Finance
Optimizing Financial Processes and Transparency at SeamlessMD
Scaling bookkeeping and accounting support to match a growing customer’s needs.
Introduction
SeamlessMD enables health systems to digitize patient care journeys with automated reminders, education and symptom monitoring – leading to lower length of stay, readmissions, and costs. When they needed to level up their accounting (Bookkeeping and Controller) functions, they partnered with BrightIron. Our team worked closely with SeamlessMD to build a strong, scalable finance operation that could keep pace with their growth.
The Challenge
SeamlessMD needed robust financial processes and systems to support their growth and deliver timely, accurate financial insights. They faced challenges with delayed financial reporting, ineffective accounts receivable management, and manual expense reporting.
Additionally, the transition to full accrual accounting was necessary to ensure compliance and financial clarity, along with enhanced transparency through a customized chart of accounts. Reliable and efficient tax filing support, as well as regular strategic financial reviews, were also critical needs.
Our Solutions
BrightIron partnered closely with SeamlessMD to establish streamlined financial processes, significantly improving the timeliness and accuracy of financial reporting. We implemented a robust accounts receivable process to effectively reduce aged receivables and automated the company’s expense reporting for efficiency.
Our team guided SeamlessMD through the successful transition to full accrual accounting, performing a detailed review of historical revenue recognition and current deferred revenue practices. BrightIron also managed the meticulous entry of all financial transactions into Xero, ensuring accuracy and compliance.
To further enhance financial clarity, we implemented a customized chart of accounts specifically designed to increase transparency and enable better decision-making. BrightIron supported SeamlessMD’s tax filings, ensuring timely and accurate compliance.
We maintained regular strategic meetings with the SeamlessMD team, reviewing financial data and providing actionable insights and recommendations for ongoing optimization and growth.
