by Sharai Lavoie | Mar 5, 2025 | Software
In the evolving world of accounting, teams are inundated with transactional data, compliance demands, and the pressure to deliver real-time insights. At Lavoie CPA, we’ve turned these challenges into opportunities by harnessing Ramp, a spend management platform that automates workflows, enhances accuracy, and empowers strategic decision-making. In this detailed guide, we explore how our team maximizes Ramp’s capabilities, sharing actionable strategies, lessons learned, and best practices to help your organization achieve similar success.
1. Automating Data Syncs: The Backbone of Efficiency
Modern finance hinges on seamless integration between systems. Ramp’s ability to sync with accounting platforms like Sage Intacct eliminates manual data entry and ensures consistency across platforms.
How It Works:
- Two-Way Sync for Precision: Ramp pulls critical data dimensions (e.g., departments, projects, vendors) directly from Sage Intacct. This two-way flow prevents overwrites and ensures that coding rules, and location tags remain aligned.
- Tailored Data Views: With 15+ dimensions available, a team can easily drown in data noise. Our solution? Customizable dashboards. By filtering out non-essential information (e.g., focusing on core dimensions like department, project, and employee), we’ve reduced clutter and accelerated review cycles and transaction processing.
Real-World Impact:
For a client managing multi-location operations, syncing location codes from Sage Intacct to Ramp automated expense allocation across sites. This eliminates hours of manual tagging and reduces coding errors.
Implementation Tips:
- Start with a pilot: Sync only essential dimensions (e.g., department and project) before expanding.
- Use Ramp’s “Saved Views” feature to create role-specific dashboards (e.g., accounts payable team members should have a different view than department heads).
2. Ensuring Data Consistency Through Dimension Syncing
When managing financial systems like Sage Intacct and Ramp, data consistency and mapping are critical to ensuring visibility of expenses. We find that ensuring synchronization between key data points, such as departments, projects, and general ledger codes, can streamline and reporting and reconciliation processes.
Are Your Data Dimensions in Sync?
Proper dimension syncing between platforms ensures that critical data points flow effortlessly across systems.
Specifically, finance teams should ensure department and project codes are timely syncing from Sage Intacct to Ramp. This allows accurate coding in Ramp in order to achieve at least weekly loading of transactions from Ramp into Sage Intacct. By breaking down this sync process into weekly increments, companies can complete their month-end closes more timely and accurately.
Key Benefits of Timely Syncing:
- Accurate Reporting: Dimension syncing ensures that data across all reports remains consistent, providing real-time insights without second-guessing.
- Error Reduction: Proper synchronization reduces errors caused by missing or incorrect codes, minimizing delays during month-end close.
- Increased Efficiency: Teams can spend less time on repetitive tasks and more on high-value analysis.
3. Daily Financial Hygiene: Proactive Oversight Saves Month-End Headaches
Waiting until month-end to review transactions is a recipe for chaos. At Lavoie CPA, we advocate for daily financial check-ins, a practice that transforms reactive firefighting into proactive control.
Why Daily Reviews Matter:
- Catch Syncing Delays: Adding a vendor or employee in Sage Intacct can take up to an hour to reflect in Ramp. Daily checks ensure discrepancies (e.g., a missing vendor code) are flagged and resolved before they cascade.
- Rule-Driven Automation: While Ramp applies rules at the department level (e.g., auto-coding all finance team meals as “Travel & Entertainment”), employee-specific cases still require manual input. Daily reviews keep these exceptions manageable.
Case in Point:
A client’s finance team accidentally charged a software subscription to the wrong project code. Because the error was caught within 24 hours (thanks to daily review of Ramp transactions), the correction took minutes, not days.
Best Practices:
Assign a team member to spend 10–15 minutes daily reviewing:
- New vendors, employees, and other data dimensions are synced from Sage Intacct
- Transactions lacking rules or requiring manual coding
- Ramp’s AI-generated coding suggestions
- Use Ramp’s “Notes” feature to document unresolved items for follow-up.
4. Decoding Ambiguity: Strategies for “Mystery Transactions”
Even with automation, some transactions defy easy categorization. Here’s how we tackle ambiguity:
- Leverage Ramp’s AI Suggestions: Ramp analyzes vendor names, amounts, and historical patterns to propose categories.
