Like any business, a casino’s success is hinged on its ability to maintain optimal revenue levels while operating at maximum efficiency. And given the large amount of financial transactions that flow through casinos every day — both in quantity and value — there are many opportunities for error. As is the case with most casinos, there’s also a high potential for the finance department to accomplish daily, routine accounting tasks in a more efficient and optimal manner, especially if leaders have made the proper investment into valuable time-saving resources like technology.
Investing in accounting software that’s built to handle the unique nuances of the gaming industry can have a transformative impact on a casino’s operations. The right technology puts money back into a casino’s bottom line and adds time back into its employees’ workdays — and in turn, their focus shifts from managing transactions to projects that add major value to the business. Over the past few years, Wipfli/JOSEPH EVE has helped more than 30 properties resolve casino-specific challenges and gain greater efficiencies with CasinoEdge powered by Sage Intacct. CasinoEdge is a gaming-specific accounting platform that sits on top of the #1 customer-rated modern cloud infrastructure in Sage Intacct.
Here are four ways CasinoEdge can save casinos time, produce a greater return on investment (ROI) and foster more productive, growth-oriented strategic finance teams.
1. Automation of Manual Processes
A key benefit of any accounting software solution is the ability to automate manual processes that can bog down finance departments — and for many casinos, accounts payable (AP) traditionally has been one of those processes.
Automating manual workflows to complete the AP process saves our typical casino customer 12 minutes per transaction. No more tracking down signatures and waiting on manual approvals — departments can approve everything on the fly with CasinoEdge, streamlining entire AP processes and other inefficient workflows. This means AP clerks no longer have to look to purchasing agents to find pertinent order/receiving documents, since they’re automated through the CasinoEdge platform. For example, if a manual process took roughly 12 minutes to complete each time, at 300 transactions per week, a casino saves approximately one employee’s worth of time each week just by introducing a software solution like CasinoEdge. Many properties have manual processes that often take more than 20 minutes of effort per transaction, proving just how substantial these time savings can be for a casino’s finance department.
Furthermore, automated transactions alleviate manual month-end journal entries, roughly saving an additional three to four hours per month based on an estimated 30 seconds per asset to depreciate per month. CasinoEdge not only creates greater process efficiency, but it also improves ROI because it allows casinos to close the books in a timelier fashion, while also keeping the finance department lean.
2. Greater Transparency and Digital Document Management
With so many transactions taking place inside a casino daily, the sheer amount of information that the finance department must keep track of is immense. And without the proper technology, finding the right information takes up a lot of time, whether it be for an audit or simply to ensure accuracy.
CasinoEdge powered by Sage Intacct affords casinos even greater time savings and workflow efficiency by providing increased transparency and accessibility throughout all standard accounting processes. Instead of burdening a revenue audit manager with compiling stat data at every step, a casino-specific accounting software solution will automatically capture all of the necessary information and actions (e.g., tracking and viewing payments, facilitating approvals, producing reports, etc.), making all of the data readily accessible for accuracy review — anytime, anywhere.
Casinos can also benefit from complete visibility and remote accessibility through the system’s real-time, department-specific dashboards which come in handy during periods like audit season, the most critical time of year for any casino.
3. Automation of Revenue Audit Analytics
A revenue audit is not only necessary for casinos, from a compliance perspective, but it’s also vital to their reputation and overall long-term success. Traditionally, a revenue audit is a tedious process that forces staff members to spend hours meticulously reviewing every transaction manually, leading to a very inefficient process that is often prone to errors.
With CasinoEdge, however, detailed transaction data and proper supporting documentation are all pulled into one “system of truth.” As a result, those staff members in charge of working within the system instantly have visibility into all essential revenue audit data, which allows them to create audit-ready financials and meet anti-money laundering (AML) compliance requirements. Casinos ultimately get a leg up in the fight against fraud without adding staff to the budget.
Streamlining this process and automating data capture leads to fewer errors and makes the finance department much more efficient, positioning them to make more value-added contributions to the casino and its growth.
4. Advanced Business Intelligence
Casinos that rely on manual workflows for their accounting processes are limited in how they can leverage their data. CasinoEdge, on the other hand, provides real-time reports based on the data that’s automatically entered into the system, creating a department-specific flash report with stronger and more consistent insights.
This functionality also arms casino leaders and their teams with advanced business intelligence that leads to stronger decision-making and boosts profitability. Whether it’s pulling specific reports or summarizing data across casino properties, leaders charged with gaining insight from financial reports are able to leverage far greater amounts of data than they could without CasinoEdge’s automated data delivery capabilities. The ROI is in the power of offering users pivotal, instant business intelligence — from growth opportunities to potential areas of improvement — with the click of a button.
There’s no doubt that incorporating technology into financial processes is essential for casinos to operate with greater efficiency and grow their bottom line. The key is implementing the right technology with a partner that lives and breathes gaming the way you do.
Given the intricacies of the gaming industry, leveraging a casino-specific accounting solution like CasinoEdge, plus the power of a partner with vast industry experience, best positions casinos for the greatest ROI with their technology investment. In fact, many of our clients have achieved realized ROIs of well over 200% from implementing CasinoEdge, with a projected total cost ownership of 63% less than their previous solutions.
With a financial application that’s specifically designed to meet the unique challenges you face, you can gain peace of mind in knowing you have the tools to consistently — and efficiently — achieve better data integrity and get deeper financial insight.
At Wipfli/JOSEPH EVE, we’ve helped casinos of all sizes with the implementation of CasinoEdge, which runs on Sage Intacct’s award-winning accounting and business management software. Want to see the solution in action? To learn more or schedule a live demo, contact us.