As a premier Sage Intacct partner, we wind down our year and celebrate how, for 20 years, they have brought us tidings and joy (and excellent finance and accounting tools). We gladly bring you … the 12 Days of Sage Intacct.
On the second day of Christmas, Sage Intacct gave to me: a solution to handle all of my Procure-to-Pay needs.
Sage Intacct offers a full "Procure-to-Pay" solution right out of the box. The purchasing application enables companies to create and maintain complex procurement processes, transactions, and approval workflows with ease. Whether you need basic vendor invoice approvals or complex workflows with requisitions, purchase orders, and vendor invoices (or more), Sage Intacct has you covered. If you also need dynamic approval workflows for each of those transaction types based on what is being purchased, then you are all set.
Once all of your transactions have been fully approved and the product or service is delivered, Sage Intacct then provides robust payment selection and approvals. Their "Pay Bills" functionality allows you to select bills for payment based on any number of attributes, including custom fields. Once you have selected the bills you would like to pay, you can choose to route them through an approval process or have them released right away - either manually or through various payment automation tools.
One of our not-for-profit clients who process more than 1,300 invoices per month has utilized Sage Intacct to dramatically increase control over their spending and ensure that money from donors is used efficiently. Switching to Sage Intacct and using the purchasing application allowed the client to implement a formal purchase order process across the organization, thus ensuring that nearly all spend receives approval before an invoice is even generated by the vendor. Creating this process also guaranteed that controls are in place to detect things such as duplicate bills or over-billing, which may need to be rejected or routed through additional approval.
The client also added two key wins when it came to payment processing. First, they added additional approval steps to the release of payments in order to ensure all cash leaving the organization was fully approved. Second, they used one of Sage Intacct's marketplace partners to automatically connect to and release payments from their bank, ultimately saving time, money, and reducing the risk of manual error.
And, they did all of this while processing invoices in more than 25 currencies across more than 50 countries!
Sage Intacct’s Procure-to-Pay applications do far more than we can explain here (such as automated reporting, custom templates, etc.).