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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.

Custom QuickBooks reports in minutes? YES!

A funny thing happened after I wrote this post in July 2013 about building a Commission Report for QuickBooks. I started to get a lot of inquiries about doing other custom QuickBooks reports using Crystal Reports. I’m thinking “Oh, golly, no!”  It was ornery and time consuming and awful. I couldn’t fathom business owners trying to do that kind of battle, let alone me with 18 years of dedicated experience with Crystal Reports. I’ve started and/or run several small businesses, so I can understand the frustrations and breakdowns that business owners experience. This was pure hell.

Crystal Reports and QuickBooks

Just finished creating what I consider a simple report for a customer who uses QuickBooks. He was spending at least 5 hours a month manually generating commission reports for each member of the small group of sales reps in the company. It was extremely onerous. With a quick bit of research, I designed a report that he can run that does all the calculations, creates one page per rep, and then automatically emails the report to each rep – with a total of 3 clicks.

Raving Fan for PDF-Explode

After 16 years as a Crystal Reports specialist and veteran, I am thrilled with PDF-Explode. It is one of the most clever applications I’ve encountered for small and medium sized businesses. It is saving two of my customers HOURS AND HOURS of time every month, eliminating several manual processes (like running multiple versions of the same report and exporting the results to PDF for distribution).  The price far exceeds the value – and the support is superior.

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: