Finance automation boosts efficiency 35% and increases analysis by 300%
ATLANTA – Jan. 21, 2021 – Sage (FTSE: SGE), the market leader in cloud business management technology, today announce that Banyan Treatment Centers is saving $1 million annually through improved spend management as a result of deploying the Sage Intacct financial management system. After replacing its legacy accounting software with Sage Intacct, Banyan’s finance team shortened its monthly close process by 40 percent, increased efficiency by 35 percent, and reduced total cost of ownership by $300,000.
Banyan is a national drug treatment and mental health rehabilitation organization. As the company made acquisitions and grew from a small business with five locations into a larger corporate structure spanning fourteen facilities across seven states, it needed robust multi-entity, accrual-based accounting. “We were looking for consolidation capabilities and better visibility into our cash balances since money was moving in and out of the business very, very fast,” said Sean Mintz, chief financial officer at Banyan Treatment Centers. “We considered several other market-leading solutions, but ultimately felt Sage Intacct was the right choice to support a future-proof transition and quickly get our metrics out of Excel spreadsheets.”
By transforming its finance operations and creating a single chart of accounts across the business, Banyan’s finance team gained the ability to proactively support business growth. Key improvements include:
- Accelerating the monthly close by 40 percent: By automating intercompany accounting, allocations, and consolidations, Banyan shortened its financial close from 20 days to 12 days. “Sage Intacct eliminated at least 10 hours a week of manual intercompany transactions, which immediately made a huge impact for us and was quite a relief,” said Mintz. “It really brought us up to a higher quality standard than any of the competitive solutions, and certainly our legacy solution could ever support.”
- Growing productivity 35 percent via banking integrations: Banyan extended its financial stack to maximize efficiencies, including integrations with the Bank of America CashPro platform and WIPFLI PositivePay for check fraud protection. Now, the company’s 20 bank accounts feed updates directly into Sage Intacct each day, improving data accuracy and cutting the time spent on monthly bank reconciliations in half.
- Increasing the time dedicated to analysis by 300 percent: Sage Intacct’s automated workflows free the center’s finance team to focus on extracting valuable insights via the system’s dimensions, statistical accounts, and reporting. “Previously, we were always struggling to play catchup with decisions made by our entrepreneurial executives and could only spend around 15% of our time on financial analysis,” said Mintz. “Now we have the visibility we need to prepare for new acquisitions in advance, and we spend closer to 60% of our time on reporting and higher-level functions.”
- Improved decision-making across several business dimensions: Banyan’s finance team uses Sage Intacct to easily compare financial data by entity, location, department, or insurance source. They also pull in non-financial details to calculate helpful ratios such as revenue per admission, revenue per day, patient acquisition costs, variable versus fixed costs, and food cost per patient day. This enables Banyan’s leadership to optimize facility operations and use long-term data to drive business strategies.
“We've saved a million dollars from having better visibility, since we can now be highly efficient in how we're spending our money,” said Mintz. “With Sage Intacct, we know about so many business trends that were simply impossible to track before amidst our constant growth and spending increases.”
For more information on the results Banyan Treatment Centers achieved with the Sage Intacct financial management solution, please read the full case study.