One of our most popular blogs, 4 Features of a Modern Accounting System, continues to help businesses make smarter decisions in financial management software. However, borrowing the old adage, “when the rubber hits the road,” what really happened when companies took advantage of a modern solution?
Today, we would like to share with you again thefour features of modern accounting, as well as examples of some of the 9,000+ companies who have benefitted from the process.
1. Automated, Flexible Financial Processes
Key Features and Benefits:
- Manage, Analyze, Present Financial Information without Additional Complexity
- Adaptability to Company Business Structure and Workflow
- Ability to Generate Reports Quickly and Accurately without Hiring Developer or Implementing Complex, Scripted Code
Example: Snapsheet Gains Flexibility to Support Growth
A mobile app and dispatch platform that helps insurance carriers settle claims in hours instead of days, Snapsheet was created to change the world of auto claims appraisals. As the company began to grow, Snapsheet’s finance team recognized the importance of modernizing its own internal processes.
- Prior Software: QuickBooks
- Concerns: Manual reporting and transaction recording, rigid and inaccurate download and manipulation process, bulk billing concerns
- Improvements after Modernizing: Saved 30 Hours per week managing accounts receivable, avoided $140,000 annually in additional headcount costs, and gained time and flexibility to scale 6X.
See the full SnapSheet case study here.
Example: Georgetown Visitation College Prep Integrates, Automates, and Saves
Georgetown Visitation Preparatory School (“Georgetown Visitation”), founded in 1799, is a college preparatory school rooted in the Roman Catholic faith and Salesian tradition, committed to educating young women from diverse backgrounds.
- Prior Software: Blackbaud Financial Edge
- Concerns: Poor integration between tuition, accounting, student data, and fundraising; manual re-entry of data across platforms; higher costs; reliance on Excel
- Improvements after Modernizing: Simplified billing, flexible invoicing, automatic integration, time and money savings
See the full Georgetown Visitation SchoolConnect Case Study here.
2. Business Insight
Key Features and Benefits
- Real Time Insight
- Proactive Corrections
Example: Tandem HR Eliminates Manual Processes, Sees Big Picture
Tandem HR switched from a combination of QuickBooks and Sage Peachtree to Intacct in order to eliminate manual reconciliation work across sixteen entities, implement project accounting best practices, and power multi-dimensional financial visibility.
- Prior Software(s): Quickbooks, Sage Peachtree
- Needs: Multi-dimensional reporting, minimizing time-consuming, manual processes; managing growth across multiple entities
- Improvements after Modernizing Accounting: Saved 500 person-hours annually by eliminating Excel workarounds; reduced manual errors during monthly closes, labor cost reporting, and revenue recognition
See the full Tandem HR Case Study Here.
3. Cloud Architecture
Key Features and Benefits:
- Anytime, Anywhere Access
- Lower IT Costs
Example: Association for Healthcare Philanthropy Takes to the Cloud
Established in 1967, the Association for Healthcare Philanthropy is an international, not-for-profit professional organization dedicated to developing the men and women who encourage charity in North America’s health care organizations.
- Prior Software: Microsoft Dynamics SL
- Needs: Streamlined, user-friendly, accessible software, multi-currency, multi-entity, elimination of additional hardware costs.
- Improvements after Modernizing: pre-built and customizable dashboards, reports, and analytics, expedited implementation, lower cost, easy consolidation of multiple currencies and entities, simplified reporting
See the full Association for Healthcare Philanthropy case study.
4. The Right Company/Companies
Key Features and Benefits:
- Minimal Reliance on Costly Suites
- Specified for Your Business
Example: CIBHS Escapes NetSuite’s Script Trap
Dedicated to helping mental health and substance abuse professionals, the California Institute for Behavioral Health Solutions is a nonprofit that manages nearly 300 online courses and a variety of in-person events and conferences.
- Prior Software: NetSuite
- Challenges: Additional costs from hard-coded SuiteScript, manual processes, and a previously unknown 30% “customization tax” that would continue to increase
- Improvements after Modernizing: Increased visibility, minimized reliance on Excel, simplified project workflows, cost savings, getting out of a script trap, more predictable costs
See the full CIBHS case study here.
Example: AtTask Integrates Financial Management and Expense Management
AtTask is the SaaS leader in project management solutions serving a broad range of customers including Nike, Cisco, ESPN, Trek, and Kellogg’s. By combining social media techniques with traditional project management capabilities, their Enterprise Resource Management solution engages the work needs of many different departments and provides management teams with the information and visibility they need to optimize their resources.
- Challenges: Needed simplified integration between two modern platforms (Intacct and Concur) to save time.
- Solution: Brittenford ExpenseConnect automates the connection between the two platforms
See the AtTask Case Study here.
All of these companies were able to take advantage of a modern accounting system. Learn more by reading the Whitepaper, Modern Accounting Software Features You need for Today and Tomorrow, as well as the 2015 Accounting Software Buyer’s Guide.
For even more, check out Cloud Financials Come of Age.
Ready to make the move? Contact Brittenford Systems today!