BTerrell Group Blog

Embrace Your Inner Finance Superhero with Sage Intacct & Win a Superhero Kit

Posted by Brian Terrell on Fri, Jul 02, 2021

Webinar: Closing the performance gap with Ventana Research

Webinar: Closing the performance gap with Ventana Research

Plenty of midsize organizations are teetering on the cusp of greatness, but just can’t quite figure out how to reach the next level. One way to give your organization the extra nudge it needs? Embrace change and take your accounting capabilities to the next level.

Register now for our newest webinar on Thursday, July 22 at 10am PT / 1:00pm ET, Closing the Midsize Performance Gap. Register below to save your spot for the webinar, and we'll also send you your own Sage Intacct Finance Superhero Kit!

Ventana Research’s Robert D. Kugel and finance experts from Children’s Hunger Fund and Vitamin Angels will discuss:
● How to tell when it’s time to move on from your entry-level finance system
● The 5 signs that your current operations are limiting your results
● What your organization needs to compete with larger companies

Help your business grow to its full potential—register for the webinar and receive your own Sage Intacct Finance Superhero Kit!

Register and Save Your Spot

Tags: sage intacct

How Private Equity Firms Can Gain Deeper Financial Insight

Posted by Brian Terrell on Fri, Jun 04, 2021

Three reporting strategies for CFOs


As the Chief Financial Officers of a private equity firm, you’ve no doubt had a hectic year. The economic uncertainty surrounding the pandemic and its nascent recovery has reinforced the importance of quick access to decision-making business data. Typical accounting applications are pretty good at organizing business data into monthly, quarterly, and annual financial statements. However, while these kinds of “hindsight views” have value, they arrive too late to use for strategic decision making. Ad hoc reporting processes can help fill in the gaps, but these too lack in timeliness, consistency, and control.

In response, many private equity firms are deploying three strategies to obtain deeper and more timely financial insight. Sage Intacct covers these strategies in-depth in this white paper. Here we offer a quick overview to get you thinking.

1. Close faster
A fast close minimizes the time to release monthly or quarterly financials. Instead of waiting for the calendar to turn over to begin closing the books, finance teams executing the fast close proactively reconcile and review key accounts on a more frequent basis. To accomplish this, you’ll need real-time visibility into those accounts. One of our clients, CareATC, was able to cut their monthly close time in half with Sage Intacct. You can read their story here.

2. Bring together disparate data
Leading cloud financial systems, like Sage Intacct, allow you to integrate financial and operational data from within and outside of the financial system, in real time, for a holistic view of the business. The result is fast access to data from all facets of your business, with reports that meet each team member’s specific needs while retaining that all-important connection to the underlying data.

3. Take your pulse with dashboard reporting
Executive dashboards provide KPIs that that illustrate the status of your business. Modern dashboards are interactive, allowing you to drill into the various metrics and interact with the underlying data. Dashboards can incorporate color scaling, trend indicators, conditional highlighting, and sparklines that help focus your attention on areas that might be cause for concern. Sandra Fendley, the chief accounting officer for our client Vasquero Midstream, told us, “We can rapidly produce trusted information about any particular piece of the business and have an accurate picture of individual projects, monthly operating spend, as well as invested capital.” You can read Vasquero’s story here.

Private equity firms, more so than many other businesses, trade in real-time data. While having a stock report from last month may be helpful — having today’s report and tomorrow’s predictions is imperative. Cloud-based financial management applications make this data easier to collect, present, and digest. Read more about new approaches for the data-driven private equity CFO here.

Tags: sage intacct

Why Your Next Financial System Should be Cloud-based

Posted by Brian Terrell on Fri, Apr 30, 2021

Why your next financial system should be cloud-based? Financials face-off: On-premise vs. Cloud

April Blog_v1

The speed of business is faster today than ever before. Business is also more complex, often involving multiple entities, global operations, and complicated billing structures. To succeed, finance professionals need instant access to financial information to make smart, strategic decisions. Cloud-based financial management applications are uniquely capable of driving today’s business forward in today’s always-on, always-connected world, which is why your next financial system should be cloud-based.

Stodgy and inflexible versus modern and agile
Yesterday’s old-fashioned, on-premise financial management applications aren’t flexible or scalable enough to support modern businesses. Nearly all, including Quicken, Microsoft Dynamics GP/NAV, SAP, and Oracle have been around so long they predate the Internet! With older, on-premises applications, you can expect:

• Spiraling overhead costs
• Expensive upgrades
• Functional limitations
• Costly customizations to gain functionality
• Duplicate data entry from disparate applications
• Unnecessary security risks
• Requires IT staff to maintain
• Remote access not native

Cloud-based financial systems are agile, powerful, and designed to run at the speed of today’s business. Sage Intacct, for example, was designed from the ground up for online delivery. With cloud-based financial systems, you can expect:

• Deployment in weeks, not months
• Monthly or quarterly updates — delivered automatically
• Streamlined integration using APIs
• Minimal IT resources required
• Flexible configurations replace expensive customizations
• Anytime, anywhere access

The results are in
With speed as a guiding factor to winning business globally, businesses need more from their financial systems than ever before. Cloud-based financial applications can deliver the necessary speed and agility — as two of our clients can attest.

One of BTerrell Group’s clients, Certus Energy Systems is a real-life example of how switching to a cloud-based financial application can yield significant benefits. Since switching from QuickBooks to Sage Intacct, Certus shortened its financial close from 15 to 10 business days, slashed report preparation from a week to just minutes, and cut a day from the A/P process every week — even as its transaction volume nearly tripled.

Another BTerrell Group client, Vaquero Midstream shares that the software paid for itself in less than two months on business value alone. They’ve also gained visibility into their operations that help them make informed and strategic business decisions.

