Multi-entity healthcare organizations face major challenges when they consolidate their finances. Lavoie CPA understands these complexities and offers a powerful solution: Sage Intacct implementation.
The Challenge for Multi-Entity Healthcare Organizations
Consolidations create a unified view of your organization’s financial health. Whether you’re managing a multi-practice clinic, long-term care providers, or a hospital network, you must ensure that all stakeholders clearly understand your organization’s business lines so they can make informed decisions. But when you’re dealing with so many moving parts, it’s even more challenging to quickly give a 10,000-foot view.
The healthcare industry’s evolving landscape complicates the consolidation process:
Expansion across regions and states
Changing accounting rules and regulatory frameworks
Growth through new ventures and acquisitions
Increasing inter-company activities
Instead of managing a small slice of one pie, you instead find yourself managing the entire bakery.
The Traditional Consolidation Process: A Time-Consuming Approach
Many healthcare organizations rely on a traditional consolidation process that’s both time-consuming and prone to errors. This typically involves:
Waiting for each business unit to close their books
Manually collecting and harmonizing data from various sources
Making consolidation and elimination entries
Manipulating consolidated accounts for financial reporting
This approach often leads to delays, errors, and a lack of real-time visibility into your organization’s financial status.
The Next Generation of Consolidations: Sage Intacct
At Lavoie CPA, we recommend Sage Intacct as a solution to the consolidation challenges so many organizations face. Sage’s cloud-based financial management system offers four critical advantages:
Scalable Accounting Foundation: This lets you add new entities without requiring you to invest in any extra hardware or software.
Faster Growth Support: Quickly set up new entities with your existing business models and practices.
Streamlined Consolidation Process: Access real-time data from all your organization’s entities, automate eliminations, and reconcile intercompany accounts.
Enhanced Insight: Gain real-time visibility into consolidated financial information for faster, more informed decision-making.
How Lavoie CPA Can Help
As experienced Sage Intacct implementers, Lavoie CPA can help your healthcare accounting team in several respects.
First, we’ll work with you to transition to this cloud-based solution. We can customize the system to meet your specific needs and ensure it’s capturing all the information it needs.
We can also train your team to maximize Sage Intacct’s benefits. Once your team knows everything Sage Intacct can do, they can hit the ground running to gather data and find new solutions for challenges your organization faces. And we’ll provide ongoing support and optimization, troubleshooting wherever needed and making sure this system is working for you.
By partnering with Lavoie CPA to implement Sage Intacct, your multi-entity healthcare organization can:
Accelerate the integration of new entities
Improve control and centralize core financial processes
Gain drill-down insight from consolidated views into each operating entity
Enhance coordination throughout the closing process
Access real-time consolidated results at any time
By automating and streamlining your consolidation process with Sage Intacct—implemented by Lavoie CPA—you can transform your organization’s financial management from a time-consuming task to a valuable strategic asset.
Ready to improve your multi-entity healthcare organization’s financial consolidations? Start the conversation with Lavoie CPA today to learn how we can help you implement Sage Intacct and enhance your financial management.
In today’s fast-paced and competitive market, companies must always be conscious of ways to increase their revenue and improve profit margins. With tighter budgets and rising costs, working efficiently and saving money is more important than ever. One powerful tool that helps businesses achieve these goals is Sage Intacct, a cloud-based financial management software.
Sage Intacct provides businesses with automation and integration capabilities. This can transform how companies handle their financial operations. Below, we’ll explore how using automation and integration with Sage Intacct can lead to real financial improvements, from boosting revenue to cutting costs.
The Impact of Automation and Integration on Revenue and Margin
Core Benefits
Automation and integration are key to improving financial performance, and Sage Intacct makes it easy for businesses to take advantage of these benefits. Here are a few ways it helps:
Reducing Operational Inefficiencies: With automation, many manual tasks can be streamlined or even eliminated. This saves time and reduces the risk of human error, allowing your team to focus on higher-value work.
Enhancing Data Accuracy and Accessibility: By integrating different systems into Sage Intacct, businesses can ensure all their financial data is up-to-date and accessible in one place. This means fewer mistakes, more reliable financial reports, and quicker decision-making.
