Banyan Treatment Center is a leading provider of substance abuse and mental health treatment that offers inpatient and outpatient services in seven states of the US. In just the past three years, the organisation has acquired several new locations—growing from 5 to 14 facilities while expanding its service offerings and insurance coverage options.
Sean Mintz, the company’s CFO, shared, “When I initially joined, Banyan was going through a whirlwind of changes and acquisitions, and we really struggled without sophisticated financial tools at our disposal. During one large merger, we struggled to combine financials from QuickBooks because the data quality was so poor, and it became clear that we needed a consistent chart of accounts, better intercompany processes, and improved financial controls.”
Thus, Mintz and his team set out to find multi-entity financial software that would support a transition from cash-based to accrual accounting and enable timely reporting. He shared, “We were looking for consolidation capabilities and better visibility into our cash balances since money was moving in and out of the business very, very fast. We considered Oracle NetSuite, but ultimately felt Sage Intacct was the right solution to support a future-proof transition and quickly get our metrics out of Excel.”
By migrating to Sage Intacct’s cloud-based financial management solution, Banyan removed all of the hurdles. The finance team’s accomplishments include shortening the monthly close by 40%, increasing financial analysis by more than 300%, and saving $1 million annually via better spend analysis.