Crystal Financial gained the ability to report on consolidated entries with AcctTwo.
Crystal Financial provides senior and junior secured revolvers and term loans for both asset-based and cash flow financings to middle market companies. It provides capital to sponsored and nonsponsored companies, either as a sole lender or in conjunction with banks and other lenders. Typically, financings are in excess of $10 million. They provide a consistent source of capital throughout a business’ life-cycle, as well as in varying economic conditions.
Crystal Financial utilized QuickBooks for its accounting and general ledger functions. Working in QuickBooks became cumbersome and involved long and drawn-out manual processes. In addition, with an acquisition in 2012, Crystal Financial’s statements began to be incorporated into public filings. They needed a new accounting solution that could:
After careful analysis, Crystal Financial selected AcctTwo to implement Sage Intacct, the only accounting solution that is recommended by the AICPA. Crystal Financial gets the cloud-based environment they need and the long-awaited departure from Excel for entity consolidations.
“Before AcctTwo we were limited in where we could work, in a cloud-based environment we now have the flexibility to work remotely and have anytime, anywhere access to our financials,” Julie Monahan, Controller at Crystal Financial.
By eliminating some of the manual processes required when Crystal Financial was on QuickBooks, they have dramatically increased their team’s efficiency. The ability to import journal entries and complex effective interest schedules in bulk, via a template, has directly correlated to time saved in their close process.
AcctTwo's experts automated key processes for them. “In Sage Intacct, we can import and tag borrower interest and fee income for the month, which allows us to easily run custom queries and obtain detailed granular reports. For example, we can report on loan balances by borrower at any date and time. In QuickBooks, that functionality did not exist,” Julie Monahan, Controller at Crystal Financial. Since AcctTwo's implementation they have:
In addition, compliance with certain GAAP requirements is now easier. “AcctTwo was instrumental in helping us create the templates needed for our business operations and for the import our financial data. They continue to work with us, long after our implementation, to make sure we are utilizing Sage Intacct per our specific business needs and budget. Having a contact person at AcctTwo to reach out to is priceless.”