As you shop for the best financial management software for your organization, we urge you to consider a cloud-based application like Sage Intacct. Learn much more about the advantages waiting for you in the cloud in this white paper, Financials Face-Off: On-premises vs. Cloud

Tags: sage intacct

What is ABCs? Time to Adopt Activity-Based Costing for Healthcare Organizations

Posted by Brian Terrell on Tue, Mar 30, 2021

What is ABCs? 3 Reasons Healthcare Organizations Should Adopt Activity-Based Costing Now

March Blog_v2

As healthcare finance executives, do you truly understand the true costs of patient care? The costs of the care are not just the costs between healthcare organizations and patients, but it also includes the overhead such as maintenance fees and other operating costs. To achieve long-term success, healthcare providers must consider the actual cost of their services. Let’s introduce activity-based costing, also called ABCs, which allows you to compute the actual cost and understand the cost structures effectively.

Why should healthcare finance executives adopt activity-based costing now?

Three main reasons to utilize ABCs for healthcare organization:

1. The U.S. healthcare system is moving to ACOs and other value-based care

To manage well the financial risk from a hospital’s or an ACO’s value-based-care contracts, healthcare organizations will need to understand and forecast their costs to control the budget and avoid potential losses. Healthcare finance executives can calculate the actual cost of services, supplies, and other operational areas on a per-case basis under the model of activity-based costing.

2. COVID-19’s financial impact on healthcare organizations

Over half of U.S. healthcare providers are operating at a loss, and their financial predicament is expected to worsen as the pandemic continues. To address this pressure, healthcare finance executives will be forced to scrutinize their cost structures. By utilizing activity-based costing, healthcare organizations can get detailed cost analysis and improve their cost structures.

3. Consumerism and competition may lead to price war due to upcoming consumer price transparency

Since the U.S. government’s emphasis on increasing price transparency in healthcare, the patients will soon gain their buying power in the open healthcare market. The price war may start between the healthcare providers as consumers will have the ability to shop around and compare for lucrative procedures such as knee replacements. Healthcare providers should use ABCs to get an accurate picture of their underlying costs if this transparency forces them to cut charges to meet the competition.

It is time for healthcare organizations to embrace the model of activity-based costing due to the impacts of value-based care, price transparency, and pandemic. With the help from ABCs and the right financial system, even smaller hospitals, physician groups, and PAC providers should be able to make this transition without undue strain on their resources.

BTerrell Group works with healthcare companies to strengthen and simplify all aspects of their financial health. We helped Epiphany Dermatology seamlessly manage growth from seven locations to 50 clinics across 10 states with the cloud-based financial management solution - Sage Intacct. Check the case study and learn more: Epiphany Dermatology - Case Study.pdf.

Let’s make sure you have the right systems to best manage your organization. Contact us at 866-647-2611 and download the complete “Activity-Based Costing’s Time Has Come".

Tags: healthcare, sage intacct

Streamlining Consolidations for Multi-Entity Healthcare Organizations

Posted by Brian Terrell on Fri, Feb 26, 2021

Four ways cloud financial management software keeps finances healthy

20210226_Healthcare Blog

Integrating a healthcare organization’s multiple entities in a unified set of financials is challenging and complex. The traditional approach to consolidation combines old fashioned manual labor, semi-structured processes, and an unwise reliance on Microsoft Excel to bring together data and information. Unfortunately, even with the best efforts and communication, manual consolidations are time-consuming and error-prone — yet 58% of companies continue to use this method.

Healthcare organizations need a smarter way to consolidate their financial results, to support the industry’s fast pace and competitive climate. Cloud-based financial management software can be that better way, offering four areas of critical functionality that traditional, on-premises systems lack.

1. Scalable foundation enables automation
Healthcare firms often add virtual and physical entities to their corporate structures. However, on premises solutions struggle to add and manage new entities and across geographic jurisdictions. A cloud-based financial management system allows all business units to share the same system, same chart of accounts, same financial reports, and same master data tables, driving significant productivity gains. It also creates a shift in mindset and positions finance teams to add value to information, not simply report on information.

2. Agile processes help ramp up new entities quickly
A turnkey cloud financial management application gets systems and processes up and running quickly and can rapidly extend as new entities come on board. It also helps standardize workflows across entities, making it simpler to manage and monitor financial data.

3. Fully integrated consolidation processes
A cloud financial management system centralizes the setup and management of inter-entity relationships. When you rely on one single system to house organizational data, you can automate the elimination and consolidation entries, saving time and improving accuracy.

4. Clear insight
Cloud-based financials eliminate the gaps between the consolidation and the data. The result is real-time consolidated financial information — available at the push of a button.

The Vital Stats
The healthcare industry is in a constant state of flux. To succeed in a fluid marketplace, your organization must quickly scale to incorporate new entities, pivot to adapt to changing regulations, and swiftly adjust strategies and operations in response to performance trends.

BTerrell Group works with healthcare companies, ranging from small medical practice groups to more extensive combined healthcare operations, to strengthen and simplify all aspects of their financial health. Our recommendation for healthcare organizations is the cloud-based financial management solution Sage Intacct. Sage Intacct helps healthcare organizations save time, improve accuracy and grow their operations without increasing their administrative staff.

Together, BTerrell Group and Sage Intacct helped Epiphany Dermatology seamlessly manage growth from seven locations to 50 clinics across 10 states. And the organization was able to improve their overall efficiency in accounting and finance by five-fold, avoiding the cost of two to three employees. It’s this type of success that we strive for with every client.

We invite you to contact us at 866-647-2611 with your questions and download the complete Financial Consolidations for Multi-Entity Healthcare Organizations white paper.


Tags: healthcare, sage intacct