Streamlining Financial Processes: Automation speeds up time-consuming processes like invoicing, payroll, and financial reporting. This leads to faster turnaround times, improving cash flow and boosting your bottom line.
Business Stability
In tough economic times, businesses that maintain strong revenues and healthy margins are more likely to stay afloat.
Automation and integration with Sage Intacct can help companies remain stable by cutting unnecessary costs, improving efficiency, and providing a clear picture of financial health. When your company can quickly adapt and respond to changing market conditions, it’s better prepared to handle unexpected challenges.
Forrester interviewed four companies that implemented Sage Intacct, combining their experiences into a composite organization—a North American tech services company with $30 million in annual revenue and 100 employees. The organizations described how, before Sage Intacct, their financial systems were fragmented. They relied on legacy systems like Oracle NetSuite and QuickBooks, along with manual processes that required extra labor to fill in data gaps.
After switching to Sage Intacct, these companies gained real-time financial visibility and accurate data. The platform’s automation allowed them to analyze their financials without adding staff, saving time and resources. Forrester calculated a three-year margin benefit of $598,500, with a present value of $496,127.
In their previous setups, the companies had to hire more personnel as they grew. But with Sage Intacct, they streamlined processes, improved integration, and avoided increasing headcount. One CFO noted that thanks to the platform, they didn’t expect to hire any more accounting staff soon, even with significant company growth. Automation also helped these companies meet GAAP (Generally Accepted Accounting Principles) standards and improve reporting accuracy, reducing the need for costly external accounting services.
Forrester’s analysis assumes that a typical company using Sage Intacct has five key financial staff members and avoids hiring two more employees, saving $105,000 per year per employee. Adjusting for risks such as prior systems, growth rates, and salary variations, Forrester estimated a risk-adjusted present value of $496,127 over three years.
Quantifying the Financial Benefits
Automation and Billing Efficiency
Sage Intacct excels in improving billing accuracy and efficiency.
Many businesses struggle with time-consuming and error-prone manual billing processes. Sage Intacct helps you reduce the chance of mistakes (like overbilling or underbilling clients), which can lead to lost revenue or strained relationships with your customers.
Automating billing also speeds up the process. It can ensure invoices are sent on time, payments are collected faster, and cash flow is steady. These improvements lead to healthier profit margins when businesses can save time, reduce errors, and get paid sooner.
Labor Cost Savings
One of the most immediate financial benefits of automation with Sage Intacct is the reduction in labor costs. Automating routine tasks like data entry, reporting, and reconciliations eliminates the need to hire or maintain more staff to handle these tasks.
For example, a business might save the equivalent of one full-time employee’s salary, potentially around $50,000 a year, by automating a few key financial operations. Over time, these savings can add up. They allow businesses to redirect resources toward their more strategic initiatives.
Increased Financial Accuracy
Sage Intacct’s automation tools ensure compliance with GAAP standards. They help businesses avoid costly mistakes and ensure accurate and compliant financial reports.
Accurate financial reporting is essential for decision-making and investor relations. By reducing errors and providing up-to-date, reliable information, your business can make informed choices that protects its bottom line and ensures long-term financial stability.
Leveraging Sage Intacct for Strategic Growth
Supporting High Growth
One of the challenges for growing businesses is managing an increasing level of financial complexity without expanding their finance teams.
Sage Intacct lets businesses scale without hiring more staff, as automation takes care of many manual processes. With efficient workflows, you can handle more transactions, manage more data, and produce detailed financial reports with the same size team.
Investor Confidence
Investors need to trust the financial health of the companies they invest in, and Sage Intacct provides the reporting accuracy and compliance features that build this confidence.
With Sage Intacct’s robust financial reporting tools, businesses can easily provide investors with clear, accurate, and timely reports that reflect their true financial position. This transparency can influence your ability to attract and retain investors, especially during periods of rapid growth.
Optimizing Cash Flow Management
Cash flow is the lifeblood of any business. Sage Intacct’s automation in areas like Accounts Payable (AP), Accounts Receivable (AR), and reconciliations allows businesses to stay on top of their cash flow.
By automating these processes, businesses can speed up collections, avoid late payments, and ensure accurate financial records. This improved cash flow management helps businesses make better investment decisions. It also ensures businesses have the funds available to take advantage of opportunities that arise.
