Custom Invoicing for Multiple Role Rates

The Problem

Client overview

Matarozzi Pelsinger (MatPel), a high-end custom home builder in the San Francisco Bay Area, employs more than 50 employees and hundreds of subcontractors to build five to eight homes each year for the most exacting of customers.

Matarozzi 1

 

Transitioning to QuickBooks

MatPel recently transitioned from Viewpoint, a construction industry accounting and project management system, to QuickBooks. They hired an acting CFO to ensure a smooth transition, but the implementation was challenging as the team bumped up against the limitations of QuickBooks.

 

QuickBooks limitations

MatPel Builders had a difficult challenge when creating customer invoices with QuickBooks – contractor bill rates vary from job to job. An worker with a bill rate of $95/hour on one project may be charged out at $105/hour on another. QuickBooks only allows a single bill rate for each employee or subcontractor.

Because of this limitation, MatPel was manually creating invoices each month, resulting in errors and a lengthy, burdensome process for the accounting department. Invoices were being issued late, negatively impacting cash flow to the tune of hundreds of thousands of dollars each month. The errors such as incorrect amounts, duplicate line items or missed/skipped line items were embarrassing! Not only was MatPel missing out on revenue, their image and relationship with their clients was suffering.

 


 

The Solution

The need was clear – MatPel needed to automate their invoicing.

Datisfy’s reporting experts reviewed MatPel’s invoices, invoicing process and QuickBooks installation and then developed an Excel spreadsheet to house all of the job-specific billing rates. Crystal Reports was then used to integrate the information from the spreadsheet with the data in QQube for QuickBooks to generate a custom invoice for any project – at any time.

Invoices are built to include only billable items, so no charge is ever missed.  Invoices are generated quickly and accurately, which means MatPel receives payment on six-figure invoices an average of ten days earlier. Project Managers can run the custom invoice themselves, providing real-time data back to the field, andfreeing up the accounting department to work on other important tasks and projects.

 


 

Testimonials

We got our invoices out in record time! 90% complete on the fourth of the month, and 100% complete by the sixth. That means we get paid much sooner.

THANK YOU for your help with all of this! A complete game-changer for us!
jenny_rios

Jenny Rios, General Manager
Matarozzi Pelsinger Builders

 

Consolidated Financials

The Problem

Client overview

Cochner Garvey Capital Partners, Inc. (CGCPI) is a Wichita-based private equity firm with an investment history of over 50 years, focusing its investment on middle market companies. CGCPI holds nine separate entities, each with its own QuickBooks company file.

 

QuickBooks limitations

CGCPI recently moved to QuickBooks Enterprise from Sage and FRX Reports and discovered a showstopper limitation. Within QuickBooks, it is not possible to get consolidated reports from more than one company file. Nor could QuickBooks be customized to provide financials for a partial owner entity.

CGCPI’s situation was even more complex because the account groupings needed to display in a different order and with different labels than in their chart of accounts.

With QuickBooks alone, the only way to consolidate financial reports for multiple company files is to export each P & L and Balance Sheet to a spreadsheet, manually cobble together the pieces and create conditional calculations. This would have to be done every month, a massive waste of time, with a process rife with the potential for error – and fraud.

 


The Solution

Single-click reporting

QQube for QuickBooks handles the issue of consolidation very simply: all QuickBooks company files loaded into the QQube data warehouse are available for reporting.

Once CGCPI provided their report layout sample, along with the custom account groupings, Datisfy used Crystal Reports to build the formulas and structure that result in an accurate, single-click consolidated income statement and balance sheet – including budgets. With the QQube Multiple Company Add-On, any number of company files can be accommodated.

If and when CGCPI invests in new entities, only minor edits will be required to include these new entities in the reports. This solution saves the team at CGCPI at least two days of effort every month, and enhances the reputation of the Director of Financial Reporting when she delivers the financials with such velocity, reliability and accuracy, month after month.

 


Testimonial

The Datisfy team was very successful in building the custom reports that we now use to consolidate several wholly-owned subsidiaries, one controlling interest, and a joint-venture with their respective parent companies. They were a very quick study once we finalized our requirements.

The reports are now in production and working as expected. Datisfy’s team members were always patient, very professional, and quite pleasant to work with.  I highly recommend Datisfy and their solution.

cindy
 
 
 
 
 
 
Cindy Ascanio
Director of Financial Reporting
CGCPI

 

Split Commissions – really

Companies have all kinds of ways of splitting and calculating commissions. The reason Datisfy exists today is because of an initial customer’s need to split commissions in QuickBooks data – without any manual involvement. We have now worked with three commission splitting situations that QB couldn’t handle internally. Nor could Xpanded Reports, which has now been defunct for just over a year.

We get it, At this point in your career, every hour, even every minute you spend wrestling with a spreadsheet is costing your company a pretty penny. Datisfy is here to give you back what you need most - your time, improve your bottom line, and make you and your data look even more competent. Just like we did for these fine folks: