Sage Intacct Dynamic Allocations Helps Deseret Mutual Speed Its Close by Two Days
Like many organizations, Deseret Mutual Benefit Administrators was challenged to efficiently manage cost allocations across its business of managing healthcare and retirement plans for its customers.
The Utah-based DMBA, a nonprofit that serves 26 companies owned by or affiliated with the Church of Jesus Christ of Latter-Day Saints, relied on Microsoft Excel and Access to manually calculate allocations.
“As a nonprofit, we have to allocate every single cost and then bill that cost out to our participating employers,” said Todd Hansen, DMBA controller. “Allocations drive what we bill our customers, so allocations functionality was a huge requirement for us.”
When Sage Intacct rolled out its new Dynamic Allocations module late last year, DMBA quickly took advantage. Dynamic Allocations has helped DMBA reduce its monthly close from seven to five days, as outlined in our new DMBA customer success story.
“Adopting Dynamic Allocations is part of why our close processes have been reduced by two days,” Hansen said. “We can now run our allocations in probably 30 minutes. It used to take a full day to calculate our basis and allocate costs.”
More efficient cost allocations is just one of many benefits that DMBA has realized since upgrading to Sage Intacct in mid-2018 from a legacy on-premise accounting solution. With Sage Intacct, DMBA has:
- Cut financial statement preparation from two days to minutes
- Reduced its volume of accounts from 10,000 to 500
- Eliminated 20 hours of manual work a week with automated journal entries
- Trimmed audit preparation and response time to 25% of past efforts
- Eliminated eight to 10 hours a month of manual work by integrating Sage Intacct and SAP Concur
Massive Gains in Finance Efficiency
Preparing financial statements in Excel used to be a time-consuming monthly ordeal, in part because DMBA had 10,000 accounts across eight entities. Each account had to be manually examined and maintained, and none could be shared. That hurt visibility and efficiency across the business.
Using Sage Intacct dimensions and a shared chart of accounts, DMBA scaled back its accounts from 10,000 to 500, shared across the eight entities. That’s allowed the accounting team to prepare monthly financial statements in minutes, compared to two days in the past.
“That leaves us more time for analysis, and it’s been a huge advantage,” Hansen said.
DMBA is saving another 20 hours a week by automating journal entries though Sage Intacct, eliminating what had been a manual process. That’s freed up the time of one-half a full-time administrative staffer to focus on higher-value tasks.
And by integrating Sage Intacct with an SAP Concur expense management application, DMBA has eliminated eight to 10 hours a month of manual data extracts and moves of Concur information into the previous system.
Real-Time Visibility into Key Business Metrics
DMBA is making the most of Sage Intacct reports and dashboards to ensure that leadership has accurate, real-time information. About 10 executives and managers have dashboards that supply key metrics, a vast improvement over static monthly reports of the past.
“Sage Intacct has really brought us into the modern age of accounting,” Hansen said. “Our executives and managers now have a real-time view into their budgets and how they're trending, and that's been a big impact on the business.”
In-progress integration between Sage Intacct and an Adaptive Insights budgeting and planning tool will deliver even more value. With its sizable time savings, DMBA has been able to cross-train members of the 15-person finance team on new skills.
“That’s allowed us to build more depth and flexibility and become a stronger, deeper team," Hansen said. “Sage Intacct has helped the finance team become a better partner to the business in delivering the information and insights that leadership needs."
Learn more about the game-changing improvements DMBA has realized with Sage Intacct in our new customer success story.
With 12+ years of global high tech customer marketing experience. Andrew has lead global customer reference team responsibilities for generating awareness, building sales pipeline, creating customer success evidence, and growing revenue. As the Director of Customer Marketing at Sage Intacct, he is responsible for leading the customer reference and advocacy program.
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