“Our accounting grew much too complex for QuickBooks. We upgraded to Sage Intacct, which is ideal for handling our complicated, multi-entity accounting structure. Our organization manages more than 60 separate entities, and Sage Intacct is designed for complex multi-entity management and intercompany transaction processing. BT Partners is the business partner we selected to implement Sage Intacct, and they’ve been an ideal partner for us.”
Kevin Larrivee, Financial Analyst, Tuscan Gardens Senior Living
With the Baby Boomer generation aging, millennials eyeing the horizon for their loved ones, and life expectancies increasing — the senior living industry will expand at a rate of 5.53% through 2030. As the industry evolves to meet older adults’ changing needs and preferences, though, senior living management teams face a distinct challenge. Their outdated financial management systems limit their ability to compete in an increasingly crowded market space. What challenges face providers, and how can a move to a modern, cloud-based financial management application help overcome those challenges?
The Financial Hurdles Facing Senior Living Management
The senior living space has complex regulatory requirements. Without a dedicated system, maintaining compliance and keeping up with financial regulations, audits, and reporting requirements is an uphill task that adds to your operational costs. This is a common pain point among the senior living organizations we speak to.
Lack of Integration
We’ve had many clients come to us relying on several standalone applications to address patient care, facilities management, workforce management, marketing and relationship management, and accounting. A lack of integration between these applications meant they didn’t have a comprehensive and cohesive view of the business to base decisions on.
Delaying Financial Insights
If you still rely on a legacy or entry-level accounting application, you’re likely struggling to get the flexible, granular financial reports and forecasting tools you need to satisfy the executive team and investors. We get it; most small businesses start with QuickBooks, and many more established businesses continue to rely on an older, on-premises ERP. As you grow and your reporting needs become more sophisticated, the reporting deficiencies become more glaring.
As your organization grows, you may open or acquire new communities or expand your business model by launching ancillary services such as home care. Traditional accounting applications were simply not designed to facilitate multi-entity workflows, leading to duplicate data entry and longer close times.
The Case for Modern, Cloud-Based Financial Management
A shift to a cloud-based financial management solution, like Sage Intacct, can mitigate the challenges by delivering:
Senior living management teams can access the organization’s financial and operational data from anywhere, ensuring continuity and flexibility and enabling a hybrid workforce.
Advanced security protocols are essential, even if you don’t plan to keep sensitive patient/resident data in your accounting application. Sage Intacct incorporates world-class security architecture, controls, and practices to protect organizational data.
Sage Intacct is considered a best-in-breed financial management application (although it continually expands its core). You’ll find hundreds of companion applications on the Intacct Marketplace, all pre-configured, tested for integration, and ready to deploy. In addition, the application’s API allows us to build customized implementations with EHR/EMR applications that manage clinical operations, such as ALIS by Medtelligent or PointClickCare. We vet each third-party product we recommend, ensuring our clients invest confidently.
Cloud solutions like Sage Intacct often eliminate the need for significant upfront infrastructure investments and offer more predictable ongoing costs. Don’t underestimate the strategic advantage a move to the cloud can offer. Our senior living clients that move to Sage Intacct report that they’re using the saved time and resources to focus on building the business, instead of maintaining their technology infrastructures.
Automation reduces manual entry, enhancing accuracy and efficiency. Sage Intacct allows you to automate virtually every workflow using built-in approval processes, checklists, AP automation, and more.
Make informed decisions with up-to-date financial dashboards and insights. By delivering a continuous and up-to-date stream of information, Sage Intacct empowers businesses to remain competitive – without sacrificing time, quality, or efficiency. It’s not unusual for our clients to report saving days on their monthly close. One senior living client of ours reduced the time to produce monthly financial statements from five days to 15 minutes.
Whether expanding facilities or introducing new services, Sage Intacct adjusts to meet your needs. It’s built from the ground up to support complex, multi-entity organizations through efficient intercompany transactions, allocations, consolidations, and cohesive analytics tools. One of our senior living clients now manages 60 separate entities with Sage Intacct.
Sage Intacct supports organizations in meeting accounting standards, regulatory requirements, and internal control frameworks. The system incorporates robust security measures, data segregation, and audit trails, ensuring data integrity and providing a solid foundation for compliance.
Elevating Financial Management in Senior Living
To remain competitive in the evolving senior living industry, your organization must be agile, efficient, and informed. A modern, cloud-based solution like Sage Intacct delivers through its flexibility, scalability, automated workflows, easy integrations, and real-time reporting. BT Partners works with senior living organizations such as Tuscan Gardens Senior Living to help them achieve their goals. We can help you too. If you’d like to see a demo of Sage Intacct or simply have a couple questions, please reach out.