RSMUS.comWhy Sage Intacct is the Perfect Fit for Nonprofit Healthcare Organizations?
Nonprofit healthcare organizations operate at the intersection of two dynamic industries – healthcare and nonprofits – that both come with strict financial management requirements as well as sweeping compliance mandates. That makes careful accounting and finance essential for these organizations. It also makes them a cumbersome, complex, and constant challenge.
Many nonprofit healthcare organizations have solved these challenges with the help of Sage Intacct, a cloud-based financial management platform. Not only does Sage Intacct offer a robust yet accessible toolkit to manage money throughout the organization, but this is the rare solution that’s equipped for the unique requirements of nonprofit healthcare organizations and adept at helping them save time, improve visibility, and streamline financial operations.
There are many financial management solutions on the market, but time and again, Sage Intacct has proven to be a strong fit for nonprofit healthcare organizations. Here are just a few examples of how it can turn yesterday’s obstacles into tomorrow’s advantages.
Make Data-Driven Decisions With Ease
It used to be the case that getting data meant spending hours consolidating spreadsheets only to create a static report that didn’t reveal the program-level data behind the metrics, making financial visibility feel difficult, slow, and incomplete.
With Sage Intacct, creating reports by program, grant, location, department, or other variables follows a simple, streamlined process to handle initial configuration, then the platform handles the rest, almost immediately creating a detailed report in which the metrics update in real-time and users can drill into the data at will. That way, every decision is backed by the best data, and getting that data feels effortless thanks to robust integration between Sage Intacct and systems like EMR Connect, EHRs, payroll, and many more.
Automate Cumbersome and Sensitive Processes
Manual processes are not just slow, repetitive, and a drain on resources—they are also prone to errors and oversights that could put compliance or cash flows at risk. The month-end close and expense tracking are particular culprits.
Automation in Sage Intacct turns things like approvals, journal entries, recurring transactions, and consolidations into automatic processes. They run independently and complete in a fraction of the time that manual processes take, without typos or other human errors. And while the technology handles these important but basic workflows—in accordance with all HIPAA requirements and healthcare data security best practices— staff can focus on more important, interesting, or urgent responsibilities.
Closely Track Fund Accounting for Compliance
General accounting software wasn’t built for managing grants, restrictions, and fund balances. Accountants had to create workarounds in response, which was inefficient and risky, not to mention a major source of stress during audits.
Sage Intacct comes with tools for fund accounting, grant tracking, and audit trails all built in, making it easy to track restricted vs. unrestricted funds, manage grant budgets, and generate reports that comply with any requirements. These tools reduce the reliance on Excel along with any uncertainty about the quality and consistency of fund accounting.
Scale Systems to Support Program Growth
Adding new locations, programs, or participants can put a strain on legacy systems and basic accounting programs, leading to data getting duplicated in multiple systems or important numbers being stuck in disconnected data silos.
As a cloud-based software with a modular design, Sage Intacct scales quickly and easily with the organization while adding specific new capabilities if and when the need arises. This scalability ensures that programs and nonprofits always have the means to manage money successfully and no longer need to switch systems every few years as they grow.
Use an Industry-Specific Solution
Financial management solutions exist for nonprofits and for healthcare organizations, but few apply to both industries, leaving some in this space with inadequate or inappropriate tools that often cause as many problems as they solve.
Sage Intacct offers the dashboards and reporting templates that nonprofit healthcare organizations need to understand program-specific outcomes, to track complex revenue streams, or to manage grant compliance. They can also tailor the chart of accounts to highlight the outcomes and financials that matter most, making accounting feel less like an obligation or obstacle and more like an opportunity.
RSM – Is Sage Intacct Your Perfect Fit?
Sage Intacct provides a capable, customizable, and comprehensive financial management solution to nonprofit healthcare organizations. That much is clear. What’s unknown is how much time it could save, how many mistakes it would prevent, how many processes it will automate, and how much it can elevate the entire organization.
Get those answers with the help of RSM, a team that knows everything Sage Intacct can do for a nonprofit healthcare organization. Contact us for a closer look.
Mark Smallwood
Mark is an Associate in the Technology Consulting practice and a Certified Sage Intacct Implementation Consultant. With a background in accounting and data analytics, he works with not-for-profit, financial services, and healthcare organizations to streamline financial operations and support efficient system implementations from planning through go-live.