- Proactive Research: A 30-second Google search for the vendor name often reveals the nature of the expense.
- Client Follow-Up: For recurring ambiguities, we collaborate with clients to establish biweekly check-ins. This ensures expenses like client dinners or event costs are clarified before coding.
- Refine Rules Over Time: When a previously ambiguous vendor becomes a recurring expense, we create a new Ramp rule to auto-code future transactions.
Fraud Prevention in Action:
Ramp’s outlier detection flagged a $748 restaurant charge for a client with a $100 per-meal policy. The transaction was traced to a hotel stay during a conference and was approved after proper documentation. Without automation, this could have easily slipped through unnoticed.
5. Streamlining Month-End: From Chaos to Calm
Month-end close is often synonymous with stress, but Ramp’s tools transform it into a structured and scalable process.
Our Month-End Playbook:
Finalize Transactions (Weekly):
- Sync all fully coded, approved transactions to Sage Intacct throughout the month. We use weekly checkpoints to identify unapproved or unknown transactions and reach out to our clients.
- Leading up to month end, ensure all transactions are accounted for within 2-3 days prior to the last day of the month.
Address Exceptions (Day 1 of month end close):
- Immaterial unresolved items are moved to a “Pending” ledger for next month.
- Any material unresolved items are immediately followed up with our clients.
Final month end reconciliation (Day 2 of month end close):
- Ensure all transactions are synced from Ramp into the accounting system.
- Complete month-end reconciliation of the Ramp balance to the balance sheet.
6. Ramp’s Strengths and Strategic Workarounds
Where Ramp Excels:
- Real-Time Fraud Detection: Customizable thresholds flag outliers (e.g., expenses exceeding department budgets).
- Scalable Rule Engine: Rules adapt as teams grow, new departments inherit coding logic without manual setup.
Areas to Optimize:
- Employee-Level Rules: Currently, rules apply to departments, not individuals. For now, we use manual entries for employee-specific cases (e.g., a new hire with unique expense needs).
- Vendor Sync Speed: While most data syncs instantly, vendor additions can take up to an hour. We mitigate this by batching new vendor setups midday.
Why Ramp is a Game-Changer for Modern Finance Teams
Ramp isn’t just about automation, it’s about elevating the accounting team from a cost center to a strategic partner. By implementing the strategies above, Lavoie CPA clients have:
- Reduced manual reconciliation time
- Eliminating coding errors through rule-driven workflows
- Improved compliance with real-time fraud alerts
Unlock the Full Potential of Ramp
Whether you’re new to Ramp or seeking to optimize its use, Lavoie CPA’s professionals can help you design a tailored integration strategy. Start the Conversation and discover how to turn financial complexity into clarity.
Start the Conversation.
by Sharai Lavoie | Mar 1, 2025 | SaaS
In the world of accounting, efficiency and accuracy are non-negotiable. But as businesses grow and their financial operations become more complex, achieving these goals can feel like an uphill battle. The solution? A harmonious blend of automation and human expertise.
At Lavoie CPA, we’ve seen firsthand how this balance can transform accounting processes. Let’s explore how you can leverage technology to streamline your workflows while empowering your team to focus on what truly matters.
Step 1: Start with Seamless Integrations
Imagine this: Your accounts payable team is drowning in paper invoices, manually entering data into your accounting system, and chasing approvals via email. Sound familiar? This is where seamless integrations come in.
By using APIs (Application Programming Interfaces), you can connect your accounting software with other tools, such as Bill.com for accounts payable and your bank feeds for real-time transaction updates. The result?
- Faster Processes: Invoices are automatically uploaded and matched to purchase orders.
- Fewer Errors: No more manual data entry means fewer mistakes.
- Real-Time Insights: Your financial data is always up-to-date, giving you a clear picture of your cash flow.
For example, one of our clients, a mid-sized software company, reduced their invoice processing time by 90% and requires less than 5 hours of review time per week after integrating Bill.com with Sage Intacct.
Exploring the right software solutions is key to achieving these efficiencies. Learn more about how our tailored software solutions can transform your accounting processes.
Step 2: Streamline Approvals with Transactional Source Systems
Approvals are a necessary part of accounting, but they don’t have to be a bottleneck. With transactional source systems like Bill.com, Ramp, Salesforce, Hubspot, Paycom, Gusto, and Trinet, you can manage approvals outside of your ERP system, reducing the need for multiple users to access your ERP directly.
