Fast-growing firms in highly regulated field don’t have time for mistakes. Not only is a delay or error going to slow your growth, but it could also expose you to major risks from regulators. For a company like this medical service organization, who has gained traction by being a leader in serving Medicare Advantage clients, they needed to not only handle the complex needs of insurers like Humana, but of the Centers for Medicare & Medicaid Services (CMS) as well.
However, the company was using QuickBooks to maintain their accounting books for 10 entities. This held the company back, reduced visibility, and created risks that the company couldn’t afford. This is why they turned to rinehimerbaker: They needed a modern cloud accounting solution that could handle the needs as they grew and integrated with other leading solutions available for companies in the medical community.
To address this, rinehimerbaker migrated them from QuickBooks to Intacct with an integration with AvidXchange and ADP, which provided real-time visibility (cross-entity) into company status, accounts payable work flow and payment automation and an ADP direct payroll integration into the general ledger.
“As a CFO, for a growing, acquisitive company, I wear many hats. Each day is an adventure. We need to act fast and make decisions based on accurate data. When we spend time waiting and watching for data we lose on opportunities.
Our immediate benefits were: a time savings of 20 plus hours per month in report preparation and accounts payable process efficiency, we were able to deliver real-time status to our CEO to facilitate strategy decisions, automated integration with AvidXchange eliminating risk/mistakes while improving controls, integrated payroll saving time on inputs, most of all our accounting employees were happier, as they enjoyed using the system.”
Learn more about this company’s journey from spreadsheets to the cloud here, learn more about the dangers of spreadsheets and the people who blindly support them in our latest blog on Outgrowing QuickBooks, and learn more about how your medical practice can leverage the cloud for growth below.