Recently, Accounting Today announced that the new Sage Intelligent Time product has been recognized for its innovation and promise to have the most impact on the accounting profession. This is the second such technology award for the new AI-powered time entry system – The first award was with Business Intelligence Group for BIG Innovation – and it’s easy to see why more recognition is expected.
For any service-based business, it’s no secret that time entry is the leading cause of revenue leakage, whether directly or indirectly. Bad time tracking can lead to inaccurate project costing and drive underbidding of future work. If you bill for time, every minute missed cuts straight from your bottom line. The list of impacts poor time entry can have is too long to cover here. It’s an age-old problem. But thanks to Sage Intelligent Time, now there is a solution.
Sage Intelligent Time works by providing an AI-powered time assistant to all of your employees. This time assistant gathers all of the activities you work on and then intelligently presents those activities along with suggestions for projects, tasks, and clients attributed to the work. Your employees simply drag and drop those suggestions onto their timesheets and make any edits as required. The machine learning algorithms in Sage Intelligent Time provide better recommendations with every timesheet your team submits.
Early estimates suggest that Sage Intelligent Time can help recover up to $10,000 in billable revenue per employee per year! That number alone will help make any finance team look like accounting geniuses. Most service companies are billing fixed fee or some hybrid of multiple billing types. Regardless of the methods you use, accurate time tracking is key to any successful service business.
Time tracking challenges have long been accepted as ‘the nature of the beast’ for project-based work. While we’ve all taken steps to limit the impact of human error, the industry average for revenue leakage ranges from 3% - 5%. Sage Intelligent Time is a prime example of new technology being applied to what used to be considered an unsolvable problem.
For most technology companies, the new features that roll out have very little impact on the end-user. There is a severe disconnect between ERP developer and the companies that use their product. These awards highlight that Sage Intacct is committed to working with our customers to provide tangible benefits using new technologies such as artificial intelligence and machine learning.
Sage Intelligent Timesheet is our standard timesheet and comes at no extra cost for any customer purchasing timesheets for their instance of Sage Intacct. We are continually weaving AI into the DNA of our product, instead of building useless tools that cost companies an arm and leg. Our customers enjoy all the advantages of new technologies while other providers are still just highlighting it on their roadmap presentations.
“We bill our projects on a fixed-fee basis, so accurate project cost data is critical for us to understand how we’re performing and how to price future work. Getting dependable project labor costs can be difficult when our team is working on 10-15 different projects in any given week, often spending time on unscheduled tasks.” - Sheri Petras, CEO and partner at CFI Group
These awards are just the start for Sage Intelligent Time, but the real rewards are for our customers. We are actively working to leverage the most current technology to solve age-old problems for their business.
We are really at the beginning of the transformation that Artificial Intelligence is going to provide. The AI team at Sage is at the forefront of this charge. Check out our presentation on The Future of Finance with Aaron Harris. This transformation will help finance teams focus on strategy and growth, instead of administrative tasks and mundane processes. Join Sage Intacct for a Coffee Break Demo, and discover the future of finance today.
Brian Siefkes is the Director of Professional Services Industry Marketing at Sage Intacct.