag’ your transactions and operational data with dimensional values is a unique distinction of Sage Intacct.

Here’s how Sage Intacct can power your financial teams :

1. Account Payable / Receivable: eliminates inefficiencies and gets you paid faster.
2. Multi-Entity Insights: Intacct empowers growing multi-entity businesses with valuable insights for clarity and enhanced efficiency
3. Dashboard & Insights: Turn data into insights and reach peak performance with rich, flexible, real-time financial reports and customizable dashboards.

Understanding Accounts Payable (AP)

Accounts payable, or AP is the amount of money a business owes to its vendors for goods or services that have been delivered but have not been paid. The AP department is responsible for keeping a close record of invoices, ensuring that payments are processed accurately and on time, and maintaining detailed financial records.

Sage Intacct powers the Accounts Payable team with insights. It also enables bills, reconciliation, and other relevant tasks.

Traditionally, AP workflows involve a substantial amount of manual effort. Here’s a breakdown of a typical manual AP process:

1. Invoice Reception: Invoices arrive from vendors via various channels, including email, mail, and fax.
2. Data Entry: Manual data entry involves keying invoice details like vendor name, invoice date, invoice amount, and due date into the accounting software. This repetitive task is prone to errors.
3. Approval Workflow: Invoices are routed to designated personnel for approval based on pre-defined criteria, often involving physical paperwork and manual routing.
4. Payment Processing: Once approved, payments are manually initiated through checks or ACH transfers.
5. Recordkeeping: Invoices and payment records are meticulously filed for future reference and audit purposes.

The manual AP process could be more active, vulnerable to human error, and labor-intensive. Account Payable Automation or APA becomes crucial to digitize, streamline, and optimize

Account Payable Automation with Sage Intacct

Sage Intacct offers two main ways to automate your accounts payable (AP) process:

1. Sage Intacct AI: Sage has a built-in AP automation feature with AI capabilities. Here’s what it can accomplish
   1. Upload an invoice, and Sage can capture data from the invoice
   2. It also flags any duplicate invoices
2. Third-party AP Automation Integrations: Sage Intacct boasts of a wide range of integration and technology partners, some in their Marketplace. They offer solutions with a wider range of functionalities, including:
   1. Accurate capturing of Invoice data from various sources
   2. Two/Three way matching for Purchase Orders
   3. Approval rules and workflows
   4. Payment Integrations

Nanonets: Your AP Automation Champion

Nanonets is a powerful AP automation solution that leverages the magic of Artificial Intelligence (AI) to streamline invoice processing.

Trusted by over 10,000+ brands, Nanonets is a Sage Intacct Marketplace Partner with best-in-class invoice recognition and AI software for accurate recognition and processing of AP

Here’s a glimpse into how Nanonets automates the AP workflow:

1. Automated Invoice Receipts: Importing invoices into Nanonets from multiple sources is the best in class 
2. Automated Data Entry: Nanonets extracts structured data from your invoices, irrespective of the invoice format and whether the invoice is scanned or digital.
3. Automated Verification: Two-way matching and beyond. Match invoice information against open Purchase Orders, Delivery Notes, and other AP documents.
4. Multi-stage Approval routing: Send automated notifications to the right person in the organization to review invoices before approval.
5. Real-time syncing: Import your Sage chart of accounts and create rules to code documents from your Vendors.

By automating these critical tasks, Nanonets significantly reduces manual effort, minimizes errors, and expedites the AP process, allowing your team to focus on more strategic endeavors.

Unleashing the Power of Integration

Integrating Nanonets with Sage Intacct unlocks many benefits for businesses of all sizes. Here are some of the most compelling advantages:

• Reduced Effort: Nanonets automates invoice processing, freeing up your AP team.
• Enhanced Accuracy: Integration reduces errors and ensures data integrity.
• Faster Processing: Automate tasks for quicker approvals and payments.
• Increased Visibility: Gain insights with real-time dashboards.
• Improved Compliance: Ensures a streamlined and auditable AP process.

Integrating Nanonets with Sage Intacct can automate and optimize accounts payable operations. This combination can streamline the AP process, reduce costs, and empower the team to focus on more strategic initiatives.

Taking the First Step Towards AP Automation

Nanonets automate accounts payable, driving efficiency, accuracy, and a robust financial process. Leverage AI and machine learning to lead in financial management. Eliminate errors, automate tasks, and seamlessly integrate AP. See how Nanonets tailors solutions with a free demo. Step into the future of finance with Nanonets.

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• Source: https://nanonets.com/blog/account-payable-automation-in-sage-intacct/