Flexible and Configurable Financial Management
Customizable Workflows
Every business is unique, and Sage Intacct recognizes this by offering customizable workflows that fit each organization’s specific needs. Whether it’s automating approval processes, customizing reports, or integrating with other software systems, Sage Intacct’s platform can be tailored to meet your business’s needs, no matter what size you are or industry you’re in. This flexibility ensures that the software works for your business, not the other way around.
Adapting to Business Evolution
As businesses grow and evolve, their financial management needs change. Sage Intacct is designed to scale with your business, offering the ability to add features, modules, or integrations as needed.
This adaptability is crucial for businesses looking to stay agile and responsive in a changing marketplace. With Sage Intacct, businesses can rest assured that their financial system will support their growth and evolve alongside them.
Conclusion
In today’s competitive business landscape, efficiency and accuracy are essential for profitability. Sage Intacct accounting software offers powerful automation and integration tools that enable businesses to reduce costs, improve accuracy, and scale effectively.
From streamlining billing processes to instilling investor confidence through comprehensive reporting, this platform empowers businesses to improve their bottom line and support growth. By leveraging automation, your team can focus more on strategic decision-making and less on manual tasks, setting the stage for long-term success.
If you’re ready to implement Sage Intacct, Lavoie CPA can guide you. As a direct implementer, we’ll help you unlock the full potential of Sage Intacct, tailoring it to fit your specific business needs. Contact us to learn how we can optimize your financial management processes.
The constant shifts in the HealthTech industry are driven by a few things: advancements in digital health solutions, the adoption of telemedicine, and developments in personalized care technologies.
And as these companies grow and evolve, so do their financial management needs. These companies must have effective financial operations—to sustain growth, ensure compliance, and keep driving innovation. Sage Intacct’s platform offers businesses some distinct advantages when it comes to financial management, scalability, and operational efficiency. Learn more about how this platform can work for your business.
Challenges in HealthTech Financial Management
HealthTech companies face unique challenges. To maintain solid financial oversight, these companies need robust financial systems that can handle their complex dynamics.
Rapid Growth and Scaling Issues
Many HealthTech companies experience rapid growth, which leads to challenges in scaling their financial operations. And if your company can’t scale effectively, you may find yourself spinning your wheels when it comes to expanding your business or innovating new products.
Multi-Entity and Multi-Location Complexities
Financial management is far more complex when a company operates across multiple entities and locations. Without the right financial tools, consolidating financial data, ensuring consistent reporting standards, and maintaining control over decentralized operations can overwhelm your team.
Regulatory Compliance
The healthcare sector is one of the most regulated industries in the United States. Because of this, HealthTech companies have to comply with a wide range of regulatory requirements, from HIPAA for patient data protection to FDA for wearable health tech.
Companies need systems with robust security and compliance features to make sure they avoid violating state or federal law while effectively managing their financial operations.
Need for Real-Time Financial Insights
In the fast-paced HealthTech industry, having financial insights at your fingertips is critical. Organizations need current information to make informed decisions, identify trends, and respond quickly to market changes. Being able to access an instant snapshot of your business finances can also help you pivot to meet operational challenges.
Sage Intacct: A Comprehensive Solution for HealthTech
Sage Intacct is designed to meet the healthcare industry’s unique needs. It features comprehensive financial management tools specifically tailored to healthcare providers and HealthTech companies. Sage Intacct’s features help companies manage their financial complexities and provide the insights needed for strategic planning and growth.
HIPAA Compliance and Data Security Measures
Sage Intacct lets companies manage their financial data in compliance with HIPAA regulations. This means robust security measures that protect sensitive information from unauthorized disclosure. These types of measures are crucial for both maintaining client trust and also ensuring your company complies with all applicable state and federal regulations.
Integration Capabilities with Other Healthcare Systems
Sage Intacct seamlessly integrates with various healthcare systems. This allows for unified data management across both clinical and financial operations. By integrating both sides of the equation, Sage Intacct ensures that all financial data is accurately reflected in real time.
Sage Intacct’s Key Features for Optimizing Financial Operations
Multi-Dimensional General Ledger
This platform’s multi-dimensional general ledger allows HealthTech companies to track and report financial data including locations, departments, and projects. This gives a comprehensive view of financial performance. It also lets companies drill down into the details to analyze patterns.
