{"id":418691,"date":"2021-01-21T09:03:15","date_gmt":"2021-01-21T14:03:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=418691"},"modified":"2021-01-21T09:03:15","modified_gmt":"2021-01-21T14:03:15","slug":"banyan-treatment-center-uses-insights-from-sage-intacct-to-save-1-million-annually","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/banyan-treatment-center-uses-insights-from-sage-intacct-to-save-1-million-annually\/","title":{"rendered":"Banyan Treatment Center Uses Insights from Sage Intacct to Save $1 Million Annually"},"content":{"rendered":"<h2>\nFinance automation boosts efficiency 35% and increases analysis by 300%<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"left\">ATLANTA, Jan.  21, 2021  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.sage.com\/en-us\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Sage<\/a> (FTSE: SGE), the market leader in cloud business management technology, today announce that <a href=\"https:\/\/www.banyantreatmentcenter.com\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Banyan Treatment Center<\/a> is saving $1 million annually through improved spend management as a result of deploying the <a href=\"https:\/\/www.sageintacct.com\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>Sage Intacct<\/u><\/a> financial management system. After replacing its legacy accounting software with Sage Intacct, Banyan\u2019s finance team shortened its monthly close process by 40 percent, increased efficiency by 35 percent, and reduced total cost of ownership by $300,000.<\/p>\n<p>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. \u201cWe 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,\u201d said Sean Mintz, chief financial officer at Banyan Treatment Center. \u201cWe 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.\u201d<\/p>\n<p>By transforming its finance operations and creating a <a href=\"https:\/\/www.sageintacct.com\/products\/accounting-software\/core-financials\/intelligent-general-ledger\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">single chart of accounts across the business<\/a>, Banyan\u2019s finance team gained the ability to proactively support business growth. Key improvements include:<\/p>\n<ul type=\"disc\">\n<li>\n          <strong>Accelerating the monthly close by 40 percent: <\/strong>By automating intercompany accounting, allocations, and <a href=\"https:\/\/www.sageintacct.com\/products\/accounting-software\/advanced-functionality\/multi-entity-currency-consolidation\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">consolidations<\/a>, Banyan shortened its financial close from 20 days to 12 days. \u201cSage 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,\u201d said Mintz. \u201cIt really brought us up to a higher quality standard than any of the competitive solutions, and certainly our legacy solution could ever support.\u201d <\/p>\n<\/li>\n<li>\n          <strong>Growing productivity 35 percent via banking integrations: <\/strong>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\u2019s 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.<\/p>\n<\/li>\n<li>\n          <strong>Increasing the time dedicated to analysis by 300 percent:<\/strong> Sage Intacct\u2019s automated workflows free the center\u2019s finance team to focus on extracting valuable insights via the system\u2019s dimensions, statistical accounts, and <a href=\"https:\/\/www.sageintacct.com\/products\/accounting-software\/financial-reporting-dashboards\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">reporting<\/a>. \u201cPreviously, 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,\u201d said Mintz. \u201cNow 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.\u201d<\/p>\n<\/li>\n<li>\n          <strong>Improved decision-making across several business dimensions: <\/strong>Banyan\u2019s 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\u2019s leadership to optimize facility operations and use long-term data to drive business strategies.<\/li>\n<\/ul>\n<p>\u201cWe&#8217;ve saved a million dollars from having better visibility, since we can now be highly efficient in how we&#8217;re spending our money,\u201d said Mintz. \u201cWith Sage Intacct, we know about so many business trends that were simply impossible to track before amidst our constant growth and spending increases.\u201d<\/p>\n<p>For more information on the results Banyan Treatment Center achieved with the Sage Intacct financial management solution, please <a href=\"https:\/\/rc.sageintacct.com\/customer-case-studies\/banyan-treatment-center-fast-growing-rehabilitation-center-saves-1-million-annually-using-sage-intacct\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">read the full case study<\/a>.<\/p>\n<p>\n        <strong>Media contact: <\/strong><br \/>\n        <br \/>Peter Olson<br \/><a href=\"mailto:peter.olson@sage.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">peter.olson@sage.com<\/a><br \/>408-878-0951<\/p>\n<p>\n        <strong>About Sage<\/strong><br \/>\n        <br \/>Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. With our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good, and more challenging times. We are here to help, with practical advice, solutions, expertise and insight. For more information, visit <a href=\"http:\/\/www.sage.com\/en-us\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.sage.com\/en-us\/<\/a> or <a href=\"http:\/\/www.sageintacct.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.sageintacct.com<\/a>.<\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEzOTAyNCMzOTIxNzQ2IzIwOTA3MDc=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/76275763-7090-43da-aaa5-f5cb589c936e\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Finance automation boosts efficiency 35% and increases analysis by 300% ATLANTA, Jan. 21, 2021 (GLOBE NEWSWIRE) &#8212; Sage (FTSE: SGE), the market leader in cloud business management technology, today announce that Banyan Treatment Center 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\u2019s 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/banyan-treatment-center-uses-insights-from-sage-intacct-to-save-1-million-annually\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Banyan Treatment Center Uses Insights from Sage Intacct to Save $1 Million Annually&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-418691","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banyan Treatment Center Uses Insights from Sage Intacct to Save $1 Million Annually - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/banyan-treatment-center-uses-insights-from-sage-intacct-to-save-1-million-annually\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banyan Treatment Center Uses Insights from Sage Intacct to Save $1 Million Annually - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Finance automation boosts efficiency 35% and increases analysis by 300% ATLANTA, Jan. 21, 2021 (GLOBE NEWSWIRE) &#8212; Sage (FTSE: SGE), the market leader in cloud business management technology, today announce that Banyan Treatment Center 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\u2019s 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. 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