Healthcare Accounting Software: QuickBooks vs. Sage Intacct

Posted by Erica Burles on Jun 18, 2019 11:38:54 AM

It can be intimidating to think that your whole organization is making decisions on your QuickBooks data and the countless spreadsheets needed to provide the right visibility at the right time to take the right actions. How confident are you that you’re providing the latest and most accurate reports with your current healthcare accounting software?

If you’re an accounting or finance leader spending what feels like too much time creating and sending out reports from data sources in multiple places and various spreadsheets without meaningful insights, it’s time to stop the vicious cycle. Let’s look at how data, dimensions, and dashboards can have a huge impact on your life after QuickBooks.

All your data in one placeMedical Practice Accounting Software
Have you experienced that dreaded moment when QuickBooks crashes and deletes crucial data? Or those annoying delays while data loads or reports print? How many times did you shut down QuickBooks to maintain your data files last month? These are all signs you’ve outgrown QuickBooks or other legacy software. 

Wouldn’t it make more sense to have a single source of all your data? Not just your financial data, but operational data as well? For example, you could keep track of any number of locations geographically, but also track operational data like square footage and number of hospital beds. And with a few clicks, you can connect Sage Intacct to your other existing (or upcoming) best-in-class solutions such as Salesforce to automatically feed that data into your accounting software. No more manual data entry or file imports!

How dimensions enable visibility
Sage Intacct enables this high-level of organization, visibility, and reporting of your critical business data by using dimensions. If you’re currently using GL accounts in order to enable a report or distinction, such as Fixed Assets, you might have thousands of them cluttering up your general ledger. With Intacct’s dimensions, you simply set up a single account, then distinguish your unique aspects with standard dimension tags, or one you create for your business. For example, with Intacct, you setup a single Fixed Assets account, then tag each location as a dimension, which enable filters and views in your reports.

Intacct includes eight standard dimensions which you can rename: Department, Location, Customer, Vendor, Employee, Item, Class, and Project. Using these tags as filters, you can now easily analyze single and multiple dimensions simultaneously, including:

  • Revenue by Customer
  • Revenue by Item by Location
  • Revenue by Employee
  • Actuals to budget by Department

Real-time dashboards provide insights
It’s no longer feasible to wait days or weeks for period end to provide the reports your business leaders need to make good decisions. You can stop spending time manipulating data outside of QuickBooks and start providing real-time, visual dashboards that you can customize to suit your business processes and your users.

Sage Intacct’s dynamic dashboards and performance cards visually provide the right data on one page so you and your stakeholders can see your business from a high-level, or more tactical view. Using one of the 150 pre-built reports or customizing your own, you can easily see the metrics and insights that matter most, such as:Sage-Intacct-Dashboard-Healthcare

  • Cash balances
  • Project profitability
  • Revenue per square foot
  • Deferred revenue

Each department can see how they’re allocating budget. Your CEO can see the metrics and trends needed to spot opportunities or weaknesses to know where to act. You can easily customize the dashboards based on role, dimension, function, etc., without the need to hire programmers. And all the dashboards and reports have drill-down capability, all the way to the transaction driving the data in the report, which makes audits easy and less time-consuming (which means they're less expensive!).

Be a strategic contributor with real-time dashboards and up-to-the-minute insights you can trust, enabled by the only HIPAA-compliant healthcare accounting software, Sage Intacct.

Contact us if you have questions about business care or need personalized support from our team of Sage Intacct technical experts.

Topics: Medical Practice Accounting Software

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