Praxi OP cuts 40 hours from monthly reporting with Sage Intacct
When Praxi OP, a cutting-edge practice management firm supporting 25 clinics and 125 doctors, began encountering inefficiencies with their financial systems, they knew it was time for a change. Praxi OP delivers best-in-class administrative and operational services to medical practices, but their outdated accounting platforms hindered their ability to produce accurate and timely reports. That is when they turned to Rand Group, a top Sage Intacct implementation partner, to optimize processes and regain control over their financial operations.
Client: Praxi OP
The Goal
To automate financial processes, improve reporting accuracy, and cut their team’s manual processing, so they could focus on delivering value to their customers.
The Outcome
By partnering with Rand Group to implement Sage Intacct, Praxi OP slashed its monthly reporting time by over 40 hours and created a scalable, efficient system that supports continued growth.
Sage Intacct has changed how we work and our work-life balance. Before, weekend and late nights were the norm. Today, we’re finishing everything within the regular workday and have won back valuable time.
The problem
Praxi OP faced several operational inefficiencies with their aging Sage 100 system, including time-consuming processes and limited scalability. Their team was stuck with cumbersome manual processing tasks that often forced their staff to work beyond the expected work day, contributing to a work life imbalance. Specific challenges included:
- Inefficient Financial Reporting: Producing accurate financial statements for physicians required over 2,000 complex cost allocations each month, making reporting tedious and prone to delays.
- Manual Bank Reconciliation: The team struggled with reconciling hundreds of thousands of cash transactions across eight bank accounts, requiring significant outsourced labor that often went beyond their budget.
- Scalability Issues: Their existing system couldn’t support the growing demands of the organization, leading to extensive manual effort and reliance on external teams.
- Overriding Backlogs: Late nights, weekend work, and constant pressure characterized the finance team’s operations due to these inefficiencies.
Overwhelmed with manual processing
The solution
Praxi Op partnered with Rand Group to implement Sage Intacct within an ambitious 30-day timeline, effectively transforming their financial processes. With Sage Intacct they enhanced their processes with:
- Custom Implementation: Rand Group’s expert consultants tailored Sage Intacct to meet Praxi OP’s unique needs, including building over 200 customized financial reports to support individual doctor requirements.
- Automated Reporting and Allocations: Introduced automated allocation rules, reducing the time required for monthly reporting tasks by more than half.
- Bank Reconciliation Automation: Leveraged Sage Intacct’s Bank Feed feature with custom rules, automating 95% of transaction matching and significantly minimizing manual effort.
- Scalable Dashboards: Provided role-based dashboards that offered real-time access to financial data, improving decision-making and transparency.
- AP and Payroll Integration: Enabled seamless integrations with existing payroll and AP systems, connecting their ERP to their other critical business applications.
The result
Praxi OP is now positioned for ongoing success, with scalable, automated financial processes powered by Sage Intacct and supported by Rand Group’s industry expertise. Sage Intacct helped Praxi OP boost their processes, improving efficiency, accuracy, and scalability across their financial operations. With these operational enhancements Praxi OP has shifted its focus from surviving task headaches to thriving in delivering exceptional value to its customers.
- Sage Intacct helped Praxi OP drastically cut their processing time: They were able to cut 40 hours from their monthly financial reporting. Their controller saved 20 hours a month through Sage Intacct’s automated reporting capabilities. Their weekly bank reconciliation processing time went from 45 hours to 6, significantly reducing their finance team’s reliance on external support.
- Time savings provided cost savings: By eliminating outsourcing for transaction reconciliation and reporting tasks, Praxi Op was able to save significant budget resources normally spent on external resources.
- Improved Work-Life Balance: With Sage Intacct’s automated reporting and time savings, the entire finance team gained control of their schedules, reducing late-night and weekend work.
- Scalability: By upgrading to Sage Intacct Praxi OP embraced a platform capable of supporting future growth without additional and cumbersome manual data processing. In Sage Intacct they found a system that could grow as their organization grew.
hours saved in monthly reporting tasks
%
reduction in reconciliation time
tailored reports for precise financial insights
Take the next step with Rand Group
Rand Group is highly experienced with migrating clients from Sage 100 to Sage Intacct, with the technical skills and industry knowledge to ensure ROI. Our Sage Intacct consultants have set the bar high with a comprehensive and proven approach. Contact us today to learn more about Rand Group’s migration services and support.