Managing Variable Costs Seamlessly for Care Homes

Sage Intacct simplifies cost management by helping you to understand your expenses better, identify opportunities to reduce costs and make more informed decisions.

In this article, we’ll go into more detail about how Sage Intacct helps care homes to manage variable costs more seamlessly.

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How Does Sage Intacct Help?

Sage Intacct gives you the tools to reduce unnecessary expenses and manage variable costs through robust cost controls, reliable tracking, and detailed analysis.

Here are four key features:

AP Automation

We all know how time-consuming and error-prone it is to manually process each purchase invoice one by one. This can lead to overpaying and late payment fees if you’re not careful.

Sage Intacct’s AP Automation module uses AI to scan purchase invoice documents and enter the purchase invoice details for you. All you do is review the details and post!

Machine learning technology learns from corrections you make, improving accuracy over time. The time you free up can be used for analysing expenses, reviewing budgets and identifying areas to tighten costs.

Budgeting & Forecasting

Using spreadsheets for budgeting and forecasting is time-consuming and prone to errors. This often means you can’t easily review your budget regularly, so insights become outdated.

Sage Intacct Planning (SIP) is easy to use and requires very little training and setup, so you can start building comprehensive budgets in minutes.

The tools in SIP make it easy to analyse patterns in historical data, adjust budgets and test how different tweaks and scenarios will impact the budget. Meanwhile, the continuous flow of data with Sage Intacct ensures that data is accurate and up to date.

Approval Workflows

It can be difficult to keep tight controls on spending when you have multiple people controlling the purchasing for each department. For example, the head chef, head housekeeper or activities co-ordinator.

Sage Intacct offers approval workflows for various processes, including purchasing and payments. This reduces the risk of mistakes and unauthorised purchases by helping you to easily build out multi-step approvals.

The workflows are flexible, so you can decide what needs to be approved, who by and in what sequence. They can be triggered by amount, department and user roles. This level of control gives you confidence that all purchases adhere to department budgets.

Bringing the process online saves time, makes it easier to keep track of approvals and you’ll never have to worry about losing paperwork again.

Financial Reporting

Keeping a close eye on costs is key to identifying any potential spending issues as they arise and acting quickly.

With Sage Intacct’s reporting and dashboard tools, you have the flexibility to build any reports and dashboards you want without limitations.

The dashboards show a real-time view of financial performance, which can be fully customised to show the reports, graphs and KPIs that matter most to you. For example, an Actual vs Budget report, Profit & Loss detail, Cash on Hand etc.

Detailed reports enable you to dive deeper into where your revenue is going, manipulate the data and look at it from different angles. This can help you identify suitable areas for cost reduction.

Sage Intacct is especially beneficial for groups of multiple care homes homes. It enables you to keep track of all your locations, trading entities and regions in one place.

Webinar: Strategic Planning for Today and Tomorrow

To find out more about how Sage Intacct can help you, sign up for upcoming webinar here. In the webinar, you’ll see how Sage Intacct addresses common financial challenges faced by care homes.

If you can’t make the webinar, our team are more than happy to set up a call to discuss your requirements at a time that suits you.

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For more information about Sage Intacct, please complete the enquiry form.