Automated Workflows for AP, AR, and Cash Management
The benefits of automating accounts payable, accounts receivable, and cash management processes can’t be overstated. This automation reduces manual work, minimizes errors, and accelerates transaction processing.
Sage Intacct offers advanced reporting tools and customizable dashboards that give companies real-time insights into their financial performance. These tools let HealthTech companies monitor key performance indicators (KPIs), generate detailed financial reports, and make data-driven decisions.
Multi-Entity Consolidation and Management
Managing multiple entities is made simple with Sage Intacct’s multi-entity consolidation capabilities. The platform allows for centralized financial management and reporting, ensuring consistency and accuracy across all entities.
Leveraging Sage Intacct for Strategic Decision Making
Real-Time KPI Tracking and Analysis
With Sage Intacct, HealthTech companies can track and analyze healthcare financial KPIs in real time. This gives valuable insights into financial health and operational performance, enabling proactive management and timely decision-making.
Customizable Dashboards for Different Stakeholders
Sage Intacct’s customizable dashboards provide views and insights tailored to each stakeholder. Executives, financial managers, and operational leaders can all access the specific information they need to make the most informed decisions.
Predictive Analytics and Forecasting Capabilities
Predictive analytics and forecasting tools in Sage Intacct help companies anticipate future financial needs, identify trends, and plan strategically. HealthTech companies need these crucial capabilities for budgeting, financial planning, and managing growth.
Case Studies: HealthTech Success Stories with Sage Intacct
Sage Intacct has already helped hundreds of healthcare and HealthTech companies improve their financial process efficiency, save costs, and increase return on investment. The platform’s automation and efficiency improvements reduce operational costs, while advanced financial insights support better resource allocation and financial planning.
Improved Efficiency in Financial Processes
HealthTech companies using Sage Intacct have reported major improvements in their financial process efficiency. Automated workflows and real-time reporting reduce the time these companies must spend on manual tasks. This allows financial teams to focus on strategic planning instead.
One of these companies is Paige.ai, a digital pathology innovator that uses generative AI to improve health outcomes. Paige.ai needed some foundational elements to attract more investors, support sustainable growth, and eventually launch an IPO. QuickBooks wasn’t doing the trick, but company leaders were concerned about the lost productivity that’s often inherent when switching to a new system.
Leaders were pleased with Sage Intacct’s implementation progress, reporting their milestones were reached at or ahead of schedule—and that Sage’s user interface “was the most intuitive and easy to navigate straight off the bat.” Paige.ai is using Sage Intacct’s API to integrate with the world’s most popular accounts payable software, freeing up its finance personnel to work on more value-added tasks.
Implementing Sage Intacct has led to substantial cost savings and return on investment (ROI) for HealthTech companies. The platform’s automation and efficiency improvements reduce operational costs, while advanced financial insights support better resource allocation and financial planning.
Many healthcare accounting teams are focusing on making their core accounting activities (like closing the books) as efficient and automated as possible. Growing companies need their finance teams to think nimbly, and this means reducing the amount of time spent on data-entry types of tasks with finance outsourcing.
Sage Intacct’s Close the Books Survey talks to more than 1,400 finance and accounting professionals across 60+ industries. This survey showed that Sage Intacct’s healthcare customers could close their books in less than 25 percent of the time taken by non-Sage Intacct users. One of the companies surveyed, Personal Healthcare LLC, reduced its monthly close from one week to one day.
Before implementing Sage Intacct, HealthTech companies should assess their specific financial management needs and objectives. This helps select the right features and configurations to meet your organization’s requirements.
Plan for Seamless Integration
A well-planned integration strategy will let you seamlessly integrate Sage Intacct with your existing healthcare systems. This involves mapping out data flows, identifying integration points, and ensuring data consistency across platforms.
Training and Change Management Strategies
Successful implementation depends on effective training and change management strategies. HealthTech companies should invest in comprehensive training programs for staff and develop change management plans to ensure a smooth adoption of the new system.
Future-Proofing HealthTech Finances with Sage Intacct
Scalability for Growing Organizations
Sage Intacct’s scalable architecture supports growth. As organizations expand, the platform continues to accommodate increased transaction volumes, additional entities, and new locations without compromising performance.
