Strategy First Finance Slashes Reporting Time by 75% with Acterys

Background

Strategy First Finance, located in Dallas, Texas, has always prided itself on being more than just a standard accounting firm. Led by Matt Goldberg, this firm has always viewed its clients’ businesses as investments, focusing on value creation and risk management. But behind the scenes, they faced a daunting challenge: accessing accurate data from multiple sources quickly and efficiently.

Key Challenges

Accessing accurate data from multiple sources was a significant issue for Strategy First Finance. The firm needed a simple yet powerful solution to integrate data seamlessly without requiring extensive IT knowledge. Time was primarily spent building and verifying reports, leaving minimal time for meaningful analysis.

Data Integration and Accuracy

The firm struggled to find a tool that could accurately integrate various data sources while being user-friendly for non-IT professionals. Existing tools either lacked the necessary integration capabilities or were too complex. The ideal solution needed to allow easy data integration and provide accurate, customizable reports.

Goldberg shared: “I needed something that would allow me to integrate data but was simple enough for me to use because I’m not an IT professional.”

Time Efficiency

Before Acterys, the team spent 80% of its time building reports and 15% verifying data, leaving only 5% for actual analysis. This inefficiency hindered the firm’s ability to provide timely and accurate insights to clients. The firm needed a solution that could automate these processes, ensuring that data was always accurate and up-to-date and freeing up time for analysis.

Ability to Customize Reports

Predefined report formats from other tools did not meet the firm’s specific needs, making it difficult to present data in a meaningful way for clients. Goldberg wanted a solution that allowed him to view data in a customized format tailored to his requirements. The lack of customization options in existing tools meant that the firm was often stuck using reports that did not fully address their needs or clients’ needs.

“I wanted to see the data in the format that I want to see it, not a format set by someone who doesn’t know our business.”

Solution Implementation

Goldberg chose Acterys due to its robust data integration capabilities, user-friendly interface, and flexibility. Acterys allowed for customized reporting and easy data access via familiar tools like Excel and Power BI.

Acterys facilitated the creation of sub-ledgers and automated journal entries, significantly reducing manual data manipulation. This automation ensured data accuracy and consistency, enhancing the reliability of financial reports.

“We can drill down into detailed financial data, automate complex accounting entries, and significantly reduce our time to close.”

By using Acterys, Strategy First Finance could automate complex accounting entries such as accruals and allocations. This improved the time to close financial periods and increased the overall reliability of reports. The firm could now drill down into detailed financial data with ease, allowing them to understand their financial position better and make more informed decisions. The ability to integrate data into Acterys and update fields for accurate period assessments drastically reduced the time spent on these tasks and increased the reliability of the outputs.

 “Having reliable data at the click of a button has drastically reduced our time to close and increased the reliability of our reports.”

Acterys Results

Enhanced Reporting and Improved Efficiency

The implementation of Acterys transformed the firm’s reporting process by automating and ensuring accuracy in data integration. This reduced time spent on data validation, allowing more focus on analysis and insights. The ability to quickly refresh and update reports with reliable data provided up-to-date information to clients efficiently, reducing reporting time by 75%.

This overall efficiency improvement enabled the team to allocate more time to strategic tasks rather than mundane data entry and verification, standardizing workflows across all clients and making it easier to manage multiple accounts.

Better Client Engagement

The ability to deliver accurate, customizable reports fostered meaningful conversations with clients. Reliable data facilitated better decision-making and strengthened client relationships by providing tailored insights. Vetted formulas ensured reliable reports, sparking discussions that often led to new insights and ideas.

Clients frequently returned with additional requests, such as analyzing data by geography or adding new variables. This ongoing interaction created significant value for clients and deepened their trust in the firm.

Operational Improvements

Acterys improved internal processes by enabling standardized workflows across all clients. This standardization ensured consistency in reporting and analysis, making it easier to manage multiple clients efficiently. The firm created core data sets for financials, sales, and payroll, which could be used across all clients, ensuring that the data was always accurate and the processes were streamlined.

Conclusion

Acterys significantly improved Strategy First Finance’s reporting and data management processes. The tool’s ability to integrate data seamlessly, automate tasks, and provide accurate reports transformed the firm’s operations. Enhanced efficiency and better client engagement underscore the importance of choosing the right tools in financial services. Acterys has become the core tool for daily use, both for client reporting and internal processes, providing a competitive edge in delivering value to clients.

 “Acterys has become the core tool we use daily, both for client reporting and internal processes,” Goldberg concluded.