Fast-emerging dental corporate, Dentex, has acquired 150 practices since its beginnings in 2016. Switching from Xero to AccountsIQ has allowed Dentex to streamline accounting, bank reconciliation and consolidation processes. By integrating Kefron AP’s invoice automation software with AccountsIQ, John Aram and his 16-strong accounts payable team have automated the entire AP process too, enabling the corporate to fulfil its ambitious acquisition strategy.
The Challenge
Transferring their business administration to a corporate like Dentex offers practice-owning dentists more time for professional and personal fulfilment, but each new acquisition adds to the corporate’s administration challenge. For Dentex, newly acquired practices are set up as a separate entity within the group with its own suppliers, bank account, profit and loss, and balance sheet. During this high-growth phase and admin-rich environment, the headwinds Dentex’s accounting team faced included:
- Onboarding newly acquired practices quickly, smoothly and frequently
- Finding efficient ways to scale the back-office team
- Producing monthly consolidated accounts
- Reconciling over 200 bank accounts
- Processing 12,000+ invoices per month
The Solution
AccountsIQ has proved ideal for fast-growing Dentex. They’ve been able to spin up new entities from a template and position them in the consolidation hierarchy. Using codes to identify each entity, the team can also report to shareholders by practice, at a granular level.
AccountsIQ has automated the cumbersome bank reconciliation task. Instead of manually uploading bank data, the team now saves time with a fully automated process.
Kefron AP has reduced Dentex’s invoice processing time by one third. The Kefron-AccountsIQ integration has automated the process, end-to-end. Before Kefron AP, one processor could manage 8-10 entities; now they handle 14-15 each.
The Results:
- 30% Processing Time Saved
- 100% Paper-Free AP Process
- Single Click Approval for 12,000 Invoices per month
- Rapid Onboarding for New Entities
- Bank Rec Automated for 200 Accounts
“AccountsIQ is a very easy system to use; easy to set up suppliers, process invoices, process payments. We’ve liked the ease of it compared to other systems that can be time-consuming for basic tasks.” John Aram, Accounts Payable Manager, Dentex