CHG Alt Ed Adopts New Financial System To Reduce Closing Times

CHG Alternative Education (CHG Alt Ed), operator of Camelot Schools, has adopted a new financial system in an effort to streamline administrative data entry and reduce the time of financial close processes from 21 days to seven days.

After looking at several alternatives, including Traverse by Design Systems and NetSuite, CHG Alt Ed chose the Web-based Intacct, which includes a set of pre-built reports and the ability to create customized reports from within the system, to replace Microsoft Dynamics SL, in part for its open architecture and reporting capabilities.

Intacct's multi-ledger architecture also automatically synchronizes the general ledger and sub-ledgers, which allows finance professionals to gain instant access to summary information stored in the system.

"Consolidations and roll-ups across entities, and updates to budgets and reports, all had to be done manually with our previous system," said Stephanie Percy, senior financial analyst and assistant treasurer at CHG Alt Ed, in a prepared statement. "Even adding a new general ledger account meant time consuming edits to spreadsheets."

For the past several years Intacct has had a library with more than 150 pre-built reports, graphs, charts, and dashboards. The Intacct report library is a set of standard reports that many companies use for financial reporting. Customers using pre-built reports can choose to customize them to fit a particular need or build customized reports from scratch using report wizard.

Using Intacct will also give CHG Alt Ed access to financial data for use in strategic decision making.

CHG Alt Ed needed new financial applications and reached out to several leading solutions, including not only Microsoft Dynamics.

More information about the San Jose, CA-based Intacct is available at us.intacct.com.

About the Author

Kimberly Horg-Webb is a reporter based in California. She can be reached at [email protected].

Featured

  • blue AI cloud connected to circuit lines, a server stack, and a shield with a padlock icon

    Report: AI Security Controls Lag Behind Adoption of AI Cloud Services

    According to a recent report from cybersecurity firm Wiz, nearly nine out of 10 organizations are already using AI services in the cloud — but fewer than one in seven have implemented AI-specific security controls.

  • stacks of glowing digital documents with circuit patterns and data streams

    Mistral AI Intros Advanced AI-Powered OCR

    French AI startup Mistral AI has announced Mistral OCR, an advanced optical character recognition (OCR) API designed to convert printed and scanned documents into digital files with "unprecedented accuracy."

  • robot waving

    Copilot Updates Aim to Personalize AI

    Microsoft has introduced a range of updates to its Copilot platform, marking a new phase in its effort to deliver what it calls a "true AI companion" that adapts to individual users' needs, preferences and routines.

  • teenager interacts with a chatbot on a computer screen

    Character.AI Rolls Out New Parental Insights Feature Amid Safety Concerns

    Chatbot platform Character.AI has introduced a new Parental Insights feature aimed at giving parents a window into their children's activity on the platform. The feature allows users under 18 to share a weekly report of their chatbot interactions directly with a parent's e-mail address.