Here’s how it works, using Bill.com as an example:
- Invoices are emailed by vendors directly into Bill.com.
- A junior accountant reviews and processes the invoices in Bill.com, including GL and departmental coding.
- Approvers receive notifications and can review and approve invoices on the go.
- Once approved, the data flows seamlessly into your accounting system.
This approach not only speeds up the process but also enhances security by limiting ERP access to essential personnel, a strategy proven to reduce operational costs by minimizing errors and administrative overhead. Discover how transactional systems can lower your operational costs while optimizing workflows.
Step 3: Adopt Weekly Reconciliations
The end of the month is often a stressful time for accounting teams. But what if you could spread the workload throughout the month? Enter weekly reconciliations.
By reconciling transactions weekly, you can:
- Catch Errors Early: Identify discrepancies before they snowball into bigger issues.
- Simplify Month-End Closing: With most of the work already done, closing the books becomes a breeze.
- Improve Accuracy: Your financial statements will be more reliable.
For instance, a healthcare client of ours switched to weekly reconciliations and reduced their month-end close time from 10 days to just 3.
Step 4: Delegate to Empower Your Team
Automation handles repetitive tasks, but your team’s expertise drives strategic decisions. The key is effective delegation:
- Automate Routine Tasks: Use tools like Sage Intacct to automate report generation and data entry.
- Delegate Appropriately: Assign reconciliations or invoice processing to junior staff.
- Consider Outsourcing: Free up your team’s bandwidth by leveraging specialized support for non-core tasks.
For example, one client delegated daily entries to a staff accountant, allowing their controller to focus on forecasting, resulting in a 20% productivity boost. For businesses needing deeper support, our outsourced accounting services provide strategic relief, enabling your team to prioritize high-impact work.
Why Lavoie CPA?
At Lavoie CPA, we specialize in harmonizing automation and human proficiency. Our approach includes:
- Implementing Integrated Systems: Connect tools like Sage Intacct for seamless data flow
- Optimizing Workflows: Streamline approvals, reconciliations, and cost-saving strategies.
Empowering Teams: Training, delegation frameworks, and scalable outsourcing options.
Conclusion
Balancing automation with human insight is no longer optional, it’s essential for growth. By integrating systems, streamlining approvals, reconciling proactively, and delegating strategically, you’ll unlock efficiency and accuracy.
Ready to transform your accounting processes? Explore our software solutions, learn how to reduce operational costs, or discover the benefits of outsourced accounting.
Start the conversation today!
by Sharai Lavoie | Jan 31, 2025 | Women Who Lead
In the rolling farmlands of northwestern Wisconsin, Shelly Lanning’s journey began amid dairy farms and grain elevators. Her family ran the local feed mill, an experience that deeply influenced her understanding of interconnected systems. This rural backdrop was more than just a childhood setting—it was a living laboratory that sparked her fascination with the delicate balance between environment, nutrition, and health.
“Everything we were attached to was about animals, their care, the land, and farming,” Shelly recalls. This early exposure cultivated a holistic view of health that would later define her work in healthcare innovation.
Bridging Science and Human Experience
At the University of Minnesota, Shelly’s academic pursuits refined her interdisciplinary approach. She immersed herself in physiology and chemistry, drawn to the intricate ways scientific principles manifest in human biology. Her studies weren’t just about memorizing textbooks but understanding the profound connections between different scientific disciplines.
“I was very interested in this combination of various aspects of science and what impact that it had on your body,” she explains. Her curiosity extended to understanding fluid dynamics and how blood flows through the human system, revealing an early passion for connecting complex scientific concepts to tangible human experiences.
The Venture Capital Years: A Landscape of Healthcare Innovation
Shelly’s professional trajectory took her through the dynamic world of healthcare venture capital. For nearly 25 years, she navigated the complex ecosystem of emerging healthcare technologies, first with a seed and early-stage healthcare venture capital group, and later at Morgan Stanley’s Healthcare Private Equity group.
Her work wasn’t just about financial investments but about identifying transformative potential. She looked beyond immediate market sizes, seeking technologies and companies that could fundamentally change healthcare delivery and patient experiences.
