BTerrell Group Blog
Sage Intacct survey reveals post-pandemic challenges and how leaders are solving them
As the world continues a slow economic emergence from the pandemic, healthcare industry players remain in a challenging situation. According to an AMA report, hospitals lost more than $323 billion in 2020. In addition, a majority of physicians reported revenue decreases averaging 32%. Sage Intacct recently surveyed more than 200 financial healthcare executive to better understand their current issues and what practical steps they are taking to adapt their organizations for success in the coming months and years. You can read the whitepaper detailing the survey and results here.
Many of the challenges facing healthcare financial leaders are direct ramifications of the pandemic, including dealing with a newly remote workforce and the loss of revenue from the delay/cancellation of voluntary procedures. Other pressures were already felt, but accelerated by the pandemic, including the need to improve budgeting and forecasting. What struck us about the survey responses was the critical importance of access to current operational data to support agile, strategic decision making and to accelerate innovation.
BTerrell Group works with healthcare organizations to provide real-time access to the data that matters most. One of our clients, CareATC, is saving 40-60 hours of data entry each month thanks to automated workflows and integration with supplier data. As a result, the organization has avoided hiring at least two full-time accountants, at a savings of around $100,000 per year. Another client of ours, Epiphany Dermatology, was able to grow from seven to 50 clinics while avoiding the need to hire additional accounting staff.
What are your healthcare organization’s top financial challenges? Let’s talk about how Sage Intacct and BTerrell Group may be able to help you solve them. Reach us at 214-647-2611.
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!
Tags: sage intacct
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? Financials face-off: On-premise vs. Cloud
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