“I am always looking to improve, automate and validate any process we do. I look for this through technology and Intacct, and sometimes partners can play a huge role in that. The more efficient the process, the more time you have to dig into the results and analyze what is really happening,” shared Julie Dean, director of finance at Jupiter Entertainment. Julie is an Intacct MVP and was the key decision maker to switch from QuickBooks to Intacct.
Here are the top four efficiencies gained at Jupiter Entertainment as a result of switching to Intacct.
Julie shared that when she looked to make the transition to Intacct, Jupiter Entertainment had 11 active entities, and they were on QuickBooks at the time, and it was a nightmare! Through the evolution of Jupiter Entertainment the GLs were slightly inconsistent. “This was worse than it being drastically inconsistent simply because it lulled you into a sense of comfort sometimes. Monthly reporting consolidation was not as easy as it should and could have been, but then on top of that, we do television production. We analyze each of our projects, each has a budget and we update our estimate to complete, our forecasts, etc. on a regular basis, and at the time we were reviewing each show weekly. But we had costs hit three to five of those companies. So then we were having to do cost reporting on a very granular level for all of these projects every week, and each one of them would take four to six hours to compile if we didn't miss anything. And that's if they're all ignoring human errors which never happens when you're working with spreadsheets, and so all the time and effort went into just compiling the information.”
Benefits for the Jupiter finance team include time to analyze, dig in, and course correct as needed and maintain profit margins. As well as a GL that reflects the business today and is consistent across the entities. Another great example is cost reporting which required a time investment but is now a simple report that anyone can run.
“That has been-- that probably was the single biggest item that we needed to get fixed, so that was huge,” said Julie.
#2 Asset Edge
Fixed Assets were previously outsourced and are now in house. They are seamless, quick and efficient. There is no duplication of efforts and any issues can be quickly addressed. We can also run a cash flow statement right out of Intacct.
Jupiter Entertainment implemented Asset Edge and the information is timely and consistent. And if there's a glitch or a hang-up or anything, they're very quick to jump in and help and troubleshoot.
#3 The Finance team
The Jupiter Entertainment finance team is comprised of four employees with one who is solely focused on payroll. The value the team is providing is at a much higher level as compared to previously with QuickBooks.
#4 Cost reporting for Projects
Julie is currently working with Intacct partner, LBMC, to create an automated process. They've implemented a cost tracker that is currently managed with a Google Doc. The process is time consuming, but very valuable to the team. When she met with the LBMC team, Julie said, "There's got to be a better way to do some of this." After a brainstorm with LBMC, it was determined that Web Services would be a great solution. Web Services allows you to initiate external processes with triggers, smart events, and dashboards. Jupiter Entertainment is in the midst of the final phases of implementing a solution and process for purchase orders.
“We'll be able to get the report the way that we want with the detail we want. All of it will be in Intacct. We can ditch the Google Doc and use Dashboards and I can't wait! It will be phenomenal for us, and really showcase and impact many more people that currently get exposed to it,” said Julie. “Bottom line, our finance team handles more services and quality information which is accurate.”
Meet Julie at Advantage 2016. You can see her present during the following session:
“Trading up – Transitioning to Intacct,” or reach out to learn more about the East Tennessee Intacct User Group.
[ Published: October 4, 2016 ]