In the ever-evolving landscape of senior care, adapting modern technology is important for streamlining operations and improving the lives of your community and care team. In this primer, we’ll break down the fundamentals of accounting software for senior living organizations (aka online accounting) and then dive into the benefits.
Understanding Cloud-Based Accounting Software for Senior Living Organizations
Cloud-based accounting software operates under the Software as a Service (SaaS) model, where a third-party Cloud Service Provider (CSP) manages both the hardware and infrastructure required to run the accounting software. Cloud accounting allows users to access software via laptops, smartphones, tablets, or desktops.
At enSYNC, we recommend Sage Intacct as the go-to software for senior living organizations. Throughout this article, we'll use Sage Intacct as an example to show how senior care organizations can successfully implement cloud-based accounting software.
Let’s Get Into the Benefits of Online and Cloud-Based Accounting Software
1. Save Money Upfront and Ongoing
Unlike traditional accounting software that demands substantial upfront investments, cloud-based solutions operate on a subscription model. This means no significant initial investment; subscription costs cover software updates, maintenance, and support over time.
2. Access and Collaborate Anytime, Anywhere
Implementing cloud-based accounting software for senior living organizations means your team can access accounting data from anywhere with a secure internet connection. This added accessibility can:
- Foster collaboration.
- Enable real-time information sharing across your team.
- Create efficiency.
- Eliminate time-consuming back-and-forth adjustments to spreadsheet files.
3. Get Access to Real-Time Data
For senior living leaders, accessing up-to-date information is crucial for decision-making. Cloud accounting solutions offer real-time access to data. Authorized users can log in 24/7, ensuring that financial information is always current and readily available.
4. Easily Automate Your Reporting Process Drowning in manual reports?
Cloud accounting eliminates that and makes reporting easy by instantly generating financial reports with just a few clicks.
5. Scale Your Accounting with Your Organization
Senior living organizations experiencing (or planning for) growth benefit from cloud technology's flexibility and scalability. It’s particularly useful to consolidate efforts across facilities and create consistent workflows from facility to facility.
Agemark's senior living community experienced significant improvements by optimizing their Sage Intacct software to handle a growing number of facilities. This change allowed them to remove duplicate vendors and invoices, and correct workflow inconsistencies across facilities. As a result, they achieved a remarkable 250% growth while only increasing their finance headcount by 20%.
6. Strengthen Data Security and Meet HIPAA Compliance Requirements
Contrary to concerns about storing sensitive information in the cloud, cloud accounting services enhance security through advanced encryption and access control. Automatic backups also safeguard your vital financial records. Data security is especially crucial in senior living for managing personal health information (PHI) and adhering to evolving HIPAA compliance regulations. Sage Intacct specifically stands out due to features like its certified HIPAA and HITECH-compliant Advanced Audit Trail—just one of the many reasons it’s our preferred platform for this industry.
7. Ensure Accuracy with a Single Source of Truth
The more financials change hands and jump between programs, the higher the likelihood of human or equation calculation errors. Cloud accounting systems maintain a single database, which means no more discrepancies in information across your teams. Having a single source of truth streamlines accounting processes, saves time, and creates consistency.
8. Gain Efficiency: The Ultimate Benefit of Cloud Accounting Software
The culmination of all these benefits of online accounting software is a more efficient accounting system. This efficiency creates a positive domino effect across the entire organization. Teams spend less time on manual tasks and more time implementing data-informed decisions that positively impact the community.
For example, when Harbor Healthcare implemented Sage Intacct, it rippled through their organization by cutting budgeting time by 50 percent and eliminated 40 hours of manual accounting work weekly.
Embracing cloud-based accounting software for senior living organizations may seem like a massive undertaking, but it's a strategic move toward efficiency, accuracy, and adaptability for navigating the complexities of financial management.
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Sage Intacct is robust cloud-based accounting software that could be a perfect fit for your senior living organization. Contact our team to setup a demo today!
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