Accounting & Finance | News
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 kimhorgwebb@yahoo.com.