To continue with our series about the impact of artificial intelligence on the finance industry, today we will be discussing how Sage Intelligent Time revolutionized timesheets. Now, AI-powered timesheets can deliver continuous, accurate, and complete insights to profitably manage your service business.
Timesheets allow service companies to bill customers for work, set accurate prices, and manage peoples’ performance. However, traditional timesheets can sometimes lead to revenue loss and delays. The amount of time spent calculating hours for manual timesheets can take away from customer interactions, which can cause inefficiencies for your business. For example, accurately accounting for billable work can recover up to $10,000 in annual billable time per employee typically lost to human error. Additionally, third-party time solutions often require administrative time to review finances, which limits scalability and can delay the close.
The Value of AI Automation
Cloud financial management by Sage Intacct uses artificial intelligence so finance and operations can effectively allocate resources. With an AI-powered virtual time assistant, you can easily review all of the timesheet activity一 even from the comfort of your mobile device. Sage Intelligent Time (SIT) is transforming how businesses manage their time. And, as cliché as it sounds, time is money.
Benefits of SIT
SIT’s Time Assistant gets smarter with every review, so it saves you more time as it gathers more data. Therefore, timesheets are always in sync and reconciled with your financials. Also, profitability, utilization, and billable time increase as every minute it counted, so you can focus more on your customers and less on tedious timesheets. By collecting every billable minute, SIT AI automation can boost billable time by up to $50k per employee per year.
Another benefit of SIT is continuous insights. Traditional timesheets are typically available only weekly or bi-weekly, which can often delay the close and push back insights that are needed to manage profitability and project resourcing. On the other hand, AI-powered timesheets provide continuous insights and accurate project costs that allow your company to close the books and bill on time, so project managers can make informed financial decisions.
In summary, some of the key advantages of Sage Intelligent Time are:
- Recover up to $10,000 in annual billable time per employee typically lost to human error
- Get accurate project costing to improve estimates of future project
- Free professionals from soul-crushing timesheets
- Eliminate a common close delay