Simplifying Financial Consolidations for Multi-Entity Healthcare Organizations with Lavoie CPA and Sage Intacct

by Sharai Lavoie | Nov 20, 2024 | Intacct, Uncategorized

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:

1. Expansion across regions and states
2. Changing accounting rules and regulatory frameworks
3. Growth through new ventures and acquisitions
4. 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:

1. Waiting for each business unit to close their books
2. Manually collecting and harmonizing data from various sources
3. Making consolidation and elimination entries
4. 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:

1. Scalable Accounting Foundation: This lets you add new entities without requiring you to invest in any extra hardware or software.
2. Faster Growth Support: Quickly set up new entities with your existing business models and practices.
3. Streamlined Consolidation Process: Access real-time data from all your organization’s entities, automate eliminations, and reconcile intercompany accounts.
4. 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.