Issue
As a growing contractor expanded from a small operation into a multi-division enterprise, limitations in its financial management system became increasingly problematic. The company relied on QuickBooks to manage financial activities across multiple divisions, each maintaining its own file. This decentralized approach required time-consuming manual consolidation each month, strained resources and increased the risk of errors in financial reporting.
The client also struggled with revenue recognition, especially in adhering to percentage-of-completion accounting standards. QuickBooks lacked the automation needed to handle these transactions, forcing the finance team to manually adjust each month to comply with GAAP requirements. As transaction volumes grew with each expansion, so did the risk of errors, which further complicated financial operations.
Realizing that QuickBooks couldn’t meet its growing needs, the firm sought a more advanced solution to handle complex accounting across multiple entities. The lack of automation and actionable insights drained internal resources and hindered growth.
To address these challenges, leadership sought a reliable, cloud-based ERP system that could automate key functions, streamline financial processes, and integrate seamlessly with other best-in-class cloud solutions.
Solution
After evaluating various Enterprise Resource Planning (ERP) solutions, the company chose Sage Intacct Construction for its comprehensive features tailored to growing businesses. Sage Intacct’s multi-entity management, construction-focused accounting tools, and scalability helped the client achieve its growth objectives. With streamlined accounting and automated processes, the solution enables efficient management across multiple divisions and faster, data-driven decisions. Unlike restrictive all-in-one systems, Sage Intacct integrates seamlessly with the firm’s existing cloud tools, allowing the client to retain other best-in-class systems without sacrificing functionality.
For the implementation, the organization partnered with CBIZ. Impressed by our team’s technical capabilities and understanding of construction finance, leadership felt confident in the collaboration. CBIZ guided the team through implementation, providing technical advice and tailored solutions to meet specific needs.
CBIZ managed complex requirements, including CRM integration, enabling the client to overcome technical challenges and create solutions broadly applicable across the industry. This approach reflects CBIZ’s commitment to innovation and partnership.
Outcome
The successful partnership with CBIZ enabled the client to make significant improvements across their financial operations. With CBIZ’s collaborative approach and in-depth knowledge of construction-specific accounting needs, the transition to the new system was seamless. This scalable foundation now supports the client’s ongoing growth and future acquisitions. With manual tasks significantly reduced, their staff can focus on higher-value activities, enhancing productivity and advancing the company’s strategic goals.
Results include:
- Enhanced Multi-Entity Management: Sage Intacct Construction allows for easy management of multiple divisions from a single platform, eliminating the need for separate QuickBooks files and supporting centralized data management and reporting.
- Reduced Month-End Close: The company shortened its month-end closing process from 15 to 10 business days, allowing for faster, more dependable financial reporting and better use of resources.
- Streamlined Financial Processes: Automated consolidation and accounting processes reduce manual effort, boost operational efficiency, and free finance teams for more valuable tasks.
- Enhanced Predictability: Automated revenue recognition aligns with operational metrics, offering increased financial predictability and proactive management capabilities.
- Seamless Integrations: Sage Intacct Construction connects with essential systems, including CRM platforms, allowing real-time mapping of sales contracts to accounting, which ensures accurate receivables tracking and smooth reporting.
- Increased Visibility and Real-Time Insights: Real-time reporting provides unmatched visibility into profit and loss across all divisions, enabling management to monitor performance and make well-informed decisions daily.
| Company Information | |
|---|---|
| Industry | Construction |
| Ownership Structure | Family-Owned |
| Geographic Footprint | Southeast |
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