How to Choose the Best Senior Living Accounting Software

When evaluating accounting software for your senior living organization, you typically have a choice between two paths. One, to opt for a specialized industry solution tailored for the assisted living community. Alternately, to select a best-of-breed approach, using a solution like Sage Intacct as the accounting core. Here, we outline those choices and suggest why a best-of-breed approach may just be the right choice for your senior living community.

Specialized Industry Solutions vs. Best-of-Breed Approach

When choosing accounting software, your senior living organization faces a fundamental decision: should you opt for a specialized industry solution or a best-of-breed system? Here’s what to consider about each option. In particular, how they manage various aspects of assisted living facilities and supervise business operations.

Specialized Industry Solutions

These are all-in-one platforms designed to manage multiple operational and functional needs within a single system, particularly for assisted living facilities. They cover everything from accounting and HR to CRM and electronic health records. While they offer convenience and integrated data flow, they often lack depth in specific functionalities. As a result they are generalists rather than specialists in any one area.

Best-of-Breed Approach to Choosing Senior Living Software

This strategy involves selecting the best software for each specific function. For example, Sage Intacct might be used for accounting, paired with other top-tier systems for clinical management, payroll, and CRM. In this way companies can choose assisted living software based on their features, pricing, and benefits for streamlining operations within their facilities. Each system in a best-of-breed setup is chosen for its superior performance, ease of use, and specific needs.

Advantages of Choosing a Best-of-Breed System

Choosing a best-of-breed system offers numerous advantages, particularly for complex operations like those in the senior living industry. Here’s why a best-of-breed solution may be the right choice for your organization, providing a comprehensive overview of the best senior living software options available to support operational needs, ensure compliance, and enhance collaboration among team members.

Flexibility and Scalability

Unlike all-in-one solutions that lock you into a particular set of tools, a best-of-breed system can grow with your organization. You can upgrade or change individual components as needed without overhauling your entire software ecosystem. This flexibility is vital in the rapidly evolving senior care industry.

Specialization and Performance

When choosing a best-of-breed system, you can ensure each component is a leader in its specific field, providing more detailed features and higher performance levels. For instance, Sage Intacct offers financial insights and operational efficiency that generic all-in-one systems cannot match.

Focused Investment

Investing in best-of-breed solutions means that each department or function can choose a system that offers the best return on investment for its specific needs. This targeted investment approach can often result in better utilization of financial resources compared to spending on a generalized all-in-one system that may include unwanted or underused features.

Improved User Satisfaction

Best-of-breed systems often provide a better user experience because they are designed specifically for particular tasks and user groups. This specialization can result in more intuitive interfaces, fewer unnecessary features, and better overall user satisfaction.

Why Sage Intacct is Ideal for Senior Living Organizations

Sage Intacct’s focus on accounting and financial management makes it a particularly strong candidate for senior living organizations requiring an assisted living software solution to ensure regulatory compliance, precise financial tracking, and reporting to optimize operations. Here’s why Sage Intacct is a superior choice:

Comprehensive Financial Management

Sage Intacct provides real-time financial reporting, comprehensive financial controls, and automation of complex processes like revenue recognition, which are essential for managing the diverse revenue streams in senior living. Core financials include accounts payable, accounts receivable, dimensions, dashboards and reports, AI-powered automation, and multi-entity insights.

Integration Capabilities

One of Sage Intacct’s strengths is its ability to integrate with other leading software solutions, allowing for a tailored best-of-breed system that meets all your operational needs without compromise. Sage Intacct’s open APIs and out-of-the-box integrations allow you to leverage key data from electronic medical records, payroll, budget, CRMs, and other systems to track key performance indicators and create an integrated ecosystem of the software you rely on to run your business.

Sage Intacct has robust multi-entity capabilities built in. Not only is it simple to set up additional locations and entities, but you can also instantly perform consolidations across multiple entities, delivering deep insight and strategic decision-making metrics.

Regulatory Compliance Simplified and Enforced

Maintaining HIPAA and HITECH is an ongoing concern for senior living and long-term care providers — so having compliance built into your accounting software seems essential. Sage Intacct’s security safeguards have been certified as HIPAA compliant and HITECH compliant. In addition, Sage Intacct has earned the designation of Peer Reviewed by the Healthcare Financial Management Association (HFMA) — the first financial management solution to receive this designation.

By automating compliance processes, assisted living software reduces the risk of non-compliance penalties and frees up staff to focus on strategic activities. This not only ensures that senior living communities meet all regulatory requirements but also enhances the overall efficiency and effectiveness of their operations.

What’s the Best Senior Living Accounting Software? It’s a Strategic Decision

Choosing the best assisted living software for your senior living organization is a strategic decision that impacts every aspect of your operations. By opting for a best-of-breed approach with Sage Intacct, you place the power of choice and specialization in your hands, ensuring you can always use the best tools available for each specific need.

If you’re ready to explore how Sage Intacct can transform your senior living organization’s financial management, contact our team of specialists. We’re ready to help you select, implement, and optimize an accounting solution that best meets your needs.