Adapting to Evolving Healthcare Regulations
Sage Intacct is designed to adapt to evolving healthcare regulations to ensure continued compliance. Regular updates and enhancements keep the platform aligned with regulatory changes.
Continuous Innovation and Updates
Sage Intacct is constantly innovating and updating its platform to incorporate the latest financial management technologies and practices. HealthTech companies benefit from these updates by staying at the forefront of financial management innovation.
In Closing
Optimizing financial operations is crucial for HealthTech companies to navigate the industry’s complexities, ensure compliance, and drive growth. If you’re looking to enhance your financial processes, partnering with Lavoie CPA could be a great fit. Our team has unique expertise in leveraging Sage Intacct to address the financial challenges experienced by the health technology sector. Start the conversation with us today to learn how we can help you optimize your financial operations and drive growth.
HealthTech is one of the most dynamic and rapidly evolving industries. Financial planning plays a crucial role in helping companies not only survive but thrive in this complex landscape.
Because HealthTech companies face a wide range of challenges and opportunities, they require customized financial strategies to manage their growth, comply with regulations, and sustain innovation.
Understanding the HealthTech Landscape
HealthTech is experiencing unprecedented growth for several reasons: technological advances, an increased demand for personalized care, and a greater focus on preventive health.
Meanwhile, trends like telemedicine, wearable devices, and AI-powered diagnostics are creating new opportunities—and challenges—for companies. HealthTech companies can remain competitive and innovative by staying on top of current trends.
Regulatory Considerations
Healthcare regulations are constantly changing, and between HIPAA, international standards, and FDA approval requirements, keeping on top of these regulations is more than a full-time job.
HealthTech companies must be proactive. Understanding regulatory requirements and staying on top of changes will help companies design products and services that are legally compliant from the outset, reducing the risk of delays and cost overruns.
Funding Environment
The landscape for HealthTech financing is robust. These companies often receive investments from venture capitalists, angel investors, and strategic partners who want to be on the ground floor of the next smartwatch EKG or AI diagnostic tool.
But securing funding isn’t always easy. It requires a solid business plan, a demonstrable value proposition, and clear pathways to profitability. Understanding each investor’s preferences and criteria can help you tailor pitches and improve your chances of securing funding.
Key Components of Strategic Financial Planning
Budgeting and Forecasting
It’s essential for any business to accurately budget and forecast—but the stakes are far higher in competitive industries like HealthTech. Companies must account for regulatory costs, R&D expenses, and market expansion.
This means you need dynamic forecasting models that adjust to both outside market conditions and your internal company performance. This helps leaders make time-sensitive strategic decisions while enabling your company to adapt to whatever the future has in store.
Lavoie CPA can help with your HealthTech financial planning needs. We’re a direct implementer of Sage Intacct, a leading cloud-based financial management software. Our outsourced accounting services let you seamlessly integrate Sage Intacct into your management software. You’re able to see nearly limitless perspectives of your company’s finances with just a few clicks.
Cash Flow Management
Effective cash flow management is the lifeblood of HealthTech companies. It ensures these companies can meet their financial obligations while also investing in growth opportunities.
This means meticulously tracking revenues and expenses and doing what you can to reduce operational costs. You’ll also need to maintain enough liquidity to weather any unexpected financial challenges. Two essential practices to avoid running into liquidity crises are (1) implementing cash flow forecasts and (2) setting up emergency funds.
Capital Allocation
Strategic decisions on a company’s capital allocation will determine its long-term success. HealthTech companies need to prioritize their investments in high-impact areas like R&D, technology infrastructure, and market expansion. These sectors are the most likely ones to drive sustainable growth.
Companies should also regularly review their capital allocation decisions to ensure resources are directed toward the most promising opportunities. These decisions should be regularly reviewed and adjusted as the company’s strategy evolves.
Risk Assessment and Mitigation
Identifying and mitigating financial risks is crucial. HealthTech companies face unique risks from frequent regulatory changes, technological obsolescence, and market competition.
Developing robust risk management frameworks can help mitigate these risks and safeguard a company’s financial stability. This framework includes conducting regular risk assessments, implementing internal controls, and developing and testing contingency plans.
Funding Strategies for HealthTech Companies
HealthTech companies can acquire funding from a variety of sources. There’s no one-size-fits-all approach here—from venture capital to government grants, the right approach for your business will depend on your needs and goals.
