The Proseer leadership team recently attended the Sage Partner Summit in Las Vegas, to learn about the latest developments in accounting technology including and specifically, Sage Intacct.
We had the privilege of meeting with many accounting and technology leaders and especially enjoyed learning from Aaron Harris, the CTO at Sage, where he shared valuable insights into the company’s advancements and roadmap.
In this blog post, we will delve into the key takeaways from the summit. Let’s dive in!
1.0 Advancing Generative AI & the Significance of Trust
During the summit, one notable highlight was the discussion on the potential impacts of generative AI, such as ChatGPT, Bard, and Microsoft Bing on accounting systems and processes.
In his keynote, Aaron Harris explained they are working to incorporate AI into their suite of products, starting with Sage Intacct. However, Harris explained they are taking their time to release AI to their users as they were not yet confident the responses provided by AI would be completely accurate. He noted that when dealing with financial data, specifically accounting information, there needs to be high levels of trust throughout the system, and this can only be accomplished when the information is right every time. However, he mentioned that Sage has been awarded five patents centered around trust and AI and they are working hard on this product which we think has incredible promise and we’ll be confident when we deploy it due to the vendor’s focus on accuracy and reliability for their users.
We have already seen many apps powered by AI that work with accounting systems and this is just the start of what we expect to be a future powered by AI to allow accounting teams to work smarter, not harder.
2.0 Unlocking Efficiency & Integrated Workflow Management
Another exciting announcement made at the summit was Sage’s acquisition of Lockstep.io an addition to suite of software which offers inbox automation and workflow management for accounting departments. Lockstep Inbox offers advanced AI features that empower accounting teams to work faster and smarter.
By comprehending email context, the software enables teams to promptly respond to inquiries, attach requested invoices, or draft relevant emails while seamlessly integrating with the ERP. This will save countless hours as accounting teams can access and share accounting data directly from their inbox. Another way to think about AI powered inbox like lockstep is it might be a force multiplier for accounting teams allowing them to do more with less.
While Lockbox is going to be built into the Sage suite of products, starting with Sage Intacct, lockstep will also support Intuit’s QuickBooks Online and other ERPs. This will allow accounting teams to streamline processes and limit the number of applications needed to complete their work.
We expect this trend to continue with more robust solutions built directly into accounting systems to provide greater visibility and support collaboration for teams to do more with less in the future.
3.0 Enhancing Accuracy with Outlier Detection
During the Summit, Sage highlighted increased adoption of GL outlier detection. GL outlier detection serves as the first line of defense, reviewing general ledger transactions for any irregularities or deviations from established patterns to alert the accounting team to take a deeper look.
By quickly flagging potential discrepancies, this tool significantly enhances the review process, leading to improved accuracy and financial quality, especially for smaller teams.
This is another example of how accounting technology is becoming more powerful every day. While these are just a few examples, it’s clear that the future of accounting technology will be focused on empowering a leaner and higher skilled workforce to get and share the information to make quick decisions and help grow their companies.
If you are interested in exploring how the right accounting technology can transform your business, reach out today to learn how we can help.
