R1 is an important release for growing companies that saves time and increases scale while also providing more accurate insights into performance and more business flexibility. It also deepens our industry, mid-market, and core platform capabilties. Specifically,
- Bank Reconciliations have been redesigned to handle high volume transactions from both a performance and usability perspective.
- Group Allocations provides an innovative and more streamlined way to understand and compare the impact of allocations on performance.
- Transaction Rules support cost plus billing, often required for government contracts. It’s differentiated from most solutions in applying overhead vs. only burdened labor.
- AP Bill Approvals provides a more complete bill approval process, removing a long-standing sales objection for us and increasing control for scaling customers.
- Action UI is now GA and provides users with a more consistent, modern user interface to drive adoption and productivity.
Highlights: Deep Cross-Industry Industry Business Processes
Inventory: Estimated Landed Costs
Avoid large COGS valuation adjustments with estimated landed costs. Estimate the cost and reverse the estimate when the actual cost is received. If the period is already closed when you get the actual, you can auto-generate adjustments in the current period. With estimated landed costs, you can more accurately reflect the full cost of your inventory.
Project Billing: Transaction Rules
Understand project profitability, save time, and get more accuracy with new transaction rules for Project Billing. Transaction rules allow you to automate project-based calculations for posting to the general ledger and flag transactions for automatic invoicing to support cost-plus billing.
- Understand project profitability and demonstrate project costs to clients with allocation of overhead costs plus markup to projects. Many solutions only apply labor burden and markup.
- Save time with labor billing based on employee groups.
- Reallocate hours using statistical accounts for more accurate hours tracking.
- Automate GL transactions, apply markups, and generate invoices for inter-entity transfer costs.
Contracts: Bill on Percent Complete
Billing on percent of project completion is now available for projects associated with contracts. So, you can bill as the project progresses and bring in cash to fund your operations up to 50% sooner. Sage Intacct is the only mid-market cloud financials solution to offer this capability.
Contracts: Header Level Hold and Resume
You can now hold or resume a contract at the contract level instead of having to manage individual lines. This is a big time-saver for long contracts! For instance, a 25-line contract can be paused or resumed in a single step. It’s one of the many features available that automate those less frequent situations that seem to eat up most of your time. So, you spend less time on operational tasks and more time advising the business.
CRM Integration – Bulk Historical Transaction Sync for Contracts
To efficiently service your clients, Sales and other staff need to see customer’s entire transaction history—invoices, contracts, quotes—in Salesforce. With R1, implementers newly integrating to Salesforce or upgrading the connector will be able to synchronize historical contract records in bulk with a few simple clicks. This provides higher efficiency over implementing records one by one, eliminating the need for workarounds and saving hours to days of implementation time.
Highlights: Global Expansion & Scale
To get the full picture of performance, companies commonly allocate indirect costs across profit centers. In Release 1, Dynamic Allocations save time, provide easy visibility, and allow more flexibility to use the most accurate basis.
- Group Allocations – Group allocations provide the convenience of completing your month end allocations in a single step. You also gain control over the sequence to ensure allocations in the group are run in the right order consistently for accuracy. You control how errors are handled and get a notification email when your allocations are processed so you don’t have to remember to check on the results.
- Allocation Book Stacking – Other accounting solutions require complex setups or reversals to retain before and after views of how their allocations impact financial reports. Using our innovative allocation books, you can simply check a box on your reports to include allocations or not and compare side-by-side. It’s the simplest and cleanest way to be able to report with or without allocations or analyze different allocations drivers.
- Statistical Accounts as Basis – Allocate costs based on statistical accounts such as square footage, labor hours, unitized shares, or other non-financial metrics to allocate based on the most accurate drivers of cost or revenue.
Bank reconciliations just got easier! Get your reconciliation started by filling in only the necessary fields. Imports are just a click away and can handle multiple files at once. You can filter and sort directly from the reconciliation screen to find transactions and match them in seconds. And, it’s designed to handle large volumes of transactions. Those large reconciliations can be done up to 75% faster!
Accounts Payable Approvals and Workflow
Get a more complete accounts payable payment workflow and maintain the necessary controls as your company scales by enabling our new bill approvals. Permission-based approvals and approval limits ensure a more thorough review process and help prevent payment errors and fraud. Automatic email notifications alert approvers to eliminate delays associated with manually sending bills for approval, shaving hours or days off the approval time. And audits and payment investigations are easy with the approval history.
Highlights: Best-in-Class Cloud Platform Highlights
Take action! The Action UI is a powerful new user interface that that focuses on saving time, modeling the way you work, and accessing new innovations to drive productivity and growth across your organization. Get where you’re going faster with favorites, personalized navigation, and a consistent experience across applications. Model the way you work with personalized entity colors, report density preferences, and tabbed reports. And, access the latest innovations—available only in the Action UI—in the new Bank Reconciliations, Pay Bills Workbench, Global Consolidations, and the Interactive Custom Report Writer.
To learn more about the new features and how they can help you, join our webinar: Tuesday, March 12, 11am CT.