Strengthening Financial Visibility and Compliance for a U.S. Nationwide General Contractor
This case study highlights how our outsourced bookkeeping services helped a New York City-based healthcare management organization bring structure, accuracy, and speed to its bookkeeping and month-end close processes.
Read it to learn how we helped the client standardize its accounting operations, strengthen internal controls, and free up leadership's time to focus on business growth and acquisitions.
Introduction
The client is an Independent Physician Association (IPA) headquartered in Brooklyn, New York, operating as part of a wider healthcare management group. The organization’s mission is to empower healthcare providers and payors to improve the quality of care while reducing costs, offering contract and claims management, information management support, and technology- and purchasing-power-driven provider empowerment.
As the organization grew through new provider relationships and acquisitions, its back-office finance function struggled to keep pace. Bookkeeping processes were unstructured, month-end close lacked a defined process, and the existing third-party outsourcing arrangement was introducing more risk than relief. The client needed an experienced outsourced accounting partner who could bring order to its books, strengthen controls, and support its expansion plans.
The Problem
Prior to partnering with us, the client’s finance function faced several recurring challenges:
- Bookkeeping processes and month-end close activities lacked a structured, standardized approach.
- Financial records were not consistently maintained, leading to reconciliation challenges and reduced reporting reliability.
- Month-end reporting was taking longer than expected, delaying management’s access to financial information.
- The finance team lacked real-time visibility into financial performance across multiple entities.
- Supporting documentation for certain transactions was not consistently maintained, making audit preparation more time-consuming.
- Manual accounting processes limited efficiency and increased the risk of errors as transaction volumes grew.
Decision to Transition
The lack of standardized workflows and scalable financial processes affected reporting efficiency and required significant oversight from the CFO. As a result, valuable time was being spent managing accounting operations instead of supporting acquisitions, strategic planning, and business growth.
To build a stronger foundation for future growth, the leadership decided to transition to an outsourced accounting partner that could standardize accounting operations, strengthen internal controls, and support a growing multi-entity organization.
The Challenge
The engagement came with its own set of challenges:
- Historical accounting entries required review and correction to ensure accurate financial reporting.
- New procedures had to go live without disrupting the existing workflow.
- The client’s continued acquisitions required new entities to be integrated while day-to-day bookkeeping continued uninterrupted.
- A structured communication approach was required to maintain close coordination with the CFO.
The Solution
We implemented a structured accounting support framework for multi-entity accounting. Our outsourced finance team focused on process standardization, customized reporting solutions, and collaborative communication. Our outsourced finance team:
- Implemented standardized bookkeeping workflows across all entities.
- Introduced a month-end close tracker and documented key accounting procedures to improve consistency and audit readiness.
- Automated recurring accounting entries, improving operational efficiency by approximately 40%.
- Strengthened financial controls through standardized reconciliation and approval processes.
- Developed a customized consolidation tool that saved the controller approximately 50 hours each reporting cycle.
- Migrated accounting data to Sage Intacct and configured charts of accounts for newly acquired entities.
- Standardized document management and process documentation to improve reporting consistency and reduce manual errors.
- Established regular review meetings with the CFO and finance team to maintain alignment on priorities and reporting timelines.
Adopted Microsoft Teams to streamline communication and enable
The Result
Conclusion
- Improved bookkeeping efficiency and consistently maintained financial records across all entities.
- 4 business days saved in the month-end close process, enabling timely and accurate financial reporting.
- 40 hours per month freed up for CFO, allowing greater focus on acquisitions, due diligence, and strategic planning.
- Successfully supported the client's expansion from 6 to 20 legal entities while maintaining reporting accuracy and financial transparency.
- As healthcare management organizations continue to expand through acquisitions and new provider relationships, scalable accounting and bookkeeping processes become increasingly important. By combining standardized accounting workflows, customized reporting solutions, and close collaboration with the client's finance team, we helped our client build a finance function capable of supporting sustained growth while improving efficiency, strengthening controls, and maintaining audit readiness.
- Looking to bring greater structure, accuracy, and scalability to your healthcare accounting operations? Connect with our team to learn how our outsourced accounting services can help support your organization's growth.