Modern Accounting for a Roman Catholic Diocese – Different types of entities in multiple locations makes accounting for a Roman Catholic Diocese as complex as a multi-entity, multi-location corporation.
The Roman Catholic Diocese of Portland selected Sage Intacct as their new solution for accounting within the diocese. Watch the short video.
What would get a controller so excited that she would run to the CFO’s office in delight? “I tell people all the time, there’s nothing Intacct can’t do. I would jump out of my chair and run across the hall to the CFO’s office about once a week in the beginning of implementation and say, “Intacct can do this. Intacct can do that. And we’re going to be able to get information on this.” It was a weekly event,” reports Laurie Downey.
Laurie Downey is the controller for the Roman Catholic Diocese of Portland. She and the rest of the accounting team at the Diocese are responsible for consolidating the financial accounting of 11 schools, 65 cemeteries, and 58 parishes throughout the state of Maine.
No more spreadsheets – complex reporting requirements easily addressed by Sage Intacct
Downey explains that the Catholic Foundation of Maine has “very complex financial statement” which requires her to accurately report according to restrictions – temporarily restricted and permanently restricted net assets. “Their statement of activities is 15 columns wide,” describes Downey. “So I would always do the financial statements in Excel. I recently created the financial reports in Intacct. The work perfectly and now I pretty much just click a button and run them every month.”
The reason why the Diocese and other nonprofit organizations with multiple funding sources find Sage Intacct reporting so powerful is the dimensional reporting aspect of the solution. Each fund usually come with its own reporting requirement. With Sage dimensional reporting capabilities, it’s easy to automatically generate reports for various funders and programs.
Modern Accounting for a Roman Catholic Diocese – the ability to be proactive with Sage Intacct
There are 58 parishes that operate within the diocese. Downey reports that Sage Intacct has helped her better assist the parishes, “Being able to consolidate throughout the year rather than waiting until the end of the year gives us better visibility into different financial situations that might be occurring.” As a result, Downey says, “We’re better able to assist parishes by being proactive versus reactive.”
Michaud Accounting Solutions – Consultant for the diocese
We were delighted and proud to consult with the Roman Catholic Diocese of Portland. It was fulfilling to see how much more efficient and effective their accounting team could be. From the automation of their Accounts Payable workflows to click of button reporting, Sage Intacct allows them to be even better stewards and brings a new level of visibility to their financial accounting.
Michaud Accounting Solutions has helped a number of Roman Catholic Dioceses including the Diocese of Springfield, MA; Archdiocese of Cincinnati, OH; the Archdiocese of Denver Colorado; and the Roman Catholic Diocese of Portland.