Venture Capital
One of the main sources of funding for HealthTech startups is venture capital (VC). And not only do VCs provide capital, but they can also lend their industry expertise and help companies make valuable connections.
But securing VC funding requires a compelling business model and clear growth trajectory. Company leaders should continually work on building strong relationships with venture capitalists and understanding their expectations. By knowing your target audience, you’ll be able to adjust your pitch and enhance the chances of securing an investment.
Angel Investors
Angel investors can provide early-stage funding and mentorship to HealthTech startups.
Building these relationships, especially with angel investors who have HealthTech experience, can help your company gain early traction and navigate initial market challenges. Angel investors often offer more flexible terms than VCs. They can also be crucial for bridging the gap between the seed stage and larger funding rounds.
Government Grants and Incentives
Many federal and state governments offer grants and incentives to support HealthTech innovation.
It’s important for companies to explore opportunities for non-dilutive funding, which can reduce financial pressure and support critical R&D activities. Keeping track of the grants available and understanding the application processes can help you boost your company’s balance sheet without diluting ownership.
Strategic Partnerships
Companies that form strategic partnerships with established healthcare organizations can gain access to capital, industry knowledge, and market channels. These partnerships can accelerate a new company’s growth and enhance its credibility in the market. Strategic partnerships and collaborations can also lead to shared resources, co-development opportunities, and access to new customer bases.
Financial Metrics and KPIs for HealthTech
Being able to calculate key performance indicators can give you an instant snapshot of your company’s health. Some of the measures you can track using Sage Intacct include:
Customer Acquisition Cost (CAC)
As the name implies, CAC measures the cost of acquiring a new customer. The lower a company’s CAC, the better—and of course, keeping current customers is generally cheaper than acquiring new ones.
By optimizing marketing and sales strategies, HealthTech companies can lower their CAC and improve their profitability. Using platforms like Sage Intacct can help you analyze the effectiveness of different acquisition channels. This will let you allocate your company’s marketing budgets as efficiently as possible.
Lifetime Value (LTV)
LTV estimates the total revenue generated from a customer over their engagement period. A company’s long-term success relies on maximizing LTV through excellent customer service and continuous innovation. Implementing customer retention strategies and offering value-added services can also increase LTV.
Burn Rate
Burn rate measures the rate at which a company spends its capital. HealthTech companies must monitor their burn rate closely to secure enough runway to achieve key milestones and get additional funding.
Understanding your company’s burn rate to cash reserve ratio can prevent you from running into any unexpected financial crises. It will also ensure sustainable growth.
Regulatory Compliance Costs
Complying with healthcare regulations is necessary but expensive.
And because non-compliance can land you in legal hot water and rack up hefty fines, it’s essential to track these expenses closely. You can mitigate your risk of non-compliance by allocating enough resources for all necessary compliance activities and staying updated with regulatory changes.
Balancing Innovation and Financial Stability
There’s never enough funding to do everything; a company’s innovations and investments must be balanced with their need for financial stability.
R&D Investment Strategies
Companies should prioritize projects that have the highest potential for market impact and return on investment. Developing a structured R&D process and regularly reviewing your project portfolio can help you make informed investment decisions.
Scaling Operations Efficiently
Companies must optimize their operational processes to ensure their infrastructure can support growth without compromising quality. Always strive to optimize by implementing lean management practices and regularly reviewing and improving your processes.
Managing Intellectual Property
Protecting intellectual property (IP) is another crucial task. HealthTech companies must invest in robust IP management strategies to safeguard their innovations and stay competitive. This includes securing patents, trademarks, and copyrights and tracking potential infringements.
Exit Strategies and Long-Term Planning
Once your company has begun to enjoy some success, it’s time to make an exit plan. Even if you’d like to stick with this company for a while, it’s always good to have options at your disposal.
An initial public offering (IPO) can give HealthTech companies both capital and visibility. Preparing for an IPO involves rigorous financial planning, regulatory compliance, and strategic positioning. Companies must ensure their financial statements are audit-ready and their governance structures are robust enough to meet the market’s expectations.
