Read how Sage Intacct is transforming multi-company accounting
Managing the finances of companies with multiple entities and locations presents a unique set of challenges. We’ve seen firsthand the struggles many growing organizations face when managing inter-entity transactions, multi-entity consolidations (including Global Consolidations), and reporting with QuickBooks or legacy ERP applications that simply weren’t built for the task. Sage Intacct is, by far, the best multi-entity accounting & multi-company accounting software we’ve seen. Don’t take our word for it, though — read the before and after stories of a few of our clients who’ve successfully moved their operations to Sage Intacct.
A Healthy Choice for Travel Medicine Service
Passport Health, a BT Partners client since 2020, is the largest travel medicine service in the United States, with over 250 travel clinic locations — both franchises and corporate-owned. In addition to multiple locations and multiple entities, the company deals in three currencies. That makes accounting especially complicated.
When the pandemic struck in 2020 and travel came to a screeching halt, we helped Passport Health scale back some of the functionality they’d licensed in Sage Intacct to save costs. Two years later, when travel increased, we helped them ramp up operations again. “It’s remarkable to see how scalable Sage Intacct is,” their VP of Finance told us. Using the application’s API, for example, we integrated a proprietary clinical management application with Sage Intacct to include the data in financial reports. In addition, when the company made four acquisitions, the flexibility of Sage Intacct made it simple to bring them into the fold.
“Everything in Sage Intacct is designed to support multi-entity organizational structures. It greatly simplifies our international consolidations, too. That saves our finance team from time-consuming, manual work. Instead, they can focus on strategy and growth.”Nick Skaff, VP of Finance, Passport Health
Want to read more about Sage Intacct in the healthcare industry? Check out our story featuring Team Select Home Health.
Renewing Operations for Private Utility Company
Gravity Renewables owns, operates, and develops hydroelectric power plants in the United States. Like many startups, Gravity Renewables started small, relying on QuickBooks as its accounting application. As the company has grown, though, multi-entity management become much more complex. Each asset the company owns is a separate legal entity, and managing the multi-entity, inter-company accounting transactions for 15 entities soon became an onerous task that consumed a large portion of the month.
We met the company through an introduction from their accounting firm and instantly hit it off. Following an on-time and on-budget implementation, the company went live with Sage Intacct multi-entity accounting software on the first day of 2021.
Previously, the company’s accounting staff would spend their days logging into and out of QuickBooks company instances, entering mirroring journal entries. With Sage Intacct, that’s no longer necessary — staff can access all entities from one location. Similarly, the Accounting Manager spent an entire day printing reports associated with the monthly close, merging the data from each company into a spreadsheet. The same reports in Sage Intacct now take less than 15 minutes to produce.
“The efficiencies we’ve gained with Sage Intacct have meant that we didn’t have to fill an open bookkeeper position.”Megan Oaks, Accounting Manager, Gravity Renewables
A Next-Generation Solution for Senior Living Corporation
Tuscan Gardens Management Corporation owns and operates luxury senior living communities in Florida. With more than 60 separate entities, the company’s accounting had grown much too complex for QuickBooks.
In addition to transitioning Tuscan Gardens to Sage Intacct, we introduced them to Domo. This executive analytics solution gives the company deep visibility into and across every aspect of its operations. We also helped them integrate their CRM, billing software, and their electronic health records (EHR) solution, ALIS by Medtelligent. It adds up to a highly efficient business operations platform that has continued to scale with the organization. A Financial Analyst at Tuscan Gardens tells us, “Before, we managed by looking at the rearview mirror. Now, our technology gives us time to impact meaningful change in the organization.”
“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.”Financial Analyst, Tuscan Gardens
Weight-Loss Enterprise Scales Seamlessly
At the time it implemented Sage Intacct, Red Mountain Weight Loss was comprised of just three entities. As its operations expanded to 17 locations, the accounting team was impressed with how quickly they could create new entities representing each location thanks to a centralized chart of accounts.
Sage Intacct makes it simple to enter and track inter-entity transactions, saving valuable time, ensuring accurate multi-entity accounting, and maintaining visibility and control over the movement of funds and resources. In addition, Sage Intacct allows Red Mountain to consolidate financial data from its multiple entities easily. For example, it can produce financial reports that effectively roll up all the locations in a particular state. This ability to consolidate information across entities streamlines the process of combining financial statements, including balance sheets, income statements, and cash flow statements. Plus, it provides a comprehensive view of the entire organization’s financial health.
BT Partners didn’t perform the initial implementation of Sage Intacct for Red Mountain. Instead, we were brought in by the company’s new Director of Finance, Wendy Capraro, to reconfigure and optimize the application. We’ve since gone on to help them fully activate the Sage Intacct Inventory and Purchasing modules and streamline the integration of Sage Intacct with Salesforce Health Cloud.
“We were working with a CPA firm, but they weren’t equipped to help us. Our staff interviewed two or three Sage Intacct business partners before choosing BT Partners. We had a good feeling about them right from the start. They have a high level of technical expertise, are friendly and helpful, and price their services fairly.”Wendy Capraro, Director of Financial Services, Red Mountain Weight Loss
What’s Your Story?
Is your organization facing multi-entity or multi-company accounting challenges? We can help. Contact our Sage Intacct consulting team to start the conversation or request a demo of Sage Intacct so you can see it in action yourself.