Renal Ventures Management streamlines its financial processes and improves business reporting with Intacct
Renal Ventures Management deployed Intacct across its 30 clinic to increase productivity, increased visibility, and better position the company for further growth. By moving from QuickBooks to Intacct, Renal Ventures achieved an ROI of 154%, with an average annual benefit of more than $163,000.
Previous business challenges
- Inefficient data collection. Renal Ventures was using different instances of QuickBooks for each one of its (then) 20 clinical partnerships, resulting in clinic-specific separate databases. Consolidating their financial information across clinics required a lot of data manipulation using spreadsheets, a process which took a significant amount of time and was subject to human errors.
- Lack of visibility and accurate reporting. Reports on the consolidated data were produced in Excel. The accounting department, as well as decision makers and other employees of the company, did not have a lot of visibility into other areas of the business such as sales, and profit and loss (P&L) reporting was almost nonexistent in QuickBooks.
- Inadequate solution for growth. The lack of visibility and accurate reporting made financial management inefficient given the significant amounts of time and human resources allocated to finding the information required. In order to keep up with the growth of the company, the accounting team and other employees needed to manage more and more data. This effort proved to be unsustainable with QuickBooks, which increasingly became an obstacle to the potential growth of the company.
Results with Intacct
- Streamlined financial accounting and consolidation. With Intacct’s global consolidations module, financial processes that used to require a full day in QuickBooks now only take two hours. Additionally, consolidation of data from multiple locations can be performed automatically.
- Increased reporting visibility and accuracy. Better reporting and access to information has increased visibility across the business, reducing end-of-quarter surprises and giving executives better and more complete data from which to make decisions.
- Increased productivity. Intacct has enabled Renal Ventures to grow without the need for a corresponding increase in finance and accounting staff because many manual tasks have been automated.