Verisma Supports New Acquisition Strategy and Achieves More Flexible Reporting With Sage Intacct
Case Study

Verisma Supports New Acquisition Strategy and Achieves More Flexible Reporting With Sage Intacct

by Scott Schimberg
October 14, 2022

At A Glance

Customer Profile

An industry leader in disclosure management technology and services, Verisma Systems serves thousands of hospitals and healthcare providers across the U.S. The company is embarking on an acquisition strategy that requires advanced financial reporting. Knowing it was time to replace QuickBooks with a robust financial solution, Verisma turned to Armanino for implementation help in deploying cloud-based Sage Intacct core accounting capabilities.

Software & Services

  • Armanino implementation services
  • Armanino Academy Sage Intacct training classes

Benefits

  • Accelerates processing of day-to-day accounting activities
  • Supports advanced financial reporting for the CFO and the board
  • Provides reporting flexibility to support future due diligence for acquisitions

Services

  • Microsoft Dynamics 365 Business Central
  • Solver
  • Implementation & Integration Services

Challenge

A leader in healthcare disclosure management technology and services, Verisma helps thousands of hospitals and healthcare providers overcome the challenges of managing the release of information workflow and complying with stringent regulations.

With nearly two decades of success, Verisma is poised to capture further market share as the volume of medical information being generated continues to grow. A private equity investment created additional capital and an accelerated timeline for Verisma to take advantage of the disclosure management industry’s rapid expansion.

One of the ways Verisma is pursuing growth is through acquisitions. However, a new acquisition strategy meant that it was time for the finance and accounting organization to move to a modern, cloud-based accounting platform.

“We knew we needed to put a strong platform in place for both internal and external reporting,” says Angel Shindledecker, controller for Verisma. “It was clear that we had outgrown QuickBooks and needed a far more robust and flexible financial system to handle multi-entity companies and intercompany reporting.”

Solution

Yvonne Galinanes, director of accounting at Verisma, had an idea about the right solution to replace QuickBooks and help Verisma prepare for a future of growth and acquisitions. “Our CFO and I had used Sage Intacct at our previous companies and we both liked it,” she says. “We knew it would give us the flexibility we were looking for in a new accounting system.”

While Verisma considered other solutions, it ultimately chose Sage Intacct as its new core accounting software. Sage Intacct, a cloud-based financial management system, is the first and only financial management solution to achieve the Peer Reviewed designation from the Healthcare Financial Management Association.

Instead of deploying the software on its own, Verisma sought an experienced implementation partner. Sage Intacct recommended Armanino LLP, one of the 20 largest independent accounting and consulting firms in the U.S., as an end-to-end Sage Intacct implementation, integration, customization and consulting provider. Armanino also offers a dedicated team with unique expertise in the healthcare industry, providing technology and consulting services to help organizations attain operational stability in an increasingly competitive and volatile marketplace.

Using its rapid implementation methodology, Armanino helped Verisma meet its aggressive deployment timeline. “It was a very smooth go-live,” says Galinanes. “We were cutting checks within days of implementation. With Armanino doing the heavy lifting, we were able to get to this point much faster than we would have on our own.”

Results

Although still early in its use of Sage Intacct, Verisma is already experiencing many benefits of its powerful new financial system — from streamlined workflows to flexible reporting to access to real-time financial data.

Compared to the limitations of using QuickBooks and Excel, Sage Intacct delivers immediate process efficiencies that help small accounting teams like the one at Verisma reduce manual efforts and be more productive. “With Sage Intacct, our day-to-day processing is much easier and faster,” says Galinanes.

By taking advantage of the Armanino team’s expertise and experience, Verisma’s implementation of Sage Intacct enables it to create the type of advanced reporting the company’s CFO envisioned. “The way we deliver services is unique,” says Galinanes. “Armanino advised us on the best way to set up relationships that reflect our business and meet our reporting requirements. We were impressed with the knowledge of the Armanino consultants.”

Next Steps

As the accounting team continues to refine the sophisticated reporting platform they need to support acquisition due diligence, they’re taking advantage of a combination of Armanino Academy and Sage training courses to expand their knowledge of the new financial system.

The Verisma accounting team is also working with the company’s financial planning and analysis group to replace reports created in Excel spreadsheets with Sage Intacct reporting. “The goal is to make Sage Intacct be the true system of record for our company,” says Shindledecker.


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