Nonprofit organizations continuously look for the most efficient ways to gather and report information. With most accounting teams being lean and streamlined, having the right systems in place can help increase efficiency and improve data integrity. A modern accounting and enterprise resource planning (ERP) system can enable teams to report consolidated, up-to-date information to their boards and management. This year’s Sage Transform conference presented innovation that can help give nonprofits using Sage Intacct a competitive advantage today and into the future. Here are key takeaways for nonprofits from Sage Transform.
Sage Copilot: Elevating Your Business Insights
During the conference, Sage unveiled Sage Copilot for Sage Intacct. This artificial intelligence (AI) tool can help Sage Intacct users gather information quicker and more intuitively. It can provide users both financial and nonfinancial insights, getting to the heart of the data and fast-tracking the collection of useful information. Gone will be the days of running accounts payable reports to find the top five vendors during a fiscal year. That process can be replaced with a simple chatbot that can deliver the information in seconds, boosting efficiency and productivity.
While many software companies today are speaking about their AI innovation, Sage Copilot appears to be ready for prime time, and for nonprofits. The vision is a “virtual assistant” that can perform the important but menial work of pulling data and extracting meaningful insights. This can give decision makers more time in their day to focus on strategic work.
Sage Intacct EMRConnect: Bridging Healthcare Billing Gaps
For healthcare organizations, getting billing data from an electronic medical record (EMR) system to an accounting system can be a huge task, sometimes taking days or weeks to reconcile. Sage has heard the complaints and developed Sage Intacct EMRConnect in response. This tool can automate the data flow from the EMR system to Sage Intacct, allowing for advanced reporting by connecting the data in one system. Sage stated that the tool is being developed to connect to the majority of EMR platforms. This innovation can help customers maintain their current operations while allowing for more robust and streamlined reporting.
FACTS Integration: Empowering Private Schools With Seamless Accounting
For years, private schools have had to choose between using subpar accounting platforms built into student information systems/school management systems or manually restructuring complex data sets to get student billing and financial aid information into a more advanced accounting system. Using a new integration with FACTS, private schools can use the tailored FACTS system for their tuition billing and billing management and have a seamless integration of this data with Sage Intacct. This can save business offices numerous hours of reconciliation per monthly close cycle. This is just one of the many ways Sage Intacct recognizes the uniqueness of nonprofits and works with them to deliver custom solutions and unlock efficiency.
Enhanced Grant Tracking & Billing: Transparency Redefined
For many nonprofits, tracking spending against grants is a tough chore requiring substantial time and effort. Sage has modified the way Sage Intacct handles allowable costs and project tracking to provide greater transparency for grant billing. Organizations now can add a qualified expense field to allow for the classification at the time of input in a simple, intuitive way. This new nomenclature, along with new custom reports designed specifically for this function, can help both auditors and nonprofit finance teams with billing, reconciliation, and audit processes.
Summary
Sage is invested in the future of nonprofits. As noted by the new feature sets, Sage Intacct is taking a step forward in the nonprofit industry and working to address common pain points. These key takeaways for nonprofits from Sage Transform can help usher in a new era of efficiency, accuracy, and strategic growth. Sage Transform was packed with information that our Forvis Mazars team is ready to help you apply in taking your financial management to the next level. Connect with us today to learn more.