Faster Budgeting and More Timely Reports Provides Greater Visibility into Personnel Expenses
Customer Company Size
SME
Region
- America
Country
- United States
Product
- Sage QuickBooks Enterprise
- Centage Corporation’s budgeting, forecasting and reporting tools
Tech Stack
- Excel
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Healthcare & Hospitals
Services
- System Integration
About The Customer
SerenaGroup is a global healthcare management company that develops Centers of Excellence in wound care and hyperbaric medicine. Founded in 2002, the company has locations across the United States and works with hospitals, nursing facilities, and state-of-the-art wound treatment centers. SerenaGroup also conducts clinical trials ranging from bioengineered skin to growth factors to platelet gels. The company's financial structure separates their locations into 25 to 30 separate cost centers. Each of these cost centers required a full profit and loss statement every reporting period, which was a time-consuming and error-prone process.
The Challenge
SerenaGroup, a global healthcare management company, was facing challenges with its financial structure. The company operates across multiple locations, each of which is considered a separate cost center. This structure required the creation of a full profit and loss statement for each individual site every reporting period. The company's existing solution, QuickBooks Enterprise, was capable of producing the individual P&Ls, but it did not support the consolidation of these into a summarized report. The workaround involved a time-consuming process of exporting and merging spreadsheets in Excel, which took 2-3 days every month. This process was prone to errors and did not allow for precise forecasting. Additionally, SerenaGroup needed to allocate overhead expenses to individual facilities, which added another layer of complexity to the process.
The Solution
SerenaGroup decided to supplement its existing QuickBooks Enterprise system with Centage Corporation’s robust budgeting, forecasting, and reporting tools. This solution allowed the company to handle actuals in QuickBooks and use the Centage tools for more sophisticated financial tasks. With this implementation, the company was able to produce individual P&Ls and a consolidated version monthly with just a few clicks. The solution also allowed SerenaGroup to complete the double layer of allocations they needed by creating a custom-built, automated process. This process performed the overhead allocation after the personnel allocation was complete, thus producing the cost center distribution results that SerenaGroup was looking for. Additionally, they created a new data group for personnel expenses to give SerenaGroup an unprecedented look at payroll expenditure detail at the FTE and location level.
Operational Impact
Quantitative Benefit
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