Meanwhile, long-term sustainability requires a focus on continuous innovation, financial prudence, and market adaptation. Regularly reviewing and updating your company’s strategic plan will ensure it remains agile and can adapt to changing market conditions.
In Closing
Effective financial planning is the cornerstone of success in HealthTech, and having an expert by your side is one of the best ways to keep track of your financial metrics. At Lavoie CPA, we understand the unique challenges and opportunities in HealthTech, making us a go-to financial partner for companies at all stages of growth.
As this sector continues to evolve, companies that prioritize robust financial planning will be well-positioned to capitalize on emerging opportunities and drive industry innovation. Give Lavoie CPA a call or contact us to start the conversation.
Discover how Bespoke Sports & Entertainment leveraged strategic financial planning to become an award-winning powerhouse in just a few years. Learn actionable insights to scale your business effectively.
“It’s simple, Lavoie helped us create the infrastructure we needed. From setting up accounts payable and HR policies to recommending affordable technology, Sharai Lavoie and her team were there to give us the day to day insights we needed to keep cash flowing, flexibility to focus on sales, and proactive recommendations that enabled us to scale at the right pace.”
Mike Boykin, Bespoke’s CEO and Cofounder
Client
Bespoke Sports & Entertainment
Industry
Sports Marketing
In the high-stakes arena of sports and entertainment marketing, visionaries like Mike Boykin and Greg Busch of Bespoke Sports & Entertainment don’t just compete—they revolutionize. With over 50 years of combined industry experience and a roster of elite clients, Boykin and Busch knew that launching their Charlotte-based agency in 2014 would require more than just their proven expertise. To truly disrupt the market and compete with global giants, they needed a financial backbone as innovative as their marketing strategies. Enter Lavoie CPA, the catalyst that transformed Bespoke from a startup with potential into an award-winning powerhouse. This case study reveals how Lavoie’s tailored financial strategies became the hidden playmaker in Bespoke’s journey to the top of the sports marketing league.
The Client
Bespoke Sports & Entertainment, founded in 2014 in Charlotte, NC, is a sports and entertainment consulting and experiential marketing agency. They help brands select the right partnerships and maximize their sponsorship investment. With a collective of experienced marketers, Bespoke provides thoughtful senior-level counsel and custom marketing solutions tailored for individual brands.
The Challenges
As a new venture, Bespoke’s founders knew they needed more than just an accountant to supervise their financial stability. They required a financial strategist who could confidently run major investor meetings, take control of the company’s future, manage expenses, and augment human resource needs. To compete with some of the largest agencies in the world, they needed a foundation that included a roadmap for profitable growth while keeping the company’s vision and workforce top of mind.
The Solutions
Lavoie CPA stepped in to provide comprehensive financial support from day one. Their services covered a wide range of critical business functions, including supplementing fractional CFO duties and setting up essential financial processes like accounts payable and receivable. The Lavoie team took charge of human resource tasks such as onboarding new employees and running payroll, ensuring Bespoke could focus on their core business. Regular reporting on projections and cash flow provided valuable insights for decision-making, while operational technology recommendations and adoption streamlined processes. Perhaps most crucially, Lavoie CPA developed a living financial strategy critical for investor meetings, forecasting, and future loans, laying the groundwork for Bespoke’s continuous growth.
Successful Outcomes
With Lavoie CPA’s support, Bespoke was able to achieve significant milestones in their business development. They created the necessary infrastructure for growth, ensuring a solid foundation for their operations. The partnership enabled Bespoke to keep cash flowing effectively, maintaining the financial health of the company. This financial stability, combined with Lavoie’s handling of back-office tasks, allowed Bespoke’s team to maintain flexibility and focus on sales and client relationships. As a result, Bespoke was able to scale at the right pace, avoiding the pitfalls that often challenge new businesses. Moreover, the strategic financial roadmap developed by Lavoie provided a clear path for future growth, positioning Bespoke for long-term success in the competitive sports and entertainment marketing landscape.
In Summary
Bespoke Sports & Entertainment engaged Lavoie CPA to build a strong financial foundation from the ground up. This partnership allowed Bespoke’s founders to focus on their core business while Lavoie handled the critical financial and operational aspects necessary for success in the competitive sports and entertainment marketing landscape.
If you’d like to explore how Lavoie can help your business build a foundation for success, set up a consultation today.