Discovering Women’s Health Disparities
Approximately eight years ago, Shelly’s career took a profound turn with the discovery of ‘women’s health’ as a category. Her first investment in women’s health—a fetal and maternal medicine venture from the Mayo Clinic—unveiled a startling reality: maternal outcomes in the United States were significantly lower compared to other developed nations. Even more shocking: more than 80% of pregnancy-related deaths in the U.S. at the time were determined to be preventable.
This revelation wasn’t just a statistical anomaly for Shelly; it became a mission. She delved deep into research, convincing herself and others about the critical gaps in women’s healthcare. Subsequent investments in fertility-based companies further solidified her commitment.
Visana Health: Revolutionizing Women’s Healthcare
With Visana Health, Shelly found a true blending of her passions. She was introduced to Visana CEO Joe as a potential investor in his company and was once again surprised by the large number of women’s health conditions that had been systematically overlooked—endometriosis, uterine fibroids, chronic pelvic pain, and conditions like menopause that society had long considered taboo.
“We didn’t grow up talking about them, we didn’t really understand what they were or how to treat them or why they were important,” she reflects. “I liked Joe and his model enough to join him as a Co-Founder.”
Challenging Scientific Paradigms
One of Shelly’s most passionate critiques is the historical male-centric approach to medical research. From anatomy books to clinical trials, male bodies have been the default standard—a paradigm that fundamentally misunderstands women’s unique physiological experiences.
“What we know now is that so much of women is completely different than men, right down to the very cell of every single aspect of every single system in the body,” she emphasizes.
Innovative Care Model
At Visana Health, Shelly is pioneering a revolutionary care approach. Unlike traditional 15-minute medical consultations, the Visana Health model offers appointment times of up to 60 minutes or more as needed based on the patient’s health concern. Here, women can discuss comprehensive health concerns—from physical symptoms to mental health, recognizing the intrinsic connections between bodily systems.
Continuous Learning and Personal Growth
When asked about professional challenges, Shelly mentions that she at times can experience imposter syndrome. Transitioning from a broad investment perspective to deep, specialized knowledge at Visana Health initially shook her confidence.
Her strategy for overcoming self-doubt is both practical and inspirational:
- Develop a 24-month career vision
- Identify core competencies needed to achieve that vision
- Set incremental monthly goals
- Create a “personal board of directors” for support and guidance
A Vision for the Future: Collaborative and Inclusive Healthcare
Looking ahead, Shelly sees a promising shift in professional dynamics. Where women were once cutthroat competitors due to limited opportunities, there’s now more collaboration and mutual support.
Her observations about workplace flexibility are nuanced. While remote work offers benefits, she cautions about potential drawbacks, particularly for early-career professionals who might miss crucial networking and learning opportunities.
The Enduring Power of Perseverance
Shelly Lanning’s journey is a powerful narrative of perseverance, innovation, and unwavering commitment to transforming healthcare. Her story demonstrates that with curiosity, resilience, and a holistic vision, one can fundamentally reshape industries.
by Sharai Lavoie | Jan 27, 2025 | Accounting
Running a business with multiple legal entities, such as subsidiaries, parent companies, or international operations, can be a rewarding but complex endeavor. Whether you’re managing a health-tech company with an MSO-PC model or overseeing a US-based entity with foreign subsidiaries, the challenges of consolidating financial data and ensuring accurate reporting can quickly become overwhelming.
At Lavoie CPA, we understand these challenges firsthand. Many small and medium-sized businesses struggle with outdated accounting systems and manual processes that hinder growth and efficiency. This is where outsourced accounting can play a pivotal role in alleviating such pressures, allowing businesses to focus on scaling without the burden of financial mismanagement. Explore how outsourced accounting can help your business.
The Challenges of Managing Multiple Entities
1. Complex Consolidations
Combining financial statements for multiple entities is no small feat. Many businesses rely on simple accounting systems like QuickBooks, which lack the functionality to handle consolidated reporting seamlessly. As a result, companies often resort to manual processes in Excel, which are time-consuming, error-prone, and difficult to scale.
For example, health-tech companies with an MSO-PC model must consolidate financial data from multiple professional corporations (PCs) under a management services organization (MSO). Similarly, businesses with foreign subsidiaries face the added complexity of currency translation, such as converting Euro-based financial statements into US Dollars. Learn how a business systems and process assessment can streamline consolidation challenges and optimize efficiency.
