• Challenges: HR Management Firm Seeks Scalability Amid Rapid Growth

    With rapid growth came complexity and challenges for the small accounting team at Optimum to manage. An entry-level QuickBooks system, hosted by a third-party network provider, couldn’t handle financial consolidation and intercompany transactions across Optimum’s multiple business entities. The accounting team was forced into hours of tedious manual work in Excel, while troubleshooting imbalances consumed even more time. Staff was forced to log in and log out of separate QuickBooks instances set up for each entity, and couldn’t easily track profitability by clients. The manual accounting workload only stood to grow as Optimum planned to add a third business entity.

    “We definitely outgrew QuickBooks,” recalled Jenafer Elin, Director of Finance. “We had to do all our consolidated financial statements in Excel, and it was not a good time to be had by anybody. Our goal is to keep growing, and I needed to make sure that our accounting software was going to grow with us.” The 15-year-old company found its ideal solution with Sage Intacct, eliminating up to 50 hours a month in manual accounting work while improving business visibility which helps drive further growth.

    Solutions: Close Efficiency Rises 3x with Seamless Multi-Entity Accounting

    Based on a recommendation from another PEO firm running Sage Intacct, Elin explored how Sage Intacct lined up with Optimum’s needs. The ability to handle multiple entities and intercompany accounting was essential. A cloud-based architecture, strong customer support, interoperability with best-of-breed applications, and controls such as role-based permissions and multi-factor authentication were also important. “So many things in Sage Intacct appealed to me,” Elin said. “There didn’t seem to any other solution out there that could compete with Sage Intacct.”

    Optimum went live on Sage Intacct in January 2020 after a “stellar” implementation that Elin handled herself with help from a Sage Intacct support specialist. “Implementation was a fabulous experience and I came in way under budget,” Elin said. “My trainer was phenomenal in tailoring Sage Intacct to exactly what I needed, and letting me set my own pace.” Optimum quickly reaped rewards from its new platform, improving efficiency in closing the monthly books by 3x and delivering insights and answers to management days earlier than was possible in the past.

    Optimum has eliminated between four to eight hours a week it spent on creating consolidated financial statements in Excel, meaning up to 32 fewer hours each month. It’s also cut out one or two hours a week in intercompany transactions work, for a monthly savings of up to eight hours. Another three hours a month is saved with Sage Intacct’s prepaid expenses module automating journal entries. Finally, Elin spends about eight fewer hours each month looking information for Optimum’s CEO. Instead, the CEO has key data at his fingertips with a Sage Intacct dashboard.

    "Our move to Sage Intacct has been just stellar. It’s given us the ability to see information more quickly in better ways, and we’re able to scale and grow with the software. We’re accomplishing a lot more in less time in terms of accounting and finance." Jenafer Elin, Director of Finance, Optimum Employer Solutions.

    Results: Dashboards and Reporting Enhance Decisions, Client Service

    Personalized Sage Intacct dashboards are providing key metrics and on-demand information for Optimum’s CEO, the sales team, and the five-person accounting squad. “Our boss would email us and say, ‘Can you run me a report on this or that?’” Elin said. “Now he just logs in to his dashboard and can filter information by the client or any way he likes. That’s one of his favorite things because sales information is super important to him. We didn’t have that ability or visibility with QuickBooks.” Meanwhile, sales reps have timely data on their quota goals, incenting greater performance.

    Now with dimensional reporting in Sage Intacct, Optimum gained new ability to track profitability and other dynamics at the client and location level. Real-time data and slice-and-dice reporting help drive decisions on which types of clients or client industries Optimum can focus on, and it’s also improving client service. “The real impact is being able to make better business decisions in terms of cost, and what kind of clients are a good business decision,” Elin said. “We’re also able to answer any client questions more quickly now that we’re so much more efficient on the finance side.”

    Interoperability between Sage Intacct and third-party applications including a PEO industry platform, MasterTax, and Bill.com is further streamlining accounting while eliminating difficult uploads to QuickBooks. And Elin’s team could easily transition to remote work when COVID-19 struck not long after Optimum went live. Using the multi-factor authentication option in Sage Intacct gave Elin additional confidence in access and security. “Sage Intacct being cloud-based really helped in moving accounting to home-based work without a hiccup,” Elin said. “The multifactor authentication gives us assurance that our data is safe and secure without having to worry about a data breach or other problems.”

    Company Overview: Optimum Employer Solutions is a fast-growing HR management and professional employer organization (PEO) serving small and mid-sized companies in 47 states. The firm helps clients focus on their core business, minimize employer risk, and control health insurance costs. Headquartered in Santa Ana, California, Optimum was named for nine straight years to the Inc. 5000 list of America’s fastest-growing private companies,

    Results with Sage Intacct:

    • Eliminated up to 50 hours of manual accounting work each month
    • Improved efficiency in closing the monthly books 3x
    • Gained on-demand insights for improved decisions and client service