Prior to 2015, Crystal Financial utilized QuickBooks for all of its accounting and general ledger functions. Working in QuickBooks became cumbersome and involved long and drawn-out manual processes. In addition, with their acquisition in 2012 by Solar Capital Ltd., Crystal Financial’s financial statements began to be incorporated into public filings. 

They needed a new accounting solution that could:

  • Efficiently communicate their financial health to their parent company 
  • Allow them to report on a granular level 
  • Provide more capability and an audit trail 
  • Deliver a stable cloud-based environment  
  • Handle multiple entities 
  • Import data files 


Crystal Financial leaned heavily on its accounting firm, RSM to help them develop a list of requirements and scout potential accounting software solutions. After careful analysis, Crystal Financial selected Leap the Pond to implement Sage Intacct. Sage Intacct is the only accounting solution that is recommended by the AICPA.  

With Sage Intacct, Crystal Financial gets the cloud-based environment that they need and the long-awaited departure from Excel for entity consolidations. “Before Sage Intacct we were limited in where we could work, in a cloud-based environment we now have the flexibility to work remotely and have anytime, anywhere access to our financials,” said Julie Monahan, the Controller at Crystal Financial. 


By eliminating some of the manual processes required when Crystal Financial was on QuickBooks, they have dramatically increased their team’s efficiency. The ability to import journal entries and complex effective interest schedules in bulk, via a template, has directly correlated to time saved in their close process. “In Sage Intacct, we can import and tag borrower interest and fee income for the month, which allows us to easily run custom queries and obtain detailed granular reports. For example, we can report on loan balances by borrower at any date and time. In QuickBooks, that functionality did not exist,” Monahan added.

Since Crystal Financial’s implementation they have: 

  • Reduced their monthly reporting processing time 
  • Simplified and streamlined key accounting processes 
  • Acquired the ability to tag journal entries and create queries on specific tags 
  • Incorporated more information into their general ledger 
  • Gained the capability to report on consolidated entities, a process that was manually done in Excel before Sage Intacct 

In addition, compliance with certain GAAP requirements is now easier. “Leap the Pond was instrumental in helping us create the templates needed for our business operations and for the import our financial data," said Monahan. "They continue to work with us, long after our implementation, to make sure we are utilizing Sage Intacct per our specific business needs and budget. Having a contact person at Leap the Pond to reach out to is priceless.” 

This content was originally posted here.