Agemark submits COVID funding application on first day and gets Payment Protection Program and loan forgiveness funding for every community in phase one
ATLANTA – January 14, 2020 – Sage, the market leader in cloud business management solutions, today announced that Agemark, one of the nation’s most trusted senior living providers, turned to the Sage Intacct financial management solution for comprehensive visibility into business performance. By upgrading from on-premises Sage 50 software and optimizing its use of Sage Intacct, the organization adopted mature, standardized financial practices. This allowed Agemark to only grow finance headcount 20 percent even as its network grew exponentially from 10 to 25 assisted living and memory care communities across six states.
Agemark is known for creating innovative programming that provides quality lifestyles to seniors and their families. The organization operates several services with various income streams, including multiple levels of resident care, residential rental fees, investment partnerships, property ownership, and facility management. These evolving business models, along with Agemark’s constant growth, require complex accounting workflows and reporting that were impossible to support using the company’s previous accounting system.
After moving all bookkeeping out of individual communities and into a centralized finance team, Agemark reconfigured its implementation of Sage Intacct to take full advantage of the software’s multi-entity capabilities. “We saw Sage Intacct as the natural upgrade from Sage 50. It brought big time savings and was a huge transformation for us,” said Alicia Summers, corporate controller at Agemark Corporation. “Our financial processes are now cookie cutter for all 25 properties, 50 entities, and almost 100 bank accounts—including intercompany transactions, multi-entity allocations, accounts payable, accounts receivable, payroll, and the month-end close.”
With this robust foundation in place, Agemark’s finance team easily supported the business as it more than doubled in size, achieving the following results:
- Gained unprecedented visibility into key operational and financial performance indicators: Using Sage Intacct’s dimensions, Agemark compares and contrasts data specific to various departments, locations, and vendors, as well as different types of services, employees, customers, and rooms. The finance team rapidly produces hundreds of custom reports each month, such as rent roll and occupancy snapshots, weekly live budgets for each community director, and profitability forecasts for new facilities. This insight ensures more informed, proactive decision-making throughout the business.
- Rapidly secured loan forgiveness funding during Covid-19: Sage Intacct’s increased visibility is helping the company quickly secure assistance from government programs and maintain its A/R aging targets despite the external pressures of the pandemic. “As soon as the Paycheck Protection Program and other loan forgiveness opportunities came available, we were ready,” said Summers. “Because we had the numbers we needed at our fingertips in Sage Intacct, I was able to determine exactly which wages, workers’ compensation, utilities, and rent were eligible and pull all the data required to apply. In fact, we submitted our applications on day one and got funding for every single community in the first phase.”
- Slashed monthly close cycle by half: Sage Intacct sped up a financial close, consolidations, and reporting process that used to take a full month for only 10 entities. The company integrated Sage Intacct with Expensify to automate expense management, and imports statistical data on room totals, resident referrals, and employee hours directly into Sage Intacct to eliminate manual report preparation. Even with more than double the properties under management, Agemark now distributes final reports for each entity 15 days earlier.
- Improved finance team retention through more value-added work: Agemark’s centralized team of twelve skilled accountants each efficiently manage the books for multiple properties and enjoy better career growth opportunities. “By freeing our accountants to focus on more value-added work, we overcame frequent turnover and improved team retention,” said Summers. “Sage Intacct’s automation has definitely helped us with our expansion. If we didn't have really good systems and process consistency, we would have never been able to grow this fast.”
“It’s awesome that Sage Intacct lets us consolidate our entities together by state, property size, time in operations, or any other groupings we need in order to compare apples to apples,” said Summers. “Before, it would have been impossible to track some of the things we do now—like supplies across departments, supervisor hours versus assistant hours per resident, resident costs compared with their level of care, income from private versus state customers, or dining spend differences between locations.”
For more information on how Agemark Senior Living benefits from the Sage Intacct financial management solution, read the full case study here.