First, let me say that this article serves as a reminder of the upcoming February edition of QB Talks on Wednesday, February 19, 2025, at 2:00 PM Eastern-time, when I will be hosting Charles Nagel and Brad Adams of Qvinci. We will be looking at how Qvinci outperforms QuickBooks (Online or Desktop) in consolidation of multiple files from different accounting platforms, and how it condenses those data sources and then dynamically maps the various unique accounts and nomenclature into a standard Chart of Accounts (SCoA) and nomenclature.
We will also be discussing ways that ProAdvisors, Consultants, Bookkeepers and Accountants can use Qvinci to service the needs of their clients and provide better financial advisory services.
So take this opportunity to Register for QB Talks if you are not already registered.
Last Wednesday, my QB Talks 'promo' article discussed Qvinci as a Reporting and Analytics solution that provides “more than QuickBooks offers.” In preparation for next Wednesday’s webinar that I just introduced above, I'm continuing on that same theme this week by working through a scenario of sorts and one that is far too big to depict or graph; so when I describe it, you will just have to picture in your mind how it expands on the illustration (a couple of paragraphs) below.
If you are an accounting, bookkeeping, or ProAdvisor firm with many clients and many staff members and working with many different accounting files like QuickBooks Online, QuickBooks Desktop, Xero, and even Excel data, then you know the problems of dealing with all the complexity. You may wish that all your clients used the same platform, but the reality is “that they don’t.”
Truth be, the problem is more complex than that. Not only do you have diverse data sources for your clients, but you also have diverse personnel within your firm. You may have accountants, accounting technicians, tax preparers, bookkeepers, auditors, ProAdvisors, and many others who need access to the data for the clients they have been assigned to work on.
The illustration below simplifies this potentially massive problem.
Source: Qvinci
Let’s multiply this out. Assume the ‘firm’ represented by the top row of staffers (Accountants, Bookkeepers, and Others) represents only one-sixth of your entire organization. In reality, you have twelve accountants, twelve bookkeepers, and six other staffers for thirty.
Suppose you have four hundred files for each of the three ‘Client Files’, meaning you are dealing with twelve hundred files. That’s about forty files for each of the thirty persons in the firm.
Some of these files might be QuickBooks Online files, others QuickBooks Desktop files, and others are Xero files and Excel files.
Even though we are talking about twelve hundred ‘client files,’ that doesn’t mean we are talking about twelve hundred clients. Many of your clients are multi-entity. You may have S-Corporations that are subsidiaries of a C-corporation, LLCs that are subsidiaries of an S-Corporation, or numerous other combinations. You may have twenty more clients with as many as 20 ‘company files’ and as many as a hundred clients with as few as 5 files.
All this complexity almost boggles the mind until you realize that Qvinci can handle it all. Qvinci can connect all these files, aligning each with your ‘clients’ regardless of file name or type.
- Your Client, Jones Construction, has 3 QBO files, 1 Xero file, and 1 QB-Desktop file, which is not a problem.
- Your Client, Thomas Home Building, has 11 QBO files, 10 QB-Desktop files, and 4 Xero files spread across 16 states, no biggy.
- Your Client, Deluxe Dentures, has 200 QBO files and 300 Xero files for franchised ventures in all fifty states… just a drop in the bucket.
Qvinci needs to connect a client’s accounting file(s) and the Qvinci platform to import the client’s accounting data. Once connected, Qvinci synchronizes (syncs) each accounting file with the platform for analysis.
Qvinci can access and synchronize the accounting data from each source that has already been discussed and associate it with the right clients so you have access to the financial information you need. When a user logs in to Qvinci, the first page they see is either the Advisory Portal or the Dashboard (depending on the settings). The default can be changed to any of the menu options available.
Source: Qvinci
The password-protected Dashboard, or Advisory Portal, is configured with the information appropriate for each member of your firm, and they will have access to the clients for which they’ve been assigned access permissions.
Source: Qvinci
But automatic data collection is just the start. You may need to look at data by reporting location or sub-entity, as well as class, and Qvinci provides full reporting functionality and analytics. Your ultimate goal is to combine all related entity data and produce consolidated reporting for each client with subordinate entities.
Qvinci allows users to create a Standard Chart-of-Accounts (SCoA) that will be used for all consolidated reporting. This permits accounting nomenclature and structure standardization from the various names found within each subordinate entity.
Source: Qvinci
At this point, Qvinci’s patented dynamic mapping takes over, so each subordinate entity’s COA is transferred to the parent entity’s SCoA. This means that every subordinate entity can continue to use its native accounts while the parent’s standard accounts are used for consolidated reporting.
Source: Qvinci
In many cases, intercompany eliminations are required when combining financial statements from different subordinates with intercompany transactions between themselves and the parent entity. Qvinci has created 3 different elimination reports supporting both ScoA and native accounting options for all three reports.
Source: Qvinci
The result is the production of the reporting and analytics needed by the parent entity, which reflects the various subordinates.
Source: Qvinci
And even blend financial data with non-financial data and compare it to a peer group where appropriate.
Source: Qvinci
If you want to experience the power of Qvinci to “outperform QuickBooks Reporting” for multi-entity organizations, with multiple accounting sources, be sure to attend the February edition of QB Talks on Wednesday, February 19, 2025, at 2:00 PM Eastern-time.
You can register for this 'free' CPE eligible webinar... HERE.
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