2. Inadequate Handling of Foreign Currency
QuickBooks and similar systems often fall short when it comes to foreign currency translation. Accurate conversion requires real-time exchange rates and sophisticated calculations, which many entry-level accounting systems cannot provide. This can lead to discrepancies in financial reporting and compliance issues. Check out how effective software solutions can tackle these foreign currency complexities to avoid reporting errors.
3. Lack of Integrated KPIs and Metrics
High-quality financial management goes beyond just numbers. Businesses need to track key performance indicators (KPIs) and non-financial metrics across all entities. Unfortunately, many accounting systems cannot automatically consolidate these metrics, leaving decision-makers without the insights they need to drive growth. Discover how having financial transparency across your business entities can boost operational insights and strategic decisions.
The Solution: Sage Intacct and Lavoie CPA’s Approach
At Lavoie CPA, we believe the key to effective multi-entity accounting lies in two critical components: the right accounting system and the right team. That’s why we recommend Sage Intacct, a cloud-based ERP system designed to meet the unique needs of businesses with multiple entities.
Why Sage Intacct Stands Out
1. Seamless Consolidations
Sage Intacct simplifies the consolidation process by automating the combination of financial statements across multiple entities. Whether you’re managing subsidiaries under an MSO-PC model or consolidating international operations, Sage Intacct ensures accuracy and compliance with minimal manual effort. This level of seamless consolidation is vital for businesses of all sizes, including start-ups. Learn more about outsourced accounting for start-ups to see how it can benefit your operations from the get-go.
2. Advanced Currency Management
Unlike QuickBooks, Sage Intacct excels at foreign currency translation. The system supports real-time exchange rates and automatically converts financial data into your desired currency, ensuring accurate reporting for global operations.
3. Integrated KPIs and Dashboards
Sage Intacct goes beyond traditional accounting by offering robust reporting and dashboard capabilities. You can track financial and non-financial KPIs across all entities, giving you a comprehensive view of your business’s performance. For businesses that seek to drive performance while reducing operational costs, here’s how to do it effectively with the right technology and strategy.
3. Scalability and Flexibility
As your business grows, Sage Intacct grows with you. The system is highly scalable, making it ideal for small and medium-sized businesses that plan to expand their operations or add new entities.
Budgeting in a Multi-Entity Environment
Effective budgeting is critical for businesses with multiple entities. Sage Intacct streamlines this process by allowing you to compare budgets versus actual results for each entity while providing a consolidated view of your overall financial health. This ensures that you can allocate resources efficiently and make informed decisions across your organization. Learn more about business systems assessments to ensure your operations are structured for growth.
Why Choose Lavoie CPA?
At Lavoie CPA, we don’t just provide accounting services, we deliver tailored solutions that empower your business to thrive. Our team specializes in implementing and managing Sage Intacct, ensuring that your multi-entity accounting processes are as efficient and accurate as possible.
By partnering with us, you’ll gain access to:
- Personalized Support: We’ll help you navigate the complexities of multi-entity accounting, from consolidations to currency management.
- Cutting-Edge Technology: We leverage Sage Intacct’s advanced features to streamline your financial operations and provide real-time insights.
- Customized Solutions: Every business is unique, and we’ll work with you to develop a strategy that meets your specific needs.
Conclusion
Managing multiple entities doesn’t have to be a headache. With the right accounting system and a trusted partner like Lavoie CPA, you can simplify your financial processes, ensure compliance, and focus on growing your business.If you’re ready to take your multi-entity accounting to the next level, contact us today to learn more about how Sage Intacct and our approach can transform your financial management.
by Sharai Lavoie | Jan 23, 2025 | Women Who Lead
Healthcare innovation is marked by leaders who not only achieve great milestones but also have a profound commitment to creating meaningful change. Jenna Hartter’s story is a powerful testament to perseverance, operational excellence, and a deep-rooted passion for improving lives.
Roots of Ambition: A Family-Inspired Foundation
Jenna’s journey begins with a unique family background that shaped her worldview. As the second of four daughters, she was raised by parents who deeply valued education. Her father, in particular, instilled a belief that there were no limits to what she could achieve. This foundational support would become the bedrock of her future professional pursuits.
