The Next Innovation from Sage Intacct
Luca Pacioli was a 15th-century Italian mathematician and the person who first codified and published the dual-entry bookkeeping system. That system arguably made all of international commerce possible, which is why Pacioli is widely considered the “Father of Accounting”.
Given that distinction, it’s fitting that Sage Intacct is calling its latest innovation “Pacioli”. It works similar to chatbots like Amazon’s Alexa or Apple’s Siri. The difference is that the focus is entirely on accounting.
How Does Pacioli Work?
Sage Intacct is a platform widely used by accountants to share information and insights. When two or more parties are chatting Pacioli is running in the background. It someone requests a specific fact of figure, Pacioli is smart enough to supply it automatically.
The technology leverages breakthroughs in AI and machine learning to understand what kind of information users want and exactly how to supply it quickly. And since these technologies are able to learn from user behaviors and get smarter over time, Pacioli will only get better at assisting accountants.
Why is Pacioli Helpful?
Expectations for accountants are evolving fast. They are now being asked to improve speed, productivity, and efficiency all while becoming more strategic and less prone to error. That is possible now that accounting departments are collecting and managing so much data. But it’s only achievable if that data and the insights within is available instantaneously.
Pacioli is designed to cut out the middleman. If and when a piece of information is necessary – Q2 revenue from 2016 in the Northwest Territory, for example – no one has to go hunt it down. Pacioli supplies is automatically, making accounting more seamless in the process.
As accountants strive to become more lean and dynamic, tools like Pacioli will become a huge asset. Instead of trying to interpret the past, accountants will work to predict the future and use finance as a function of success. Pacioli handles more of the heavy lifting that requires while allowing accounts to think on their feet.
When is Pacioli Arriving?
Sage Intacct showed off Pacioli for the first time just recently, but it served more as a proof of concept than a full-fledged debut. The company is investing heavily in this advancement and is fully-committed to development, but there is still work left to do.
The first features made available are likely to work like push notifications. If Pacioli notices anomalies or trends in incoming data streams it will automatically notify stakeholders. Later on Pacioli will integrate seamlessly into collaborative workflows to supply on-demand information in real-time.
Sage Intacct is clearly getting even better, but it’s already one of the leading accounting solutions available. Plus, there are existing applications based on AI and machine learning built into the platform. When you’re ready to explore what the cutting edge looks like, contact InCloud360.