Insights

Former Casino Controller Discusses Top Impacts of Implementing Casino-Specific Accounting Software

 

Former Casino Controller Discusses Top Impacts of Implementing Casino-Specific Accounting Software

Our technology consulting division specializes in working with leaders of casinos. As a current gaming-focused project manager and a previous casino controller, I know all too well the challenges of meeting regulatory requirements and ensuring that we have accurate metrics to measure our department-level performance.

At the properties I worked at, our key objectives were having a clean audit and transparency that revenue was where it needed to be. When you throw into the mix that many finance teams are now overseeing multiple properties, it only complicates things that much more.

We all know how many vendors want to sell casinos their technology solutions. At times, it can seem like they are a dime a dozen — new machines, new player management systems, advanced procurement solutions, the list goes on and on.

For the past several years, I have led implementation projects for a casino-specific accounting and business intelligence platform. I have witnessed firsthand how it has changed the way that casinos run their back office and deliver information to their teams.

When we talk to prospects about our solution, we tackle head-on the measurable benefits that will impact your casinos, the great results that we have witnessed with our current customers and why the investment in the system upgrade makes sense for you.

At Wipfli, we specialize in the implementation of CasinoEdge powered by Intacct. CasinoEdge is a gaming-specific platform that sits on top of the #1 customer-rated modern cloud infrastructure in Sage Intacct.

Here is my list of how our CasinoEdge Intacct solution measurably impacts our customers’ casino operations.

1. Deeper, Real-Time Data Insights Lead to Quicker, More Informed Decisions

To empower your leaders to make quick, impactful business decisions, you need a transparent, real-time view of the financials at a department level. Cash inflows and outflows across your entire organization are great, but advanced business intelligence is much more granular. CasinoEdge takes thousands of lines of data and instantaneously delivers them to stakeholders in a way that is impactful to their role in the organization. It eliminates the need to distribute a summary-level Excel file as a daily flash.

For instance, imagine your casino’s slot revenue has fallen significantly. One of your leaders suggests partnering with the marketing department to run a promotion that could boost coin-in percentages for the remainder of the month. In minutes, you can assess whether you have the marketing budget to move forward with the promotion using CasinoEdge’s dashboards. The system auto-compiles data from all of your front-of-the-house solutions — from table games and slots to food and beverage (F&B) — with mapping and posting of daily bank activity at the transaction level.

The result? Leaders throughout the property have the flexibility to be versatile and execute major decisions in an efficient, timely manner.

2. Mobile-Smart Device Daily Flash Reports — Any Time, Anywhere

If you’ve ever worked in a casino, you know department heads are always on the go, in and out of meetings, but still need to keep a constant pulse on regular business activities.

CasinoEdge is accessible from any smart device. It delivers real-time flash reports with instant, department-specific performance metrics, along with data-view permissions defined by the viewer’s role. For instance, your F&B manager might be at a tradeshow. With CasinoEdge, they can log on anywhere and use their smartphone to track restaurant head counts for that day, identify which menu items are selling while they’ve been gone and tailor an order they have to place while traveling based upon patrons’ top preferences — ultimately boosting profitability and efficiency.

3. Adhere to Regulatory Requirements With a Streamlined Revenue Audit Process

The strength of your revenue audit process is critical to helping your casinos stay compliant with T31 AML regulations. Hand-keying cash inflows and outflows into spreadsheets not only takes up valuable time and resources but also puts your organization at risk of human error, which could mean an unwanted audit finding during the yearly financial audit.

With CasinoEdge, you can retire this tedious process for good, reducing risk and working to create audit-ready financials at the transaction level. By leveraging the platform to streamline your revenue audit, you can instill advanced process automation, error reduction and consistency, all while ensuring regulatory compliance. CasinoEdge does this by aggregating every single casino transaction into one detailed-level source of truth. The power of providing your accounting team with digital data of every transaction at their fingertips can be immeasurable.

4. Increase Efficiency With Electronic Procurement

Like many gaming organizations, you may be working with a manual, paper-based procurement process that doesn’t allow for on-the-go approvals with electronic work flows and authority thresholds. CasinoEdge Intacct not only automates procurement workflows, it allows leadership to process approvals directly from their mobile device.

To see this in action, let’s revisit the example we discussed above. Your marketing department needs tickets in order to run its promotion for boosting coin-in slot revenue.

CasinoEdge expedites this process because you don’t need purchasing approvers to be on-site to complete the approval process. Your marketing director can submit a requisition electronically, approvers can view and manage purchases through a real-time dashboard, and the submitter will get an email notifying them of the approval, so they can complete the purchase. You can also use the system to document and track approvals and see whose approval is waiting on what. Most importantly, your procurement managers and approvers will get time back in their day to focus on other activities that are crucial to your business, rather than tracking down approvers to sign on the line.

5. Organize Your Financials With a Segmented Chart of Accounts 

Most financial solutions use a hard-coded structure for your chart of accounts. For example, to track three locations, five departments and five projects, you’d need 75 account code combinations — and you’d end up with a complicated, unmanageable set of codes. Adding a new location or department could potentially force you to add hundreds of additional accounts. CasinoEdge Intacct lets you keep it simple — you only need to set up your primary account codes. As your business changes, there’s no need to add hard-coded segment combinations.

In turn, this allows you to track your business like never before. You can now simply “tag” transactions as well as operational data with dimension values. Tagging with dimensions, instead of assigning transactions to hard-coded individual accounts, enables you to add business context to your data easily. Once you create a dimension, you can use it for any transaction — general ledger, receivables, payables, time, revenue management, fixed assets and more. As your casino evolves, add the dimensions you need to easily track what’s important to your properties.

6. Store and Exchange Documents Digitally

Do you have rows of file cabinets lined up in your back office, filled with thousands of historical financial documents? Are piles of paper permanent fixtures in your accounting department?

CasinoEdge can address these challenges with digital document management, allowing for electronic file exchanges and one-click access to important documents stored in the accounting system itself. When navigating the procurement process, your managers and approvers can attach documents to requisitions and save and share them securely. This reduces errors, eliminates multiple steps from your process, saves you time and money, serves as historical information to reference for future purchases and ensures you have all of the documentation you need when audit time rolls around.

7. Create Cohesion Across Properties

Financial management is already a nuanced, complex process for gaming organizations — but it can become even trickier when you manage multiple properties, or different casinos with different structures rolling up under the same management. Streamlined, continuous multi-entity consolidation is often the primary driver behind why many of our gaming clients transition to CasinoEdge. Spinning up a new entity takes a matter of minutes and all the processes and controls are mirrored from your current structure. Casino enterprises start reporting against an unlimited amount of dimensional data sets across any combination of properties

Empowering Efficiency and Better Decision-Making

Your gaming organization doesn’t have to be bogged down by cumbersome processes, complex financial management and antiquated tools for tackling the tasks that keep it running every day. Focus your time on executing with data instead of managing data. CasinoEdge powered by Intacct is a platform that was designed by casino specialists for casino finance departments. To date, there have been 30-plus properties that have installed CasinoEdge; they are all still using it. The one-hundred percent customer retention rate speaks for itself. The system delivers the information casino leaders need most and it does it in an easy-to-digest, user-friendly way.

At Wipfli, we’ve helped clients grow, scale and succeed with the implementation of CasinoEdge, which runs on award-winning accounting and business management software. Want to see the solution in action? To learn more or schedule a live demo, contact us.

Author(s)

Bacon_April
April D. Bacon
Senior Consultant
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