IMEG Reclaims a Day Each Month by
Automating Prepaid & Accrual Accounting
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IMEG Corp
30+
companies under
one umbrella
150+
prepaid contracts
and growing
8+
hours a month saved over
previous manual processes
The Challenge: Scaling Growth Without Drowning in Spreadsheets
- Exploding Volume: Managing 150+ prepaids (and growing!) was a manual process.
- Time Constraints: Kelly and her team spent up to 8 hours every month on tedious prepaid accounting tasks: account analyses, invoice hunting, and manual spreadsheet entries.
- Spreadsheet Errors: Calculation errors cause inaccurate cost allocation, creating extra work and audit concerns.
“In Excel, when you divide it out into an odd number, it may read as you’re expensing $123.01. But behind the scenes it’s $123.01569. And so you might be off that penny even though you’ve expensed exactly what the spreadsheet says.”
The Solution: FinQuery's Automated Prepaid & Accrual Accounting
How IMEG Reclaimed their Time
- Phased Rollout: Allowing the team time to familiarize themselves with the solution.
- Automated Journal Entries: Eliminating manual creation by automatically creating journal entries for ERP upload.
- Centralized Platform: A single source of truth for all lease and prepaid and accrual information.
- Utilizing the dimensions feature within FinQuery: Log project, phase, and team details, ensuring expenses are correctly allocated with ease.
The Impact
8 Hours Back Each Month
The most immediate benefit was a drastic reduction in the time spent on prepaid accounting.
“It definitely helps with getting through the end of month financial prep much quicker. I don’t need to spend an entire day on prepaids. And that’s lovely.”
Pinpoint Accuracy
Eliminating the rounding discrepancies that were common with spreadsheet-based calculations.
“No more penny reconciling at the end of a contract, which is nice.”
Streamlined Audits
Providing auditors with direct access to a centralized system, saving IMEG’s team valuable time.
“Our auditors are looking at our leases and prepaids all at once. We’re saving time by not having to run reports for them. It’s a good return on investment.”
Scalability for the Future
A standardized, automated process that offers ease of use, scalability, and efficiency as IMEG continues to grow through acquisitions.
“In FinQuery, I did the journal entry download, uploaded it, and ran the report afterwards, and it tied. And I’m like, oh, that’s great!”