Growing up, family vacations were spent visiting museums and educational sites rather than other tourist destinations. This approach to learning fostered a curiosity and openness that would later define her career trajectory. Her parents didn’t just teach education; they taught the art of continuous learning and exploration.
From Corporate Foundations to Startup Innovation
Jenna’s professional journey began in the structured world of a Fortune 500 company, where she spent half a decade developing her skills. However, she wasn’t content to remain within the familiar corporate boundaries. Her transition to the startup sector was far from easy – she faced doubts about her ability to pivot from a large corporate environment to the high-risk, fast-paced world of innovative startups.
This skepticism could have been a deterrent, but for Jenna, it was a challenge to overcome, and one she approached systematically and with intention. Her move from consumer products to medical technology was another significant leap, entering an industry where she had no prior experience. While each transition represented a career move, it was also a deliberate choice to expand her impact and challenge existing limitations.
Pioneering Operations at Cubby Beds
At Cubby Beds, Jenna has become a transformative force in scaling insurance-covered safety beds for children with special needs. She had a hand in building the company’s operational infrastructure from scratch – both physical product operations and company-wide strategic & operating cadences. At Cubby, a medical device product with a mission to help families better access the care they need, she’s faced with some difficult and unique challenges never before been tackled by the industry. To meet these, she’s able to bring expertise from her background in CPG, omnichannel, and direct-to-consumer startups to build new & creative solutions.
The company’s growth is a testament to her skills: from the team of seven she was hired into to over 40 full time employees, now selling tens of millions of dollars in products within just three years. Each strategic decision and additional bed sold represents not just a business milestone, but a step towards improving more lives of families with children who have special needs.
A Personal Connection to Healthcare Transformation
Jenna’s commitment to healthcare innovation is deeply personal. As a foster parent to three young children, she has experienced firsthand the complexities of accessing healthcare services. “I have a much closer view of what it’s like to try to get healthcare services,” she explains. “It’s very complex and much harder than it should be… It shouldn’t take an advanced degree and it shouldn’t take a whole ton of time [to access the services we need] .”
The Philosophy of Incremental Progress
One of Jenna’s most powerful strategies is breaking down challenges into manageable actions. “I am a very operational person in all aspects of my life, and use similar frameworks to approach a new challenge at work or a new challenge at home,” she explains. When facing obstacles, she focuses on “breaking things down into small and doable next steps .”
Jenna maintains a file of her past accomplishments – a personal reminder of challenges she’s already overcome. This practice isn’t about ego, but about recognizing her own capacity for growth and adaptation. Each past achievement becomes a building block of confidence for future endeavors.
Balancing Professional Ambition and Family Life
For Jenna and her husband, managing a two-career household with three children under four is an exercise in strategic planning. They’ve developed sophisticated systems for managing household logistics, including weekly family meetings to coordinate responsibilities. This approach allows them to pursue their professional goals while maintaining a supportive, efficient home environment.
Inspiration from a Global Perspective
Influenced by Muhammad Yunus – a Bangladeshi economist, entrepreneur, politician, civil society leader, and Nobel Peace Prize winner – Jenna embraces the idea that transformative innovations can emerge from unexpected places. Her internship in Bangladesh was a pivotal moment, teaching her that committed individuals can create systemic change by focusing on solving real-world problems.
A Message to Emerging Leaders
To young professionals, Jenna offers a powerful message: “You don’t need to be a visionary to have a big impact. Meaningful work can be found in implementing grand ideas well”. She finds this challenge & satisfaction in operations, in bringing others’ visions to life with well-constructed and well-executed systems. She encourages focusing on doing meaningful work rather than seeking spotlight & attention “When you focus on doing good work, you’ll look up after months, years, and decades and see the impact you’ve had on people’s lives – more than you could have ever dreamed.”
The Multifaceted Nature of Perseverance
Jenna Hartter embodies perseverance not through dramatic resistance, but through consistent, strategic action. Her journey illustrates that success is about breaking complex challenges into manageable steps, maintaining a commitment to personal growth, and never losing sight of the broader impact one can make.
As a member of Women Who Lead Healthcare 2024, Jenna represents the innovative spirit driving positive change in healthcare – proving that with determination, strategic thinking, and a genuine desire to help others, one can transform industries and improve lives.
