With Sage Intacct, Cydar Medical has streamlined its financial processes and powered its international expansion.
Ruth is the financial controller at Cydar Medical – a company that provides regulated cloud-based AI clinical applications within an enterprise data architecture to support healthcare organisations in the provision of improved outcomes in image-guided surgery.
Ruth found herself constantly swamped with requests for lots of reports that her small finance team was struggling to produce quickly. The pressure was intensified with external shareholders constantly demanding varied reports, rapidly consuming the team’s valuable time.
Having two entities, one in the US and the other in the UK, added another layer of complexity. The challenge of consolidating accounts from both entities was daunting. Ruth grappled with their existing system—a combination of Xero and spreadsheets.
It was not only tedious and time-intensive but also error-prone. Ruth envisioned a system that could swiftly provide balance sheets and profit & loss insights at a moment’s notice.
As Cydar is a business operating across the UK and US, Ruth was on the hunt for a solution that could facilitate global consolidation. The ability to seamlessly handle multiple currencies and entities was especially important.
On top of this, she wanted the power to report on various dimensions. Insights considering factors like hospital locations and associated costs for installations were crucial for Ruth to make informed business decisions about project profitability.
Ruth’s pursuit for a perfect solution led her to Thinc. Impressed by our consultative approach and a clear breakdown of how she’d get a fast time to value, she felt confident in her choice.
Thinc introduced her to Sage Intacct’s core financial modules complemented by Purchasing and Order Entry. This system streamlines the Quote to Order to Invoice workflows, as well as their approval process during purchasing to help keep costs under control.
Ruth’s decision to adopt Intacct has transformed the daunting task of consolidating reports from the US and UK entities into a straightforward process. She can now effortlessly report on both the UK and the US side of the business, and the challenges of juggling spreadsheets and tedious manual conversions are a thing of the past.
The reports generated aren’t just simpler to produce but also offer deeper insights. Ruth can now monitor budgets against expenditures and evaluate departmental performances with ease. The Intacct dashboards also give Cydar a consolidated view of all KPIs, so she no longer needs to manually extract information.
Additionally, the process of syncing and uploading payments is super easy. With the integration of Yooz, an Intacct add-on, invoices are now automatically populated, saving precious time.
With a greater level of financial automation, Ruth has now managed to bring month-end tasks that were previously outsourced in house. This has meant that the month-end gets finished around a week sooner than before and has brought down the costs.
As Cydar continues to rapidly expand, particularly in the US, Ruth is confident in navigating the complexities of new tax regulations. The integrations of Avalara and HubSpot with Intacct will make sure she can effortlessly tackle these challenges with a platform that scales with the business.
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